Ares Management (ARES) Financials

$165.98 -2.66 (-1.58%)

As of 03:59 PM Eastern

Annual Income Statements for Ares Management

This table shows Ares Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	441	474	168	387	130	127	35	54	103	12
Consolidated Net Income / (Loss)	815	1,360	487	798	324	373	152	173	287	62
Net Income / (Loss) Continuing Operations	1,111	1,160	439	918	341	373	152	173	287	55
Total Pre-Tax Income	1,275	1,333	511	1,066	379	425	184	150	298	81
Total Operating Income	946	834	306	802	314	303	88	-25	238	45
Total Gross Profit	2,153	2,145	1,557	3,049	997	1,112	388	966	807	400
Total Revenue	3,885	3,632	3,055	4,212	1,764	1,765	958	1,480	1,254	814
Operating Revenue	3,885	3,632	3,055	4,212	1,764	1,765	958	1,480	1,254	814
Total Cost of Revenue	1,732	1,487	1,499	1,163	767	653	570	514	448	414
Operating Cost of Revenue	1,732	1,487	1,499	1,163	767	653	570	514	448	414
Total Operating Expenses	1,207	1,311	1,250	2,247	683	809	300	991	569	355
Selling, General & Admin Expense	737	660	695	444	259	270	216	197	160	225
Other Operating Expenses / (Income)	470	651	555	1,803	424	539	84	519	409	130
Total Other Income / (Expense), net	329	499	204	264	83	123	96	175	60	29
Interest Expense	978	861	483	295	286	297	244	148	109	117
Interest & Investment Income	1,307	1,355	674	544	358	428	341	303	134	124
Other Income / (Expense), net	0.63	4.82	13	14	11	-7.84	-0.85	19	36	22
Income Tax Expense	165	173	72	147	55	52	32	-23	11	19
Preferred Stock Dividends Declared	23	0.00	0.00	22	22	22	22	22	12	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	647	686	271	120	172	224	95	97	172	43
Basic Earnings per Share	$2.04	$2.44	$0.87	$2.24	$1.78	$1.11	$0.30	$0.62	$1.22	$0.23
Weighted Average Basic Shares Outstanding	198.05M	184.52M	175.51M	163.70M	270.13M	107.91M	96.02M	81.84M	80.75M	80.67M
Diluted Earnings per Share	$2.04	$2.42	$0.87	$2.15	$1.74	$1.06	$0.30	$0.62	$1.20	$0.23
Weighted Average Diluted Shares Outstanding	198.05M	195.77M	175.51M	180.11M	299.02M	119.88M	96.02M	81.84M	82.94M	80.67M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	81.84M	80.75M	80.67M
Cash Dividends to Common per Share	$3.72	-	-	$1.88	-	$1.28	$0.28	$1.13	-	$0.88

This table shows Ares Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	155	118	95	73	174	62	145	94	117	-36
Consolidated Net Income / (Loss)	224	216	171	204	772	117	265	207	338	-114
Net Income / (Loss) Continuing Operations	350	281	276	204	424	197	332	207	426	-159
Total Pre-Tax Income	400	327	317	231	483	227	382	241	343	-60
Total Operating Income	278	275	224	169	283	110	256	185	442	-207
Total Gross Profit	796	694	369	294	663	304	726	453	931	123
Total Revenue	1,259	1,130	789	707	1,054	671	1,093	813	1,271	548
Operating Revenue	1,259	1,130	789	707	1,054	671	1,093	813	1,271	548
Total Cost of Revenue	463	436	420	413	391	368	368	361	340	425
Operating Cost of Revenue	463	436	420	413	391	368	368	361	340	425
Total Operating Expenses	518	419	145	126	380	193	470	268	-455	898
Selling, General & Admin Expense	199	197	169	171	159	212	141	148	133	319
