Saturday 17 October 2026 Export ARCC’s income statement to Excel — free account

Ares Capital Corporation

Ares Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 2.07% from fiscal 2024. In the quarter to June 2026, revenue grew 3.09%, EPS fell 53.9%, free cash flow grew 254.1% and total debt rose 11.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.

18.72 0.20 −1.06%

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Market cap: $13.6B
P/E: 13.9×
Fwd P/E: 12.0×
Dividend yield: 10.3%
F-score: 2/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.59%

Capital & Financial Ratios $m

Market Cap 13,580.00

Revenue 3,106.00

Net Income 960.00

Free Cash Flow (680.00)

Net Debt 15,149.00

Current Ratio 1.28

Debt/Equity 1.14

P/E ratio 13.87

Fwd P/E 12.00

P/S ratio 4.33

P/B ratio 0.97

Past 5Y EPS Growth 10.29%

This Y EPS Growth (5.20%)

Next Y EPS Growth 1.46%

Next Y revenue growth 1.41%

Next 5Y EPS Growth (2.52%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 86.00%

10-year low 10-year high

P/S against its own 10 years 14.93%

10-year low 10-year high

P/B against its own 10 years 27.05%

10-year low 10-year high

Dividends

Payout Ratio 1.42

Annual Dividend Rate 1.92

Annual Dividend Yield 10.26%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.92	0.48 0.48 0.48
2025	1.92	0.48 0.48 0.48 0.48
2024	1.92	0.48 0.48 0.48 0.48
2023	1.92	0.48 0.48 0.48 0.48
2022	1.78	0.45 0.42 0.43 0.48
2021	1.62	0.40 0.40 0.41 0.41
2020	1.60	0.40 0.40 0.40 0.40
2019	1.20	0.40 0.40 0.02 0.40
2018	1.54	0.38 0.38 0.39 0.39
2017	1.52	0.38 0.38 0.38 0.38
2016	1.52	0.38 0.38 0.38 0.38

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	564	860	924	624
Receivables	261	516	605	349
Inventory	—	—	—	—
Other	—	—	—	—
	825	1,376	1,529	973

	2023	2024	2025	Q'26
Payables	681	1,048	898	763
ST’ Debt	—	—	—	—
Other	—	—	—	—
	681	1,048	898	763

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	763	768	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.13	0.24	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	12.31	15.60	14.50	15.28	7.90	16.41	16.53	16.95	19.32	18.26	Analyst estimates 2026–2028 Powerpack
	High	16.91	17.87	17.63	19.28	19.33	21.74	23.00	20.21	22.44	23.84
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
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
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	515	530	713	827	813	770	1,147	1,286	1,476	1,458
	EBT margin, %	50.89	45.69	53.33	54.12	53.81	42.31	54.72	49.20	49.36	47.77
	Net income	474	667	858	793	484	1,567	600	1,522	1,522	1,299
	Depreciation	14	24	23	26	31	31	26	26	27	34
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
	Earnings	1.51	1.57	2.01	1.86	1.14	3.51	1.21	2.75	2.44	1.86
	Cash flow	2.25	(4.82)	0.71	(2.89)	(1.37)	(5.51)	(2.73)	0.92	(3.41)	(2.46)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	2.25	(4.82)	0.71	(2.89)	(1.37)	(5.51)	(2.73)	0.92	(3.41)	(2.46)
	Book value	16.45	16.70	17.14	17.49	16.92	19.88	19.19	20.22	21.40	20.48
	Shares, m	314	425	426	427	424	446	498	554	624	699
Valuation, ×
Valuation, ×	P/E	10.87	10.14	7.71	10.03	14.56	6.02	15.35	7.31	8.93	10.88
	P/S	5.09	5.83	4.96	5.21	4.74	5.19	4.41	4.25	4.57	4.63
	P/B	1.00	0.95	0.91	1.07	1.00	1.07	0.97	0.99	1.02	0.99
	EV/Sales	8.70	9.74	8.64	9.66	10.16	11.02	10.11	8.59	8.88	9.57
	EV/FCF	12.46	(5.52)	38.01	(11.95)	(26.46)	(8.16)	(15.60)	43.93	(12.48)	(17.01)
Cash, $m
Cash, $m	Operating cash flow	707	(2,048)	304	(1,235)	(580)	(2,459)	(1,359)	511	(2,128)	(1,717)
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	707	(2,048)	304	(1,235)	(580)	(2,459)	(1,359)	511	(2,128)	(1,717)
Balance, $m
Balance, $m	Working capital	158	15	51	(39)	102	(130)	(6)	144	328	631
	Total debt	3,874	4,854	5,214	6,971	8,514	11,094	12,289	11,918	13,759	15,991
	Net debt	3,651	4,538	4,918	6,795	8,188	10,608	11,952	11,354	12,899	15,067
	Shareholders’ equity	5,165	7,098	7,300	7,467	7,176	8,868	9,555	11,201	13,355	14,318
Returns, %
Returns, %	ROA	5.06	6.18	6.80	5.71	3.11	8.46	2.78	6.59	5.85	4.37
	ROIC	3.65	2.85	3.65	3.62	3.31	2.47	3.33	3.56	3.51	3.10
	ROE	9.17	10.88	11.92	10.74	6.61	19.53	6.51	14.67	12.40	9.39

