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Ares Capital (ARCC) Financials

Ares Capital logo
$21.99 0.00 (0.00%)
Closing price 05/29/2025 04:00 PM Eastern
Extended Trading
$21.93 -0.06 (-0.27%)
As of 05/29/2025 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Ares Capital

Annual Income Statements for Ares Capital

This table shows Ares Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Net Income / (Loss) Attributable to Common Shareholders		 1,522 1,522 600 -416 736
Consolidated Net Income / (Loss)		 1,520 1,602 671 -416 484
Net Income / (Loss) Continuing Operations		 1,520 1,602 671 -416 794
Total Pre-Tax Income 		1,520 1,602 671 -416 813
Total Revenue		 2,392 2,362 1,232 701 1,511
Net Interest Income / (Expense)		 1,788 2,135 1,441 -372 1,159
Total Interest Income		 2,503 2,717 1,896 0.00 1,159
Investment Securities Interest Income		 2,503 2,717 1,896 - 0.00
Total Interest Expense		 715 582 455 372 0.00
Long-Term Debt Interest Expense		 715 582 455 372 -
Total Non-Interest Income		 604 227 -209 1,073 149
Other Service Charges		 289 127 259 45 149
Net Realized & Unrealized Capital Gains on Investments		 59 100 -468 1,028 0.00
Other Non-Interest Income		 257 - - - 0.00
Total Non-Interest Expense		 872 760 561 1,117 572
Insurance Policy Acquisition Costs		 18 53 -101 - -
Other Operating Expenses		 854 713 650 1,074 255
Basic Earnings per Share		 $2.44 $2.75 $1.21 $3.51 $1.14
Weighted Average Basic Shares Outstanding		 624M 554M 498M 446M 424M
Diluted Earnings per Share		 $2.44 $2.68 $1.19 $3.51 $1.14
Weighted Average Diluted Shares Outstanding		 624M 575M 518M 446M 424M
Weighted Average Basic & Diluted Shares Outstanding		 671.48M 582.31M 531.37M - -
Cash Dividends to Common per Share		 $1.92 $1.92 $1.87 $1.62 $1.60

Quarterly Income Statements for Ares Capital

This table shows Ares Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders		 241 1,014 394 322 -208 818 500 331 -127 363 93
Consolidated Net Income / (Loss)		 211 1,051 353 324 -208 970 451 308 -127 123 104
Net Income / (Loss) Continuing Operations		 211 1,051 353 324 -208 970 451 308 -127 134 93
Total Pre-Tax Income 		211 1,051 353 324 -208 970 451 308 -127 134 93
Total Revenue		 436 1,074 589 547 182 914 645 625 178 519 -120
Net Interest Income / (Expense)		 557 915 524 508 -159 1,316 478 480 -139 1,294 -120
Total Interest Income		 743 1,102 719 682 0.00 1,614 623 480 0.00 1,528 0.00
Investment Securities Interest Income		 743 - 719 682 - - 623 480 - - -
Total Interest Expense		 186 187 195 174 159 298 145 0.00 139 234 120
Long-Term Debt Interest Expense		 186 187 195 174 159 - 145 - 139 - -
Total Non-Interest Income		 -122 159 65 39 341 -402 167 145 317 -775 0.00
Other Service Charges		 95 147 51 77 13 51 28 31 17 208 0.00
Net Realized & Unrealized Capital Gains on Investments		 -216 -245 14 -38 328 -453 139 114 300 -983 0.00
Total Non-Interest Expense		 181 23 236 223 390 24 194 237 305 327 -213
Insurance Policy Acquisition Costs		 -25 - 7.00 -13 - - 42 - - - -
Other Operating Expenses		 206 30 212 236 376 -8.00 179 237 305 403 -213
Nonoperating Income / (Expense), net		 -44 - - - - - - -80 - - -
Basic Earnings per Share		 $0.36 $0.54 $0.62 $0.52 $0.76 $0.73 $0.89 $0.61 $0.52 $0.34 $0.21
Weighted Average Basic Shares Outstanding		 676M 624M 635M 616M 591M 554M 562M 547M 534M 498M 503M
Diluted Earnings per Share		 $0.36 $0.54 $0.62 $0.52 $0.76 $0.71 $0.87 $0.59 $0.51 $0.33 $0.21
Weighted Average Diluted Shares Outstanding		 676M 624M 635M 616M 591M 575M 582M 567M 555M 518M 523M
Weighted Average Basic & Diluted Shares Outstanding		 689.63M 671.48M 646.08M 630.39M 607.76M 582.31M 569.44M 557.38M 544.58M 531.37M 508.26M
Cash Dividends to Common per Share		 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.51 $0.46

