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Ares Management Corp（ARES）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是Ares Management Corp的1.7倍（$2.5B vs $1.5B），Ares Management Corp净利率更高（3.6% vs -21.5%，领先25.1%），Ares Management Corp同比增速更快（19.5% vs -10.9%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
ARES vs WLK — 直观对比
营收规模更大
WLK
是对方的1.7倍
$1.5B
营收增速更快
ARES
高出30.4%
-10.9%
净利率更高
ARES
高出25.1%
-21.5%
两年增速更快
ARES
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.5B |
| 净利润 | $54.2M | $-544.0M |
| 毛利率 | — | 3.4% |
| 营业利润率 | 13.7% | -26.5% |
| 净利率 | 3.6% | -21.5% |
| 营收同比 | 19.5% | -10.9% |
| 净利润同比 | -69.4% | -7871.4% |
| 每股收益（稀释后） | — | $-4.22 |
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ARESWLK
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.3B | $2.8B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $788.7M | $3.2B | ||
| Q1 24 | $707.4M | $3.0B |
净利润ARESWLK
| Q4 25 | $54.2M | $-544.0M | ||
| Q3 25 | $288.9M | $-782.0M | ||
| Q2 25 | $137.1M | $-142.0M | ||
| Q1 25 | $47.2M | $-40.0M | ||
| Q4 24 | $177.3M | $7.0M | ||
| Q3 24 | $118.5M | $108.0M | ||
| Q2 24 | $94.9M | $313.0M | ||
| Q1 24 | $73.0M | $174.0M |
毛利率ARESWLK
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 16.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 15.7% |
营业利润率ARESWLK
| Q4 25 | 13.7% | -26.5% | ||
| Q3 25 | 39.3% | -27.0% | ||
| Q2 25 | 21.3% | -3.7% | ||
| Q1 25 | 13.0% | -1.1% | ||
| Q4 24 | 31.8% | 2.3% | ||
| Q3 24 | 29.0% | 5.8% | ||
| Q2 24 | 40.2% | 12.7% | ||
| Q1 24 | 32.7% | 7.5% |
净利率ARESWLK
| Q4 25 | 3.6% | -21.5% | ||
| Q3 25 | 17.4% | -27.6% | ||
| Q2 25 | 10.2% | -4.8% | ||
| Q1 25 | 4.3% | -1.4% | ||
| Q4 24 | 14.1% | 0.2% | ||
| Q3 24 | 10.5% | 3.5% | ||
| Q2 24 | 12.0% | 9.8% | ||
| Q1 24 | 10.3% | 5.8% |
每股收益（稀释后）ARESWLK
| Q4 25 | — | $-4.22 | ||
| Q3 25 | — | $-6.06 | ||
| Q2 25 | — | $-1.11 | ||
| Q1 25 | — | $-0.31 | ||
| Q4 24 | — | $0.07 | ||
| Q3 24 | — | $0.83 | ||
| Q2 24 | — | $2.40 | ||
| Q1 24 | — | $1.34 |
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 | — | $2.7B |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $4.3B | $8.8B |
| 总资产 | $28.6B | $20.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资ARESWLK
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.1B |
总债务ARESWLK
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益ARESWLK
| Q4 25 | $4.3B | $8.8B | ||
| Q3 25 | $4.5B | $9.4B | ||
| Q2 25 | $4.4B | $10.3B | ||
| Q1 25 | $4.5B | $10.4B | ||
| Q4 24 | $3.5B | $10.5B | ||
| Q3 24 | $2.1B | $10.7B | ||
| Q2 24 | $2.0B | $10.6B | ||
| Q1 24 | $1.8B | $10.3B |
总资产ARESWLK
| Q4 25 | $28.6B | $20.0B | ||
| Q3 25 | $27.0B | $19.8B | ||
| Q2 25 | $27.3B | $20.8B | ||
| Q1 25 | $27.2B | $20.7B | ||
| Q4 24 | $24.9B | $20.8B | ||
| Q3 24 | $24.5B | $21.1B | ||
| Q2 24 | $24.2B | $21.1B | ||
| Q1 24 | $24.4B | $21.0B |
负债/权益比ARESWLK
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-16.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 9.5% |
| 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 | — | $-530.0M |
8季度趋势，按日历期对齐
经营现金流ARESWLK
| Q4 25 | $-483.7M | $225.0M | ||
| Q3 25 | $1.3B | $182.0M | ||
| Q2 25 | $415.7M | $135.0M | ||
| Q1 25 | $2.0B | $-77.0M | ||
| Q4 24 | $807.6M | $434.0M | ||
| Q3 24 | $841.3M | $474.0M | ||
| Q2 24 | $432.2M | $237.0M | ||
| Q1 24 | $710.0M | $169.0M |
自由现金流ARESWLK
| Q4 25 | — | $-16.0M | ||
| Q3 25 | — | $-57.0M | ||
| Q2 25 | — | $-132.0M | ||
| Q1 25 | — | $-325.0M | ||
| Q4 24 | — | $149.0M | ||
| Q3 24 | — | $254.0M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | — | $-103.0M |
自由现金流率ARESWLK
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | -2.0% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | -3.5% |
资本支出强度ARESWLK
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 8.4% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.1% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 9.1% |
现金转化率ARESWLK
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | — | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | 62.00× | ||
| Q3 24 | 7.10× | 4.39× | ||
| Q2 24 | 4.55× | 0.76× | ||
| Q1 24 | 9.72× | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
