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.
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 |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
93 |
363 |
-127 |
331 |
500 |
818 |
-208 |
322 |
394 |
1,014 |
241 |
| Consolidated Net Income / (Loss) |
|
104 |
123 |
-127 |
308 |
451 |
970 |
-208 |
324 |
353 |
1,051 |
211 |
| Net Income / (Loss) Continuing Operations |
|
93 |
134 |
-127 |
308 |
451 |
970 |
-208 |
324 |
353 |
1,051 |
211 |
| Total Pre-Tax Income |
|
93 |
134 |
-127 |
308 |
451 |
970 |
-208 |
324 |
353 |
1,051 |
211 |
| Total Revenue |
|
-120 |
519 |
178 |
625 |
645 |
914 |
182 |
547 |
589 |
1,074 |
436 |
| Net Interest Income / (Expense) |
|
-120 |
1,294 |
-139 |
480 |
478 |
1,316 |
-159 |
508 |
524 |
915 |
557 |
| Total Interest Income |
|
0.00 |
1,528 |
0.00 |
480 |
623 |
1,614 |
0.00 |
682 |
719 |
1,102 |
743 |
| Investment Securities Interest Income |
|
- |
- |
- |
480 |
623 |
- |
- |
682 |
719 |
- |
743 |
| Total Interest Expense |
|
120 |
234 |
139 |
0.00 |
145 |
298 |
159 |
174 |
195 |
187 |
186 |
| Long-Term Debt Interest Expense |
|
- |
- |
139 |
- |
145 |
- |
159 |
174 |
195 |
187 |
186 |
| Total Non-Interest Income |
|
0.00 |
-775 |
317 |
145 |
167 |
-402 |
341 |
39 |
65 |
159 |
-122 |
| Other Service Charges |
|
0.00 |
208 |
17 |
31 |
28 |
51 |
13 |
77 |
51 |
147 |
95 |
| Net Realized & Unrealized Capital Gains on Investments |
|
0.00 |
-983 |
300 |
114 |
139 |
-453 |
328 |
-38 |
14 |
-245 |
-216 |
| Total Non-Interest Expense |
|
-213 |
327 |
305 |
237 |
194 |
24 |
390 |
223 |
236 |
23 |
181 |
| Insurance Policy Acquisition Costs |
|
- |
- |
- |
- |
42 |
- |
- |
-13 |
7.00 |
- |
-25 |
| Other Operating Expenses |
|
-213 |
403 |
305 |
237 |
179 |
-8.00 |
376 |
236 |
212 |
30 |
206 |
| Nonoperating Income / (Expense), net |
|
- |
- |
- |
-80 |
- |
- |
- |
- |
- |
- |
-44 |
| Basic Earnings per Share |
|
$0.21 |
$0.34 |
$0.52 |
$0.61 |
$0.89 |
$0.73 |
$0.76 |
$0.52 |
$0.62 |
$0.54 |
$0.36 |
| Weighted Average Basic Shares Outstanding |
|
503M |
498M |
534M |
547M |
562M |
554M |
591M |
616M |
635M |
624M |
676M |
| Diluted Earnings per Share |
|
$0.21 |
$0.33 |
$0.51 |
$0.59 |
$0.87 |
$0.71 |
$0.76 |
$0.52 |
$0.62 |
$0.54 |
$0.36 |
| Weighted Average Diluted Shares Outstanding |
|
523M |
518M |
555M |
567M |
582M |
575M |
591M |
616M |
635M |
624M |
676M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
508.26M |
531.37M |
544.58M |
557.38M |
569.44M |
582.31M |
607.76M |
630.39M |
646.08M |
671.48M |
689.63M |
| Cash Dividends to Common per Share |
|
$0.46 |
$0.51 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
$0.48 |
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 |
|
2020 |
2021 |
2022 |
2023 |
2024 |
| Net Change in Cash & Equivalents |
|
150 |
160 |
-149 |
227 |
296 |
| Net Cash From Operating Activities |
|
-580 |
-2,459 |
-1,359 |
511 |
-2,128 |
| Net Cash From Continuing Operating Activities |
|
-580 |
-2,459 |
-1,359 |
511 |
-2,128 |
| Net Income / (Loss) Continuing Operations |
|
484 |
1,567 |
600 |
1,522 |
1,522 |
| Consolidated Net Income / (Loss) |
|
484 |
1,567 |
600 |
1,522 |
1,522 |
| Amortization Expense |
|
23 |
15 |
13 |
8.00 |
10 |
| Non-Cash Adjustments to Reconcile Net Income |
|
-1,142 |
-4,076 |
-1,937 |
-997 |
-3,833 |
| Changes in Operating Assets and Liabilities, net |
|
55 |
35 |
-35 |
-22 |
173 |
| 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 |
|
730 |
2,619 |
1,210 |
-284 |
2,424 |
| Net Cash From Continuing Financing Activities |
|
730 |
2,619 |
1,210 |
-284 |
2,424 |
| Issuance of Debt |
|
8,256 |
19,387 |
7,955 |
5,215 |
13,238 |
| Issuance of Common Equity |
|
4.00 |
819 |
1,001 |
1,155 |
1,364 |
| Repayment of Debt |
|
-6,751 |
-16,893 |
-6,834 |
-5,623 |
-11,039 |
| Payment of Dividends |
|
-679 |
-694 |
-912 |
-1,031 |
-1,139 |
| Cash Interest Paid |
|
243 |
310 |
402 |
524 |
676 |
| Cash Income Taxes Paid |
|
16 |
26 |
39 |
36 |
66 |
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 |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
| Net Change in Cash & Equivalents |
|
101 |
-25 |
40 |
76 |
152 |
-41 |
13 |
104 |
-57 |
236 |
-118 |
| Net Cash From Operating Activities |