Other Operating Expenses / (Income)	319	222	-25	-45	221	-18	329	120	356	10
Total Other Income / (Expense), net	122	52	93	62	200	117	126	56	33	36
Interest Expense	247	231	255	246	243	227	209	182	240	131
Interest & Investment Income	348	302	349	308	437	338	341	239	270	165
Other Income / (Expense), net	20	-19	-0.94	0.27	5.89	5.74	-5.89	-0.92	2.93	2.60
Income Tax Expense	50	46	41	27	60	30	50	34	50	-12
Net Income / (Loss) Attributable to Noncontrolling Interest	173	162	181	131	250	135	188	113	176	-13
Basic Earnings per Share	$0.73	$0.55	$0.43	$0.33	$0.90	$0.30	$0.75	$0.49	$0.41	($0.44)
Weighted Average Basic Shares Outstanding	198.05M	200.72M	196.19M	192.62M	184.52M	186.22M	183.00M	178.98M	175.51M	351.26M
Diluted Earnings per Share	$0.73	$0.55	$0.43	$0.33	$0.89	$0.30	$0.74	$0.49	$0.41	($0.44)
Weighted Average Diluted Shares Outstanding	198.05M	200.72M	196.19M	192.62M	195.77M	186.22M	194.06M	178.98M	175.51M	351.26M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Ares Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,160	-42	-1,123	-3,071	401	28	-8.68	-224	221	-27
Net Cash From Operating Activities	2,791	-233	-734	-2,596	-426	-2,083	-1,417	-1,863	-626	-528
Net Cash From Continuing Operating Activities	2,791	-233	-1,612	-4,433	-426	-1,988	-1,459	-1,863	-626	-528
Net Income / (Loss) Continuing Operations	1,111	1,160	0.00	0.00	324	373	152	173	287	62
Consolidated Net Income / (Loss)	1,111	1,160	-	-	324	373	152	173	287	62
Depreciation Expense	159	232	341	113	41	39	29	33	37	55
Non-Cash Adjustments To Reconcile Net Income	1,629	-1,873	-1,455	-5,428	-837	-2,416	-1,745	-1,951	-1,059	-335
Changes in Operating Assets and Liabilities, net	-107	248	-499	882	46	16	106	-113	114	-309
Net Cash From Investing Activities	-159	-111	-337	-1,085	-137	-17	-18	-33	-12	-75
Net Cash From Continuing Investing Activities	-159	-111	-639	-2,142	-16	-17	-18	-33	-12	-75
Purchase of Property, Plant & Equipment	-92	-67	-36	-27	-16	-17	-18	-33	-12	-11
Acquisitions	-68	-44	-603	-2,115	0.00	0.00	0.00	-	-	-64
Net Cash From Financing Activities	-1,432	292	1,128	3,504	944	2,122	1,405	1,655	881	582
Net Cash From Continuing Financing Activities	-1,432	292	1,128	3,504	944	2,468	1,740	1,938	881	582
Repayment of Debt	-4,581	-1,611	-1,236	-537	-1,052	-1,539	-1,886	-1,682	-974	-504
Repurchase of Common Equity	-228	-157	-201	-226	-95	-44	-18	-14	-40	0.00
Payment of Dividends	-1,435	-1,132	-1,015	-703	-698	-96	-160	-62	-331	-304
Issuance of Debt	2,305	3,296	3,010	3,382	2,202	3,677	3,626	3,505	1,795	1,301
Issuance of Preferred Equity	1,459	0.00	0.00	-	-	-	-	-	299	0.00
Issuance of Common Equity	1,046	855	549	1,861	516	380	176	190	133	89
Other Financing Activities, net	1.51	-960	21	37	93	91	0.95	1.04	0.00	0.00
Effect of Exchange Rate Changes	-40	11	-	-	20	5.62	22	17	-22	-5.81
Cash Interest Paid	867	723	320	205	257	233	185	94	69	60
Cash Income Taxes Paid	108	62	105	23	38	36	27	18	27	15

This table details how cash moves in and out of Ares Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	1,158	66	-62	-1.94	36	35	4.58	-118	-1,141	109
