Ares Management vs Invesco
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KIRA’s take AI analyst
I put Ares Management and Invesco side by side, using each one’s latest annual report. Here is what stands out:
- Invesco is the larger business, with $6.4B of revenue in fiscal 2025 against $4.8B for Ares Management.
- Ares Management grew revenue faster (28.9%, against 5.1%).
Who comes out ahead
Of the 4 measures where higher (or lower) is clearly better, how many each company leads.
Ares Management
ARES
4/4
Revenue growth5-year growthNet marginReturn on equity
Invesco
IVZ
0/4
Side by side
Best in the row
| Latest fiscal year | ARES FY25 | IVZ FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $13.0B |
| Revenue | $4.8B | $6.4B |
| Free cash flow | — | $1.4B |
| Net income | $527M | −$726M |
| Growth | ||
| Revenue growth | 28.9% | 5.1% |
| 5-year growth | 22.1% | 0.7% |
| Share count change | — | −0.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | −10.9% |
| Net margin | 11.1% | −11.4% |
| FCF margin | — | 22.6% |
| Return on capital | — | −3.8% |
| Return on equity | 13.5% | −5.4% |
| Balance sheet | ||
| Net debt | — | $788M |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $0.0M | $501M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
ARES $965M
IVZ $4.7B
FY17
ARES $1.1B
IVZ $5.2B
FY18
ARES $1.2B
IVZ $5.3B
FY19
ARES $1.4B
IVZ $6.1B
FY20
ARES $1.8B
IVZ $6.1B
FY21
ARES $2.3B
IVZ $6.9B
FY22
ARES $2.9B
IVZ $6.0B
FY23
ARES $3.2B
IVZ $5.7B
FY24
ARES $3.7B
IVZ $6.1B
FY25
ARES $4.8B
IVZ $6.4B
ARES
IVZ
Operating margin
FY16
ARES —
IVZ 24.3%
FY17
ARES —
IVZ 24.8%
FY18
ARES —
IVZ 22.7%
FY19
ARES —
IVZ 13.2%
FY20
ARES —
IVZ 15.0%
FY21
ARES —
IVZ 25.9%
FY22
ARES —
IVZ 21.8%
FY23
ARES —
IVZ −7.6%
FY24
ARES —
IVZ 13.7%
FY25
ARES —
IVZ −10.9%
ARES
IVZ
Free cash flow
FY16
ARES −$638M
IVZ $506M
FY17
ARES −$1.9B
IVZ $1.0B
FY18
ARES −$1.4B
IVZ $726M
FY19
ARES −$2.1B
IVZ $992M
FY20
ARES —
IVZ $1.1B
FY21
ARES —
IVZ $969M
FY22
ARES —
IVZ $510M
FY23
ARES —
IVZ $1.1B
FY24
ARES —
IVZ $1.1B
FY25
ARES —
IVZ $1.4B
ARES
IVZ
Return on capital
FY16
ARES —
IVZ 9.6%
FY17
ARES —
IVZ 11.9%
FY18
ARES —
IVZ 9.7%
FY19
ARES —
IVZ 4.8%
FY20
ARES —
IVZ 4.5%
FY21
ARES —
IVZ 8.9%
FY22
ARES —
IVZ 6.0%
FY23
ARES —
IVZ −2.2%
FY24
ARES —
IVZ 4.1%
FY25
ARES —
IVZ −3.8%
ARES
IVZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.