|
20 |
-360 |
872 |
-48 |
46 |
-359 |
-21 |
-1,318 |
-521 |
-268 |
-299 |
| Net Cash From Continuing Operating Activities |
|
20 |
-360 |
872 |
-48 |
46 |
-359 |
-21 |
-1,318 |
-521 |
-268 |
-299 |
| Net Income / (Loss) Continuing Operations |
|
104 |
174 |
278 |
331 |
500 |
413 |
449 |
322 |
394 |
357 |
241 |
| Consolidated Net Income / (Loss) |
|
104 |
174 |
278 |
331 |
500 |
413 |
449 |
322 |
394 |
357 |
241 |
| Amortization Expense |
|
4.00 |
2.00 |
1.00 |
3.00 |
4.00 |
- |
2.00 |
2.00 |
2.00 |
4.00 |
4.00 |
| Non-Cash Adjustments to Reconcile Net Income |
|
-61 |
-605 |
684 |
-395 |
-465 |
-821 |
-444 |
-1,695 |
-947 |
-747 |
-440 |
| Changes in Operating Assets and Liabilities, net |
|
-27 |
69 |
-91 |
13 |
7.00 |
49 |
-28 |
53 |
30 |
118 |
-104 |
| 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 |
|
81 |
335 |
-832 |
124 |
106 |
318 |
34 |
1,422 |
464 |
504 |
181 |
| Net Cash From Continuing Financing Activities |
|
81 |
335 |
-832 |
124 |
106 |
318 |
34 |
1,422 |
464 |
504 |
181 |
| Issuance of Debt |
|
1,436 |
2,965 |
1,015 |
882 |
1,069 |
2,249 |
2,417 |
5,372 |
2,860 |
2,589 |
2,595 |
| Issuance of Common Equity |
|
229 |
193 |
477 |
227 |
215 |
236 |
85 |
449 |
302 |
528 |
384 |
| Repayment of Debt |
|
-1,350 |
-2,576 |
-2,063 |
-732 |
-924 |
-1,904 |
-2,198 |
-4,120 |
-2,411 |
-2,310 |
-2,490 |
| Payment of Dividends |
|
-234 |
-247 |
-261 |
-253 |
-254 |
-263 |
-270 |
-279 |
-287 |
-303 |
-308 |
| Cash Interest Paid |
|
121 |
99 |
145 |
126 |
141 |
112 |
176 |
112 |
225 |
163 |
176 |
| Cash Income Taxes Paid |
|
-21 |
6.00 |
28 |
- |
1.00 |
7.00 |
25 |
7.00 |
26 |
8.00 |
37 |
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 |
2021 |
2022 |
2023 |
2024 |
| Total Assets |
20,843 |
22,398 |
23,800 |
28,254 |
| Cash and Due from Banks |
372 |
303 |
535 |
635 |
| Restricted Cash |
114 |
34 |
29 |
225 |
| Trading Account Securities |
- |
- |
22,936 |
26,777 |
| Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
0.00 |
| Other Assets |
403 |
295 |
362 |
674 |
| Total Liabilities & Shareholders' Equity |
20,843 |
22,398 |
23,800 |
28,254 |
| Total Liabilities |
11,975 |
12,843 |
12,599 |
14,899 |
| Accrued Interest Payable |
100 |
105 |
132 |
170 |
| Long-Term Debt |
11,094 |
12,289 |
11,918 |
13,759 |
| Other Long-Term Liabilities |
781 |
449 |
549 |
970 |
| Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
8,868 |
9,555 |
11,201 |
13,355 |
| Total Preferred & Common Equity |
8,868 |
9,555 |
11,201 |
13,355 |
| Total Common Equity |
8,868 |
9,555 |
11,201 |
13,355 |
| Common Stock |
8,553 |
9,557 |
10,739 |
12,503 |
| Retained Earnings |
- |
-2.00 |
462 |
852 |
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 |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
| Total Assets |
|
22,038 |
21,812 |
22,231 |
22,920 |
24,256 |
26,092 |
27,100 |
28,317 |
| Cash and Due from Banks |
|
257 |
359 |
411 |
527 |
509 |
601 |
486 |
647 |
| Restricted Cash |
|
105 |
18 |
42 |
78 |
68 |
80 |
138 |
95 |
| 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 |
|
392 |
292 |
287 |
390 |
598 |
494 |
614 |
445 |
| Total Liabilities & Shareholders' Equity |
|
22,038 |
21,812 |
22,231 |
22,920 |
24,256 |
26,092 |
27,100 |
28,317 |
| Total Liabilities |
|
12,602 |
11,763 |
11,877 |
12,105 |
12,384 |
13,728 |
14,327 |
14,645 |
| Accrued Interest Payable |
|
76 |
84 |
- |
85 |
107 |
- |
119 |
130 |
| Long-Term Debt |
|
11,895 |
11,244 |
11,406 |
11,551 |
11,729 |
12,993 |
13,534 |
13,922 |
| Other Long-Term Liabilities |
|
631 |
435 |
384 |
469 |
548 |
582 |
674 |
593 |
| Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
9,436 |
10,049 |
10,354 |
10,815 |
11,872 |
12,364 |
12,773 |
13,672 |
| Total Preferred & Common Equity |
|
9,436 |
10,049 |
10,354 |
10,815 |
11,872 |
12,364 |
12,773 |
13,672 |
| Total Common Equity |
|
9,436 |
10,049 |
10,354 |
10,815 |
11,872 |
12,364 |
12,773 |
13,672 |
| Common Stock |
|
9,370 |
10,034 |
10,274 |
10,506 |
11,252 |
11,722 |
12,045 |
12,907 |
| Retained Earnings |
|
66 |
15 |
80 |
309 |
620 |
642 |
728 |
765 |
Annual Metrics And Ratios for Ares Capital
This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.
