États financiers détaillés de Ares Capital Corporation (ARCC): 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 Capital Corporation a enregistré un chiffre d'affaires de $2.24B sur le dernier exercice, avec un CAGR sur 5 ans de 21.2%. Le résultat net a atteint $1.30B, avec un CAGR sur 5 ans de 21.8%.
Marges des 12 derniers mois: marge brute 67.0%, marge opérationnelle 62.9%, marge nette 41.5%. Le free cash flow a progressé à un CAGR de 9.2% sur 5 ans.
Au prix actuel de $19.37, ARCC se négocie à un PER de 14.39 et un ROE de 6.78%. La capitalisation boursière s'établit à $13.9B, plaçant {sym} parmi les large caps.
Compte de Résultat (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenus | $737.0M | $974.0M | $1.12B | $1.11B | $858.0M | $2.05B | $1.20B | $2.17B | $2.37B | $2.24B |
| Coût des Ventes | $167.0M | $225.0M | $240.0M | $291.0M | $317.0M | $372.0M | $455.0M | $530.0M | $659.0M | $736.0M |
| Marge Brute | $570.0M | $749.0M | $879.0M | $824.0M | $541.0M | $1.68B | $741.0M | $1.64B | $1.71B | $1.51B |
| R&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Frais Généraux | $56.0M | $89.0M | $42.0M | $45.0M | $38.0M | $39.0M | $38.0M | $42.0M | $43.0M | $51.0M |
| Charges Opérationnelles | $75.0M | $63.0M | $2.0M | $15.0M | $38.0M | $82.0M | $86.0M | $94.0M | $113.0M | $108.0M |
| Résultat Opérationnel | $495.0M | $686.0M | $877.0M | $809.0M | $503.0M | $1.60B | $655.0M | $1.54B | $1.59B | $1.40B |
| EBITDA | $496.0M | $687.0M | $877.0M | $809.0M | $503.0M | $1.60B | $655.0M | $1.54B | $1.59B | $1.40B |
| Charges d'Intérêt | $167.0M | $225.0M | $240.0M | $291.0M | $317.0M | $372.0M | $455.0M | $530.0M | $659.0M | $736.0M |
| Résultat Avant Impôts | $495.0M | $686.0M | $877.0M | $809.0M | $503.0M | $1.60B | $655.0M | $1.54B | $1.59B | $1.40B |
| Impôts | $21.0M | $19.0M | $19.0M | $16.0M | $19.0M | $29.0M | $55.0M | $20.0M | $73.0M | $99.0M |
| Résultat Net | $474.0M | $667.0M | $858.0M | $793.0M | $484.0M | $1.57B | $600.0M | $1.52B | $1.52B | $1.30B |
| BPA | $1.51 | $1.57 | $2.01 | $1.86 | $1.14 | $3.51 | $1.21 | $2.75 | $2.44 | $1.86 |
| BPA Dilué | $1.51 | $1.57 | $2.01 | $1.86 | $1.14 | $3.51 | $1.19 | $2.68 | $2.44 | $1.86 |
| Actions en Circulation (Diluées) | $314.0M | $425.0M | $426.0M | $427.0M | $424.0M | $446.0M | $518.0M | $575.0M | $624.0M | $699.0M |
Bilan (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Trésorerie | $223.0M | $316.0M | $296.0M | $176.0M | $254.0M | $372.0M | $303.0M | $535.0M | $635.0M | $924.0M |
| Placements à Court Terme | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Créances | $141.0M | $94.0M | $103.0M | $131.0M | $223.0M | $222.0M | $180.0M | $261.0M | $516.0M | $605.0M |
| Stocks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Courants | $335.0M | $409.0M | $399.0M | $307.0M | $549.0M | $708.0M | $517.0M | $825.0M | $1.15B | $1.53B |
