Saturday 17 October 2026 Export ARES’s income statement to Excel — free account

Ares Management Corporation

Ares Management Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.6 billion, up 44.2% from fiscal 2024. In the quarter to June 2026, revenue grew 5.81%, EPS grew 6.52%, free cash flow fell 197.9% and total debt rose 63.7%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.

112.18 1.85 −1.62%

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Market cap: $37.7B
P/E: 51.5×
Fwd P/E: 21.0×
Dividend yield: 4.61%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 1.33

Total sells 91.48

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	2	—	—	—	—	—	—	—	—
Sell	2	—	1	1	—	—	—	—	—	—	—	—

Insider Ownership 7.61%

Capital & Financial Ratios $m

Market Cap 37,660.00

Revenue 5,987.60

Net Income 1,304.89

Free Cash Flow 836.15

Net Debt 5,256.00

Current Ratio 0.26

Debt/Equity 0.83

P/E ratio 51.46

Fwd P/E 21.00

P/S ratio 4.24

P/B ratio 3.55

Past 5Y EPS Growth 14.47%

This Y EPS Growth 21.65%

Next Y EPS Growth 23.95%

Next Y revenue growth (12.11%)

Next 5Y EPS Growth 21.10%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 47.64%

10-year low 10-year high

P/S against its own 10 years 65.32%

10-year low 10-year high

P/B against its own 10 years 59.09%

10-year low 10-year high

Dividends

Payout Ratio 2.37

Annual Dividend Rate 5.17

Annual Dividend Yield 4.61%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	5.44	1.35 1.35 1.35
2025	4.48	1.12 1.12 1.12 1.12
2024	3.72	0.93 0.93 0.93 0.93
2023	3.08	0.77 0.77 0.77 0.77
2022	2.44	0.61 0.61 0.61 0.61
2021	1.88	0.47 0.47 0.47 0.47
2020	1.60	0.40 0.40 0.40 0.40
2019	1.28	0.32 0.32 0.32 0.32
2018	1.33	0.40 0.09 0.28 0.28 0.28
2017	1.26	0.28 0.13 0.13 0.31 0.41
2016	0.83	0.20 0.15 0.28 0.20

