États financiers détaillés de Ares Commercial Real Estate Corporation (ACRE): compte de résultat, bilan et tableau de flux de trésorerie. Suivez l'évolution des marges, de la dette, de la liquidité et de la rentabilité d'une année sur l'autre avec jusqu'à 20 ans d'historique.
Résumé de l'Analyse
Ares Commercial Real Estate Corporation a enregistré un chiffre d'affaires de $85.3M sur le dernier exercice, avec un CAGR sur 5 ans de 1.6%.
Marges des 12 derniers mois: marge brute 71.6%, marge opérationnelle 27.7%, marge nette -4.5%. Le free cash flow a progressé à un CAGR de -8.9% sur 5 ans.
Au prix actuel de $4.33, ACRE affiche des résultats négatifs (PER non significatif) et un ROE de -0.88%. La capitalisation boursière s'établit à $240M.
Compte de Résultat (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenus | $45.1M | $46.3M | $55.3M | $77.3M | $78.7M | $106.0M | $109.0M | $92.9M | $69.7M | $85.3M |
| Coût des Ventes | $6.1M | $6.6M | $7.4M | 0 | 0 | $18.6M | 0 | 0 | 0 | $36.4M |
| Marge Brute | $39.0M | $39.8M | $47.9M | $77.3M | $78.7M | $87.5M | $109.0M | $92.9M | $69.7M | $49.0M |
| R&D | $0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Frais Généraux | $6.2M | $6.7M | $6.9M | $7.2M | $7.4M | $7.8M | $10.2M | $10.7M | $37.9M | $9.8M |
| Charges Opérationnelles | $6.2M | $6.7M | $6.9M | $77.3M | $78.7M | $7.8M | $109.0M | $92.9M | $37.9M | -$12.8M |
| Résultat Opérationnel | $30.5M | $30.4M | $102.0M | 0 | 0 | $79.7M | 0 | 0 | $31.7M | $61.8M |
| EBITDA | $82.0M | $81.8M | $102.0M | 0 | 0 | $825000 | $7.1M | $1.0M | $37.1M | $70.2M |
| Charges d'Intérêt | $36.9M | $51.2M | $63.0M | $62.6M | $51.9M | $50.1M | $66.0M | $109.7M | $106.0M | $65.2M |
| Résultat Avant Impôts | $30.7M | $30.6M | $39.0M | $37.5M | $22.2M | $61.2M | $30.3M | -$38.9M | -$35.0M | -$617000 |
| Impôts | $230000 | $178000 | $446000 | $515000 | $352000 | $722000 | $472000 | -$39000 | $18000 | $285000 |
| Résultat Net | $40.3M | $30.4M | $38.6M | $37.0M | $21.8M | $60.5M | $29.8M | -$38.9M | -$35.0M | -$902000 |
| BPA | $1.42 | $1.07 | $1.35 | $1.29 | $0.66 | $1.43 | $0.58 | $-0.72 | $-0.64 | $-0.02 |
| BPA Dilué | $1.41 | $1.07 | $1.35 | $1.28 | $0.66 | $1.42 | $0.57 | $-0.72 | $-0.64 | $-0.02 |
| Actions en Circulation (Diluées) | $28.5M | $28.6M | $28.7M | $28.8M | $33.2M | $42.7M | $52.1M | $54.3M | $54.4M | $54.9M |
Compte de Résultat (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenus | $27.3M | $29.3M | $27.5M | $14.4M |
| Marge Brute | $14.7M | $20.4M | $21.0M | $14.4M |
| Résultat Opérationnel | $4.7M | $9.5M | $7.8M | $5.4M |
| EBITDA | $6.7M | $11.4M | $8.7M | $25.2M |
| Résultat Net | $4.7M | -$3.9M | -$9.6M | $4.4M |
| BPA | $0.08 | $-0.07 | $-0.17 | $0.08 |
| BPA Dilué | $0.08 | $-0.07 | $-0.17 | $0.08 |
Bilan (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Trésorerie | $47.3M | $28.3M | $11.1M | $5.3M | $74.8M | $50.6M | $141.3M | $110.5M | $63.8M | $29.3M |
| Placements à Court Terme | 0 | 0 | 0 | 0 | 0 | 0 | $27.9M | $28.1M | 0 | 0 |
| Créances | $203000 | $945000 | $52.4M | $1.68B | $1.79B | $131.2M | $132.5M | $35.7M | $1.52B | $17.8M |
| Stocks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Courants | 0 | 0 | 0 | $1.73B | $1.88B | 0 | 0 | 0 | $1.59B | $67.2M |