Annual Cash Flow Statements for Ares Capital

This table details how cash moves in and out of Ares Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Net Change in Cash & Equivalents		 296 227 -149 160 150
Net Cash From Operating Activities		 -2,128 511 -1,359 -2,459 -580
Net Cash From Continuing Operating Activities		 -2,128 511 -1,359 -2,459 -580
Net Income / (Loss) Continuing Operations		 1,522 1,522 600 1,567 484
Consolidated Net Income / (Loss)		 1,522 1,522 600 1,567 484
Amortization Expense		 10 8.00 13 15 23
Non-Cash Adjustments to Reconcile Net Income		 -3,833 -997 -1,937 -4,076 -1,142
Changes in Operating Assets and Liabilities, net		 173 -22 -35 35 55
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 2,424 -284 1,210 2,619 730
Net Cash From Continuing Financing Activities		 2,424 -284 1,210 2,619 730
Issuance of Debt		 13,238 5,215 7,955 19,387 8,256
Issuance of Common Equity		 1,364 1,155 1,001 819 4.00
Repayment of Debt		 -11,039 -5,623 -6,834 -16,893 -6,751
Payment of Dividends		 -1,139 -1,031 -912 -694 -679
Cash Interest Paid		 676 524 402 310 243
Cash Income Taxes Paid		 66 36 39 26 16

Quarterly Cash Flow Statements for Ares Capital

This table details how cash moves in and out of Ares Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents		 -118 236 -57 104 13 -41 152 76 40 -25 101
Net Cash From Operating Activities		 -299 -268 -521 -1,318 -21 -359 46 -48 872 -360 20
Net Cash From Continuing Operating Activities		 -299 -268 -521 -1,318 -21 -359 46 -48 872 -360 20
Net Income / (Loss) Continuing Operations		 241 357 394 322 449 413 500 331 278 174 104
Consolidated Net Income / (Loss)		 241 357 394 322 449 413 500 331 278 174 104
Amortization Expense		 4.00 4.00 2.00 2.00 2.00 - 4.00 3.00 1.00 2.00 4.00
Non-Cash Adjustments to Reconcile Net Income		 -440 -747 -947 -1,695 -444 -821 -465 -395 684 -605 -61
Changes in Operating Assets and Liabilities, net		 -104 118 30 53 -28 49 7.00 13 -91 69 -27
Net Cash From Investing Activities		 0.00 - - - 0.00 - - - 0.00 - -
Net Cash From Continuing Investing Activities		 0.00 - - - 0.00 - - - 0.00 - -
Net Cash From Financing Activities		 181 504 464 1,422 34 318 106 124 -832 335 81
Net Cash From Continuing Financing Activities		 181 504 464 1,422 34 318 106 124 -832 335 81
Issuance of Debt		 2,595 2,589 2,860 5,372 2,417 2,249 1,069 882 1,015 2,965 1,436
Issuance of Common Equity		 384 528 302 449 85 236 215 227 477 193 229
Repayment of Debt		 -2,490 -2,310 -2,411 -4,120 -2,198 -1,904 -924 -732 -2,063 -2,576 -1,350
Payment of Dividends		 -308 -303 -287 -279 -270 -263 -254 -253 -261 -247 -234
Cash Interest Paid		 176 163 225 112 176 112 141 126 145 99 121
Cash Income Taxes Paid		 37 8.00 26 7.00 25 7.00 1.00 - 28 6.00 -21

