Financial Services · Asset Management
Price
$18.19
Market Cap
$13.1B
Employees
1,200
Beta
0.62
Avg Volume
5,894,274
CEO
Kort Schnabel
Business Description
Ares Capital Corporation (ARCC) operates as a Business Development Company (BDC), delivering diverse financing solutions predominantly to middle-market enterprises. The firm's expertise lies in facilitating various corporate actions, including funding acquisitions, recapitalizations, and leveraged buyouts. It also extends mezzanine debt, assists with corporate restructurings, and provides crucial rescue financing, in addition to offering growth capital and general refinancing options. ARCC primarily targets investments in companies within the basic and growth manufacturing, business services, consumer products, healthcare (both products and services), and information technology service sectors. Opportunistically, it also explores prospects in industries such as restaurants, retail, oil and gas, and the broader technology space. Geographically, ARCC maintains a broad reach across the United States. Its New York office oversees investments in the Northeast, Mid-Atlantic, Southeast, and Southwest regions. The Chicago office manages opportunities in the Midwest, while its Los Angeles presence covers the Western region. In terms of deal parameters, ARCC typically commits between $20 million and $200 million per investment, with an upper limit of $400 million, targeting companies that generate an EBITDA of $10 million to $250 million. For debt-specific placements, the investment range is generally $10 million to $100 million. The company employs a wide array of financial instruments, including revolving credit facilities, first and second lien loans, unitranche structures, warrants, mezzanine debt, private high yield, junior capital, and subordinated debt, alongside selective non-control preferred and common equity investments. ARCC also evaluates participation in senior and subordinated debt financings led by other parties and strategically acquires stressed or discounted debt. It frequently assumes a lead or agent role in its transactions and actively seeks board representation in its portfolio companies.
Business History
Price Overview
Last updated: Jun 27, 2026 10:04am (just now)$18.19
+0.20 (+1.11%)
Day Range
$17.93 – $18.25
52-Week Range
$17.40 – $23.42
50-Day MA
$18.76
200-Day MA
$19.55
Volume
3,864,687.00
Analyst Price Targets
Low
$19.00
Consensus
$19.00
High
$19.00
(18 analysts)
Share Structure
Outstanding
718,022,845.00
Float
713,777,330.00
Free Float
99.4%
High free float
— 99.4% of shares trade freely, ~0.6% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
11.36
Stock Price: $18.19
EPS (Diluted): 1.86
EPS (Diluted): 1.86
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.99
Stock Price: $18.19
Total Equity: $14.32B
Shares: 699,000,000
Total Equity: $14.32B
Shares: 699,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
13.87
Market Cap: $13.06B
Total Debt: $15.99B
Cash: $924.00M
EBITDA: $2.19B
Total Debt: $15.99B
Cash: $924.00M
EBITDA: $2.19B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$29.2B
Market Cap: $13.06B
Total Debt: $15.99B
Cash: $924.00M
Total Debt: $15.99B
Cash: $924.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
75.7%
Gross Profit: $2.38B