| Metric |
|
2020 |
2021 |
2022 |
2023 |
2024 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
| Revenue Growth |
|
0.00% |
-53.61% |
75.75% |
91.68% |
1.30% |
| EBITDA Growth |
|
0.00% |
-141.68% |
270.57% |
135.31% |
-4.93% |
| EBIT Growth |
|
0.00% |
-144.30% |
261.30% |
138.67% |
-5.08% |
| NOPAT Growth |
|
0.00% |
-135.82% |
330.43% |
138.67% |
-5.08% |
| Net Income Growth |
|
0.00% |
-185.95% |
261.30% |
138.67% |
-5.08% |
| EPS Growth |
|
0.00% |
207.89% |
-66.10% |
125.21% |
-8.96% |
| Operating Cash Flow Growth |
|
0.00% |
-323.97% |
44.73% |
137.60% |
-516.44% |
| Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
94.02% |
126.96% |
-858.01% |
| Invested Capital Growth |
|
0.00% |
0.00% |
9.43% |
5.84% |
17.28% |
| Revenue Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
20.06% |
7.19% |
| EBITDA Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
76.09% |
12.12% |
| EBIT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
77.16% |
11.88% |
| NOPAT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
109.07% |
5.66% |
| Net Income Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
112.12% |
5.66% |
| EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
16.52% |
-6.51% |
| Operating Cash Flow Q/Q Growth |
|
0.00% |
0.00% |
50.87% |
0.20% |
4.10% |
| Free Cash Flow Firm Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
1.10% |
| Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
3.37% |
3.07% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
| EBITDA Margin |
|
63.67% |
-57.20% |
55.52% |
68.16% |
63.96% |
| EBIT Margin |
|
62.14% |
-59.34% |
54.46% |
67.82% |
63.55% |
| Profit (Net Income) Margin |
|
32.03% |
-59.34% |
54.46% |
67.82% |
63.55% |
| Tax Burden Percent |
|
59.53% |
100.00% |
100.00% |
100.00% |
100.00% |
| Interest Burden Percent |
|
86.58% |
100.00% |
100.00% |
100.00% |
100.00% |
| Effective Tax Rate |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Return on Invested Capital (ROIC) |
|
0.00% |
-2.92% |
3.21% |
7.12% |
6.05% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
-5.17% |
3.21% |
7.12% |
6.05% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
-6.46% |
4.07% |
8.31% |
6.33% |
| Return on Equity (ROE) |
|
0.00% |
-9.38% |
7.28% |
15.43% |
12.38% |
| Cash Return on Invested Capital (CROIC) |
|
0.00% |
-202.92% |
-5.79% |
1.45% |
-9.85% |
| Operating Return on Assets (OROA) |
|
0.00% |
-2.00% |
3.10% |
6.93% |
5.84% |
| Return on Assets (ROA) |
|
0.00% |
-2.00% |
3.10% |
6.93% |
5.84% |
| Return on Common Equity (ROCE) |
|
0.00% |
-9.38% |
7.28% |
15.43% |
12.38% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
-4.69% |
7.02% |
14.30% |
11.38% |
| Net Operating Profit after Tax (NOPAT) |
|
813 |
-291 |
671 |
1,602 |
1,520 |
| NOPAT Margin |
|
53.81% |
-41.54% |
54.46% |
67.82% |
63.55% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
2.25% |
0.00% |
0.00% |
0.00% |
| SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Operating Expenses to Revenue |
|
37.86% |
159.34% |
45.54% |
32.18% |
36.45% |
| Earnings before Interest and Taxes (EBIT) |
|
939 |
-416 |
671 |
1,602 |
1,520 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
962 |
-401 |
684 |
1,610 |
1,530 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.00 |
0.79 |
0.91 |
1.04 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.79 |
0.91 |
1.04 |
| Price to Revenue (P/Rev) |
|
0.00 |
0.00 |
6.14 |
4.31 |
5.78 |
| Price to Earnings (P/E) |
|
0.00 |
0.00 |
12.61 |
6.68 |
9.08 |
| Dividend Yield |
|
14.07% |
10.46% |
3.43% |
10.75% |
8.97% |
| Earnings Yield |
|
0.00% |
0.00% |
7.93% |
14.96% |
11.01% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.89 |
0.93 |
0.99 |
| Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
15.84 |
9.12 |
11.17 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
28.53 |
13.38 |
17.47 |
| Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
29.09 |
13.44 |