Annual Balance Sheets for Ares Capital

This table presents Ares Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021
Total Assets		 28,254 23,800 22,398 20,843
Cash and Due from Banks		 635 535 303 372
Restricted Cash		 225 29 34 114
Trading Account Securities		 26,777 22,936 - -
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Other Assets		 674 362 295 403
Total Liabilities & Shareholders' Equity		 28,254 23,800 22,398 20,843
Total Liabilities		 14,899 12,599 12,843 11,975
Accrued Interest Payable		 170 132 105 100
Long-Term Debt		 13,759 11,918 12,289 11,094
Other Long-Term Liabilities		 970 549 449 781
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 13,355 11,201 9,555 8,868
Total Preferred & Common Equity		 13,355 11,201 9,555 8,868
Total Common Equity		 13,355 11,201 9,555 8,868
Common Stock		 12,503 10,739 9,557 8,553
Retained Earnings		 852 462 -2.00 -

Quarterly Balance Sheets for Ares Capital

This table presents Ares Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q3 2024 Q2 2024 Q1 2024 Q3 2023 Q2 2023 Q1 2023 Q3 2022
Period end date 3/31/2025 9/30/2024 6/30/2024 3/31/2024 9/30/2023 6/30/2023 3/31/2023 9/30/2022
Total Assets		 28,317 27,100 26,092 24,256 22,920 22,231 21,812 22,038
Cash and Due from Banks		 647 486 601 509 527 411 359 257
Restricted Cash		 95 138 80 68 78 42 18 105
Trading Account Securities		 27,187 - - - - - - -
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 445 614 494 598 390 287 292 392
Total Liabilities & Shareholders' Equity		 28,317 27,100 26,092 24,256 22,920 22,231 21,812 22,038
Total Liabilities		 14,645 14,327 13,728 12,384 12,105 11,877 11,763 12,602
Accrued Interest Payable		 130 119 - 107 85 - 84 76
Long-Term Debt		 13,922 13,534 12,993 11,729 11,551 11,406 11,244 11,895
Other Long-Term Liabilities		 593 674 582 548 469 384 435 631
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 13,672 12,773 12,364 11,872 10,815 10,354 10,049 9,436
Total Preferred & Common Equity		 13,672 12,773 12,364 11,872 10,815 10,354 10,049 9,436
Total Common Equity		 13,672 12,773 12,364 11,872 10,815 10,354 10,049 9,436
Common Stock		 12,907 12,045 11,722 11,252 10,506 10,274 10,034 9,370
Retained Earnings		 765 728 642 620 309 80 15 66

Annual Metrics And Ratios for Ares Capital

This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.