Revenue: $3.15B
Revenue: $3.15B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
69.7%
Operating Income: $2.19B
Revenue: $3.15B
Revenue: $3.15B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
41.3%
Net Income: $1.30B
Revenue: $3.15B
Revenue: $3.15B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
8.1%
Net Income: $1.30B
Total Equity: $14.32B
Total Equity: $14.32B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
5.4%
Operating Income: $2.19B
Tax Rate: 7.1%
Equity: $14.32B
Total Debt: $15.99B
Cash: $924.00M
Tax Rate: 7.1%
Equity: $14.32B
Total Debt: $15.99B
Cash: $924.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.71
Current Assets: $1.53B
Current Liabilities: $894.00M
Current Liabilities: $894.00M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.12
Short-Term Debt: $0.00
Long-Term Debt: $15.99B
Total Debt: $15.99B
Total Equity: $14.32B
Long-Term Debt: $15.99B
Total Debt: $15.99B
Total Equity: $14.32B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$4.50
Revenue: $3.15B
Shares: 699,000,000
Shares: 699,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$20.48
Total Equity: $14.32B
Shares: 699,000,000
Shares: 699,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.63
Operating CF: $1.14B
CapEx: $0.00
Shares: 699,000,000
CapEx: $0.00
Shares: 699,000,000
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
8.9%
Last Dividend: N/A
Stock Price: $18.19
Stock Price: $18.19
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.30B
Net Income: $1.30B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ARCC against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $1.2B | $2.2B | $2.4B | $3.1B |
| Cost of Revenue | $372.0M | $455.0M | $530.0M | $659.0M | $765.0M |
| Gross Profit | $1.7B | $741.0M | $1.6B | $1.7B | $2.4B |
| Operating Expenses | $82.0M | $86.0M | $94.0M | $113.0M | $189.0M |
| Operating Income | $1.6B | $655.0M | $1.5B | $1.6B | $2.2B |
| Net Income | $1.6B | $600.0M | $1.5B | $1.5B | $1.3B |
| EBITDA | $1.6B | $655.0M | $1.5B | $1.6B | $2.2B |
| EPS | $3.51 | $1.21 | $2.75 | $2.44 | $1.86 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $372.0M | $303.0M | $535.0M | $635.0M | $924.0M |
| Total Current Assets | $708.0M | $517.0M | $825.0M | $1.2B | $1.5B |
| Total Assets | $20.8B | $22.4B | $23.8B | $28.3B | $31.2B |
| Current Liabilities | $724.0M | $1.2B | $1.9B | $406.0M | $894.0M |
| Long-Term Debt | $11.1B | $11.5B | $10.6B | $13.8B | $16.0B |
| Total Liabilities | $12.0B | $12.8B | $12.6B | $14.9B | $16.9B |
| Total Equity | $8.9B | $9.6B | $11.2B | $13.4B | $14.3B |
| Retained Earnings | $315.0M | -$2.0M | $462.0M | $852.0M | $958.0M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $935.0M | $746.0M | $1.0B | $1.3B | $1.1B |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $935.0M | $746.0M | $1.0B | $1.3B | $1.1B |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $160.0M | -$149.0M | $227.0M | $296.0M | $64.0M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 1:30am (8h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$3.1B $3.0B – $3.1B
|
$3.1B $3.1B – $3.2B
|
$3.2B $3.1B – $3.3B
|
$3.1B $3.1B – $3.1B
|
| EBITDA |
$2.1B $2.1B – $2.1B
|
$2.1B $2.1B – $2.1B
|
$2.2B $2.1B – $2.2B
|
$2.1B $2.1B – $2.1B
|
| Net Income |
$1.4B $1.4B – $1.4B
|
$1.3B $1.3B – $1.4B
