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Ares Management Corporation

ARES Financial Asset Management

Ares Management Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.6 billion, up 44.2% from fiscal 2024.

Revenue
−13.5%
EPS
−21.5%
Free cash flow
−197.9%
Total debt
+63.7%

Quarter to September 2026, against a year earlier

134.82 1.10 +0.82%
Market cap
$44.2B
P/E
69.2×
Fwd P/E
22.4×
Dividend yield
3.86%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Management fees
  • Carried interest
  • Incentive fees
  • Administrative, transaction and other fees
  • Principal investment income

Every year since 2020 →

Insider Decisions last twelve months

Bought, $m 1.33
Sold, $m 0.83
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 — — — — — — — — —
Sell — 1 1 — — — — — — — — —
Insider Ownership 8.49%

Capital & Financial Ratios $m

Size
Market Cap 44,160.00
Revenue ttm 5,763.37
Net income ttm 1,304.89
Free cash flow ttm 836.15
Net debt Q 5,256.00
Valuation
P/E 69.23 (above 35: high)
Forward P/E 22.40
Price / sales 5.28
Forward P/S Powerpack
Price / FCF 36.41
Price / book 4.26
Financial health
Current ratio Q 0.26
Debt / equity Q 0.83
Interest coverage Q 1.14
Growth
Revenue growth Q −13.53% (below 0%: shrinking)
Operating income growth Q −18.47% (below 0%: shrinking)
EPS, this year +18.49% (at or above 15%: strong)
EPS, next year A +24.16% (at or above 15%: strong)
Revenue, next year A −12.93% (below 0%: weak)
EPS, past 5 yrs +14.47%
EPS, next 5 yrs A +20.17% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 68.34%
10-year low 10-year high
P/S against its own 10 years 77.12%
10-year low 10-year high
P/B against its own 10 years 75.10%
10-year low 10-year high

Dividends raised 6 years running

Yield
3.86%
Annual rate
5.17
Payout ratio
267.5%
Growth, 2017–25
+17.2%/yr
  1. 1.26 ’17
  2. 1.33 ’18 +6
  3. 1.28 ’19 −4
  4. 1.60 ’20 +25
  5. 1.88 ’21 +17
  6. 2.44 ’22 +30
  7. 3.08 ’23 +26
  8. 3.72 ’24 +21
  9. 4.48 ’25 +20
  10. 5.41 ’26e +21
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,645 2,938 1,676 1,852
Receivables 897 1,057 1,420 1,490
Inventory — — — —
Other 14,079 12,187 12,845 —
16,620 16,182 15,942 3,343
2023 2024 2025 Q'26
Payables 3,666 4,057 5,237 5,496
ST’ Debt — — — —
Other 12,346 9,672 7,359 6,952
16,299 14,010 13,069 13,083

Compound Annual Growth %

10y 5y 3y
Sales 21.27% 26.00% 22.39%
Cash Flow 0.00% 0.00% 0.00%
Earnings 36.21% 26.71% 36.50%
Book Value 24.52% 28.55% 31.69%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.25 Actual 1.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.71 1.45 Miss by 0.26
Q1 FY26 1.32 1.24 Miss by 0.08
Q2 FY26 1.29 1.29 Met by 0.00
Q3 FY26 1.25 1.26 Beat by 0.01
Q4 FY26 1.93 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.46 0.49 0.90 — —
’25 0.00 0.46 1.15 0.08 1.71
’24 0.33 0.43 0.55 0.72 2.04
’23 0.49 0.74 0.30 0.86 2.42
’22 0.24 0.21 (0.22) 0.62 0.87
’21 0.32 0.69 0.45 0.66 2.15
’20 (0.33) 0.35 0.27 0.46 0.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,396 1,429 1,433 — —
’25 1,089 1,350 1,658 1,505 5,601
’24 707 789 1,130 1,259 3,885
’23 813 1,093 671 1,054 3,632
’22 715 601 801 938 3,055
’21 658 1,295 949 1,310 4,212
’20 13 603 490 658 1,764
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 407 (351) — — —
’25 1,994 416 1,341 (484) 3,267
’24 710 432 841 808 2,791
’23 708 (699) 318 (560) (233)
’22 224 (792) 25 (191) (734)
’21 (741) (328) (775) (752) (2,596)
’20 (363) 212 163 (438) (426)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 391 (384) — — —
’25 1,972 393 1,329 (499) 3,195
’24 684 403 814 798 2,700
’23 699 (711) 295 (583) (300)
’22 216 (802) 15 (198) (770)
’21 (744) (333) (782) (764) (2,623)
’20 (366) 207 163 (445) (442)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 21.4% a year for ten years. It grew 11.6% a year over the last ten.