Metric 2024 2023 2022 2021 2020
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Growth Metrics		 - - - - -
Revenue Growth		 1.30% 91.68% 75.75% -53.61% 0.00%
EBITDA Growth		 -4.93% 135.31% 270.57% -141.68% 0.00%
EBIT Growth		 -5.08% 138.67% 261.30% -144.30% 0.00%
NOPAT Growth		 -5.08% 138.67% 330.43% -135.82% 0.00%
Net Income Growth		 -5.08% 138.67% 261.30% -185.95% 0.00%
EPS Growth		 -8.96% 125.21% -66.10% 207.89% 0.00%
Operating Cash Flow Growth		 -516.44% 137.60% 44.73% -323.97% 0.00%
Free Cash Flow Firm Growth		 -858.01% 126.96% 94.02% 0.00% 0.00%
Invested Capital Growth		 17.28% 5.84% 9.43% 0.00% 0.00%
Revenue Q/Q Growth		 7.19% 20.06% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 12.12% 76.09% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 11.88% 77.16% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 5.66% 109.07% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 5.66% 112.12% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 -6.51% 16.52% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 4.10% 0.20% 50.87% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 1.10% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 3.07% 3.37% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - -
EBITDA Margin		 63.96% 68.16% 55.52% -57.20% 63.67%
EBIT Margin		 63.55% 67.82% 54.46% -59.34% 62.14%
Profit (Net Income) Margin		 63.55% 67.82% 54.46% -59.34% 32.03%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 59.53%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 86.58%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 6.05% 7.12% 3.21% -2.92% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.05% 7.12% 3.21% -5.17% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 6.33% 8.31% 4.07% -6.46% 0.00%
Return on Equity (ROE)		 12.38% 15.43% 7.28% -9.38% 0.00%
Cash Return on Invested Capital (CROIC)		 -9.85% 1.45% -5.79% -202.92% 0.00%
Operating Return on Assets (OROA)		 5.84% 6.93% 3.10% -2.00% 0.00%
Return on Assets (ROA)		 5.84% 6.93% 3.10% -2.00% 0.00%
Return on Common Equity (ROCE)		 12.38% 15.43% 7.28% -9.38% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 11.38% 14.30% 7.02% -4.69% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,520 1,602 671 -291 813
NOPAT Margin		 63.55% 67.82% 54.46% -41.54% 53.81%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 2.25% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 36.45% 32.18% 45.54% 159.34% 37.86%
Earnings before Interest and Taxes (EBIT)		 1,520 1,602 671 -416 939
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,530 1,610 684 -401 962
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 1.04 0.91 0.79 0.00 0.00
Price to Tangible Book Value (P/TBV)		 1.04 0.91 0.79 0.00 0.00
Price to Revenue (P/Rev)		 5.78 4.31 6.14 0.00 0.00
Price to Earnings (P/E)		 9.08 6.68 12.61 0.00 0.00
Dividend Yield		 8.97% 10.75% 3.43% 10.46% 14.07%
Earnings Yield		 11.01% 14.96% 7.93% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.99 0.93 0.89 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 11.17 9.12 15.84 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 17.47 13.38 28.53 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 17.58 13.44 29.09 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 17.58 13.44 29.09 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 42.13 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 65.94 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 1.03 1.06 1.29 1.25 0.00
Long-Term Debt to Equity		 1.03 1.06 1.29 1.25 0.00
Financial Leverage		 1.05 1.17 1.27 1.25 0.00
Leverage Ratio		 2.12 2.23 2.35 2.35 0.00
Compound Leverage Factor		 2.12 2.23 2.35 2.35 0.00
Debt to Total Capital		 50.75% 51.55% 56.26% 55.58% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 50.75% 51.55% 56.26% 55.58% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 49.26% 48.45% 43.74% 44.42% 0.00%
Debt to EBITDA		 8.99 7.40 17.97 -27.67 0.00
Net Debt to EBITDA		 8.43 7.05 17.47 -26.45 0.00
Long-Term Debt to EBITDA		 8.99 7.40 17.97 -27.67 0.00
Debt to NOPAT		 9.05 7.44 18.31 -38.10 0.00
Net Debt to NOPAT		 8.49 7.09 17.81 -36.43 0.00
Long-Term Debt to NOPAT		 9.05 7.44 18.31 -38.10 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 -2,475 327 -1,211 -20,253 0.00
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -3.46 0.56 -2.66 -54.44 0.00
Operating Cash Flow to Interest Expense		 -2.98 0.88 -2.99 -6.61 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -2.98 0.88 -2.99 -6.61 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.09 0.10 0.06 0.03 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 27,114 23,119 21,844 19,962 0.00
Invested Capital Turnover		 0.10 0.11 0.06 0.07 0.00
Increase / (Decrease) in Invested Capital		 3,995 1,275 1,882 19,962 0.00
Enterprise Value (EV)		 26,725 21,528 19,517 0.00 0.00
Market Capitalization		 13,826 10,174 7,565 0.00 0.00
Book Value per Share		 $20.67 $19.67 $18.80 $19.88 $0.00
Tangible Book Value per Share		 $20.67 $19.67 $18.80 $19.88 $0.00
Total Capital		 27,114 23,119 21,844 19,962 0.00
Total Debt		 13,759 11,918 12,289 11,094 0.00
Total Long-Term Debt		 13,759 11,918 12,289 11,094 0.00
Net Debt		 12,899 11,354 11,952 10,608 0.00
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 125 329
Net Nonoperating Obligations (NNO)		 13,759 11,918 12,289 11,094 0.00
Total Depreciation and Amortization (D&A)		 10 8.00 13 15 23
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $2.44 $2.75 $1.21 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 624M 554M 498M 0.00 0.00
Adjusted Diluted Earnings per Share		 $2.44 $2.68 $1.19 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 624M 575M 518M 0.00 0.00
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 671.48M 582.31M 531.37M 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 1,064 1,117 478 -261 791
Normalized NOPAT Margin		 44.48% 47.29% 38.81% -37.25% 52.35%
Pre Tax Income Margin		 63.55% 67.82% 54.46% -59.34% 53.81%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 2.13 2.75 1.47 -1.12 0.00
NOPAT to Interest Expense		 2.13 2.75 1.47 -0.78 0.00
EBIT Less CapEx to Interest Expense		 2.13 2.75 1.47 -1.12 0.00
NOPAT Less CapEx to Interest Expense		 2.13 2.75 1.47 -0.78 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 74.93% 64.38% 135.92% -166.83% 140.29%
Augmented Payout Ratio		 74.93% 64.38% 135.92% -166.83% 160.95%