17.58 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
29.09 |
13.44 |
17.58 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
42.13 |
0.00 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
65.94 |
0.00 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.00 |
1.25 |
1.29 |
1.06 |
1.03 |
| Long-Term Debt to Equity |
|
0.00 |
1.25 |
1.29 |
1.06 |
1.03 |
| Financial Leverage |
|
0.00 |
1.25 |
1.27 |
1.17 |
1.05 |
| Leverage Ratio |
|
0.00 |
2.35 |
2.35 |
2.23 |
2.12 |
| Compound Leverage Factor |
|
0.00 |
2.35 |
2.35 |
2.23 |
2.12 |
| Debt to Total Capital |
|
0.00% |
55.58% |
56.26% |
51.55% |
50.75% |
| Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Long-Term Debt to Total Capital |
|
0.00% |
55.58% |
56.26% |
51.55% |
50.75% |
| 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 |
|
0.00% |
44.42% |
43.74% |
48.45% |
49.26% |
| Debt to EBITDA |
|
0.00 |
-27.67 |
17.97 |
7.40 |
8.99 |
| Net Debt to EBITDA |
|
0.00 |
-26.45 |
17.47 |
7.05 |
8.43 |
| Long-Term Debt to EBITDA |
|
0.00 |
-27.67 |
17.97 |
7.40 |
8.99 |
| Debt to NOPAT |
|
0.00 |
-38.10 |
18.31 |
7.44 |
9.05 |
| Net Debt to NOPAT |
|
0.00 |
-36.43 |
17.81 |
7.09 |
8.49 |
| Long-Term Debt to NOPAT |
|
0.00 |
-38.10 |
18.31 |
7.44 |
9.05 |
| 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) |
|
0.00 |
-20,253 |
-1,211 |
327 |
-2,475 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-54.44 |
-2.66 |
0.56 |
-3.46 |
| Operating Cash Flow to Interest Expense |
|
0.00 |
-6.61 |
-2.99 |
0.88 |
-2.98 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
0.00 |
-6.61 |
-2.99 |
0.88 |
-2.98 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.00 |
0.03 |
0.06 |
0.10 |
0.09 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
| Invested Capital |
|
0.00 |
19,962 |
21,844 |
23,119 |
27,114 |
| Invested Capital Turnover |
|
0.00 |
0.07 |
0.06 |
0.11 |
0.10 |
| Increase / (Decrease) in Invested Capital |
|
0.00 |
19,962 |
1,882 |
1,275 |
3,995 |
| Enterprise Value (EV) |
|
0.00 |
0.00 |
19,517 |
21,528 |
26,725 |
| Market Capitalization |
|
0.00 |
0.00 |
7,565 |
10,174 |
13,826 |
| Book Value per Share |
|
$0.00 |
$19.88 |
$18.80 |
$19.67 |
$20.67 |
| Tangible Book Value per Share |
|
$0.00 |
$19.88 |
$18.80 |
$19.67 |
$20.67 |
| Total Capital |
|
0.00 |
19,962 |
21,844 |
23,119 |
27,114 |
| Total Debt |
|
0.00 |
11,094 |
12,289 |
11,918 |
13,759 |
| Total Long-Term Debt |
|
0.00 |
11,094 |
12,289 |
11,918 |
13,759 |
| Net Debt |
|
0.00 |
10,608 |
11,952 |
11,354 |
12,899 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
329 |
125 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
0.00 |
11,094 |
12,289 |
11,918 |
13,759 |
| Total Depreciation and Amortization (D&A) |
|
23 |
15 |
13 |
8.00 |
10 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$1.21 |
$2.75 |
$2.44 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
498M |
554M |
624M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$1.19 |
$2.68 |
$2.44 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
518M |
575M |
624M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
531.37M |
582.31M |
671.48M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
791 |
-261 |
478 |
1,117 |
1,064 |
| Normalized NOPAT Margin |
|
52.35% |
-37.25% |
38.81% |
47.29% |
44.48% |
| Pre Tax Income Margin |
|
53.81% |
-59.34% |
54.46% |
67.82% |
63.55% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
0.00 |
-1.12 |
1.47 |
2.75 |
2.13 |
| NOPAT to Interest Expense |
|
0.00 |
-0.78 |
1.47 |
2.75 |
2.13 |
| EBIT Less CapEx to Interest Expense |
|
0.00 |
-1.12 |
1.47 |
2.75 |
2.13 |
| NOPAT Less CapEx to Interest Expense |
|
0.00 |
-0.78 |
1.47 |
2.75 |
2.13 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
140.29% |
-166.83% |
135.92% |
64.38% |
74.93% |
| Augmented Payout Ratio |
|
160.95% |
-166.83% |
135.92% |
64.38% |
74.93% |
Quarterly Metrics And Ratios for Ares Capital
This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.
| Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
-127.15% |
0.00% |
-73.90% |
313.91% |
637.50% |
76.01% |
2.36% |
-12.48% |
-8.68% |
17.56% |
-32.75% |
| EBITDA Growth |
|
-64.34% |
0.00% |
-127.63% |
720.63% |
369.07% |
358.51% |
-63.33% |
-16.62% |
-21.98% |
18.59% |
-40.23% |
| EBIT Growth |
|
-65.81% |
0.00% |
-128.04% |
679.10% |
384.95% |
363.28% |
-63.62% |
-16.49% |
-21.73% |
18.15% |
-40.88% |
| NOPAT Growth |
|
-50.79% |
0.00% |
-119.62% |
927.29% |
384.95% |
623.51% |
-63.62% |
-16.49% |
-21.73% |
8.40% |
-40.88% |
| Net Income Growth |
|
-68.86% |
0.00% |
-124.85% |
559.70% |
333.65% |
688.21% |
-63.62% |
5.19% |
-21.73% |
8.40% |
-54.27% |
| EPS Growth |
|
-71.23% |
0.00% |
18.60% |
168.18% |
314.29% |
115.15% |
49.02% |
-11.86% |
-28.74% |
-23.94% |
-52.63% |
| Operating Cash Flow Growth |
|
0.00% |
79.63% |
81.29% |
96.80% |
130.00% |
0.28% |
-102.41% |
-2,645.83% |
-1,232.61% |
25.35% |
-1,323.81% |
| Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
97.25% |
0.00% |
88.53% |
84.44% |
-514.38% |
-863.70% |
-99.16% |
| Invested Capital Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
4.85% |
5.84% |
10.84% |
16.77% |
17.62% |
17.28% |
16.92% |
| Revenue Q/Q Growth |
|
-179.47% |
532.50% |
-65.70% |
251.12% |
3.20% |
41.63% |
-80.05% |
200.22% |
7.68% |
82.33% |
-59.42% |
| EBITDA Q/Q Growth |
|
253.97% |
100.00% |
-164.95% |
410.32% |
16.37% |
95.49% |
-123.14% |
258.41% |
8.90% |
197.15% |
-75.47% |
| EBIT Q/Q Growth |
|
238.81% |
106.45% |
-166.15% |
405.51% |
16.24% |
97.23% |
-123.36% |
255.92% |
8.95% |
197.71% |
-75.75% |
| NOPAT Q/Q Growth |
|
298.29% |
44.09% |
-166.34% |
536.45% |
16.24% |
114.97% |
-115.00% |
322.74% |
8.95% |
197.71% |
-75.75% |
| Net Income Q/Q Growth |
|
255.22% |
18.27% |
-203.25% |
342.52% |
46.43% |
114.97% |
-121.43% |
255.92% |
8.95% |
197.71% |
-79.94% |
| EPS Q/Q Growth |
|
-4.55% |
57.14% |
54.55% |
15.69% |
47.46% |
-18.39% |
7.04% |
-31.58% |
19.23% |
-12.90% |
-33.33% |
| Operating Cash Flow Q/Q Growth |
|
101.33% |
-1,900.00% |
342.22% |
-105.50% |
195.83% |
-880.43% |
94.15% |
-6,176.19% |
60.47% |
48.56% |
-11.57% |
| Free Cash Flow Firm Q/Q Growth |
|
0.00% |
100.00% |
0.00% |
-0.36% |
97.28% |
47.69% |
-703.10% |
-36.09% |
-7.46% |
17.95% |
-26.97% |
| Invested Capital Q/Q Growth |
|
0.00% |
2.41% |
-2.52% |
2.60% |
2.38% |
3.37% |
2.08% |
8.09% |
3.12% |
3.07% |
1.77% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
0.00% |
37.38% |
-70.79% |
62.56% |
70.54% |
97.37% |
-112.95% |
59.60% |
60.27% |
98.23% |
59.39% |
| EBIT Margin |
|
0.00% |
36.99% |
-71.35% |
62.08% |
69.92% |
97.37% |
-114.05% |
59.23% |
59.93% |
97.86% |
58.47% |
| Profit (Net Income) Margin |
|
0.00% |
23.70% |
-71.35% |
49.28% |
69.92% |
106.13% |
-114.05% |
59.23% |
59.93% |
97.86% |
48.37% |
| Tax Burden Percent |
|
111.83% |
91.79% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Interest Burden Percent |
|
100.00% |
69.79% |
100.00% |
79.38% |
100.00% |
108.99% |
100.00% |
100.00% |
100.00% |
100.00% |
82.73% |
| 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) |
|
0.00% |
1.46% |
-3.42% |
6.83% |
6.30% |
11.15% |
-8.41% |
5.72% |
5.50% |
9.32% |
4.98% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
1.37% |
-4.09% |
5.44% |
6.30% |
11.15% |
-8.96% |
5.72% |
5.50% |
9.32% |
4.64% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
1.76% |
-4.58% |
6.04% |
7.29% |
13.00% |
-9.39% |
6.21% |
5.84% |
9.75% |
4.66% |
| Return on Equity (ROE) |
|
0.00% |
3.21% |
-7.99% |
12.87% |
13.58% |
24.15% |
-17.80% |
11.93% |
11.34% |
19.07% |
9.63% |
| Cash Return on Invested Capital (CROIC) |
|
0.00% |
-5.54% |
0.00% |
0.00% |
0.00% |
1.45% |
-3.51% |
-8.98% |
-10.28% |
-9.85% |
-10.64% |
| Operating Return on Assets (OROA) |
|
0.00% |
2.11% |
-2.38% |
3.36% |
6.12% |
9.95% |
-11.71% |
5.61% |
5.35% |
8.99% |
4.85% |
| Return on Assets (ROA) |
|
0.00% |
1.35% |
-2.38% |
2.66% |
6.12% |
10.85% |
-11.71% |
5.61% |
5.35% |
8.99% |
4.01% |
| Return on Common Equity (ROCE) |