| Immobilisations Corporelles | 0 | 0 | 0 | $37.9M | $37.3M | 0 | 0 | 0 | $115.3M | $113.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Incorporels | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $23.7M | $16.9M |
| Actifs Totaux | $1.37B | $1.77B | $1.60B | $1.78B | $1.93B | $2.63B | $2.52B | $2.28B | $1.75B | $1.62B |
| Dettes Fournisseurs | 0 | $414000 | $541000 | 0 | 0 | $570000 | $1.9M | $2.3M | 0 | $257000 |
| Dette à Court Terme | 0 | $744.5M | $36.3M | $711.1M | $277.5M | $819.4M | $705.2M | 0 | $359.7M | $858.2M |
| Passifs Courants | $578.5M | $744.9M | $541000 | $724.2M | $292.2M | 0 | 0 | $24.6M | $378.8M | $870.9M |
| Dette à Long Terme | $930.6M | $1.34B | $415.4M | $624.5M | $1.15B | $1.08B | $1.03B | $1.62B | $812.6M | $189.3M |
| Passifs Totaux | $944.0M | $1.35B | $1.18B | $1.36B | $1.46B | $1.95B | $1.78B | $1.65B | $1.21B | $1.11B |
| Réserves | -$1.3M | -$1.8M | $3.6M | $2.4M | -$25.1M | -$28.6M | -$73.3M | -$187.0M | -$277.4M | -$311.8M |
| Capitaux Propres | $419.0M | $419.2M | $425.6M | $426.3M | $473.0M | $678.6M | $747.5M | $625.8M | $540.1M | $509.6M |
| Dette Totale | $149.9M | $378.8M | $379.1M | $1.34B | $1.43B | $1.90B | $1.74B | $1.62B | $1.17B | $1.05B |
| Dette Nette | $102.6M | $350.5M | $368.0M | $1.33B | $1.36B | $1.85B | $1.57B | $1.48B | $1.11B | $1.02B |
| Fonds de Roulement | -$578.5M | -$744.9M | -$541000 | $1.01B | $1.59B | 0 | 0 | -$24.6M | $1.22B | -$803.7M |
Bilan (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Trésorerie | $84.9M | $29.3M | $86.2M | $17.6M |
| Actifs Totaux | $1.39B | $1.62B | $1.84B | $1.82B |
| Passifs Totaux | $870.9M | $1.11B | $1.34B | $1.33B |
| Capitaux Propres | $521.0M | $509.6M | $492.4M | $489.2M |
| Dette Totale | $809.9M | $1.05B | $1.27B | $1.53B |
Tableau de Flux (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Résultat Net | $34.7M | $30.4M | $38.6M | $37.0M | $21.8M | $60.5M | $29.8M | -$38.9M | -$35.0M | -$902000 |
| Amortissements | $167000 | $7.6M | $5.7M | $667000 | $892000 | $9.9M | $7.1M | $1.0M | $5.4M | $4.6M |
| Stock-based Compensation | $312000 | $581000 | $1.1M | $1.9M | $1.3M | $1.9M | $2.9M | $4.0M | $4.7M | $3.9M |
| Variation du BFR | $43.3M | -$1.5M | $749000 | -$6.6M | -$15.5M | -$16.3M | -$15.1M | -$19.5M | -$5.8M | -$4.5M |
| Cash Flow Opérationnel | $8.5M | $31.3M | $39.2M | $32.5M | $31.8M | $48.4M | $57.2M | $46.8M | $35.5M | $21.4M |
| CapEx | -$354000 | 0 | 0 | -$1.7M | -$274000 | -$144000 | 0 | 0 | 0 | -$1.6M |
| Acquisitions | $90.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Rachat d'Actions | -$1.4M | 0 | 0 | 0 | 0 | 0 | 0 | -$4.6M | 0 | 0 |
| Dividendes Payés | -$29.4M | -$30.5M | -$32.1M | -$37.5M | -$42.8M | -$58.4M | -$71.8M | -$76.0M | -$59.6M | -$39.0M |
| Free Cash Flow | $8.2M | $31.3M | $39.2M | $30.8M | $31.5M | $48.2M | $57.2M | $46.8M | $35.5M | $19.7M |
Tableau de Flux (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash Flow Opérationnel | $3.8M | $4.6M | -$56.6M | $63.5M |
| CapEx | -$393000 | -$301000 | -$534000 | -$964000 |
| Free Cash Flow | $3.4M | $4.3M | -$57.1M | $62.6M |
| Dividendes Payés | -$8.4M | -$8.4M | -$8.4M | -$8.4M |