| Immobilisations Corporelles | 0 | 0 | 0 | $94.0M | $38.0M | $27.0M | $20.0M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Incorporels | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Totaux | $9.24B | $12.35B | $12.89B | $14.90B | $16.20B | $20.84B | $22.40B | $23.80B | $28.25B | $31.23B |
| Dettes Fournisseurs | $102.0M | $245.0M | $155.0M | $177.0M | $66.0M | $307.0M | $87.0M | $115.0M | $406.0M | $86.0M |
| Dette à Court Terme | 0 | 0 | 0 | 0 | $27.0M | $20.0M | $807.0M | $1.33B | 0 | 0 |
| Passifs Courants | $206.0M | $395.0M | $348.0M | $121.0M | $375.0M | $724.0M | $1.22B | $1.87B | $406.0M | $894.0M |
| Dette à Long Terme | 0 | 0 | 0 | $7.00B | $8.51B | $11.09B | $11.54B | $10.62B | $13.76B | $15.99B |
| Passifs Totaux | $4.08B | $5.25B | $5.59B | $7.44B | $9.02B | $11.97B | $12.84B | $12.60B | $14.90B | $16.92B |
| Réserves | $37.0M | -$94.0M | $127.0M | -$293.0M | -$480.0M | $315.0M | -$2.0M | $462.0M | $852.0M | $958.0M |
| Capitaux Propres | $5.17B | $7.10B | $7.30B | $7.47B | $7.18B | $8.87B | $9.55B | $11.20B | $13.36B | $14.32B |
| Dette Totale | $3.87B | $4.85B | $5.21B | $7.09B | $8.60B | $11.16B | $12.38B | $11.95B | $13.76B | $15.99B |
| Dette Nette | $3.65B | $4.54B | $4.92B | $6.92B | $8.35B | $10.79B | $12.07B | $11.41B | $13.12B | $15.07B |
| Fonds de Roulement | $129.0M | $14.0M | $51.0M | $186.0M | $174.0M | -$16.0M | -$700.0M | -$1.04B | $745.0M | $635.0M |
Tableau de Flux (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Résultat Net | $474.0M | $667.0M | $858.0M | $793.0M | $484.0M | $1.57B | $600.0M | $1.52B | $1.52B | $1.30B |
| Amortissements | $1.0M | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Variation du BFR | -$2.0M | $3.0M | $16.0M | -$39.0M | $78.0M | $208.0M | -$147.0M | $31.0M | $190.0M | -$82.0M |
| Cash Flow Opérationnel | $707.0M | -$1.87B | $666.0M | $681.0M | $734.0M | $935.0M | $746.0M | $1.00B | $1.28B | $1.14B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Rachat d'Actions | -$5.0M | 0 | 0 | 0 | -$100.0M | 0 | 0 | 0 | 0 | 0 |
| Dividendes Payés | -$477.0M | -$642.0M | -$656.0M | -$694.0M | -$679.0M | -$694.0M | -$912.0M | -$1.03B | -$1.14B | -$1.26B |
| Free Cash Flow | 0 | -$1.87B | $666.0M | $681.0M | $734.0M | $935.0M | $746.0M | $1.00B | $1.28B | $1.14B |
Croissance et Marges (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Croissance Revenus (annuelle) | +32.2% | +14.9% | -0.4% | -23.0% | +138.9% | -41.7% | +81.1% | +9.3% | -5.3% | |
| Croissance Résultat Net (annuelle) | +40.7% | +28.6% | -7.6% | -39.0% | +223.8% | -61.7% | +153.7% | +0.0% | -14.7% | |
| Croissance BPA (annuelle) | +4.0% | +28.0% | -7.5% | -38.7% | +207.9% | -65.5% | +127.3% | -11.3% | -23.8% | |
| Variation Actions (annuelle) | +35.4% | +0.2% | +0.2% | -0.7% | +5.2% | +16.1% | +11.0% | +8.5% | +12.0% | |
| Croissance FCF (annuelle) | +135.7% | +2.3% | +7.8% | +27.4% | -20.2% | +34.0% | +28.2% | -10.9% | ||
| Marge Brute | 77.3% | 76.9% | 78.6% | 73.9% | 63.1% | 81.9% | 62.0% | 75.5% | 72.2% | 67.2% |
| Marge Opérationnelle | 67.2% | 70.4% | 78.4% | 72.6% | 58.6% | 77.9% | 54.8% | 71.2% | 67.4% | 62.4% |
