Ares Capital Corporation (ARCC) Key Metrics
ARCC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.44B
- Enterprise value
- $28.90B
- P/E (TTM)
- 14.0 10-yr median 10.0
- Forward P/E
- 10.0
- PEG ratio
- 3.72
- Price / sales
- 4.3 10-yr median 6.9
- Price / book
- 1.0 10-yr median 1.0
- EV / EBITDA
- 10.2 10-yr median 18.0
- Dividend yield
- 10.26% $1.92 a year
- Beta
- 0.66
ARCC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsARCC valuation Price multiples at each fiscal year-end price.
ARCC returns How much profit the business earns on the capital it uses.
ARCC per-share figures Results divided by the shares outstanding at year-end.
ARCC financial health Debt, liquidity and how easily interest is covered.
ARCC efficiency & capital use Working capital cycle and where the cash goes.
ARCC valuation history
ARCC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ARCC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ARCC cash returned to shareholders
ARCC price vs earnings per share
ARCC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $14.14B | $13.66B | $11.52B | $9.57B | $9.45B | $7.16B | $7.96B | $6.64B | $6.68B | $5.18B |
| Enterprise value | $29.21B | $26.78B | $22.93B | $21.64B | $20.24B | $15.51B | $14.88B | $11.86B | $11.49B | $8.99B |
| P/E ratio | 10.9 | 9.0 | 9.1 | 15.9 | 6.0 | 14.8 | 10.0 | 7.7 | 10.0 | 10.9 |
| Price / sales | 6.3 | 5.8 | 5.5 | 8.0 | 5.6 | 13.2 | 9.7 | 7.6 | 6.9 | 7.0 |
| Price / book | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.0 | 1.1 | 0.9 | 0.9 | 1.0 |
| Price / free cash flow | 12.4 | 10.7 | 11.5 | — | — | — | — | 10.0 | — | 7.3 |
| Price / operating cash flow | 12.4 | 10.7 | 11.5 | — | — | — | — | 10.0 | — | 7.3 |
| EV / sales | 13.0 | 11.3 | 11.0 | 18.1 | 12.1 | 28.7 | 18.1 | 13.5 | 11.8 | 12.2 |
| EV / EBITDA | 20.9 | 16.8 | 17.8 | 33.0 | 12.5 | 29.5 | 18.4 | 10.6 | 16.7 | 18.1 |
| EV / free cash flow | 25.6 | 20.9 | 22.9 | — | — | — | — | 17.8 | — | 12.7 |
| Earnings yield | 9.2% | 11.1% | 11.0% | 6.3% | 16.6% | 6.8% | 10.0% | 12.9% | 10.0% | 9.2% |
| Free cash flow yield | 8.1% | 9.4% | 8.7% | −14.2% | −26.0% | −7.8% | −15.2% | 10.0% | −27.9% | 13.7% |
| Dividend yield | 8.9% | 8.3% | 9.0% | 9.5% | 7.3% | 9.5% | 8.7% | 9.9% | 9.6% | 9.2% |
| Shareholder yield (dividends + buybacks) | 8.9% | 8.3% | 9.0% | 9.5% | 7.3% | 10.9% | 8.7% | 9.9% | 9.6% | 9.3% |
| Share price at fiscal year-end | $20.23 | $21.89 | $20.03 | $18.47 | $21.19 | $16.89 | $18.65 | $15.58 | $15.72 | $16.49 |
| Per share | ||||||||||
| Revenue per share | $3.21 | $3.79 | $3.63 | $2.31 | $3.76 | $1.28 | $1.93 | $2.06 | $2.29 | $2.35 |
| Earnings per share | $1.86 | $2.44 | $2.20 | $1.16 | $3.51 | $1.14 | $1.86 | $2.01 | $1.57 | $1.51 |
| Operating cash flow per share | $1.63 | $2.05 | $1.74 | −$2.62 | −$5.51 | −$1.31 | −$2.83 | $1.56 | −$4.39 | $2.25 |
| Free cash flow per share | $1.63 | $2.05 | $1.74 | −$2.62 | −$5.51 | −$1.31 | −$2.83 | $1.56 | −$4.39 | $2.25 |
| Cash per share | $1.32 | $1.02 | $0.93 | $0.58 | $0.83 | $0.60 | $0.41 | $0.69 | $0.74 | $0.71 |
| Book value per share | $20.48 | $21.40 | $19.48 | $18.45 | $19.88 | $16.92 | $17.49 | $17.14 | $16.70 | $16.45 |
| Tangible book value per share | $20.48 | $21.40 | $19.48 | $18.45 | $19.88 | $16.92 | $17.49 | $17.14 | $16.70 | $16.45 |
| Dividends per share | $1.81 | $1.83 | $1.79 | $1.76 | $1.56 | $1.60 | $1.63 | $1.54 | $1.51 | $1.52 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $22.88 | $22.05 | $20.78 | $23.89 | $25.02 | $20.28 | $16.61 | $12.94 | $12.06 | $12.85 |