| Stock-based Compensation | $1.0M | $892000 | $897000 | $882000 |
Croissance et Marges (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Croissance Revenus (annuelle) | | +2.8% | +19.3% | +39.8% | +1.8% | +34.8% | +2.8% | -14.8% | -25.0% | +22.5% |
| Croissance Résultat Net (annuelle) | | -24.6% | +26.9% | -4.2% | -41.0% | +176.8% | -50.7% | -230.5% | +9.9% | +97.4% |
| Croissance BPA (annuelle) | | -24.6% | +26.2% | -4.4% | -48.8% | +116.7% | -59.4% | -224.1% | +11.1% | +97.4% |
| Variation Actions (annuelle) | | +0.1% | +0.4% | +0.7% | +15.1% | +28.6% | +22.1% | +4.1% | +0.3% | +0.8% |
| Croissance FCF (annuelle) | | +282.1% | +25.4% | -21.6% | +2.3% | +53.1% | +18.6% | -18.1% | -24.0% | -44.5% |
| Marge Brute | 86.4% | 85.8% | 86.6% | 100.0% | 100.0% | 82.5% | 100.0% | 100.0% | 100.0% | 57.4% |
| Marge Opérationnelle | 67.5% | 65.7% | 184.6% | 0.0% | 0.0% | 75.2% | 0.0% | 0.0% | 45.5% | 72.4% |
| Marge EBITDA | 181.7% | 176.4% | 184.6% | 0.0% | 0.0% | 0.8% | 6.5% | 1.1% | 53.3% | 82.2% |
| Marge Nette | 89.4% | 65.6% | 69.8% | 47.9% | 27.8% | 57.0% | 27.3% | -41.8% | -50.3% | -1.1% |
| Marge FCF | 18.1% | 67.5% | 70.9% | 39.8% | 40.0% | 45.5% | 52.4% | 50.4% | 51.0% | 23.1% |
| Taux d'Imposition Effectif | 0.7% | 0.6% | 1.1% | 1.4% | 1.6% | 1.2% | 1.6% | 0.1% | -0.1% | -46.2% |
Données par Action (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF par Action | $0.29 | $1.10 | $1.37 | $1.07 | $0.95 | $1.13 | $1.10 | $0.86 | $0.65 | $0.36 |
| Dividende par Action | $1.03 | $1.07 | $1.12 | $1.30 | $1.29 | $1.37 | $1.38 | $1.40 | $1.10 | $0.71 |
| Actions en Circulation (Basiques) | $28.5M | $28.5M | $28.5M | $28.6M | $33.0M | $42.4M | $51.7M | $54.3M | $54.4M | $54.9M |
Quoi regarder dans les entreprises de Real Estate
- FFO / Action (Croissance positive) — Le 'vrai EPS' d'un REIT — résultat net + amortissement.
- Couverture du dividende (FFO/div) (≥1,1x) — Le FFO doit couvrir le dividende avec marge.
- Dette Nette / EBITDA (≤6x) — Référence NAREIT. Normalise le levier par la génération de cash.
- Dette / Actifs (40-60%) — Les REITs utilisent beaucoup de dette par construction. >65% fragile.
- FFO Payout (proxy) (<80%) — Dividendes / Cash Flow opérationnel. Les REITs de qualité retiennent >20%.
- P/FFO (15-20x) — L'équivalent P/E pour les REITs. Fourchette typique saine.
Rentabilité
| Rentabilité des capitaux propres | -0.88% |
| Rentabilité du capital investi | 1.35% |
| Rentabilité des actifs | -0.24% |
| Marge brute | 71.61% |
| Marge opérationnelle | 27.73% |
| Marge nette | -4.51% |
Santé financière
| Dette / Capitaux propres | 3.13 |
| Ratio de liquidité | 0.90 |
Ratios Clés (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| PER | 9.67 | 12.06 | 9.66 | 12.28 | 18.05 | 10.17 | 17.74 | -14.39 | -9.20 | -291.46 |
| P/B | 0.93 | 0.88 | 0.87 | 1.06 | 0.83 | 0.91 | 0.71 | 0.90 | 0.59 | 0.51 |
| P/V | 8.66 | 7.93 | 6.73 | 5.87 | 4.99 | 5.81 | 4.88 | 6.05 | 4.60 | 3.07 |
| Marge Brute | 86.4% | 85.8% | 86.6% | 100.0% | 100.0% | 82.5% | 100.0% | 100.0% | 100.0% | 57.4% |
| Marge Opérationnelle | 67.5% | 65.7% | 184.6% | 0.0% | 0.0% | 75.2% | 0.0% | 0.0% | 45.5% | 72.4% |
| Marge Nette | 89.4% | 65.6% | 69.8% | 47.9% | 27.8% | 57.0% | 27.3% | -41.8% | -50.3% | -1.1% |