Ares Management
ARES · Asset Management & Custody Banks
$122.08
1.3%Carlyle Group
CG · Asset Management & Custody Banks
$38.59
1.6%The short version
- Carlyle Group is the larger business, with $4.8B of revenue in fiscal 2025 against $4.8B for Ares Management.
- Ares Management grew revenue faster (28.9%, against −11.9%).
| Latest fiscal year | ARES · FY25 | CG · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $14.2B |
| Revenue | $4.8B | $4.8B |
| Free cash flow | — | −$3.4B |
| Net income | $527M | $809M |
| Growth | ||
| Revenue growth | 28.9% | −11.9% |
| 5-year growth | 22.1% | 10.3% |
| Share count change | — | 0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 11.1% | 16.9% |
| FCF margin | — | −70.6% |
| Return on capital | — | 13.7% |
| Return on equity | 13.5% | 12.1% |
| Balance sheet | ||
| Net debt | — | $1.0B |
| Net debt / EBITDA | — | 0.7x |
| Dividends and buybacks | $0.0M | $1.2B |
| Valuation & quality | ||
| P/E | — | 40.2x |
| Piotroski F-score | — | — |
FY16
ARES $965M
CG $2.3B
FY17
ARES $1.1B
CG $3.7B
FY18
ARES $1.2B
CG $2.4B
FY19
ARES $1.4B
CG $3.4B
FY20
ARES $1.8B
CG $2.9B
FY21
ARES $2.3B
CG $8.8B
FY22
ARES $2.9B
CG $4.4B
FY23
ARES $3.2B
CG $3.0B
FY24
ARES $3.7B
CG $5.4B
FY25
ARES $4.8B
CG $4.8B
ARES
CG
FY16
ARES —
CG —
FY17
ARES —
CG —
FY18
ARES —
CG —
FY19
ARES —
CG —
FY20
ARES —
CG —
FY21
ARES —
CG —
FY22
ARES —
CG —
FY23
ARES —
CG —
FY24
ARES —
CG —
FY25
ARES —
CG —
ARES
CG
FY16
ARES −$638M
CG −$326M
FY17
ARES −$1.9B
CG −$41.1M
FY18
ARES −$1.4B
CG −$375M
FY19
ARES −$2.1B
CG $331M
FY20
ARES —
CG −$230M
FY21
ARES —
CG $1.7B
FY22
ARES —
CG −$420M
FY23
ARES —
CG $138M
FY24
ARES —
CG −$837M
FY25
ARES —
CG −$3.4B
ARES
CG
FY16
ARES —
CG —
FY17
ARES —
CG —
FY18
ARES —
CG —
FY19
ARES —
CG —
FY20
ARES —
CG 11.0%
FY21
ARES —
CG 67.9%
FY22
ARES —
CG 21.1%
FY23
ARES —
CG −5.3%
FY24
ARES —
CG 17.1%
FY25
ARES —
CG 13.7%
ARES
CG
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