| Shares outstanding | 699.0M | 624.0M | 575.0M | 518.0M | 446.0M | 424.0M | 427.0M | 426.0M | 425.0M | 314.0M |
| Change in shares outstanding | +12.0% | +8.5% | +11.0% | +16.1% | +5.2% | −0.7% | +0.2% | +0.2% | +35.4% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.4% | 12.4% | 12.2% | 6.5% | 19.5% | 6.6% | 10.7% | 11.9% | 10.9% | 9.2% |
| Return on invested capital (ROIC) | 4.7% | 6.2% | 5.7% | 2.9% | 8.9% | 3.2% | 5.9% | 8.9% | 6.4% | 5.0% |
| Return on assets (ROA) | 4.4% | 5.8% | 5.5% | 2.8% | 8.5% | 3.1% | 5.7% | 6.8% | 6.2% | 5.0% |
| Return on tangible assets | 4.2% | 5.4% | 5.3% | 2.7% | 7.5% | 3.0% | 5.3% | 6.7% | 5.4% | 5.1% |
| Free cash flow margin | 50.9% | 54.2% | 48.0% | −113.6% | −146.5% | −103.0% | −146.8% | 75.8% | −191.6% | 95.9% |
| Income quality (OCF / net income) | 0.88 | 0.84 | 0.79 | −2.27 | −1.57 | −1.15 | −1.53 | 0.78 | −2.80 | 1.49 |
| Financial health | ||||||||||
| Total debt | $15.99B | $13.76B | $11.95B | $12.38B | $11.16B | $8.60B | $7.09B | $5.51B | $5.12B | $4.04B |
| Cash & short-term investments | $924.0M | $635.0M | $535.0M | $303.0M | $372.0M | $254.0M | $176.0M | $296.0M | $316.0M | $223.0M |
| Net debt | $15.07B | $13.12B | $11.41B | $12.07B | $10.79B | $8.35B | $6.92B | $5.22B | $4.81B | $3.81B |
| Debt / equity | 1.12 | 1.03 | 1.07 | 1.30 | 1.26 | 1.20 | 0.95 | 0.76 | 0.72 | 0.78 |
| Debt / assets | 0.51 | 0.49 | 0.50 | 0.55 | 0.54 | 0.53 | 0.48 | 0.43 | 0.41 | 0.44 |
| Net debt / EBITDA | 10.78 | 8.23 | 8.88 | 18.43 | 6.64 | 15.87 | 8.55 | 4.67 | 7.00 | 7.69 |
| Current ratio | 1.71 | 2.83 | 0.44 | 0.42 | 0.98 | 1.46 | 2.54 | 2.12 | 1.67 | 3.28 |
| Quick ratio | 1.71 | 2.83 | 0.01 | 0.00 | 0.00 | 0.00 | 2.54 | 2.14 | 52.07 | 94.21 |
| Interest coverage | 1.9 | 2.4 | 2.5 | 1.4 | 4.3 | 1.6 | 2.8 | 4.7 | 3.0 | 3.0 |
| Working capital | $635.0M | $745.0M | −$1.04B | −$700.0M | −$16.0M | $174.0M | $186.0M | $211.0M | $164.0M | $233.0M |
| Invested capital | $29.39B | $26.48B | $22.62B | $21.63B | $19.65B | $15.52B | $14.38B | $12.52B | $11.91B | $8.98B |
| Tangible asset value | $14.32B | $13.36B | $11.20B | $9.55B | $8.87B | $7.18B | $7.47B | $7.30B | $7.10B | $5.17B |
| Net current asset value | −$15.39B | −$13.75B | −$11.77B | −$12.33B | −$11.27B | −$8.47B | −$7.13B | −$5.20B | −$4.84B | −$3.75B |
| Graham number | $29.27 | $34.27 | $31.06 | $21.93 | $39.65 | $20.85 | $27.03 | $27.87 | $24.28 | $23.64 |
| Graham net-net per share | −$22.23 | −$22.24 | −$19.94 | −$23.45 | −$24.85 | −$19.63 | −$16.78 | −$12.26 | −$25.97 | −$26.71 |
| Capital allocation | ||||||||||
| Dividends paid | $1.26B | $1.14B | $1.03B | $912.0M | $694.0M | $679.0M | $694.0M | $656.0M | $642.0M | $477.0M |
| Share buybacks (net) | — | — | $0 | $0 | $0 | $100.0M | $0 | $0 | $0 | $5.0M |
| Dividend payout ratio | 97.3% | 74.8% | 81.4% | 152.0% | 44.3% | 140.3% | 87.5% | 76.5% | 96.3% | 100.6% |
| Dividends + buybacks / free cash flow | 110.7% | 88.8% | 103.1% | — | — | — | — | 98.5% | — | 68.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | — | — | — | — | 0.0% | — | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 2.3% | 1.8% | 2.0% | 3.2% | 2.3% | 7.0% | 5.5% | 4.8% | 9.1% | 7.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 91.2 | 59.9 | 38.6 | 61.3 | 48.4 | 119.4 | 51.8 | 40.9 | 44.0 | 69.1 |