Net Cash From Operating Activities	808	841	432	710	-560	318	-699	708	-191	25
Net Cash From Continuing Operating Activities	808	841	432	710	-560	318	-699	708	-1,068	25
Net Income / (Loss) Continuing Operations	350	281	276	204	424	197	332	207	-146	-49
Consolidated Net Income / (Loss)	350	281	276	204	424	197	332	207	-	-49
Non-Cash Adjustments To Reconcile Net Income	664	460	103	402	-1,328	55	-1,094	493	-452	-83
Changes in Operating Assets and Liabilities, net	-365	101	53	104	113	66	62	7.07	-812	156
Net Cash From Investing Activities	-64	-33	-29	-34	-67	-23	-12	-8.88	-7.33	-9.92
Net Cash From Continuing Investing Activities	-64	-33	-29	-34	-67	-23	-12	-8.88	-309	-9.92
Purchase of Property, Plant & Equipment	-9.31	-27	-29	-26	-23	-23	-12	-8.88	-7.41	-9.94
Acquisitions	-54	-5.68	-	-8.00	-44	-	-	0.00	-302	0.02
Net Cash From Financing Activities	478	-784	-459	-667	634	-244	724	-821	201	112
Net Cash From Continuing Financing Activities	478	-784	-459	-667	634	-244	724	-821	201	112
Repayment of Debt	-1,682	-972	-1,297	-630	-684	-283	-396	-247	-207	-264
Repurchase of Common Equity	-16	-8.54	-16	-187	-12	-12	-20	-113	-7.09	-4.74
Payment of Dividends	-389	-366	-333	-347	-315	-271	-274	-273	-302	-253
Issuance of Debt	1,012	476	490	327	2,012	254	783	248	460	546
Issuance of Common Equity	95	86	697	169	120	55	587	94	251	80
Effect of Exchange Rate Changes	-64	41	-5.92	-11	30	-16	-7.76	4.71	-	-18

This table presents Ares Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	24,884	24,731	22,003	21,605	15,169	12,014	10,155	8,564	5,830	4,321
Total Current Assets	8,437	7,019	5,864	5,077	1,062	745	495	675	798	281
Cash & Equivalents	2,735	1,498	1,115	1,393	1,062	745	495	675	798	281
Short-Term Investments	4,645	4,625	3,975	3,684	-	-	-	-	-	-
Accounts Receivable	1,057	897	774	-	-	-	-	-	-	-
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	15,880	17,143	15,571	15,874	14,107	11,269	9,660	2,303	5,032	4,037
Long-Term Investments	12,187	14,079	12,191	11,816	10,877	-	-	-	-	-
Goodwill	1,163	1,124	1,000	788	-	-	-	144	144	144
Intangible Assets	408	491	640	769	222	-	-	40	58	85
Other Noncurrent Operating Assets	2,122	1,450	1,740	2,501	3,008	11,269	9,660	2,111	4,823	3,808
Total Liabilities & Shareholders' Equity	24,884	24,731	22,003	21,605	15,169	12,014	10,155	8,564	5,830	4,321
Total Liabilities	17,486	19,709	17,098	16,695	12,597	10,156	8,760	7,103	4,452	3,329
Total Current Liabilities	687	423	400	383	262	221	250	185	122	134
Accounts Payable	687	423	400	383	162	150	167	146	104	122
Total Noncurrent Liabilities	16,799	19,286	16,698	16,312	12,335	9,765	8,511	6,918	4,330	3,195
Long-Term Debt	12,506	15,436	2,442	1,631	643	317	481	616	306	389
Noncurrent Employee Benefit Liabilities	281	287	510	310	916	868	671	850	132	125
Other Noncurrent Operating Liabilities	4,012	3,562	13,746	14,370	10,775	8,581	7,359	5,452	3,893	2,660
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	574	547	1,106	1,096	100	0.00	-	-	-	24
Total Equity & Noncontrolling Interests	6,824	4,474	3,799	3,814	2,472	1,859	1,394	1,460	1,377	968
