Pricing Log in Create free account
Friday 6 November 2026 Export ARES’s income statement to Excel — free account

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

133.91 0.19 +0.14%
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

Ares Management Corporation (ARES) valuation and DCF model

What the price implies · reverse DCF

At $133.91 the price implies 21.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 11.6% a year over the last ten years, 22.0% over the last five. The price asks for about twice its ten-year rate.

Price implies
21.4%
Last 5 years, reported
22.0%
Last 10 years, reported
11.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
21.4% a year for ten years
$133.91
today’s price
Its base case
11.6% a year for five years, then 7.0%
$55.08
58.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Ares Management Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 21.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Ares Management Corporation’s own cost of capital: risk-free 4.3% + beta 1.50 × equity premium 4.5% = 11.0% cost of equity; weighted, 11.0%.

Use 11.0%
Base case value per share $55.08 ten years discounted, and what follows
Current price $133.91 market price per share
Below today’s price 58.9% downside at the base case’s assumptions

How we got there$21.94 10 years of dividends+$33.14 terminal value=$55.08 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 69.23× 75.67× 59.27× 17% above 13.38× 417% above
P/FCF 36.41× 20.13× 20.13× 81% above 7.79× 367% above
P/B 4.26× 4.72× 3.54× 20% above 0.91× 369% above
EV/EBITDA — 33.70× 25.50× — 3.38× —
EV/Sales — 5.97× 4.15× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
11.70×19.28×26.86×34.44×10Y avg 20.13×202420252026

ARES trades at 36.41× P/FCF, against a 10-year average of 20.13× (range 11.00×–36.41×). That is dearer than 100% of the last 2 year-end readings; re-rating to the average implies $74.04 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.