• Ares Capital average ebitda margin for 2023 was 75.61%, a 4.55% decline from 2022.
• Ares Capital average ebitda margin for 2022 was 72.32%, a 8.17% increase from 2021.
• Ares Capital average ebitda margin for 2021 was 66.86%, a 13.47% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.