|
0.00% |
3.21% |
-7.99% |
12.87% |
13.58% |
24.15% |
-17.80% |
11.93% |
11.34% |
19.07% |
9.63% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
0.00% |
0.33% |
3.94% |
6.98% |
0.00% |
12.81% |
12.43% |
11.26% |
0.00% |
9.29% |
| Net Operating Profit after Tax (NOPAT) |
|
93 |
134 |
-89 |
388 |
451 |
970 |
-145 |
324 |
353 |
1,051 |
255 |
| NOPAT Margin |
|
0.00% |
25.82% |
-49.94% |
62.08% |
69.92% |
106.13% |
-79.84% |
59.23% |
59.93% |
97.86% |
58.47% |
| Net Nonoperating Expense Percent (NNEP) |
|
-0.19% |
0.09% |
0.68% |
1.39% |
0.00% |
0.00% |
0.54% |
0.00% |
0.00% |
0.00% |
0.34% |
| 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 |
|
0.00% |
63.01% |
171.35% |
37.92% |
30.08% |
2.63% |
214.05% |
40.77% |
40.07% |
2.14% |
41.53% |
| Earnings before Interest and Taxes (EBIT) |
|
93 |
192 |
-127 |
388 |
451 |
890 |
-208 |
324 |
353 |
1,051 |
255 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
97 |
194 |
-126 |
391 |
455 |
890 |
-206 |
326 |
355 |
1,055 |
259 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.79 |
0.80 |
0.84 |
0.87 |
0.91 |
0.00 |
0.96 |
0.99 |
1.04 |
1.09 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.79 |
0.80 |
0.84 |
0.87 |
0.91 |
0.00 |
0.96 |
0.99 |
1.04 |
1.09 |
| Price to Revenue (P/Rev) |
|
0.00 |
6.14 |
11.05 |
7.23 |
4.80 |
4.31 |
0.00 |
5.17 |
5.66 |
5.78 |
6.83 |
| Price to Earnings (P/E) |
|
0.00 |
12.61 |
30.70 |
13.17 |
8.86 |
6.68 |
0.00 |
8.26 |
9.52 |
9.08 |
11.32 |
| Dividend Yield |
|
6.72% |
3.43% |
3.77% |
6.39% |
8.67% |
10.75% |
10.10% |
9.86% |
9.59% |
8.97% |
8.66% |
| Earnings Yield |
|
0.00% |
7.93% |
3.26% |
7.59% |
11.29% |
14.96% |
0.00% |
12.10% |
10.51% |
11.01% |
8.83% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.89 |
0.89 |
0.90 |
0.91 |
0.93 |
0.00 |
0.95 |
0.97 |
0.99 |
1.02 |
| Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
15.84 |
25.97 |
16.42 |
10.37 |
9.12 |
0.00 |
10.62 |
11.44 |
11.17 |
12.87 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
28.53 |
185.39 |
35.49 |
22.32 |
13.38 |
0.00 |
16.59 |
18.71 |
17.47 |
20.69 |
| Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
29.09 |
207.80 |
36.14 |
22.56 |
13.44 |
0.00 |
16.68 |
18.79 |
17.58 |
20.88 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
29.09 |
573.02 |
48.37 |
26.63 |
13.44 |
0.00 |
15.81 |
17.75 |
17.58 |
22.10 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
40.77 |
39.99 |
42.13 |
0.00 |
0.00 |
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 |
|
1.26 |
1.29 |
1.12 |
1.11 |
1.07 |
1.06 |
0.99 |
1.06 |
1.06 |
1.03 |
1.02 |
| Long-Term Debt to Equity |
|
1.26 |
1.29 |
1.12 |
1.10 |
1.07 |
1.06 |
0.99 |
1.05 |
1.06 |
1.03 |
1.02 |
| Financial Leverage |
|
1.26 |
1.29 |
1.12 |
1.11 |
1.16 |
1.17 |
1.05 |
1.08 |
1.06 |
1.05 |
1.00 |
| Leverage Ratio |
|
2.34 |
2.35 |
2.17 |
2.15 |
2.22 |
2.23 |
2.10 |
2.13 |
2.12 |
2.12 |
2.06 |
| Compound Leverage Factor |
|
2.34 |
1.64 |
2.17 |
1.70 |
2.22 |
2.43 |
2.10 |
2.13 |
2.12 |
2.12 |
1.70 |
| Debt to Total Capital |
|
55.76% |
56.26% |
52.81% |
52.61% |
51.65% |
51.55% |
49.70% |
51.53% |
51.45% |
50.75% |
50.45% |
| Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.40% |
0.00% |
0.00% |
0.00% |
0.60% |
0.00% |
0.00% |
0.00% |
| Long-Term Debt to Total Capital |
|
55.76% |
56.26% |
52.81% |
52.21% |
51.65% |
51.55% |
49.70% |
50.93% |
51.45% |
50.75% |
50.45% |
| 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 |
|
44.24% |
43.74% |
47.19% |
47.39% |
48.35% |
48.45% |
50.30% |
48.47% |
48.55% |
49.26% |
49.55% |
| Debt to EBITDA |
|
0.00 |
17.97 |
110.24 |
20.67 |
12.64 |
7.40 |
7.67 |
8.98 |
9.92 |
8.99 |
10.27 |
| Net Debt to EBITDA |
|
0.00 |
17.47 |
106.54 |
19.86 |
11.98 |
7.05 |
7.29 |
8.51 |
9.46 |
8.43 |
9.72 |
| Long-Term Debt to EBITDA |
|
0.00 |
17.97 |
110.24 |
20.51 |
12.64 |
7.40 |
7.67 |
8.87 |
9.92 |
8.99 |
10.27 |
| Debt to NOPAT |
|
0.00 |
18.31 |
340.73 |
28.17 |
15.08 |
7.44 |
7.71 |
8.55 |
9.41 |
9.05 |
10.96 |
| Net Debt to NOPAT |
