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Ares Capital (ARCC) Financials

Ares Capital logo
$22.30 -0.10 (-0.45%)
Closing price 04:00 PM Eastern
Extended Trading
$22.35 +0.05 (+0.24%)
As of 07:59 PM Eastern
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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 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 736 -416 600 1,522 1,522
Consolidated Net Income / (Loss)		 484 -416 671 1,602 1,520
Net Income / (Loss) Continuing Operations		 794 -416 671 1,602 1,520
Total Pre-Tax Income 		813 -416 671 1,602 1,520
Total Revenue		 1,511 701 1,232 2,362 2,392
Net Interest Income / (Expense)		 1,159 -372 1,441 2,135 1,788
Total Interest Income		 1,159 0.00 1,896 2,717 2,503
Investment Securities Interest Income		 0.00 - 1,896 2,717 2,503
Total Interest Expense		 0.00 372 455 582 715
Long-Term Debt Interest Expense		 - 372 455 582 715
Total Non-Interest Income		 149 1,073 -209 227 604
Other Service Charges		 149 45 259 127 289
Net Realized & Unrealized Capital Gains on Investments		 0.00 1,028 -468 100 59
Other Non-Interest Income		 0.00 - - - 257
Total Non-Interest Expense		 572 1,117 561 760 872
Insurance Policy Acquisition Costs		 - - -101 53 18
Other Operating Expenses		 255 1,074 650 713 854
Basic Earnings per Share		 $1.14 $3.51 $1.21 $2.75 $2.44
Weighted Average Basic Shares Outstanding		 424M 446M 498M 554M 624M
Diluted Earnings per Share		 $1.14 $3.51 $1.19 $2.68 $2.44
Weighted Average Diluted Shares Outstanding		 424M 446M 518M 575M 624M
Weighted Average Basic & Diluted Shares Outstanding		 - - 531.37M 582.31M 671.48M
Cash Dividends to Common per Share		 $1.60 $1.62 $1.87 $1.92 $1.92

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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
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
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
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
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
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
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
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

Over the last four years, Ares Capital (NASDAQ:ARCC) has demonstrated variability in its financial performance with notable trends in revenue, net income, cash flow, and balance sheet composition.

  • Net Income Growth: After negative or subdued net income in early 2023 (Q1 2023 net loss of -$208M), the company showed strong recovery and growth, achieving a net income of $1.05 billion in Q4 2024 before moderating to $241 million in Q1 2025. This reflects an improving earnings profile over time.
  • Stable Dividend Payout: ARCC consistently paid cash dividends of $0.48 per common share each quarter from 2023 through Q1 2025, indicating a commitment to returning capital to shareholders.
  • Equity Growth: Total common equity increased steadily from around $10 billion in early 2023 to $13.67 billion by Q1 2025, supporting a stronger capital base.
  • Revenue Composition: Investment Securities Interest Income remained high, peaking at over $1.6 billion in Q4 2023 and stabilizing near $743 million by Q1 2025, indicating consistent core earnings from interest income.
  • Capital Raising Activities: Frequent issuances of common equity (e.g., $477M in Q1 2023, $528M in Q4 2024) and significant issuance of debt have helped support asset growth and operational activities.
  • Volatile Non-Interest Income: Net realized and unrealized losses on investments have been significant in some quarters (e.g., a loss of $216M in Q1 2025, $452M in Q4 2023, $983M in Q4 2022), offsetting some interest income gains and increasing quarter-to-quarter variability in total revenue.
  • Operating Expenses: Other operating expenses fluctuated substantially, with $376 million in Q1 2024 to lower levels around $30 million in some quarters, impacting overall profitability.
  • Cash Flow Variability: Operating cash flow was strongly negative in several quarters, such as Q2 2024 (-$1.3 billion) and Q3 2024 (-$521 million), reflecting swings in adjustments and changes in working capital. However, Q1 2023 showed a strong positive operating cash flow of $872 million.
  • Negative Earnings and Revenue in Early 2023: The company had losses early in 2023 with negative net interest income and negative total revenue, indicating operational challenges during that period.
  • Increased Interest Expense: Interest expense related to long-term debt increased from $139 million in Q1 2023 to around $186-$195 million by Q1 2025, reflecting higher borrowing costs that may pressure net interest income in a rising rate environment.

Summary: Ares Capital has experienced recovery from early 2023 losses to strong profitability by late 2024, supported by interest income and capital raises. However, earnings remain impacted by volatile investment gains/losses and fluctuating operating expenses. The consistent dividend and equity growth are positives, while the variability in cash flow and rising interest costs warrant attention.

09/12/25 10:20 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Ares Capital's Financials

When does Ares Capital's financial year end?

According to the most recent income statement we have on file, Ares Capital's fiscal year ends in December. Their fiscal 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. Find out what analysts predict for Ares Capital in the coming months.

How has Ares Capital's 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 9/12/2025 by MarketBeat.com Staff
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