predictions special payouts not included in total or ratios

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,396	1,429	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.46	0.49	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	10.72	17.15	16.19	16.91	20.20	44.43	53.15	67.29	112.83	110.63	Analyst estimates 2026–2028 Powerpack
	High	19.54	23.25	25.95	36.04	49.86	90.08	86.06	120.99	185.06	200.49
People
People	Employees	925	1,000	1,100	1,200	1,450	2,100	2,550	2,850	3,200	4,250
	Revenue/emp, $m	1.36	1.48	0.87	1.47	1.22	2.01	1.20	1.27	1.21	1.32
Income, $m
Income, $m	Revenue	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885	5,601
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	298	150	184	425	379	1,066	511	1,333	1,275	1,287
	EBT margin, %	23.75	10.13	19.23	24.08	21.51	25.30	16.72	36.70	32.83	22.97
	Net income	287	173	152	373	324	918	439	1,160	1,111	1,088
	Depreciation	33	33	29	39	41	113	341	232	159	243
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
	Earnings	1.23	0.62	0.30	1.18	0.89	2.24	0.87	2.44	2.04	1.71
	Cash flow	(7.75)	(22.76)	(14.76)	(19.30)	(3.15)	(15.86)	(4.18)	(1.26)	14.09	15.03
	Capex	(0.15)	(0.41)	(0.19)	(0.16)	(0.12)	(0.17)	(0.20)	(0.36)	(0.46)	(0.33)
	Free cash flow	(7.90)	(23.17)	(14.95)	(19.46)	(3.27)	(16.02)	(4.39)	(1.63)	13.63	14.70
	Book value	17.06	17.84	14.52	17.22	18.30	23.30	21.64	24.25	34.46	39.92
	Shares, m	81	82	96	108	135	164	176	185	198	217
Valuation, ×
Valuation, ×	P/E	15.29	32.06	53.88	32.15	60.32	35.96	78.56	47.71	87.21	95.64
	P/S	1.20	1.12	1.78	2.18	3.60	3.16	3.93	5.87	9.03	6.27
	P/B	1.40	1.42	1.56	2.47	2.92	3.49	3.16	4.76	6.53	4.87
	EV/Sales	0.85	1.17	(6.06)	2.00	3.43	3.15	4.32	6.26	9.00	7.12
	EV/FCF	(1.68)	(0.91)	4.05	(1.68)	(13.72)	(5.06)	(17.14)	(75.73)	12.95	12.48
Cash, $m
Cash, $m	Operating cash flow	(626)	(1,863)	(1,417)	(2,083)	(426)	(2,596)	(734)	(233)	2,791	3,267
	Capex	(12)	(33)	(18)	(17)	(16)	(27)	(36)	(67)	(92)	(72)
	Free cash flow	(638)	(1,896)	(1,435)	(2,100)	(442)	(2,623)	(770)	(300)	2,700	3,195
Balance, $m
Balance, $m	Working capital	(2,331)	(5,409)	357	(8,456)	(10,045)	(690)	(261)	321	2,172	2,873
	Total debt	361	754	690	424	765	1,631	2,442	3,091	2,834	6,193
	Net debt	(437)	79	(7,520)	(321)	(297)	(42)	1,203	1,446	(104)	4,517
	Shareholders’ equity	1,377	1,460	1,394	1,859	2,472	3,814	3,799	4,474	6,824	8,676
Returns, %
Returns, %	ROA	1.96	0.76	0.38	1.15	0.96	2.10	0.77	2.03	1.78	1.59
	ROIC	15.82	(1.01)	0.00	12.30	9.01	13.29	3.83	8.80	8.80	4.23
	ROE	9.73	4.86	3.13	9.58	6.99	12.92	4.40	11.47	8.96	6.77

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$75.3B	26.0×	24.1×	+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.	$66.1B	39.6×	15.6×	+63.68% (above 0%: growing)	+118.00% (above 0%: growing)	+128.29% (above 0%: growing)	100.00%	22.42%	Compare
STT State Street Corporation	$46.0B	13.1×	13.4×	+5.36% (above 0%: growing)	+40.48% (above 0%: growing)	+65.74% (above 0%: growing)	66.12%	0.00%	Compare
AMP Ameriprise Financial, Inc.	$44.4B	11.9×	10.7×	+12.91% (above 0%: growing)	+11.40% (above 0%: growing)	+65.06% (above 0%: growing)	100.00%	29.70%	Compare
ARES Ares Management Corporation	$37.7B	51.5×	21.0×	+5.81% (above 0%: growing)	+6.52% (above 0%: growing)	−197.89% (below 0%: shrinking)	100.00%	17.40%
NTRS Northern Trust Corporation	$30.3B	14.1×	15.2×	+16.99% (above 0%: growing)	+98.60% (above 0%: growing)	−113.28% (below 0%: shrinking)	64.06%	0.00%	Compare
RJF Raymond James Financial, Inc.	$30.3B	13.4×	13.4×	+13.53% (above 0%: growing)	+41.67% (above 0%: growing)	−148.58% (below 0%: shrinking)	100.00%	26.55%	Compare
PFG Principal Financial Group, Inc.	$23.3B	15.2×	11.5×	+6.39% (above 0%: growing)	+3.31% (above 0%: growing)	+154.82% (above 0%: growing)	48.38%	12.71%	Compare
TROW T. Rowe Price Group, Inc.	$21.6B	10.1×	11.9×	+10.68% (above 0%: growing)	+28.57% (above 0%: growing)	−3.59% (below 0%: shrinking)	100.00%	28.34%	Compare
Median of peers	$37.3B	13.8×	13.4×	+13.22%	+41.08%	+34.04%	100.00%	24.49%

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