Quarterly Metrics And Ratios for Ares Capital

This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -32.75% 17.56% -8.68% -12.48% 2.36% 76.01% 637.50% 313.91% -73.90% 0.00% -127.15%
EBITDA Growth		 -40.23% 18.59% -21.98% -16.62% -63.33% 358.51% 369.07% 720.63% -127.63% 0.00% -64.34%
EBIT Growth		 -40.88% 18.15% -21.73% -16.49% -63.62% 363.28% 384.95% 679.10% -128.04% 0.00% -65.81%
NOPAT Growth		 -40.88% 8.40% -21.73% -16.49% -63.62% 623.51% 384.95% 927.29% -119.62% 0.00% -50.79%
Net Income Growth		 -54.27% 8.40% -21.73% 5.19% -63.62% 688.21% 333.65% 559.70% -124.85% 0.00% -68.86%
EPS Growth		 -52.63% -23.94% -28.74% -11.86% 49.02% 115.15% 314.29% 168.18% 18.60% 0.00% -71.23%
Operating Cash Flow Growth		 -1,323.81% 25.35% -1,232.61% -2,645.83% -102.41% 0.28% 130.00% 96.80% 81.29% 79.63% 0.00%
Free Cash Flow Firm Growth		 -99.16% -863.70% -514.38% 84.44% 88.53% 0.00% 97.25% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 16.92% 17.28% 17.62% 16.77% 10.84% 5.84% 4.85% 0.00% 0.00% 0.00% 0.00%
Revenue Q/Q Growth		 -59.42% 82.33% 7.68% 200.22% -80.05% 41.63% 3.20% 251.12% -65.70% 532.50% -179.47%
EBITDA Q/Q Growth		 -75.47% 197.15% 8.90% 258.41% -123.14% 95.49% 16.37% 410.32% -164.95% 100.00% 253.97%
EBIT Q/Q Growth		 -75.75% 197.71% 8.95% 255.92% -123.36% 97.23% 16.24% 405.51% -166.15% 106.45% 238.81%
NOPAT Q/Q Growth		 -75.75% 197.71% 8.95% 322.74% -115.00% 114.97% 16.24% 536.45% -166.34% 44.09% 298.29%
Net Income Q/Q Growth		 -79.94% 197.71% 8.95% 255.92% -121.43% 114.97% 46.43% 342.52% -203.25% 18.27% 255.22%
EPS Q/Q Growth		 -33.33% -12.90% 19.23% -31.58% 7.04% -18.39% 47.46% 15.69% 54.55% 57.14% -4.55%
Operating Cash Flow Q/Q Growth		 -11.57% 48.56% 60.47% -6,176.19% 94.15% -880.43% 195.83% -105.50% 342.22% -1,900.00% 101.33%
Free Cash Flow Firm Q/Q Growth		 -26.97% 17.95% -7.46% -36.09% -703.10% 47.69% 97.28% -0.36% 0.00% 100.00% 0.00%
Invested Capital Q/Q Growth		 1.77% 3.07% 3.12% 8.09% 2.08% 3.37% 2.38% 2.60% -2.52% 2.41% 0.00%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 59.39% 98.23% 60.27% 59.60% -112.95% 97.37% 70.54% 62.56% -70.79% 37.38% 0.00%
EBIT Margin		 58.47% 97.86% 59.93% 59.23% -114.05% 97.37% 69.92% 62.08% -71.35% 36.99% 0.00%
Profit (Net Income) Margin		 48.37% 97.86% 59.93% 59.23% -114.05% 106.13% 69.92% 49.28% -71.35% 23.70% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 91.79% 111.83%
Interest Burden Percent		 82.73% 100.00% 100.00% 100.00% 100.00% 108.99% 100.00% 79.38% 100.00% 69.79% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 4.98% 9.32% 5.50% 5.72% -8.41% 11.15% 6.30% 6.83% -3.42% 1.46% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.64% 9.32% 5.50% 5.72% -8.96% 11.15% 6.30% 5.44% -4.09% 1.37% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 4.66% 9.75% 5.84% 6.21% -9.39% 13.00% 7.29% 6.04% -4.58% 1.76% 0.00%
Return on Equity (ROE)		 9.63% 19.07% 11.34% 11.93% -17.80% 24.15% 13.58% 12.87% -7.99% 3.21% 0.00%
Cash Return on Invested Capital (CROIC)		 -10.64% -9.85% -10.28% -8.98% -3.51% 1.45% 0.00% 0.00% 0.00% -5.54% 0.00%
Operating Return on Assets (OROA)		 4.85% 8.99% 5.35% 5.61% -11.71% 9.95% 6.12% 3.36% -2.38% 2.11% 0.00%
Return on Assets (ROA)		 4.01% 8.99% 5.35% 5.61% -11.71% 10.85% 6.12% 2.66% -2.38% 1.35% 0.00%