|
0.00 |
17.81 |
329.30 |
27.06 |
14.29 |
7.09 |
7.33 |
8.11 |
8.97 |
8.49 |
10.38 |
| Long-Term Debt to NOPAT |
|
0.00 |
18.31 |
340.73 |
27.96 |
15.08 |
7.44 |
7.71 |
8.46 |
9.41 |
9.05 |
10.96 |
| 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) |
|
-21,238 |
0.00 |
-21,382 |
-21,459 |
-584 |
-306 |
-2,453 |
-3,339 |
-3,588 |
-2,944 |
-3,738 |
| 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 |
|
-176.98 |
0.00 |
-153.83 |
0.00 |
-4.03 |
-1.03 |
-15.43 |
-19.19 |
-18.40 |
-15.74 |
-20.10 |
| Operating Cash Flow to Interest Expense |
|
0.17 |
-1.54 |
6.27 |
0.00 |
0.32 |
-1.20 |
-0.13 |
-7.57 |
-2.67 |
-1.43 |
-1.61 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
0.17 |
-1.54 |
6.27 |
0.00 |
0.32 |
-1.20 |
-0.13 |
-7.57 |
-2.67 |
-1.43 |
-1.61 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.00 |
0.06 |
0.03 |
0.05 |
0.09 |
0.10 |
0.10 |
0.09 |
0.09 |
0.09 |
0.08 |
| 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 |
|
21,331 |
21,844 |
21,293 |
21,847 |
22,366 |
23,119 |
23,601 |
25,510 |
26,307 |
27,114 |
27,594 |
| Invested Capital Turnover |
|
0.00 |
0.06 |
0.07 |
0.11 |
0.09 |
0.11 |
0.11 |
0.10 |
0.09 |
0.10 |
0.09 |
| Increase / (Decrease) in Invested Capital |
|
21,331 |
0.00 |
21,293 |
21,847 |
1,035 |
1,275 |
2,308 |
3,663 |
3,941 |
3,995 |
3,993 |
| Enterprise Value (EV) |
|
0.00 |
19,517 |
18,910 |
19,734 |
20,396 |
21,528 |
0.00 |
24,297 |
25,534 |
26,725 |
28,060 |
| Market Capitalization |
|
0.00 |
7,565 |
8,043 |
8,694 |
9,450 |
10,174 |
0.00 |
11,832 |
12,624 |
13,826 |
14,880 |
| Book Value per Share |
|
$18.76 |
$18.80 |
$18.91 |
$19.01 |
$19.40 |
$19.67 |
$20.09 |
$20.34 |
$20.26 |
$20.67 |
$20.22 |
| Tangible Book Value per Share |
|
$18.76 |
$18.80 |
$18.91 |
$19.01 |
$19.40 |
$19.67 |
$20.09 |
$20.34 |
$20.26 |
$20.67 |
$20.22 |
| Total Capital |
|
21,331 |
21,844 |
21,293 |
21,847 |
22,366 |
23,119 |
23,601 |
25,510 |
26,307 |
27,114 |
27,594 |
| Total Debt |
|
11,895 |
12,289 |
11,244 |
11,493 |
11,551 |
11,918 |
11,729 |
13,146 |
13,534 |
13,759 |
13,922 |
| Total Long-Term Debt |
|
11,895 |
12,289 |
11,244 |
11,406 |
11,551 |
11,918 |
11,729 |
12,993 |
13,534 |
13,759 |
13,922 |
| Net Debt |
|
11,533 |
11,952 |
10,867 |
11,040 |
10,946 |
11,354 |
11,152 |
12,465 |
12,910 |
12,899 |
13,180 |
| 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) |
|
-11 |
11 |
38 |
80 |
0.00 |
0.00 |
62 |
0.00 |
0.00 |
0.00 |
44 |
| Net Nonoperating Obligations (NNO) |
|
11,895 |
12,289 |
11,244 |
11,493 |
11,551 |
11,918 |
11,729 |
13,146 |
13,534 |
13,759 |
13,922 |
| Total Depreciation and Amortization (D&A) |
|
4.00 |
2.00 |
1.00 |
3.00 |
4.00 |
0.00 |
2.00 |
2.00 |
2.00 |
4.00 |
4.00 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.21 |
$0.34 |
$0.52 |
$0.61 |
$0.89 |
$0.73 |
$0.76 |
$0.52 |
$0.62 |
$0.54 |
$0.36 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
503M |
498M |
534M |
547M |
562M |
554M |
591M |
616M |
635M |
624M |
676M |
| Adjusted Diluted Earnings per Share |
|
$0.21 |
$0.33 |
$0.51 |
$0.59 |
$0.87 |
$0.71 |
$0.76 |
$0.52 |
$0.62 |
$0.54 |
$0.36 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
523M |
518M |
555M |
567M |
582M |
575M |
591M |
616M |
635M |
624M |
676M |
| 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 |
|
508.26M |
531.37M |
544.58M |
557.38M |
569.44M |
582.31M |
607.76M |
630.39M |
646.08M |
671.48M |
689.63M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
65 |
94 |
-89 |
272 |
297 |
679 |
-136 |
227 |
259 |
736 |
178 |
| Normalized NOPAT Margin |
|
0.00% |
18.07% |
-49.94% |
43.46% |
46.02% |
74.29% |
-74.46% |
41.46% |
43.97% |
68.50% |
40.93% |
| Pre Tax Income Margin |
|
0.00% |
25.82% |
-71.35% |
49.28% |
69.92% |
106.13% |
-114.05% |
59.23% |
59.93% |
97.86% |
48.37% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
0.78 |
0.82 |
-0.91 |
0.00 |
3.11 |
2.98 |
-1.31 |
1.86 |
1.81 |
5.62 |
1.37 |
| NOPAT to Interest Expense |
|
0.78 |
0.57 |
-0.64 |
0.00 |
3.11 |
3.25 |
-0.91 |
1.86 |
1.81 |