| Marge EBITDA | 67.3% | 70.5% | 78.4% | 72.6% | 58.6% | 77.9% | 54.8% | 71.2% | 67.4% | 62.4% |
| Marge Nette | 64.3% | 68.5% | 76.7% | 71.1% | 56.4% | 76.4% | 50.2% | 70.3% | 64.3% | 57.9% |
| Marge FCF | 0.0% | -191.6% | 59.5% | 61.1% | 85.5% | 45.6% | 62.4% | 46.2% | 54.2% | 50.9% |
| Taux d'Imposition Effectif | 4.2% | 2.8% | 2.2% | 2.0% | 3.8% | 1.8% | 8.4% | 1.3% | 4.6% | 7.1% |
Données par Action (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF par Action | $0.00 | $-4.39 | $1.56 | $1.59 | $1.73 | $2.10 | $1.44 | $1.74 | $2.05 | $1.63 |
| Dividende par Action | $1.52 | $1.51 | $1.54 | $1.63 | $1.60 | $1.56 | $1.76 | $1.79 | $1.83 | $1.81 |
| Actions en Circulation (Basiques) | $314.0M | $425.0M | $426.0M | $427.0M | $424.0M | $446.0M | $498.0M | $554.0M | $624.0M | $699.0M |
Quoi regarder en Services Financiers
Asset managers, brokers, fintech, bourses. Ce ne sont pas des banques — regardez AUM, frais et qualité du FCF.
- Croissance revenus 5 ans — Sans croissance, pas de création de valeur à long terme
- Marge opérationnelle — Les bons asset managers ont des marges >30% grâce à la scalabilité
- ROE — Les services financiers de qualité ont un ROE >15% consistant
- FCF / Net Income — Qualité du bénéfice — >90% attendu dans les business peu capitalistiques
- Dette / Capitaux — Les fintech et brokers très endettés sont des bombes à retardement en crise
- P/E vs 5 ans propre — Les asset managers ont des multiples stables dans des fourchettes connues
- Dividend yield + rachats — Ces business rendent beaucoup de capital — regarder le yield total (div + rachats)
Rentabilité
| Rentabilité des capitaux propres | 6.78% |
| Rentabilité du capital investi | 1526.49% |
| Rentabilité des actifs | 3.15% |
| Marge brute | 67.04% |
| Marge opérationnelle | 62.93% |
| Marge nette | 41.52% |
Santé financière
| Dette / Capitaux propres | 1.14 |
| Ratio de liquidité | 1.14 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 0.79 |
Ratios Clés (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| PER | 10.92 | 10.01 | 7.75 | 10.03 | 14.82 | 6.04 | 15.26 | 7.28 | 8.97 | 10.88 |
| P/B | 1.00 | 0.94 | 0.91 | 1.07 | 1.00 | 1.07 | 0.96 | 0.99 | 1.02 | 0.99 |
| P/V | 7.03 | 6.86 | 5.93 | 7.14 | 8.35 | 4.61 | 7.69 | 5.12 | 5.77 | 6.31 |
| Marge Brute | 77.3% | 76.9% | 78.6% | 73.9% | 63.1% | 81.9% | 62.0% | 75.5% | 72.2% | 67.2% |
| Marge Opérationnelle | 67.2% | 70.4% | 78.4% | 72.6% | 58.6% | 77.9% | 54.8% | 71.2% | 67.4% | 62.4% |
| Marge Nette | 64.3% | 68.5% | 76.7% | 71.1% | 56.4% | 76.4% | 50.2% | 70.3% | 64.3% | 57.9% |
Entreprises liées: CGBD · CSWC · GAIN · GLAD · HRZN · HTGC · MAIN
Explorer le secteur: Financial Services · Asset Management
Plus de sections de ARCC: Vue d'ensemble · Valorisation · Statistiques · Estimations · Technique · Actionnariat · Actualités · Événements
Découvrir plus: Radar — signaux d'actions sous-évaluées · Académie d'Investissement — apprenez à analyser les actions