Return on Common Equity (ROCE)		 9.63% 19.07% 11.34% 11.93% -17.80% 24.15% 13.58% 12.87% -7.99% 3.21% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 9.29% 0.00% 11.26% 12.43% 12.81% 0.00% 6.98% 3.94% 0.33% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 255 1,051 353 324 -145 970 451 388 -89 134 93
NOPAT Margin		 58.47% 97.86% 59.93% 59.23% -79.84% 106.13% 69.92% 62.08% -49.94% 25.82% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.34% 0.00% 0.00% 0.00% 0.54% 0.00% 0.00% 1.39% 0.68% 0.09% -0.19%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 41.53% 2.14% 40.07% 40.77% 214.05% 2.63% 30.08% 37.92% 171.35% 63.01% 0.00%
Earnings before Interest and Taxes (EBIT)		 255 1,051 353 324 -208 890 451 388 -127 192 93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 259 1,055 355 326 -206 890 455 391 -126 194 97
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.09 1.04 0.99 0.96 0.00 0.91 0.87 0.84 0.80 0.79 0.00
Price to Tangible Book Value (P/TBV)		 1.09 1.04 0.99 0.96 0.00 0.91 0.87 0.84 0.80 0.79 0.00
Price to Revenue (P/Rev)		 6.83 5.78 5.66 5.17 0.00 4.31 4.80 7.23 11.05 6.14 0.00
Price to Earnings (P/E)		 11.32 9.08 9.52 8.26 0.00 6.68 8.86 13.17 30.70 12.61 0.00
Dividend Yield		 8.66% 8.97% 9.59% 9.86% 10.10% 10.75% 8.67% 6.39% 3.77% 3.43% 6.72%
Earnings Yield		 8.83% 11.01% 10.51% 12.10% 0.00% 14.96% 11.29% 7.59% 3.26% 7.93% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.02 0.99 0.97 0.95 0.00 0.93 0.91 0.90 0.89 0.89 0.00
Enterprise Value to Revenue (EV/Rev)		 12.87 11.17 11.44 10.62 0.00 9.12 10.37 16.42 25.97 15.84 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 20.69 17.47 18.71 16.59 0.00 13.38 22.32 35.49 185.39 28.53 0.00
Enterprise Value to EBIT (EV/EBIT)		 20.88 17.58 18.79 16.68 0.00 13.44 22.56 36.14 207.80 29.09 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 22.10 17.58 17.75 15.81 0.00 13.44 26.63 48.37 573.02 29.09 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 42.13 39.99 40.77 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 65.94 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.02 1.03 1.06 1.06 0.99 1.06 1.07 1.11 1.12 1.29 1.26
Long-Term Debt to Equity		 1.02 1.03 1.06 1.05 0.99 1.06 1.07 1.10 1.12 1.29 1.26
Financial Leverage		 1.00 1.05 1.06 1.08 1.05 1.17 1.16 1.11 1.12 1.29 1.26
Leverage Ratio		 2.06 2.12 2.12 2.13 2.10 2.23 2.22 2.15 2.17 2.35 2.34
Compound Leverage Factor		 1.70 2.12 2.12 2.13 2.10 2.43 2.22 1.70 2.17 1.64 2.34
Debt to Total Capital		 50.45% 50.75% 51.45% 51.53% 49.70% 51.55% 51.65% 52.61% 52.81% 56.26% 55.76%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.60% 0.00% 0.00% 0.00% 0.40% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 50.45% 50.75% 51.45% 50.93% 49.70% 51.55% 51.65% 52.21% 52.81% 56.26% 55.76%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 49.55% 49.26% 48.55% 48.47% 50.30% 48.45% 48.35% 47.39% 47.19% 43.74% 44.24%
Debt to EBITDA		 10.27 8.99 9.92 8.98 7.67 7.40 12.64 20.67 110.24 17.97 0.00
Net Debt to EBITDA		 9.72 8.43 9.46 8.51 7.29 7.05 11.98 19.86 106.54 17.47 0.00
Long-Term Debt to EBITDA		 10.27 8.99 9.92 8.87 7.67 7.40 12.64 20.51 110.24 17.97 0.00
Debt to NOPAT		 10.96 9.05 9.41 8.55 7.71 7.44 15.08 28.17 340.73 18.31 0.00
Net Debt to NOPAT		 10.38 8.49 8.97 8.11 7.33 7.09 14.29 27.06 329.30 17.81 0.00
Long-Term Debt to NOPAT		 10.96 9.05 9.41 8.46 7.71 7.44 15.08 27.96 340.73 18.31 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,738 -2,944 -3,588 -3,339 -2,453 -306 -584 -21,459 -21,382 0.00 -21,238