Total Preferred & Common Equity	3,544	1,893	1,589	1,825	1,194	768	588	574	293	247
Preferred Stock	2,918	0.00	-	-	299	299	299	0.00	-	-
Total Common Equity	2,088	1,896	1,592	1,828	898	471	290	574	293	247
Common Stock	2,943	2,397	1,977	1,919	1,049	528	328	279	302	252
Retained Earnings	-837	-495	-369	-89	-152	-51	-29	0.00	-	-
Accumulated Other Comprehensive Income / (Loss)	-18	-5.63	-15	-1.86	0.48	-6.05	-8.52	-4.21	-8.94	-4.62
Noncontrolling Interest	3,281	2,581	2,209	1,989	1,278	1,090	806	887	1,084	721

This table presents Ares Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	24,523	24,193	24,413	23,384	23,119	21,929	21,206
Total Current Assets	7,229	6,757	6,856	6,337	6,210	5,128	6,163
Cash & Equivalents	1,666	1,525	1,546	1,197	1,089	1,027	1,045
Short-Term Investments	4,693	4,415	4,485	4,437	4,466	4,101	5,117
Accounts Receivable	871	817	825	703	655	-	-
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	16,725	16,867	16,990	16,479	16,341	16,233	14,476
Long-Term Investments	13,310	13,678	13,790	13,222	13,091	12,641	11,569
Goodwill	1,133	1,130	1,130	998	998	999	997
Intangible Assets	402	433	462	466	563	599	670
Other Noncurrent Operating Assets	1,880	1,626	1,607	1,794	1,689	1,994	1,239
Total Liabilities & Shareholders' Equity	24,523	24,193	24,413	23,384	23,119	21,929	21,206
Total Liabilities	18,643	18,436	19,383	18,340	18,103	17,342	16,642
Total Current Liabilities	509	445	452	508	492	449	427
Accounts Payable	509	445	452	508	492	449	427
Total Noncurrent Liabilities	18,134	17,991	18,931	17,832	17,611	16,894	16,214
Long-Term Debt	13,886	14,196	15,031	13,882	13,826	13,390	12,482
Noncurrent Employee Benefit Liabilities	401	297	218	361	251	214	595
Other Noncurrent Operating Liabilities	3,848	3,498	3,682	3,589	3,534	3,289	3,137
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	569	560	553	1,026	1,023	507	1,097
Total Equity & Noncontrolling Interests	5,310	5,197	4,477	4,018	3,992	4,079	3,468
Total Preferred & Common Equity	2,076	2,002	1,767	1,733	1,750	1,670	1,512
Total Common Equity	2,079	2,005	1,771	1,736	1,753	1,673	1,515
Common Stock	2,863	2,728	2,394	2,269	2,188	2,106	1,918
Retained Earnings	-792	-713	-613	-515	-426	-421	-374
Accumulated Other Comprehensive Income / (Loss)	8.45	-10	-10	-17	-9.69	-12	-29
Noncontrolling Interest	3,234	3,195	2,710	2,285	2,242	2,409	1,956

This table displays calculated financial ratios and metrics derived from Ares Management's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.96%	18.87%	-27.46%	138.77%	-0.08%	84.20%	-35.24%	17.98%	54.02%	-32.57%
EBITDA Growth	3.24%	62.00%	-28.92%	153.95%	9.53%	188.74%	403.46%	-92.50%	152.96%	150.04%
EBIT Growth	12.86%	162.57%	-60.87%	151.32%	10.19%	237.89%	1,732.33%	-101.95%	307.86%	125.94%
NOPAT Growth	13.53%	175.72%	-61.91%	157.75%	1.04%	264.96%	353.94%	-112.49%	558.87%	-89.79%
Net Income Growth	-40.08%	179.22%	-38.95%	145.91%	-12.96%	145.04%	-12.01%	-39.73%	359.63%	-88.56%
EPS Growth	-15.70%	178.16%	-59.53%	23.56%	64.15%	253.33%	-51.61%	-48.33%	421.74%	-46.51%
