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Ares Management Corporation (ARES) vs Blackstone Inc. (BX)

Ares Management Corporation and Blackstone Inc. are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $149.0B against $44.2B — 3.4× the size. Blackstone Inc. trades at the lower P/E: 26.8× against 69.2×. Blackstone Inc. grew revenue faster over the last twelve months: 22.1% against 7.61%. Blackstone Inc. has the higher net margin (22.1% vs 5.75%) and the higher return on invested capital (16.2% vs 0.00%). Both pay a dividend; Blackstone Inc. yields more (4.20% vs 3.86%). Across the 19 metrics below, Blackstone Inc. leads on 15 and Ares Management Corporation on 4.

Valuation

Metric ARES BX Asset Management median
P/E 69.23 26.78 13.38
P/S 5.28 5.99 2.99
P/B 4.26 4.92 0.91
Price to free cash flow 36.41 17.57 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 1.44% 3.73% 4.67%
Free cash flow yield 2.75% 5.69% 4.85%

Profitability

Metric ARES BX Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 17.66% 51.23% 27.27%
Net margin 5.75% 22.11% 11.89%
Free cash flow margin 0.00% 0.00% 5.96%
Return on equity 0.00% 18.02% 4.57%
Return on assets 0.00% 7.39% 1.40%
Return on invested capital 0.00% 16.18% 2.12%

Growth

Metric ARES BX Asset Management median
Revenue growth (TTM) 7.61% 22.11% 7.26%
EPS growth (last fiscal year) (16.18%) 6.91% (5.64%)
Revenue growth, 5-year CAGR 26.00% 18.82% 11.84%
Net income growth, 5-year CAGR 26.71% 23.63% 0.00%

Health

Metric ARES BX Asset Management median
Debt to equity 0.83 0.68 0.40
Current ratio 0.26 0.71 1.23
Net debt to EBITDA 3.98 1.32 1.06

Dividend

Metric ARES BX Asset Management median
Dividend yield 3.86% 4.20% 6.43%
Payout ratio 2.68 1.12 0.91

Size

Metric ARES BX Asset Management median
Market cap 44.16b 148.98b 692.54m

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