Implied
21.4%
10 years, reported
11.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,254 1,480 958 1,765 1,764 4,212 3,055 3,632 3,885 5,601 5,763 +18.1% 4,877 5,762 6,661 +5.9%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 298 150 184 425 379 1,066 511 1,333 1,275 1,287 1,147 +17.7%
EBT margin, % 23.75 10.13 19.23 24.08 21.51 25.30 16.72 36.70 32.83 22.97 19.90 (0.8) pt
Net income 287 173 152 373 324 918 439 1,160 1,111 1,088 1,305 +16.0%
Per share, $
Per share, $ Revenue 15.53 18.08 9.98 16.36 13.06 25.73 17.41 19.68 19.61 25.77 25.33 +5.8%
Earnings 1.23 0.62 0.30 1.18 0.89 2.24 0.87 2.44 2.04 1.71 1.93 +3.7%
Cash flow (7.75) (22.76) (14.76) (19.30) (3.15) (15.86) (4.18) (1.26) 14.09 15.03 0.00 n/m
Capex (0.15) (0.41) (0.19) (0.16) (0.12) (0.17) (0.20) (0.36) (0.46) (0.33) 0.00 +9.4%
Free cash flow (7.90) (23.17) (14.95) (19.46) (3.27) (16.02) (4.39) (1.63) 13.63 14.70 0.00 n/m
Book value 17.06 17.84 14.52 17.22 18.30 23.30 21.64 24.25 34.46 39.92 0.00 +9.9%
Shares, m 81 82 96 108 135 164 176 185 198 217 224 +11.6%
Valuation, ×
Valuation, × P/E 15.29 32.06 53.88 32.15 60.32 35.96 78.56 47.71 87.21 95.64 69.23 53.9
P/S 1.20 1.12 1.78 2.18 3.60 3.16 3.93 5.87 9.03 6.27 5.28 3.8
P/B 1.40 1.42 1.56 2.47 2.92 3.49 3.16 4.76 6.53 4.87 4.26 3.3
EV/Sales 0.85 1.17 (6.06) 2.00 3.43 3.15 4.32 6.26 9.00 7.12 — 3.1
EV/FCF (1.68) (0.91) 4.05 (1.68) (13.72) (5.06) (17.14) (75.73) 12.95 12.48 — (8.6)
Cash, $m
Cash, $m Operating cash flow (626) (1,863) (1,417) (2,083) (426) (2,596) (734) (233) 2,791 3,267 912 n/m
Capex (12) (33) (18) (17) (16) (27) (36) (67) (92) (72) (76) +22.2%
Free cash flow (638) (1,896) (1,435) (2,100) (442) (2,623) (770) (300) 2,700 3,195 836 n/m
Balance, $m
Balance, $m Working capital (2,331) (5,409) 357 (8,456) (10,045) (690) (261) 321 2,172 2,873 (9,740) n/m
Net debt (437) 79 (7,520) (321) (297) (42) 1,203 1,446 (104) 4,517 5,256 n/m
Shareholders’ equity 1,377 1,460 1,394 1,859 2,472 3,814 3,799 4,474 6,824 8,676 8,602 +22.7%
Returns, %
Returns, % ROA 1.96 0.76 0.38 1.15 0.96 2.10 0.77 2.03 1.78 1.59 0.00 (0.4) pt
ROIC 15.82 (1.01) 0.00 12.30 9.01 13.29 3.83 8.80 8.80 4.23 0.00 (11.6) pt
ROE 9.73 4.86 3.13 9.58 6.99 12.92 4.40 11.47 8.96 6.77 0.00 (3.0) pt
People
People Employees 925 1,000 1,100 1,200 1,450 2,100 2,550 2,850 3,200 4,250 — +18.5%
Revenue/emp, $m 1.36 1.48 0.87 1.47 1.22 2.01 1.20 1.27 1.21 1.32 — (0.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Ares Management is a global alternative investment manager. It raises money from institutional and individual investors and invests it across credit, real assets, secondaries and private equity. Founded in 1997, Ares is led by co-founder and chief executive officer Michael J. Arougheti.