Operating Cash Flow Growth	1,296.58%	68.23%	71.72%	-509.89%	79.57%	-47.00%	23.94%	-197.77%	-18.50%	-134.45%
Free Cash Flow Firm Growth	107.85%	-3,829.33%	-108.10%	-71.94%	22,705.55%	100.85%	-208.96%	1,043.08%	143.60%	-572.95%
Invested Capital Growth	25.93%	97.04%	4.58%	-26.15%	-645.49%	15.86%	132.99%	-572.80%	-19.31%	2,066.83%
Revenue Q/Q Growth	5.57%	-5.65%	-1.25%	19.22%	12.38%	12.02%	-11.75%	74.67%	-25.03%	-26.88%
EBITDA Q/Q Growth	17.87%	7.65%	444.34%	-0.05%	1,024.94%	29.25%	-4.98%	103.28%	-63.75%	117.56%
EBIT Q/Q Growth	0.96%	-15.65%	163.17%	-12.23%	898.19%	13.99%	-28.39%	99.24%	-67.64%	108.94%
NOPAT Q/Q Growth	-0.64%	-15.30%	139.17%	18.95%	28.76%	15.03%	-31.84%	96.39%	-68.92%	-61.22%
Net Income Q/Q Growth	-8.25%	79.22%	65.22%	-10.81%	94.67%	22.36%	-43.09%	26.50%	54.46%	-72.33%
EPS Q/Q Growth	-7.27%	24.74%	521.43%	-40.11%	102.33%	11.58%	-48.28%	10.71%	42.86%	0.00%
Operating Cash Flow Q/Q Growth	96.08%	-271.16%	43.35%	-13.77%	-9.01%	-51.61%	40.81%	-19.54%	-135.42%	0.00%
Free Cash Flow Firm Q/Q Growth	-7.44%	-9,449.44%	-102.95%	168.37%	3,523.03%	127.10%	-21,867.46%	1,380.03%	295.15%	-105.52%
Invested Capital Q/Q Growth	51.07%	37.43%	-737.90%	-261.67%	-564.29%	17.48%	43.89%	-576.58%	-30.71%	249.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.42%	59.07%	50.95%	72.40%	56.51%	62.99%	40.49%	65.26%	64.31%	49.11%
EBITDA Margin	28.45%	29.48%	21.63%	22.07%	20.75%	18.93%	12.08%	1.55%	24.43%	14.88%
Operating Margin	24.35%	22.96%	10.03%	19.04%	17.78%	17.14%	9.19%	-1.68%	18.97%	5.57%
EBIT Margin	24.37%	23.10%	10.46%	19.38%	18.42%	16.70%	9.10%	-0.36%	21.81%	8.24%
Profit (Net Income) Margin	20.98%	37.45%	15.94%	18.94%	18.39%	21.12%	15.87%	11.68%	22.87%	7.66%
Tax Burden Percent	63.90%	102.03%	95.36%	74.88%	85.51%	87.68%	82.53%	115.38%	96.30%	76.60%
Interest Burden Percent	134.71%	158.92%	159.89%	130.53%	116.82%	144.23%	211.28%	-2,803.72%	108.89%	121.47%
Effective Tax Rate	12.91%	12.98%	14.07%	13.83%	14.49%	12.32%	17.47%	-15.38%	3.70%	23.40%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	17.81%	0.00%	0.00%	23.13%	6.06%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-60.84%	0.00%	0.00%	-6.63%	5.07%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	5.11%	0.00%	0.00%	1.09%	-4.20%
Return on Equity (ROE)	13.12%	27.40%	9.93%	21.33%	14.65%	22.92%	10.66%	12.19%	24.21%	1.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	3.12%	-397.82%	0.00%	44.50%	-176.29%
Operating Return on Assets (OROA)	3.82%	3.59%	1.47%	4.44%	2.39%	2.66%	0.93%	-0.07%	5.39%	0.52%
Return on Assets (ROA)	3.29%	5.82%	2.23%	4.34%	2.39%	3.36%	1.63%	2.40%	5.65%	0.48%
Return on Common Equity (ROCE)	4.21%	9.63%	3.46%	7.77%	4.52%	5.36%	3.23%	3.72%	5.52%	0.15%
Return on Equity Simple (ROE_SIMPLE)	23.00%	71.83%	30.65%	43.72%	27.18%	48.52%	25.88%	30.14%	97.97%	25.28%
Net Operating Profit after Tax (NOPAT)	824	726	263	691	268	265	73	-29	229	35
NOPAT Margin	21.21%	19.98%	8.62%	16.41%	15.20%	15.03%	7.59%	-1.93%	18.27%	4.27%
