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Ares Capital Corporation

ARCC Financial Asset Management

Ares Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 2.07% from fiscal 2024.

Revenue
−2.43%
EPS
−22.3%
Free cash flow
+236.1%
Total debt
−3.08%

Quarter to September 2026, against a year earlier

19.25 0.10 −0.52%
Market cap
$14.0B
P/E
15.8×
Fwd P/E
14.9×
Dividend yield
9.91%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.29%

Capital & Financial Ratios $m

Size
Market Cap 13,970.00
Revenue ttm 3,087.00
Net income ttm 875.00
Free cash flow ttm 1,145.00
Net debt Q 14,182.00
Valuation
P/E 15.85
Forward P/E 14.90
Price / sales 4.52
Forward P/S Powerpack
Price / FCF 12.19
Price / book 1.00
Financial health
Current ratio Q 1.00
Debt / equity Q 1.08
Interest coverage Q 2.51
Growth
Revenue growth Q −2.43% (below 0%: shrinking)
Operating income growth Q −4.30% (below 0%: shrinking)
EPS, this year −5.97% (below 0%: weak)
EPS, next year A +2.78%
Revenue, next year A +0.82%
EPS, past 5 yrs +10.29%
EPS, next 5 yrs A −0.36% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 93.17%
10-year low 10-year high
P/S against its own 10 years 28.31%
10-year low 10-year high
P/B against its own 10 years 45.14%
10-year low 10-year high

Dividends

Yield
9.91%
Annual rate
1.92
Payout ratio
157.0%
Growth, 2018–26
+2.80%/yr
  1. 1.54 ’18
  2. 0.80 ’19 −48
  3. 1.60 ’20 +100
  4. 1.62 ’21 +1
  5. 0.85 ’22 −48
  6. 1.92 ’23 +126
  7. 1.92 ’24 +0
  8. 1.92 ’25 +0
  9. 1.92 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 564 860 924 942
Receivables 261 516 605 287
Inventory — — — —
Other — — — —
825 1,376 1,529 1,229
2023 2024 2025 Q'26
Payables 681 1,048 898 1,228
ST’ Debt — — — —
Other — — — —
681 1,048 898 1,228

Compound Annual Growth %

10y 5y 3y
Sales 11.53% 15.10% 13.34%
Cash Flow 0.00% 0.00% 0.00%
Earnings 13.11% 21.83% 29.37%
Book Value 10.72% 14.82% 14.43%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.48 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.50 0.50 Met by 0.00
Q1 FY26 0.48 0.47 Miss by 0.01
Q2 FY26 0.47 0.47 Met by 0.00
Q3 FY26 0.48 0.46 Miss by 0.02
Q4 FY26 0.47 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.13 0.24 0.44 — —
’25 0.36 0.52 0.57 0.41 1.86
’24 0.76 0.52 0.62 0.55 2.44
’23 0.51 0.59 0.87 0.70 2.68
’22 0.43 0.22 0.21 0.34 1.19
’21 0.87 1.09 0.73 0.83 3.51
’20 (1.42) 0.65 1.04 0.89 1.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 763 768 763 — —
’25 732 745 782 793 3,052
’24 701 755 775 759 2,990
’23 618 634 655 707 2,614
’22 440 479 537 640 2,096
’21 390 459 442 529 1,820
’20 369 350 352 440 1,511
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 184 336 1,052 — —
’25 (299) (218) (773) (427) (1,717)
’24 (21) (1,318) (521) (268) (2,128)
’23 872 (48) 46 (359) 511
’22 481 (1,500) 20 (360) (1,359)
’21 489 (1,186) 5 (1,767) (2,459)
’20 15 153 4 (752) (580)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 184 336 1,052 — —
’25 (299) (218) (773) (427) (1,717)
’24 (21) (1,318) (521) (268) (2,128)
’23 872 (48) 46 (359) 511
’22 481 (1,500) 20 (360) (1,359)
’21 489 (1,186) 5 (1,767) (2,459)
’20 15 153 4 (752) (580)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing −3.4% a year for ten years. It grew 1.5% a year over the last ten.