Its credit business lends to companies and invests in traded loans, bonds and other credit assets. Its real assets business invests in real estate and infrastructure through both debt and equity. The secondaries business buys existing interests in investment funds and provides capital for fund restructurings. Private equity teams invest in businesses and work with their management teams.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Management fees 3,680 65.71%
Carried interest 1,154 20.60%
Incentive fees 362 6.47%
Administrative, transaction and other fees 356 6.36%
Principal investment income 48 0.86%
Gross margin 100.00%
Operating margin 15.94%
Pre-tax margin 22.97%

Revenue by segment since 2020

Ares Management Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BAM Brookfield Asset Management Ltd. $85.9B 30.3× 22.8× +60.83% (above 0%: growing) +47.37% (above 0%: growing) +3.02% (above 0%: growing) 100.00% 65.83% Compare
APO Apollo Global Management Inc. $69.3B — (loss-making) 14.4× −51.76% (below 0%: shrinking) n/m +128.29% (above 0%: growing) 100.00% (29.25%) Compare
STT State Street Corporation $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87%
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17% Compare
TROW T. Rowe Price Group, Inc. $23.2B 11.0× 9.8× +5.88% (above 0%: growing) −3.12% (below 0%: shrinking) −13.81% (below 0%: shrinking) 100.00% 38.40% Compare
Median of peers $37.9B 13.3× 12.6× +6.34% +32.86% −5.39% 100.00% 23.05%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • On its Q1 2026 call, Ares said institutional demand remained broad-based and its aggregate investment pipeline had reached a record level.
  • Jarrod Morgan Phillips said Ares expected FY2026 fee-related-earnings margin expansion within the upper end of its 0 to 150 basis-point annual target.

Largest institutional holders 13F, quarter to 30 June 2026

Holder Shares Stake Change
Vanguard 26.90m — +475.18k
BlackRock 16.88m — +713.46k
Capital Group 13.57m — −1.34m
SUMITOMO MITSUI FINANCIAL GROUP, INC. 13.36m — 0.00
Bank of America 11.86m — +7.66m
Wellington Management 9.53m — −1.64m
State Street 8.98m — +374.12k
Charles Schwab 6.75m — +785.02k
CPP Investments 6.65m — −964.92k
Franklin Templeton 6.24m — −171.19k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 68.28m 52.50m 399.00
2024 85.38m 191.40m 425.00
2023 30.58m 82.66m 278.00
2022 34.60m 37.29m 155.00
2021 70.84m 135.60m 178.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Ares Management Corporation (ARES) Latest News

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · MarketBeat
Impact 3 · · Moby

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Bloomberg
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · PR Newswire
Impact 3 · · Associated Press

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Zacks

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire
Impact 4 · · Business Wire
Impact 3 · · Simply Wall St.

26 Oct

Impact 3 · · Zacks

25 Oct

Impact 4 · · 24/7 Wall St.

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 4 · · bisnow.com
Impact 4 · · Business Wire

19 Oct

Impact 4 · · Business Wire

15 Oct

Impact 4 · · Barchart

14 Oct

Impact 3 · · power-technology.com

12 Oct

Impact 3 · · credaily.com

8 Oct

Impact 3 · · StockStory

ARES metrics, ten years each

stockrow.com/ARES · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com