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -20.10 -15.74 -18.40 -19.19 -15.43 -1.03 -4.03 0.00 -153.83 0.00 -176.98
Operating Cash Flow to Interest Expense		 -1.61 -1.43 -2.67 -7.57 -0.13 -1.20 0.32 0.00 6.27 -1.54 0.17
Operating Cash Flow Less CapEx to Interest Expense		 -1.61 -1.43 -2.67 -7.57 -0.13 -1.20 0.32 0.00 6.27 -1.54 0.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.09 0.09 0.09 0.10 0.10 0.09 0.05 0.03 0.06 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 27,594 27,114 26,307 25,510 23,601 23,119 22,366 21,847 21,293 21,844 21,331
Invested Capital Turnover		 0.09 0.10 0.09 0.10 0.11 0.11 0.09 0.11 0.07 0.06 0.00
Increase / (Decrease) in Invested Capital		 3,993 3,995 3,941 3,663 2,308 1,275 1,035 21,847 21,293 0.00 21,331
Enterprise Value (EV)		 28,060 26,725 25,534 24,297 0.00 21,528 20,396 19,734 18,910 19,517 0.00
Market Capitalization		 14,880 13,826 12,624 11,832 0.00 10,174 9,450 8,694 8,043 7,565 0.00
Book Value per Share		 $20.22 $20.67 $20.26 $20.34 $20.09 $19.67 $19.40 $19.01 $18.91 $18.80 $18.76
Tangible Book Value per Share		 $20.22 $20.67 $20.26 $20.34 $20.09 $19.67 $19.40 $19.01 $18.91 $18.80 $18.76
Total Capital		 27,594 27,114 26,307 25,510 23,601 23,119 22,366 21,847 21,293 21,844 21,331
Total Debt		 13,922 13,759 13,534 13,146 11,729 11,918 11,551 11,493 11,244 12,289 11,895
Total Long-Term Debt		 13,922 13,759 13,534 12,993 11,729 11,918 11,551 11,406 11,244 12,289 11,895
Net Debt		 13,180 12,899 12,910 12,465 11,152 11,354 10,946 11,040 10,867 11,952 11,533
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 44 0.00 0.00 0.00 62 0.00 0.00 80 38 11 -11
Net Nonoperating Obligations (NNO)		 13,922 13,759 13,534 13,146 11,729 11,918 11,551 11,493 11,244 12,289 11,895
Total Depreciation and Amortization (D&A)		 4.00 4.00 2.00 2.00 2.00 0.00 4.00 3.00 1.00 2.00 4.00
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.36 $0.54 $0.62 $0.52 $0.76 $0.73 $0.89 $0.61 $0.52 $0.34 $0.21
Adjusted Weighted Average Basic Shares Outstanding		 676M 624M 635M 616M 591M 554M 562M 547M 534M 498M 503M
Adjusted Diluted Earnings per Share		 $0.36 $0.54 $0.62 $0.52 $0.76 $0.71 $0.87 $0.59 $0.51 $0.33 $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 676M 624M 635M 616M 591M 575M 582M 567M 555M 518M 523M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 689.63M 671.48M 646.08M 630.39M 607.76M 582.31M 569.44M 557.38M 544.58M 531.37M 508.26M
Normalized Net Operating Profit after Tax (NOPAT)		 178 736 259 227 -136 679 297 272 -89 94 65
Normalized NOPAT Margin		 40.93% 68.50% 43.97% 41.46% -74.46% 74.29% 46.02% 43.46% -49.94% 18.07% 0.00%
Pre Tax Income Margin		 48.37% 97.86% 59.93% 59.23% -114.05% 106.13% 69.92% 49.28% -71.35% 25.82% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.37 5.62 1.81 1.86 -1.31 2.98 3.11 0.00 -0.91 0.82 0.78
NOPAT to Interest Expense		 1.37 5.62 1.81 1.86 -0.91 3.25 3.11 0.00 -0.64 0.57 0.78
EBIT Less CapEx to Interest Expense		 1.37 5.62 1.81 1.86 -1.31 2.98 3.11 0.00 -0.91 0.82 0.78
NOPAT Less CapEx to Interest Expense		 1.37 5.62 1.81 1.86 -0.91 3.25 3.11 0.00 -0.64 0.57 0.78
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 92.68% 74.93% 76.39% 69.37% 68.39% 64.38% 134.44% 243.87% 2,924.24% 135.92% 0.00%
Augmented Payout Ratio		 92.68% 74.93% 76.39% 69.37% 68.39% 64.38% 134.44% 243.87% 2,924.24% 135.92% 0.00%

