Ares Capital Corp (ARCC)

Ares Capital Corporation is a business development company specializing in growth capital, acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in sports, media & entertainment, industrials & business services, infrastructure & power, financial institution groups, software & technology, specialty healthcare, consumer, retail & services, energy and the basic and growth manufacturing, consumer products, health care products, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It invests in the United States based companies. It focuses on investments in Northeast, Mid-Atlantic, Southeast and Southwest regions from its New York office, the Midwest region, from the Chicago office, and the Western region from the Los Angeles office. The fund typically invests between $30 million and $500 million, in companies with an EBITDA between $10 million and $250 million. It makes debt investments between $10 million and $100 million The fund invests through revolvers, first lien loans, warrants, unitranche structures, second lien loans, mezzanine debt, private high yield, junior capital, subordinated debt, and non-control preferred and common equity. The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically considers the purchase of stressed and discounted debt positions. The fund prefers to be an agent and/or lead the transactions in which it invests. The fund also seeks board representation in its portfolio companies.

Ticker
ARCC
Exchange
Nasdaq
Sector
Financial Services
Industry
Asset Management
Market cap
$13.81B
52-week range
$17.40 - $21.14

Valuation

Share price
$19.13 (close of Nov 6, 2026)
P/E (TTM)
15.68x
Price to book
0.99x
Price to free cash flow
12.06x
Enterprise value
$28.21B
Book value per share
$19.32

Price performance

PeriodChange
1 day-1.14%
5 days+0.10%
1 month+2.63%
3 months-2.50%
6 months-0.16%
Year to date-5.44%
1 year-4.35%
3 years-2.10%
5 years-8.90%
10 years+25.28%
All time+29.27%

Short interest

As of
Oct 15, 2026
Short % of float
5.59%
Shares short
40.13M
Days to cover
9.10
Change since prior report
-1.04%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
9.07%
Return on assets
4.16%
Net income growth
-14.65%

Cash flow and balance sheet

Free cash flow yield (TTM)
8.29%
Net debt to EBITDA
8.31x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
EBITDA
$2.09B
Net income
$1.30B
Earnings per share
$1.86
Interest expense
$793.00M
Shares outstanding
699.00M

Income statement by year

Period endNet incomeEPS
2025-12-31$1.30B$1.86
2024-12-31$1.52B$2.44
2023-12-31$1.52B$2.75
2022-12-31$600.00M$1.21
2021-12-31$1.57B$3.51
2020-12-31$484.00M$1.14

Margins and returns by year

Period endReturn on equity
2025-12-319.07%
2024-12-3111.40%
2023-12-3113.59%
2022-12-316.28%
2021-12-3117.67%
2020-12-316.74%

Cash and debt by year

Period endCashDebt
2025-12-31$638.00M$15.99B
2024-12-31$635.00M$13.73B
2023-12-31$535.00M$11.88B
2022-12-31$303.00M$12.21B
2021-12-31$372.00M$11.02B
2020-12-31$254.00M-
2019-12-31$176.00M-
2018-12-31$296.00M-
2017-12-31$316.00M-
2016-12-31$223.00M-

Free cash flow by year

Period endFree cash flow
2025-12-31-$1.72B
2024-12-31-$2.13B
2023-12-31$511.00M
2022-12-31-$1.36B
2021-12-31-$2.46B
2020-12-31-$580.00M

Dividend history

Most recent payment
Sep 15, 2026
Paid in the last twelve months
$1.92
Payment dateDividend per share
2026-09-15$0.48
2026-06-15$0.48
2026-03-13$0.48
2025-12-15$0.48
2025-09-15$0.48
2025-06-13$0.48
2025-03-14$0.48
2024-12-13$0.48

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-27Sep 2026$0.48
2026-07-29Jun 2026$0.47
2026-04-27Mar 2026$0.48
2026-02-04Dec 2025$0.50
2025-10-28Sep 2025$0.50
2025-07-29Jun 2025$0.51
2025-04-29Mar 2025$0.54
2025-02-05Dec 2024$0.58

Filings and sources

Company website
arcc.ares.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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