About these figures. Ares gives earnings per share and share counts only for its Class A common stock, which the SEC's company-level data leaves out, so per-share figures are left blank. Ares' filings don't tag its total debt, so debt and debt-based ratios are left blank. From 2020 Ares' cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.
What Ares Management does
Ares Management is an investment manager that invests money for institutions and individuals. At the end of 2025 it managed $622.5 billion of client assets, up from $94.0 billion ten years earlier. It has over 4,250 employees in more than 25 countries and was founded in 1997. Ares calls itself a global alternative investment manager, meaning it manages investments other than ordinary stocks and bonds.
Its investment groups are Credit, Real Assets, Secondaries and Private Equity. Its investors include more than 2,850 direct institutional relationships, plus individual investors who hold its publicly traded funds, sub-advised accounts and perpetual wealth vehicles (funds with no fixed end date).
Ares earns management fees on the assets it runs for these funds, and part of its revenue, earnings and cash flow is variable. Its 10-K says the management fee from one fund, Ares Capital Corporation (ARCC), makes up a significant portion of its management fees. It describes its investment approach as credit-oriented and says it competes in an intensely competitive business.
- Legal name
- ARES MANAGEMENT CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001628280-26-011413
0001176948
Revenue and margins
Ares Management had $4.8B of revenue in fiscal 2025, up 28.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Ares Management returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
Value Ares Management yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Ares Management can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $344M | $390M | $348M | $1.5B | $489M |
| Interest coverage | 30.0x | 8.2x | 2.8x | 2.5x | 2.9x |
| Total assets | $21.6B | $22.0B | $24.7B | $24.9B | $28.6B |
| Total liabilities | $16.7B | $17.1B | $19.7B | $17.5B | $19.9B |
| Shareholders' equity | $1.8B | $1.6B | $1.9B | $3.5B | $4.3B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.3M
2 insiders
Sold, 12 months
$91.5M
2 insiders
Of sales under plans
100%
$91.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 20, 2026 | Judy D. OlianDirector | Bought | 480 | $124.43 | $0.1M | Form 4 |
| Feb 6, 2026 | Ashish BhutaniDirector | Bought | 10,000 | $126.61 | $1.3M | Form 4 |
| Feb 4, 2026 | Aghili Naseem SagatiGeneral Counsel | Sold plan | 3,921 | $134.92 | $0.5M | Form 4 |
| Jan 22, 2026 | Aghili Naseem SagatiGeneral Counsel | Sold plan | 1,849 | $161.84 | $0.3M | Form 4 |
| Dec 1, 2025 | Michael J AroughetiCo-Founder and CEO, Director | Sold plan | 56,257 | $157.26 | $8.8M | Form 4 |
| Nov 28, 2025 | Michael J AroughetiCo-Founder and CEO, Director | Sold plan | 98,673 | $156.15 | $15.4M | Form 4 |
| Nov 26, 2025 | Michael J AroughetiCo-Founder and CEO, Director | Sold plan | 136,067 | $154.48 | $21.0M | Form 4 |
| Nov 25, 2025 | Michael J AroughetiCo-Founder and CEO, Director | Sold plan | 186,197 | $152.75 | $28.4M | Form 4 |
