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Ares Management Corp（ARES）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Ares Management Corp的1.1倍（$1.7B vs $1.5B），Ares Management Corp净利率更高（3.6% vs 3.6%，领先0.0%），Ventas同比增速更快（22.0% vs 19.5%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 17.5%）
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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
ARES vs VTR — 直观对比
营收规模更大
VTR
是对方的1.1倍
$1.5B
营收增速更快
VTR
高出2.5%
19.5%
净利率更高
ARES
高出0.0%
3.6%
两年增速更快
ARES
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.7B |
| 净利润 | $54.2M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | — |
| 净利率 | 3.6% | 3.6% |
| 营收同比 | 19.5% | 22.0% |
| 净利润同比 | -69.4% | 19.0% |
| 每股收益（稀释后） | — | — |
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ARESVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $788.7M | $1.2B |
净利润ARESVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $54.2M | $73.0M | ||
| Q3 25 | $288.9M | $68.7M | ||
| Q2 25 | $137.1M | $71.5M | ||
| Q1 25 | $47.2M | $48.4M | ||
| Q4 24 | $177.3M | $58.7M | ||
| Q3 24 | $118.5M | $21.0M | ||
| Q2 24 | $94.9M | $21.2M |
营业利润率ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 4.9% | ||
| Q3 25 | 39.3% | 3.0% | ||
| Q2 25 | 21.3% | 3.0% | ||
| Q1 25 | 13.0% | 3.0% | ||
| Q4 24 | 31.8% | -0.0% | ||
| Q3 24 | 29.0% | 1.5% | ||
| Q2 24 | 40.2% | -1.6% |
净利率ARESVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 3.6% | 4.7% | ||
| Q3 25 | 17.4% | 4.6% | ||
| Q2 25 | 10.2% | 5.0% | ||
| Q1 25 | 4.3% | 3.6% | ||
| Q4 24 | 14.1% | 4.6% | ||
| Q3 24 | 10.5% | 1.7% | ||
| Q2 24 | 12.0% | 1.8% |
每股收益（稀释后）ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $0.15 | ||
| Q3 25 | — | $0.14 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.13 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.05 |
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 | — | $183.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $13.2B |
| 总资产 | $28.6B | $27.7B |
| 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ARESVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | — | $741.1M | ||
| Q3 25 | — | $188.6M | ||
| Q2 25 | — | $614.2M | ||
| Q1 25 | — | $182.3M | ||
| Q4 24 | — | $897.9M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $557.1M |
总债务ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ARESVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $4.3B | $12.5B | ||
| Q3 25 | $4.5B | $12.4B | ||
| Q2 25 | $4.4B | $11.5B | ||
| Q1 25 | $4.5B | $11.5B | ||
| Q4 24 | $3.5B | $10.8B | ||
| Q3 24 | $2.1B | $9.8B | ||
| Q2 24 | $2.0B | $9.6B |
总资产ARESVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $28.6B | $27.6B | ||
| Q3 25 | $27.0B | $26.9B | ||
| Q2 25 | $27.3B | $26.5B | ||
| Q1 25 | $27.2B | $26.0B | ||
| Q4 24 | $24.9B | $26.2B | ||
| Q3 24 | $24.5B | $25.3B | ||
| Q2 24 | $24.2B | $24.5B |
负债/权益比ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 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× | — |
| 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ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | $-483.7M | $471.7M | ||
| Q3 25 | $1.3B | $378.6M | ||
| Q2 25 | $415.7M | $475.3M | ||
| Q1 25 | $2.0B | $321.1M | ||
| Q4 24 | $807.6M | $373.6M | ||
| Q3 24 | $841.3M | $353.7M | ||
| Q2 24 | $432.2M | $335.9M |
现金转化率ARESVTR
| Q1 26 | — | — | ||
| Q4 25 | -8.92× | 6.46× | ||
| Q3 25 | 4.64× | 5.51× | ||
| Q2 25 | 3.03× | 6.65× | ||
| Q1 25 | 42.28× | 6.64× | ||
| Q4 24 | 4.55× | 6.36× | ||
| Q3 24 | 7.10× | 16.84× | ||
| Q2 24 | 4.55× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
