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Ares Management Corp（ARES）与Ulta Beauty（ULTA）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是Ares Management Corp的1.9倍（$2.9B vs $1.5B），Ulta Beauty净利率更高（8.1% vs 3.6%，领先4.5%），Ares Management Corp同比增速更快（19.5% vs 12.9%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 7.2%）
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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
ARES vs ULTA — 直观对比
营收规模更大
ULTA
是对方的1.9倍
$1.5B
营收增速更快
ARES
高出6.6%
12.9%
净利率更高
ULTA
高出4.5%
3.6%
两年增速更快
ARES
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $54.2M | $230.9M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 13.7% | 10.8% |
| 净利率 | 3.6% | 8.1% |
| 营收同比 | 19.5% | 12.9% |
| 净利润同比 | -69.4% | -4.7% |
| 每股收益（稀释后） | — | $5.14 |
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ARESULTA
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.3B | $2.5B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $788.7M | $2.7B | ||
| Q1 24 | $707.4M | $3.6B |
净利润ARESULTA
| Q4 25 | $54.2M | $230.9M | ||
| Q3 25 | $288.9M | $260.9M | ||
| Q2 25 | $137.1M | $305.1M | ||
| Q1 25 | $47.2M | — | ||
| Q4 24 | $177.3M | $242.2M | ||
| Q3 24 | $118.5M | $252.6M | ||
| Q2 24 | $94.9M | $313.1M | ||
| Q1 24 | $73.0M | $394.4M |
毛利率ARESULTA
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
营业利润率ARESULTA
| Q4 25 | 13.7% | 10.8% | ||
| Q3 25 | 39.3% | 12.4% | ||
| Q2 25 | 21.3% | 14.1% | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 31.8% | 12.6% | ||
| Q3 24 | 29.0% | 12.9% | ||
| Q2 24 | 40.2% | 14.7% | ||
| Q1 24 | 32.7% | 14.5% |
净利率ARESULTA
| Q4 25 | 3.6% | 8.1% | ||
| Q3 25 | 17.4% | 9.4% | ||
| Q2 25 | 10.2% | 10.7% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 14.1% | 9.6% | ||
| Q3 24 | 10.5% | 9.9% | ||
| Q2 24 | 12.0% | 11.5% | ||
| Q1 24 | 10.3% | 11.1% |
每股收益（稀释后）ARESULTA
| Q4 25 | — | $5.14 | ||
| Q3 25 | — | $5.78 | ||
| Q2 25 | — | $6.70 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.14 | ||
| Q3 24 | — | $5.30 | ||
| Q2 24 | — | $6.47 | ||
| Q1 24 | — | $8.06 |
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 | — | $204.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $2.6B |
| 总资产 | $28.6B | $7.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARESULTA
| Q4 25 | — | $204.9M | ||
| Q3 25 | — | $242.7M | ||
| Q2 25 | — | $454.6M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $177.8M | ||
| Q3 24 | — | $414.0M | ||
| Q2 24 | — | $524.6M | ||
| Q1 24 | — | $766.6M |
股东权益ARESULTA
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.5B | $2.6B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $2.1B | $2.3B | ||
| Q2 24 | $2.0B | $2.3B | ||
| Q1 24 | $1.8B | $2.3B |
总资产ARESULTA
| Q4 25 | $28.6B | $7.0B | ||
| Q3 25 | $27.0B | $6.6B | ||
| Q2 25 | $27.3B | $6.0B | ||
| Q1 25 | $27.2B | — | ||
| Q4 24 | $24.9B | $6.0B | ||
| Q3 24 | $24.5B | $5.7B | ||
| Q2 24 | $24.2B | $5.6B | ||
| Q1 24 | $24.4B | $5.7B |
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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-81.6M |
| 自由现金流率自由现金流/营收 | — | -2.9% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | -8.92× | 0.02× |
| 过去12个月自由现金流最近4个季度 | — | $-92.2M |
8季度趋势，按日历期对齐
经营现金流ARESULTA
| Q4 25 | $-483.7M | $5.6M | ||
| Q3 25 | $1.3B | $96.5M | ||
| Q2 25 | $415.7M | $220.0M | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $807.6M | $-56.8M | ||
| Q3 24 | $841.3M | $199.5M | ||
| Q2 24 | $432.2M | $159.3M | ||
| Q1 24 | $710.0M | $1.1B |
自由现金流ARESULTA
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M | ||
| Q1 24 | — | $994.0M |
自由现金流率ARESULTA
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 28.0% |
资本支出强度ARESULTA
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 3.5% |
现金转化率ARESULTA
| Q4 25 | -8.92× | 0.02× | ||
| Q3 25 | 4.64× | 0.37× | ||
| Q2 25 | 3.03× | 0.72× | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | -0.23× | ||
| Q3 24 | 7.10× | 0.79× | ||
| Q2 24 | 4.55× | 0.51× | ||
| Q1 24 | 9.72× | 2.84× |
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% |
ULTA
暂无分部数据