|
$1.3B $1.3B – $1.4B
|
$1.3B $1.3B – $1.4B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -41.7% | +81.1% | +9.3% | +32.9% |
| Gross Profit Growth | -55.8% | +120.8% | +4.4% | +39.3% |
| Operating Income Growth | -59.0% | +135.4% | +3.4% | +37.4% |
| Net Income Growth | -61.7% | +153.7% | +0.0% | -14.7% |
| EBITDA Growth | -59.0% | +135.4% | +3.4% | +37.4% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-02-09 | MARKOWICZ JANA | P-Purchase | 15,000.00 | $19.20 | $288,000 |
| 2026-02-06 | Lem Scott C | P-Purchase | 5,186.00 | $19.29 | $100,038 |
| 2026-02-05 | HENSON MARY BETH | P-Purchase | 4,000.00 | $19.14 | $76,560 |
| 2026-02-05 | SCHNABEL MICHAEL KORT | P-Purchase | 12,500.00 | $19.13 | $239,125 |
| 2025-10-31 | SCHNABEL MICHAEL KORT | P-Purchase | 13,000.00 | $20.39 | $265,070 |
| 2025-09-30 | Fitzgerald Ian | 0.00 | $0.00 | $0 | |
| 2024-10-24 | Miller James Robert | 0.00 | $0.00 | $0 | |
| 2025-03-03 | Miller James Robert | P-Purchase | 40,000.00 | $23.32 | $932,800 |
| 2025-02-18 | Arougheti Michael J | G-Gift | 300,172.00 | $0.00 | $0 |
| 2025-02-11 | Bates Ann Torre | P-Purchase | 6,000.00 | $22.75 | $136,500 |
| 2024-10-24 | Miller James Robert | 0.00 | $0.00 | $0 | |
| 2024-02-15 | Cho Paul Won Jae | 0.00 | $0.00 | $0 | |
| 2022-12-31 | Rosenthal Bennett | 0.00 | $0.00 | $0 | |
| 2023-05-02 | SCHNABEL MICHAEL KORT | P-Purchase | 15,000.00 | $17.84 | $267,600 |
| 2023-03-16 | ROLL PENELOPE F | P-Purchase | 3,000.00 | $17.44 | $52,320 |
| 2023-03-15 | ROLL PENELOPE F | P-Purchase | 3,000.00 | $17.50 | $52,500 |
| 2023-01-18 | MARKOWICZ JANA | 0.00 | $0.00 | $0 | |
| 2022-10-20 | SCHNABEL MICHAEL KORT | — | — | — | |
| 2022-10-20 | SCHNABEL MICHAEL KORT | 0.00 | $0.00 | $0 | |
| 2022-09-14 | ROLL PENELOPE F | P-Purchase | 2,500.00 | $19.04 | $47,600 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $0.48 | 2026-04-28 | 2026-06-15 | 2026-06-30 |
| 2026-03-13 | $0.48 | 2026-02-04 | 2026-03-13 | 2026-03-31 |
| 2025-12-15 | $0.48 | 2025-10-28 | 2025-12-15 | 2025-12-30 |
| 2025-09-15 | $0.48 | 2025-07-29 | 2025-09-15 | 2025-09-30 |
| 2025-06-13 | $0.48 | 2025-04-29 | 2025-06-13 | 2025-06-30 |
| 2025-03-14 | $0.48 | 2025-02-05 | 2025-03-14 | 2025-03-31 |
| 2024-12-13 | $0.48 | 2024-10-30 | 2024-12-13 | 2024-12-30 |
| 2024-09-13 | $0.48 | 2024-07-30 | 2024-09-13 | 2024-09-30 |
| 2024-06-14 | $0.48 | 2024-05-01 | 2024-06-14 | 2024-06-28 |
| 2024-03-14 | $0.48 | 2024-02-07 | 2024-03-15 | 2024-03-29 |
| 2023-12-14 | $0.48 | 2023-10-24 | 2023-12-15 | 2023-12-28 |
| 2023-09-14 | $0.48 | 2023-07-25 | 2023-09-15 | 2023-09-29 |
| 2023-06-14 | $0.48 | 2023-04-25 | 2023-06-15 | 2023-06-30 |
| 2023-03-14 | $0.48 | 2023-02-07 | 2023-03-15 | 2023-03-31 |
| 2022-12-14 | $0.51 | 2022-02-09 | 2022-12-15 | 2022-12-29 |
| 2022-09-14 | $0.46 | 2022-02-09 | 2022-09-15 | 2022-09-30 |
| 2022-06-14 | $0.45 | 2022-02-09 | 2022-06-15 | 2022-06-30 |
| 2022-03-14 | $0.45 | 2022-02-09 | 2022-03-15 | 2022-03-31 |
| 2021-12-14 | $0.41 | 2021-10-26 | 2021-12-15 | 2021-12-30 |
| 2021-09-14 | $0.41 | 2021-07-28 | 2021-09-15 | 2021-09-30 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ARCC — it's generated by the pipeline (
market-narrative step).
No community reviews yet for ARCC.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30