Frequently Asked Questions About Ares Capital's Financials

When does Ares Capital's fiscal year end?

According to the most recent income statement we have on file, Ares Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ares Capital's net income changed over the last 4 years?

Ares Capital's net income appears to be on an upward trend, with a most recent value of $1.52 billion in 2024, rising from $484 million in 2020. The previous period was $1.60 billion in 2023. Check out Ares Capital's forecast to explore projected trends and price targets.

How has Ares Capital revenue changed over the last 4 years?

Over the last 4 years, Ares Capital's total revenue changed from $1.51 billion in 2020 to $2.39 billion in 2024, a change of 58.3%.

How much debt does Ares Capital have?

Ares Capital's total liabilities were at $14.90 billion at the end of 2024, a 18.3% increase from 2023, and a 24.4% increase since 2021.

How much cash does Ares Capital have?

In the past 3 years, Ares Capital's cash and equivalents has ranged from $303 million in 2022 to $635 million in 2024, and is currently $635 million as of their latest financial filing in 2024.

How has Ares Capital's book value per share changed over the last 4 years?

Over the last 4 years, Ares Capital's book value per share changed from 0.00 in 2020 to 20.67 in 2024, a change of 2,067.1%.


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This page (NASDAQ:ARCC) was last updated on 5/30/2025 by MarketBeat.com Staff
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