| Days of inventory on hand | — | — | -539.0 | 491.3 | 350.8 | 562.9 | — | -3,624.2 | -17,537.8 | 421,117.1 |
| Days payables outstanding | 122.0 | 144.3 | -82.1 | 158.0 | 104.1 | 124.6 | 97.1 | 127.0 | 281.5 | 233.8 |
| Cash conversion cycle (days) | -30.7 | -84.4 | -418.3 | 394.7 | 295.1 | 557.7 | -45.3 | -3,710.3 | -17,775.3 | 420,952.4 |
| Receivables turnover | 4.00 | 6.09 | 9.46 | 5.95 | 7.54 | 3.06 | 7.04 | 8.92 | 8.29 | 5.28 |
| Payables turnover | 2.99 | 2.53 | −4.45 | 2.31 | 3.51 | 2.93 | 3.76 | 2.87 | 1.30 | 1.56 |
| Inventory turnover | — | — | −0.68 | 0.74 | 1.04 | 0.65 | — | — | — | — |
| Asset turnover | 0.08 | 0.09 | 0.09 | 0.06 | 0.09 | 0.03 | 0.06 | 0.07 | 0.09 | 0.08 |
| Average receivables | $560.5M | $388.5M | $220.5M | $201.0M | $222.5M | $177.0M | $117.0M | $98.5M | $117.5M | $139.5M |
| Average payables | $246.0M | $260.5M | $101.0M | $197.0M | $186.5M | $121.5M | $182.5M | $216.5M | $173.5M | $107.0M |
| Average inventory | — | — | $663.0M | $612.5M | $628.5M | $549.0M | — | −$6.18B | −$10.81B | $192.68B |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ARCC's annual financial statements (latest annual report filed February 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ARCC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Ares Capital traded at 10.9 times earnings, against a 10-year median of 10.0. Based on the latest twelve months, the trailing P/E is 14.0 and the forward P/E is 10.0. Ares Capital earned a return on equity of 9.4% and a return on invested capital of 4.7% in fiscal 2025. It ended the year with $16.0 billion of debt and $924.0 million in cash and short-term investments, net debt of $15.1 billion. It returned $1.3 billion to shareholders: $1.3 billion in dividends and $0 in share buybacks, 111% of free cash flow. The share count rose 122.6% from 314.0M to 699.0M over 9 years.
See the ARCC income statement, the ARCC chart for price history, or the ARCC stock overview for the latest quote and news.
ARCC key metrics FAQ
What is Ares Capital's P/E ratio?
Ares Capital's trailing P/E ratio is 14.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.0. At the end of fiscal 2025 it was 10.9, compared with a 10-year median of 10.0.
What is Ares Capital's EV/EBITDA?
Ares Capital's enterprise value was 20.9 times EBITDA at the end of fiscal 2025 (enterprise value $29.2 billion, EBITDA $1.4 billion); the current EV/EBITDA is 10.2.
What is Ares Capital's return on equity?
Ares Capital's return on equity (ROE) was 9.4% in fiscal 2025: net income of $1.3 billion on average shareholders' equity of $13.8 billion.
What is Ares Capital's ROIC?
Ares Capital's return on invested capital was 4.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ares Capital have?
Ares Capital had total debt of $16.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.12 and $15.1 billion of net debt (10.78 times EBITDA).
What is Ares Capital's dividend yield?
Ares Capital's forward dividend yield is 10.26%. Ares Capital paid $1.3 billion in dividends in fiscal 2025 ($1.81 per share), a payout ratio of 97.3%.
What is Ares Capital's free cash flow yield?
Ares Capital generated $1.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 8.1% on its market value at year-end ($14.1 billion).
What is Ares Capital's current ratio?
Ares Capital's current ratio was 1.71 at the end of fiscal 2025: current assets were 1.71 times current liabilities.