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Ares Management Corp（ARES）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是德太投资的2.1倍（$1.5B vs $715.1M）。德太投资净利率更高（10.8% vs 3.6%，领先7.2%）。德太投资同比增速更快（35.6% vs 19.5%）。过去两年Ares Management Corp的营收复合增速更高（45.9% vs 18.1%）
Ares Management Corp是一家全球知名的另类投资管理机构，业务覆盖信贷、私募股权及房地产三大投资领域。公司成立于1997年，在北美、欧洲、亚洲多地设有分支机构，为全球客户提供专业的另类资产管理服务。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
ARES vs TPG — 直观对比
营收规模更大
ARES
是对方的2.1倍
$715.1M
营收增速更快
TPG
高出16.1%
19.5%
净利率更高
TPG
高出7.2%
3.6%
两年增速更快
ARES
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $715.1M |
| 净利润 | $54.2M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | — |
| 净利率 | 3.6% | 10.8% |
| 营收同比 | 19.5% | 35.6% |
| 净利润同比 | -69.4% | 494.1% |
| 每股收益（稀释后） | — | $0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ARESTPG
| Q4 25 | $1.5B | $715.1M | ||
| Q3 25 | $1.7B | $596.5M | ||
| Q2 25 | $1.4B | $569.1M | ||
| Q1 25 | $1.1B | $543.5M | ||
| Q4 24 | $1.3B | $527.2M | ||
| Q3 24 | $1.1B | $524.7M | ||
| Q2 24 | $788.7M | $522.8M | ||
| Q1 24 | $707.4M | $512.3M |
净利润ARESTPG
| Q4 25 | $54.2M | $77.1M | ||
| Q3 25 | $288.9M | $67.1M | ||
| Q2 25 | $137.1M | $14.9M | ||
| Q1 25 | $47.2M | $25.4M | ||
| Q4 24 | $177.3M | $13.0M | ||
| Q3 24 | $118.5M | $9.0M | ||
| Q2 24 | $94.9M | $-14.0M | ||
| Q1 24 | $73.0M | $15.5M |
营业利润率ARESTPG
| Q4 25 | 13.7% | — | ||
| Q3 25 | 39.3% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 31.8% | — | ||
| Q3 24 | 29.0% | — | ||
| Q2 24 | 40.2% | — | ||
| Q1 24 | 32.7% | — |
净利率ARESTPG
| Q4 25 | 3.6% | 10.8% | ||
| Q3 25 | 17.4% | 11.3% | ||
| Q2 25 | 10.2% | 2.6% | ||
| Q1 25 | 4.3% | 4.7% | ||
| Q4 24 | 14.1% | 2.5% | ||
| Q3 24 | 10.5% | 1.7% | ||
| Q2 24 | 12.0% | -2.7% | ||
| Q1 24 | 10.3% | 3.0% |
每股收益（稀释后）ARESTPG
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.19 | ||
| Q1 24 | — | $-0.11 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $4.3B | $4.1B |
| 总资产 | $28.6B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ARESTPG
| Q4 25 | — | $826.1M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $822.0M | ||
| Q4 24 | — | $808.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
总债务ARESTPG
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益ARESTPG
| Q4 25 | $4.3B | $4.1B | ||
| Q3 25 | $4.5B | $3.8B | ||
| Q2 25 | $4.4B | $3.6B | ||
| Q1 25 | $4.5B | $3.5B | ||
| Q4 24 | $3.5B | $3.6B | ||
| Q3 24 | $2.1B | $3.4B | ||
| Q2 24 | $2.0B | $3.3B | ||
| Q1 24 | $1.8B | $3.3B |
总资产ARESTPG
| Q4 25 | $28.6B | $13.5B | ||
| Q3 25 | $27.0B | $13.0B | ||
| Q2 25 | $27.3B | $12.0B | ||
| Q1 25 | $27.2B | $11.3B | ||
| Q4 24 | $24.9B | $10.5B | ||
| Q3 24 | $24.5B | $10.5B | ||
| Q2 24 | $24.2B | $10.1B | ||
| Q1 24 | $24.4B | $9.9B |
负债/权益比ARESTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-483.7M | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -8.92× | -0.57× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARESTPG
| Q4 25 | $-483.7M | $-43.7M | ||
| Q3 25 | $1.3B | $492.0M | ||
| Q2 25 | $415.7M | $385.9M | ||
| Q1 25 | $2.0B | $198.2M | ||
| Q4 24 | $807.6M | $-188.1M | ||
| Q3 24 | $841.3M | $68.9M | ||
| Q2 24 | $432.2M | $214.6M | ||
| Q1 24 | $710.0M | $436.7M |
现金转化率ARESTPG
| Q4 25 | -8.92× | -0.57× | ||
| Q3 25 | 4.64× | 7.33× | ||
| Q2 25 | 3.03× | 25.83× | ||
| Q1 25 | 42.28× | 7.80× | ||
| Q4 24 | 4.55× | -14.49× | ||
| Q3 24 | 7.10× | 7.69× | ||
| Q2 24 | 4.55× | — | ||
| Q1 24 | 9.72× | 28.14× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ARES
| Management Service | $991.1M | 66% |
| Management Service Incentive | $206.7M | 14% |
| Carried Interest | $205.4M | 14% |
| Fee Related Performance Revenues | $113.3M | 8% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
