Loading…
Largest business development company, providing direct loans and credit to US middle-market companies.
Largest business development company, providing direct loans and credit to US middle-market companies.
Lends to mid-sized companies, mostly through first-ranking secured loans with floating interest rates, so income moves with base rates, and pays out almost all taxable income as dividends as a BDC (business development company) must. Ares Management, which runs the company for management and incentive fees, sources the deals.
Moat: narrow (scale, brand, distribution). Scale and Ares platform relationships give access to larger, more diversified private-credit deals.
Headquarters: New York, New York, US · Founded: 2004 · Employees: 4,250
Size Ares Capital (ARCC) is a United States Financials company (Financial Conglomerates) with a market value of $13.8B, the 642nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.13 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against +1.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue fell 8.1% over the last twelve months (peer median +3.2%); the operating margin is 61.0% (peer median 35.0%).
Valuation It trades at 0.99× book value against a peer median of 1.18× (7th cheapest of 21).
Price implies The share price implies a return on equity of about 8.1%; Ares Capital delivers 6.2%, so the price asks more than the business earns today.
Credit Ares Capital has 12 bonds outstanding ($9.90B), rated BBB by the agencies and trading like BB at a weighted spread of 165 bp.
Short interest Short interest is 5.6% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.98B | $3.15B | $2.93B | $2.45B | $2.18B |
| Revenue growth | — | +7% | +20% | +12% | — |
| Gross profit | $2.28B | $2.38B | $2.16B | $1.73B | $1.72B |
| EBITDA | $1.82B | $2.19B | $2.32B | $2.12B | $1.16B |
| Net income | $875M | $1.30B | $1.52B | $1.52B | $600M |
| Free cash flow | $879M | $1.14B | $1.28B | $1.00B | $746M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $15.1B | $16.0B | $13.8B | $11.9B | $12.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Ares Capital ARCC | $13.8B | +1% | -8% | 6% | 0.99× | 8.1% |
| Blue Owl Capital OBDC | $5.39B | -4% | +1% | 4% | 0.77× | 7.1% |
| Main Street Capital MAIN | $5.33B | +6% | +3% | 15% | 1.68× | 12.3% |
| Golub Capital BDC GBDC | $3.31B | -3% | -9% | 4% | 0.89× | 6.7% |
| Morgan Stanley Direct Lending Fund MSDL | $1.15B | -12% | -15% | 3% | 0.70× | 6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARCC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | +4.8% | 8th lowest of 21 |
| 6-month return | +0.6% | +1.9% | 9th lowest of 20 |
| Return on equity | 6.2% | 13.6% | 8th lowest of 21 |
| Price / book | 0.99× | 1.18× | 7th cheapest of 21 |
| Trailing P/E | 15.7× | 11.6× | 5th most expensive of 17 |
| ROE the price implies | 8.1% | 9.2% | 8th least demanding of 21 |
| ROE delivered | 6.2% | 14.2% | 8th lowest of 20 |
| Bond spread | 165 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Ares Capital ARCC | United States | $13.8B | +1% | -8% | 6% | 0.99× | 8.1% | 6.2% |
| Investment AB Latour LATO-B.ST | Sweden | $14.2B | +19% | +3% | 17% | 3.22× | 27.0% | 16.8% |
| Bajaj Holdings & Investment BAJAJHLDNG.NS | India | $13.0B | +4% | -14% | 13% | 1.67× | 20.7% | 13.1% |
| Washington H. Soul Pattinson and SOL.AX | Australia | $12.5B | +12% | +143% | 20% | 1.42× | 8.9% | 19.8% |
| L E Lundbergforetagen LUND-B.ST | Sweden | $15.3B | +16% | -4% | 14% | 1.04× | 8.4% | 14.2% |
| Jio Financial Services JIOFIN.NS | India | $16.2B | -8% | +117% | 1% | 1.18× | 19.7% | 1.3% |
| BitMine Immersion Technologies BMNR | United States | $11.3B | -15% | +1,022% | -151% | 0.94× | 15.1% | -151.2% |
| SBI 8473.T | Japan | $11.2B | -13% | +20% | 28% | 0.91× | 8.0% | 28.4% |
| Julius Baer Gruppe BAER.SW | Switzerland | $17.1B | +2% | 0% | 16% | 1.89× | 8.8% | 16.2% |
| HAL Trust HAL.AS | Netherlands | $17.2B | +1% | -5% | 9% | 0.94× | 6.4% | 9.1% |
| M&G MNG.L | United Kingdom | $10.3B | +7% | +68% | -4% | 2.91× | 32.8% | -3.8% |
| China Resources New Energy 001248.SZ | China | $21.5B | n/a | 0% | 7% | 1.20× | 3.7% | n/a |
| Aker AKER.OL | Norway | $8.60B | -7% | -17% | 50% | 1.18× | 11.7% | 50.3% |
| Industrivarden INDU-A.ST | Sweden | $23.4B | +9% | -1% | 27% | 1.03× | 9.4% | 27.2% |
| Exor EXO.AS | Netherlands | $26.2B | +10% | +59% | -13% | 0.46× | 4.6% | -12.6% |
| Ts Financial 2887.TW | Taiwan | $29.2B | +62% | +200% | 15% | 1.38× | 5.9% | 15.3% |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | -24% | 1.11× | 11.6% | -23.5% |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 5% | 0.60× | 6.5% | 5.2% |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 28% | 2.62× | 24.8% | 28.5% |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 4% | 0.77× | 7.1% | 3.9% |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 15% | 1.68× | 12.3% | 14.9% |
Ares Capital has 12 bonds outstanding with $9.90B face value. The agencies rate it BBB; its bonds trade like BB. Weighted yield 6.20%, a spread of 165 bp over government bonds.