Net Nonoperating Expense Percent (NNEP)	-0.14%	6.12%	1.43%	0.79%	0.98%	78.65%	2.81%	6.57%	29.76%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	4.26%	3.65%	4.22%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	44.58%	40.93%	49.05%	27.60%	43.49%	37.01%	59.51%	34.74%	35.69%	50.89%
SG&A Expenses to Revenue	18.96%	18.18%	22.75%	10.55%	14.68%	15.31%	22.53%	13.29%	12.74%	27.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.07%	36.10%	40.93%	53.36%	38.73%	45.85%	31.30%	66.94%	45.34%	43.54%
Earnings before Interest and Taxes (EBIT)	947	839	319	816	325	295	87	-5.35	274	67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,105	1,071	661	930	366	334	116	23	306	121
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	26.54	18.78	11.93	11.87	12.13	7.48	5.10	2.24	3.87	2.92
Price to Tangible Book Value (P/TBV)	107.12	126.40	0.00	80.00	16.12	7.48	5.10	3.30	12.48	40.38
Price to Revenue (P/Rev)	14.27	9.81	6.22	5.15	6.17	1.99	1.55	0.87	0.90	0.89
Price to Earnings (P/E)	125.68	75.10	113.41	56.13	83.47	27.67	41.94	23.61	11.01	59.82
Dividend Yield	2.10%	2.66%	3.78%	2.51%	3.80%	4.17%	10.03%	8.05%	5.92%	9.83%
Earnings Yield	0.80%	1.33%	0.88%	1.78%	1.20%	3.61%	2.38%	4.24%	9.09%	1.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	2.80	1.86	0.00	1.95	1.44
Enterprise Value to Revenue (EV/Rev)	14.19	9.36	2.45	2.26	0.72	2.54	2.68	1.43	1.38	1.93
Enterprise Value to EBITDA (EV/EBITDA)	49.88	31.74	11.32	10.25	3.46	13.40	22.22	91.93	5.63	13.00
Enterprise Value to EBIT (EV/EBIT)	58.23	40.51	23.41	11.67	3.90	15.20	29.48	0.00	6.31	23.49
Enterprise Value to NOPAT (EV/NOPAT)	66.91	46.82	28.41	13.79	4.73	16.88	35.38	0.00	7.53	45.30
Enterprise Value to Operating Cash Flow (EV/OCF)	19.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	74.18	0.00	0.00	3.21	0.12	96.46	0.00	0.42	3.91	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.69	3.07	0.50	0.33	0.25	0.17	0.34	0.42	0.22	0.39
Long-Term Debt to Equity	1.69	3.07	0.50	0.33	0.25	0.17	0.34	0.42	0.22	0.39
Financial Leverage	-1.04	-2.09	-3.19	-3.64	-2.61	-0.08	-1.98	-2.16	-0.16	-0.83
Leverage Ratio	3.99	4.71	4.44	4.91	6.14	6.82	6.56	5.07	4.28	3.88
Compound Leverage Factor	5.38	7.48	7.10	6.42	7.17	9.83	13.85	-142.22	4.66	4.71
Debt to Total Capital	62.83%	75.46%	33.24%	24.94%	20.00%	14.56%	25.65%	29.67%	18.17%	28.17%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.83%	75.46%	33.24%	24.94%	20.00%	14.56%	25.65%	29.67%	18.17%	28.17%
Preferred Equity to Total Capital	14.66%	0.00%	0.00%	0.00%	9.29%	13.73%	15.93%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.37%	15.29%	45.13%	47.16%	42.87%	50.12%	43.00%	42.70%	64.43%	53.96%
Common Equity to Total Capital	10.49%	9.27%	21.67%	27.94%	27.92%	21.64%	15.47%	27.62%	17.40%	17.87%
Debt to EBITDA	11.31	14.42	3.70	1.75	1.76	0.95	4.15	26.80	1.00	3.21
Net Debt to EBITDA	-6.39	-4.45	-22.46	-16.42	-30.86	-1.28	-0.12	-2.58	-1.61	0.89
Long-Term Debt to EBITDA	11.31	14.42	3.70	1.75	1.76	0.95	4.15	26.80	1.00	3.21
Debt to NOPAT	15.18	21.27	9.28	2.36	2.40	1.19	6.61	-21.52	1.33	11.19
Net Debt to NOPAT	-8.57	-6.56	-56.37	-22.08	-42.13	-1.61	-0.19	2.07	-2.15	3.11
Long-Term Debt to NOPAT	15.18	21.27	9.28	2.36	2.40	1.19	6.61	-21.52	1.33	11.19
