Saturday 17 October 2026
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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. 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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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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. | $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% |
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.