Implied
−3.4%
10 years, reported
1.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,012 1,160 1,337 1,528 1,511 1,820 2,096 2,614 2,990 3,052 3,087 +13.0% 3,077 3,293 3,535 +5.0%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 515 530 713 827 813 770 1,147 1,286 1,476 1,458 1,492 +12.3%
EBT margin, % 50.89 45.69 53.33 54.12 53.81 42.31 54.72 49.20 49.36 47.77 48.33 (3.1) pt
Net income 474 667 858 793 484 1,567 600 1,522 1,522 1,299 875 +11.9%
Per share, $
Per share, $ Revenue 3.22 2.73 3.14 3.58 3.56 4.08 4.21 4.72 4.79 4.37 4.29 +3.4%
Earnings 1.51 1.57 2.01 1.86 1.14 3.51 1.21 2.75 2.44 1.86 1.22 +2.3%
Cash flow 2.25 (4.82) 0.71 (2.89) (1.37) (5.51) (2.73) 0.92 (3.41) (2.46) 1.59 n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 2.25 (4.82) 0.71 (2.89) (1.37) (5.51) (2.73) 0.92 (3.41) (2.46) 1.59 n/m
Book value 16.45 16.70 17.14 17.49 16.92 19.88 19.19 20.22 21.40 20.48 19.37 +2.5%
Shares, m 314 425 426 427 424 446 498 554 624 699 714 +9.3%
Valuation, ×
Valuation, × P/E 10.87 10.14 7.71 10.03 14.56 6.02 15.35 7.31 8.93 10.88 15.85 10.2
P/S 5.09 5.83 4.96 5.21 4.74 5.19 4.41 4.25 4.57 4.63 4.52 4.9
P/B 1.00 0.95 0.91 1.07 1.00 1.07 0.97 0.99 1.02 0.99 1.00 1.0
EV/Sales 8.70 9.74 8.64 9.66 10.16 11.02 10.11 8.59 8.88 9.57 — 9.5
EV/FCF 12.46 (5.52) 38.01 (11.95) (26.46) (8.16) (15.60) 43.93 (12.48) (17.01) — (0.3)
Cash, $m
Cash, $m Operating cash flow 707 (2,048) 304 (1,235) (580) (2,459) (1,359) 511 (2,128) (1,717) 1,145 n/m
Capex — — — — — — — — — — — —
Free cash flow 707 (2,048) 304 (1,235) (580) (2,459) (1,359) 511 (2,128) (1,717) 1,145 n/m
Balance, $m
Balance, $m Working capital 158 15 51 (39) 102 (130) (6) 144 328 631 1 +16.6%
Net debt 3,651 4,538 4,918 6,795 8,188 10,608 11,952 11,354 12,899 15,067 14,182 +17.1%
Shareholders’ equity 5,165 7,098 7,300 7,467 7,176 8,868 9,555 11,201 13,355 14,318 13,946 +12.0%
Returns, %
Returns, % ROA 5.06 6.18 6.80 5.71 3.11 8.46 2.78 6.59 5.85 4.37 2.85 (0.7) pt
ROIC 3.65 2.85 3.65 3.62 3.31 2.47 3.33 3.56 3.51 3.10 3.32 (0.5) pt
ROE 9.17 10.88 11.92 10.74 6.61 19.53 6.51 14.67 12.40 9.39 6.19 +0.2 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Ares Capital Corporation is a specialty finance company that provides loans and makes other investments, primarily in U.S. middle-market businesses. It is regulated as a business development company, or BDC: an investment company that can raise capital from investors and use it to finance other businesses. Its chief executive officer is Kort Schnabel.

Ares Capital generally defines the middle market as companies with annual EBITDA—a measure of earnings before interest, taxes, depreciation and amortization—between $10 million and $250 million. Its investments in corporate borrowers generally range between $30 million and $500 million each, although individual investments can fall outside that range.

Ares Capital Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
BEN Franklin Resources Inc $16.4B 22.0× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 71.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
CG Carlyle Group Inc. $14.2B 39.7× 14.5× −28.57% (below 0%: shrinking) −57.30% (below 0%: shrinking) +82.56% (above 0%: growing) 100.00% 39.97% Compare
EQH Equitable Holdings, Inc. $14.2B 9.5× 15.9× +167.66% (above 0%: growing) n/m +385.71% (above 0%: growing) 73.90% 37.18% Compare
ARCC Ares Capital Corporation $14.0B 15.8× 14.9× −2.43% (below 0%: shrinking) −22.26% (below 0%: shrinking) +236.09% (above 0%: growing) 100.00% 72.74%
SEIC SEI Investments Company $12.5B 17.9× 17.1× +14.44% (above 0%: growing) +6.77% (above 0%: growing) −9.48% (below 0%: shrinking) 100.00% 29.91% Compare
IVZ Invesco Ltd. $11.9B — (loss-making) 10.1× +14.19% (above 0%: growing) −1.49% (below 0%: shrinking) −24.49% (below 0%: shrinking) 65.64% 23.30% Compare
Median of peers $14.6B 19.7× 16.3× +14.00% +106.67% +16.44% 100.00% 26.61%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Kort Schnabel said longer deal timelines slowed third-quarter investment activity, but transactions were carrying into the fourth quarter and the investment backlog had grown.
  • Schnabel said the proposed MidCap acquisition should modestly increase core earnings per share and expand Ares Capital’s borrower and sponsor relationships.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 33.95%
Held by the ten largest 13.36%
Holder Shares Stake Change
Morgan Stanley 17.02m 2.37% +668.63k
UBS 13.79m 1.92% −537.74k
VanEck 13.31m 1.85% +2.42m
STRS OHIO 10.66m 1.48% +157.09k
Bank of America 8.94m 1.24% −200.26k
JPMorgan Chase 7.85m 1.09% +156.11k
Generali Asset Management SPA SGR 7.55m 1.05% 0.00
Legal & General 6.51m 0.91% +535.29k
Two Sigma 5.89m 0.82% −1.42m
Wells Fargo 4.44m 0.62% −49.50k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 15 May 2026

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ares Capital Corporation (ARCC) Latest News

5 Nov

Impact 3 · · GlobeNewswire

30 Oct

Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · The Motley Fool
Impact 3 · · MarketBeat

28 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · The Motley Fool
Impact 3 · · Zacks

27 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby earnings
Impact 4 · · InvestorsHub
Impact 4 · · MT Newswires
Impact 4 · · InvestorsHub
Impact 4 · · The Motley Fool
Impact 4 · · Business Wire
Impact 4 · · PR Newswire
Impact 3 · · MarketBeat transcript
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press earnings

26 Oct

Impact 3 · · Zacks

25 Oct

Impact 3 · · 24/7 Wall St.

23 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

21 Oct

Impact 3 · · 24/7 Wall St.

ARCC metrics, ten years each

stockrow.com/ARCC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com