5.62 |
1.37 |
| EBIT Less CapEx to Interest Expense |
|
0.78 |
0.82 |
-0.91 |
0.00 |
3.11 |
2.98 |
-1.31 |
1.86 |
1.81 |
5.62 |
1.37 |
| NOPAT Less CapEx to Interest Expense |
|
0.78 |
0.57 |
-0.64 |
0.00 |
3.11 |
3.25 |
-0.91 |
1.86 |
1.81 |
5.62 |
1.37 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
0.00% |
135.92% |
2,924.24% |
243.87% |
134.44% |
64.38% |
68.39% |
69.37% |
76.39% |
74.93% |
92.68% |
| Augmented Payout Ratio |
|
0.00% |
135.92% |
2,924.24% |
243.87% |
134.44% |
64.38% |
68.39% |
69.37% |
76.39% |
74.93% |
92.68% |
Key Financial Trends
Ares Capital (NASDAQ: ARCC) has shown several noteworthy financial trends over the last four years, based on their quarterly income statements, cash flow statements, and balance sheets.
Positive factors impacting Ares Capital:
- Consistent issuance of common equity, indicating investor confidence and capital raising capability (e.g., $384M issued in Q1 2025, up from prior quarters).
- Growth in total assets from approximately $22.0B in mid-2022 to over $28.3B by Q1 2025, reflecting balance sheet expansion.
- Increase in total common equity from about $9.4B in Q3 2022 to $13.67B in Q1 2025 indicates strengthening equity base.
- Net Income Attributable to Common Shareholders has grown significantly from about $93M in Q3 2022 to $241M in Q1 2025, showcasing improving profitability.
- Steady quarterly cash dividends maintained at $0.48 per share through recent quarters, highlighting commitment to shareholder returns.
- Positive net interest income consistently reported, reaching $557M in Q1 2025, demonstrating effective lending and investment spread management.
- Net realized and unrealized capital gains contributed positively in several periods (e.g., $327.9M in Q1 2023), adding to non-interest income.
Neutral factors with variable impact:
- Large fluctuations in non-cash adjustments to reconcile net income in cash flows, indicating volatility in earnings quality and accounting items.
- Volatile net cash from operating activities, with negative cash flow in some quarters (e.g., -$299M in Q1 2025) and positive in others, suggesting inconsistent operating cash generation.
- High issuance and repayment of debt each quarter roughly offset each other, indicating active balance sheet management but little net change in debt levels.
- Occasional negative non-operating income impacting pre-tax income in some quarters, such as -$44M in Q1 2025.
Negative factors that pose challenges or risks:
- Significant declines or volatility in net realized and unrealized capital gains on investments, with large negative impacts (e.g., -$216M in Q1 2025, -$452.6M in Q4 2022) hurting total non-interest income.
- Periods of net losses or negative net income continuing operations, particularly in early 2024 (e.g., -$207.8M in Q1 2024), which may reflect market or investment challenges.
- Negative total non-interest income or heavy operating expenses in some quarters, putting pressure on profitability.
- Negative net cash from continuing operating activities in multiple quarters, which could indicate underlying operational cash generation weakness.
- Increase in accrued interest payable and other long-term liabilities, which might elevate financial risk if not managed well.
Summary: Over the past four years, Ares Capital has expanded its asset base and equity while maintaining a consistent dividend policy. Profitability has improved, with net income from continuing operations generally trending upward after early 2024 losses. However, the firm faces volatility due to swings in realized and unrealized investment gains and challenging operating cash flows in some quarters. Active debt issuance and repayment signal active capital management but denote reliance on external financing. Retail investors should weigh the company's ability to navigate volatility in income sources against its strong capital position and dividend consistency.
10/25/25 11:10 PM ETAI Generated. May Contain Errors.