Ares Management vs TPG
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The short version
- Ares Management is the larger business, with $4.8B of revenue in fiscal 2025 against $4.7B for TPG.
- TPG grew revenue faster (33.4%, against 28.9%).
| Latest fiscal year | ARES Β· FY25 | TPG Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $17.2B |
| Revenue | $4.8B | $4.7B |
| Free cash flow | β | β |
| Net income | $527M | $185M |
| Growth | ||
| Revenue growth | 28.9% | 33.4% |
| 5-year growth | 22.1% | β |
| Share count change | β | 2.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 11.1% | 4.0% |
| FCF margin | β | β |
| Return on capital | β | 15.2% |
| Return on equity | 13.5% | 4.8% |
| Balance sheet | ||
| Net debt | β | $896M |
| Net debt / EBITDA | β | 1.0x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 66.6x |
| Piotroski F-score | β | β |
Revenue
FY16
ARES $965M
TPG β
FY17
ARES $1.1B
TPG β
FY18
ARES $1.2B
TPG β
FY19
ARES $1.4B
TPG β
FY20
ARES $1.8B
TPG β
FY21
ARES $2.3B
TPG β
FY22
ARES $2.9B
TPG $2.0B
FY23
ARES $3.2B
TPG $2.4B
FY24
ARES $3.7B
TPG $3.5B
FY25
ARES $4.8B
TPG $4.7B
ARES
TPG
Operating margin
FY16
ARES β
TPG β
FY17
ARES β
TPG β
FY18
ARES β
TPG β
FY19
ARES β
TPG β
FY20
ARES β
TPG β
FY21
ARES β
TPG β
FY22
ARES β
TPG β
FY23
ARES β
TPG β
FY24
ARES β
TPG β
FY25
ARES β
TPG β
ARES
TPG
Free cash flow
FY16
ARES β$638M
TPG β
FY17
ARES β$1.9B
TPG β
FY18
ARES β$1.4B
TPG β
FY19
ARES β$2.1B
TPG β
FY20
ARES β
TPG β
FY21
ARES β
TPG β
FY22
ARES β
TPG β
FY23
ARES β
TPG β
FY24
ARES β
TPG β
FY25
ARES β
TPG β
ARES
TPG
Return on capital
FY16
ARES β
TPG β
FY17
ARES β
TPG β
FY18
ARES β
TPG β
FY19
ARES β
TPG β
FY20
ARES β
TPG β
FY21
ARES β
TPG β
FY22
ARES β
TPG β
FY23
ARES β
TPG 1.9%
FY24
ARES β
TPG 1.1%
FY25
ARES β
TPG 15.2%
ARES
TPG
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.