# Ares Capital Corporation (ARCC)

> Source: Nexqual · https://nexqual.com/ARCC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ares Capital Corporation (ARCC), nexqual.com/ARCC" · informational, not investment advice.

**Price:** USD 18.79 (+2.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 18.4 · day 18.31–18.81 · 52w 17.4–21.14 · market cap $13.5B · NMS

## Key facts
- Valuation: P/E 14.1x (avg 9.2x at the last 3 fiscal year-ends), net debt $15.4B.
- Analysts: Buy (mean 1.93 on a 1–5 scale) (14 analysts), mean target USD 20.77 (range 19–23).
- Total return with dividends: 1Y +4.1% vs S&P 500 +14.9%; 5Y +42.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.48, revenue estimate $776M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $1.57B | $600M | $1.52B | $1.52B | $1.30B | $960M |
| EPS (diluted) | $3.51 | $1.19 | $2.68 | $2.44 | $1.86 | — |
| Cash + short-term investments | $372M | $303M | $535M | $635M | $638M | — |
| Total debt | $11.0B | $12.2B | $11.9B | $13.7B | $16.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.1x · P/B 1.0x · Earnings yield 7.12% · Dividend yield (paid, TTM) 9.85% · Net debt $15.4B · EV $28.9B
P/E at fiscal year-ends: Dec 2025 10.9x, Dec 2024 9.0x, Dec 2023 7.6x.

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 14 analysts; mean target USD 20.77 (low 19, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Target raised | Neutral | $19 → $21 |
| 2026-07-30 | Truist Securities | Target lowered | Buy | $22 → $21 |
| 2026-07-30 | Keefe, Bruyette & Woods | Target lowered | Outperform | $21 → $20 |
| 2026-07-02 | JP Morgan | Target lowered | Overweight | $19 → $18.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.1% | +42.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.2% | +7.3% |
| Volatility (annualized) | 18.7% | 18.3% |
| Max drawdown | -14.6% (Jan 2026→Mar 2026) | -19.2% (Jul 2025→Mar 2026) |

## Peers (Asset Management)
CG (The Carlyle Group Inc.) USD 39.2 +5.18% · SEIC (SEI Investments Company) USD 104.5 -3.62% · IVZ (Invesco Ltd) USD 28.79 -1.57% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23%

## More
Full page: https://nexqual.com/ARCC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ARCC in their own reports (relationship from ARCC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Evolent Health, Inc. (EVH) | 10-K 2026-02-25 | "On December 31, 2025, using proceeds from the sale of Evolent Care Partners, the Company repaid $82.8 million of principal on its Ares First Lien Term Loan Facility and recorded a loss of $3.9 million…" |
| partner | Tempus AI, Inc. (TEM) | 10-K 2026-02-24 | "We are party to a credit agreement with Ares Capital Corporation, under which we have $206.0 million outstanding in term loans and $100.0 million outstanding in revolving credit facility as of Decembe…" |
| partner | Moderna, Inc. (MRNA) | 10-K 2026-02-20 | "A failure to comply with the covenants in our credit agreement with lenders led by Ares Capital Corporation, as administrative agent, could result in an event of default, which, if not cured or waived…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.48 | -1.0% | $776.1M | 14 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.48 | +0.6% | $788.9M | 14 |
| Current fiscal year (ends 2026-12-31) | $1.91 | $1.92 | -0.7% | $3.09B | 14 |
| Next fiscal year (ends 2027-12-31) | $1.94 | $1.92 | +0.8% | $3.20B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±4.8%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.9% | ±4.8% |
| 2026-12-18 | 56 | 19.2% | ±7.5% |
| 2027-01-15 | 84 | 21.5% | ±9.1% |
| 2027-03-19 | 147 | 17.3% | ±10.5% |
| 2027-05-21 | 210 | 16.0% | ±10.8% |
| 2027-06-17 | 237 | 19.5% | ±14.4% |
| 2027-08-20 | 301 | 18.6% | ±16.9% |
| 2027-11-19 | 392 | 27.9% | ±25.2% |