| Nov 24, 2025 | Michael J AroughetiCo-Founder and CEO, Director | Sold plan | 112,806 | $150.15 | $16.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 3.0% | −9.4% | −10.2% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Ares Management ARES | — | 28.9% | — | — | — | — | — | |
| Carlyle Group CG | $14.2B | −11.9% | — | −70.6% | 13.7% | 40.2x | — | Compare → |
| Brookfield Asset Management BAM | — | 21.0% | — | 43.4% | — | — | — | Compare → |
| TPG TPG | $17.2B | 33.4% | — | — | 15.2% | 66.6x | — | Compare → |
| Invesco IVZ | $12.8B | 5.1% | −10.9% | 22.6% | −3.8% | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $965M | $1.1B | $1.2B | $1.4B | $1.8B | $2.3B | $2.9B | $3.2B | $3.7B | $4.8B |
| Interest expense | $18.0M | $21.2M | $185M | $233M | $24.9M | $36.8M | $71.4M | $723M | $867M | $676M |
| Pretax income | $298M | $150M | $184M | $425M | $380M | $1.1B | $511M | $1.3B | $1.3B | $1.3B |
| Income tax | $11.0M | −$23.1M | $32.2M | $52.4M | $55.0M | $147M | $71.9M | $173M | $165M | $199M |
| Net income | $112M | $76.2M | $57.0M | $149M | $152M | $409M | $168M | $474M | $464M | $527M |
| Cash flow | ||||||||||
| Cash from operations | −$626M | −$1.9B | −$1.4B | −$2.1B | −$426M | −$2.6B | −$734M | −$233M | $2.8B | $3.3B |
| Capital expenditure | $11.9M | $33.2M | $18.4M | $16.8M | — | — | — | — | — | — |
| Free cash flow | −$638M | −$1.9B | −$1.4B | −$2.1B | — | — | — | — | — | — |
| Depreciation and amortization | $8.2M | $30.5M | $25.1M | $17.1M | $19.0M | $22.1M | $160M | $157M | $149M | $239M |
| Stock-based compensation | $39.1M | $69.7M | $89.7M | $97.7M | $123M | $237M | $200M | $256M | $353M | $741M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $343M | $119M | $110M | $138M | $540M | $344M | $390M | $348M | $1.5B | $489M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $1.7M | $1.3M | $0.9M | $0.3M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $5.8B | $8.6B | $10.2B | $12.0B | $15.2B | $21.6B | $22.0B | $24.7B | $24.9B | $28.6B |
| Total liabilities | $4.5B | $7.1B | $8.8B | $10.2B | $12.6B | $16.7B | $17.1B | $19.7B | $17.5B | $19.9B |
| Shareholders' equity | $293M | $1.5B | $588M | $768M | $1.2B | $1.8B | $1.6B | $1.9B | $3.5B | $4.3B |
| Margins | ||||||||||
| EBITDA margin | 33.6% | 18.6% | 32.4% | 47.1% | 24.1% | 49.1% | 25.8% | 68.4% | 62.1% | 46.3% |
| Net margin | 11.6% | 7.0% | 4.7% | 10.4% | 8.7% | 17.9% | 5.8% | 14.7% | 12.6% | 11.1% |
| FCF margin | −66.1% | −174.8% | −117.8% | −146.5% | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on equity | 41.4% | 8.7% | 5.6% | 22.0% | 15.5% | 27.1% | 9.8% | 27.2% | 17.1% | 13.5% |
| Return on assets | 2.2% | 1.1% | 0.6% | 1.3% | 1.1% | 2.2% | 0.8% | 2.0% | 1.9% | 2.0% |
| Growth | ||||||||||
| Revenue growth | 18.5% | 12.5% | 12.3% | 17.6% | 22.4% | 30.5% | 25.8% | 12.4% | 14.0% | 28.9% |
| Net income growth | 477.0% | −31.9% | −25.2% | 161.1% | 2.2% | 168.7% | −59.0% | 183.1% | −2.2% | 13.7% |
| Financial health | ||||||||||
| Interest coverage | 17.6x | 8.1x | 2.0x | 2.8x | 16.2x | 30.0x | 8.2x | 2.8x | 2.5x | 2.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.2% | 3.1% | 1.5% | 1.2% | — | — | — | — | — | — |
| Stock comp / revenue | 4.1% | 6.4% | 7.4% | 6.8% | 7.0% | 10.4% | 7.0% | 7.9% | 9.6% | 15.6% |
| Quality scores | ||||||||||
| Accruals ratio | 14.5% | 27.0% | 15.8% | 20.1% | 4.3% | 16.3% | 4.1% | 3.0% | −9.4% | −10.2% |
Source: SEC EDGAR XBRL filings (CIK 0001176948). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.