Altman Z-Score	2.51	1.64	1.13	1.35	0.75	0.48	0.25	0.35	0.66	0.41
Noncontrolling Interest Sharing Ratio	67.92%	64.85%	65.15%	63.57%	69.12%	76.61%	69.74%	69.46%	77.22%	92.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	12.28	16.58	14.65	13.26	4.05	3.36	1.98	3.64	6.54	2.09
Quick Ratio	12.28	16.58	14.65	13.26	4.05	3.36	1.98	3.64	6.54	2.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	743	-9,464	-241	2,973	10,592	46	-5,491	5,040	441	-1,011
Operating Cash Flow to CapEx	3,050.14%	-347.20%	-2,050.82%	-9,535.17%	-2,670.05%	-12,401.89%	-7,693.46%	-5,618.26%	-5,251.87%	-4,945.54%
Free Cash Flow to Firm to Interest Expense	0.76	-10.99	-0.50	10.08	36.99	0.16	-22.47	34.07	4.03	-8.66
Operating Cash Flow to Interest Expense	2.85	-0.27	-1.52	-8.81	-1.49	-7.00	-5.80	-12.59	-5.72	-4.52
Operating Cash Flow Less CapEx to Interest Expense	2.76	-0.35	-1.59	-8.90	-1.54	-7.06	-5.87	-12.82	-5.83	-4.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.14	0.23	0.13	0.16	0.10	0.21	0.25	0.06
Accounts Receivable Turnover	3.98	4.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.12	3.61	3.83	4.27	4.92	4.12	3.64	4.10	3.96	1.37
Days Sales Outstanding (DSO)	91.77	83.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	117.02	101.10	95.37	85.56	74.25	88.58	100.27	88.98	92.11	265.59
Cash Conversion Cycle (CCC)	-25.25	-17.14	-95.37	-85.56	-74.25	-88.58	-100.27	-88.98	-92.11	-265.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-231	-311	-10,501	-11,006	-8,724	1,599	1,380	-4,184	885	1,097
Invested Capital Turnover	-14.34	-0.67	-0.28	-0.43	-0.50	1.19	-0.68	-0.90	1.27	1.42
Increase / (Decrease) in Invested Capital	81	10,190	504	-2,281	-10,323	219	5,564	-5,069	-212	1,046
Enterprise Value (EV)	55,131	33,983	7,478	9,531	1,268	4,480	2,572	2,114	1,726	1,576
Market Capitalization	55,420	35,620	19,001	21,708	10,887	3,519	1,481	1,286	1,134	722
Book Value per Share	$6.67	$6.17	$5.41	$6.31	$3.47	$4.10	$2.86	$6.98	$3.62	$3.06
Tangible Book Value per Share	$1.65	$0.92	($0.16)	$0.94	$2.61	$4.10	$2.86	$4.73	$1.12	$0.22
Total Capital	19,904	20,458	7,347	6,542	3,215	2,175	1,875	2,076	1,683	1,382
Total Debt	12,506	15,436	2,442	1,631	643	317	481	616	306	389
Total Long-Term Debt	12,506	15,436	2,442	1,631	643	317	481	616	306	389
Net Debt	-7,061	-4,765	-14,839	-15,262	-11,296	-428	-14	-59	-492	108
Capital Expenditures (CapEx)	92	67	36	27	16	17	18	33	12	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	370	473	374	-383	-262	-221	-250	-185	-122	-134
Debt-free Net Working Capital (DFNWC)	7,750	6,596	5,463	4,694	800	523	245	490	676	147
Net Working Capital (NWC)	7,750	6,596	5,463	4,694	800	523	245	490	676	147
Net Nonoperating Expense (NNE)	9.01	-634	-224	-107	-56	-107	-79	-202	-58	-28
Net Nonoperating Obligations (NNO)	-7,629	-5,333	-15,407	-15,916	-11,296	-259	-14	-5,644	-492	104
Total Depreciation and Amortization (D&A)	159	232	341	113	41	39	29	28	33	54
Debt-free, Cash-free Net Working Capital to Revenue	9.52%	13.03%	12.24%	-9.09%	-14.87%	-12.55%	-26.03%	-12.53%	-9.72%	-16.51%