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$16.7B	36.0×	14.3×	+100.04% (above 0%: growing)	n/m	−14.25% (below 0%: shrinking)	100.00%	20.65%	Compare
BEN Franklin Resources Inc	$15.9B	21.1×	18.2×	+14.26% (above 0%: growing)	+106.67% (above 0%: growing)	−55.71% (below 0%: shrinking)	100.00%	9.15%	Compare
CRBG Corebridge Financial, Inc.	$15.4B	20.1×	7.5×	+43.58% (above 0%: growing)	n/m	+83.01% (above 0%: growing)	31.27%	4.68%	Compare
EQH Equitable Holdings, Inc.	$14.6B	— (loss-making)	6.8×	−29.81% (below 0%: shrinking)	n/m	+89.52% (above 0%: growing)	50.84%	(26.36%)	Compare
OWL Blue Owl Capital Inc.	$14.0B	73.8×	28.8×	+7.10% (above 0%: growing)	−33.33% (below 0%: shrinking)	+9.82% (above 0%: growing)	100.00%	15.46%	Compare
ARCC Ares Capital Corporation	$13.6B	13.9×	12.0×	+3.09% (above 0%: growing)	−53.85% (below 0%: shrinking)	+254.13% (above 0%: growing)	100.00%	75.65%
CG Carlyle Group Inc.	$13.1B	36.0×	11.9×	−28.57% (below 0%: shrinking)	−57.30% (below 0%: shrinking)	+82.56% (above 0%: growing)	100.00%	39.97%	Compare
IVZ Invesco Ltd.	$12.7B	— (loss-making)	11.1×	+20.46% (above 0%: growing)	n/m	+32.67% (above 0%: growing)	65.65%	19.95%	Compare
SEIC SEI Investments Company	$12.6B	18.0×	15.6×	+14.66% (above 0%: growing)	−10.44% (below 0%: shrinking)	+30.30% (above 0%: growing)	100.00%	30.71%	Compare
Median of peers	$14.3B	28.5×	13.1×	+14.46%	−21.88%	+31.48%	100.00%	17.70%

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Ares Capital Corporation (ARCC) key facts

Concern: Net income was $1.3 billion, or $1.86 per share (basic), a net margin of 42.6%.
Strength: Ares Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 2.07% from fiscal 2024.
Ares Capital Corporation (ARCC) is an Asset Management company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, ARCC traded at $18.72, a market capitalization of $13.6 billion.
At that price the stock trades at 13.9× trailing-twelve-month earnings and 4.3× sales; its P/E is higher than 86% of its own readings over the past ten years.
Ares Capital Corporation pays an annual dividend of $1.92 per share, a yield of 10.3%, with a payout ratio of 142.2%.
Return on equity was 9.39% and debt-to-equity 1.14.
Its Piotroski F-score is 2 out of 9 for fiscal 2025.