Debt-free Net Working Capital to Revenue	199.49%	181.62%	178.81%	111.45%	45.34%	29.64%	25.60%	33.11%	53.91%	17.99%
Net Working Capital to Revenue	199.49%	181.62%	178.81%	111.45%	45.34%	29.64%	25.60%	33.11%	53.91%	17.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.04	$2.44	$1.74	$2.24	$0.89	$1.11	$0.30	$0.62	$1.22	$0.23
Adjusted Weighted Average Basic Shares Outstanding	198.05M	184.52M	351.02M	163.70M	135.07M	107.91M	96.02M	81.84M	80.75M	80.67M
Adjusted Diluted Earnings per Share	$2.04	$2.42	$1.74	$2.15	$0.87	$1.06	$0.30	$0.62	$1.20	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	198.05M	195.77M	351.02M	180.11M	149.51M	119.88M	96.02M	81.84M	82.94M	80.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	107.91M	96.02M	81.84M	80.75M	80.67M
Normalized Net Operating Profit after Tax (NOPAT)	824	726	263	691	268	265	73	175	229	35
Normalized NOPAT Margin	21.21%	19.98%	8.62%	16.41%	15.20%	15.03%	7.59%	11.84%	18.27%	4.27%
Pre Tax Income Margin	32.83%	36.70%	16.72%	25.30%	21.51%	24.08%	19.23%	10.13%	23.75%	10.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.97	0.97	0.66	2.77	1.13	0.99	0.36	-0.04	2.50	0.57
NOPAT to Interest Expense	0.84	0.84	0.55	2.34	0.94	0.89	0.30	-0.19	2.09	0.30
EBIT Less CapEx to Interest Expense	0.87	0.90	0.59	2.68	1.08	0.93	0.28	-0.26	2.39	0.48
NOPAT Less CapEx to Interest Expense	0.75	0.77	0.47	2.25	0.88	0.84	0.22	-0.42	1.99	0.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	176.07%	83.21%	208.30%	88.13%	215.20%	25.83%	104.98%	35.78%	115.48%	486.23%
Augmented Payout Ratio	203.99%	94.76%	249.62%	116.47%	244.59%	37.63%	116.82%	44.05%	129.42%	486.23%

This table displays calculated financial ratios and metrics derived from Ares Management's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.45%	68.30%	-27.86%	-13.03%	-17.10%	22.39%	110.02%	13.76%	-2.96%	-42.19%
EBITDA Growth	3.11%	120.66%	-10.60%	-7.98%	-34.98%	156.85%	1,042.15%	74.89%	80.22%	-218.59%
EBIT Growth	3.11%	120.66%	-10.60%	-7.98%	-34.98%	156.85%	1,042.15%	74.89%	80.22%	-218.59%
NOPAT Growth	-2.00%	146.26%	-12.22%	-6.21%	-34.27%	166.18%	960.79%	76.00%	66.82%	-221.75%
Net Income Growth	-70.97%	85.47%	-35.46%	-1.69%	128.34%	202.45%	116.45%	47.14%	132.08%	-152.56%
EPS Growth	-17.98%	83.33%	-41.89%	-32.65%	117.07%	168.18%	76.19%	2.08%	228.13%	-197.78%
Operating Cash Flow Growth	244.20%	164.34%	161.82%	0.35%	-193.98%	1,194.15%	11.77%	215.67%	74.68%	103.17%
Free Cash Flow Firm Growth	101.64%	131.75%	100.57%	-98.86%	-7,788.37%	-108.34%	-172.87%	255.87%	-105.02%	264.59%
Invested Capital Growth	25.93%	5.28%	37.19%	9.23%	97.04%	60.30%	96.45%	-103.75%	4.58%	-118.41%
Revenue Q/Q Growth	11.44%	43.24%	11.50%	-34.97%	57.02%	-38.60%	34.42%	-36.03%	131.82%	5.36%
EBITDA Q/Q Growth	16.51%	14.72%	31.96%	-51.47%	149.35%	-53.52%	35.83%	-58.69%	318.01%	-670.25%
EBIT Q/Q Growth	16.51%	14.72%	31.96%	-51.47%	149.35%	-53.52%	35.83%	-58.69%	318.01%	-670.25%
NOPAT Q/Q Growth	3.27%	20.86%	30.99%	-50.41%	159.52%	-56.92%	39.96%	-57.99%	361.29%	-460.32%
Net Income Q/Q Growth	3.49%	26.73%	-16.22%	103.31%	561.22%	-55.90%	27.62%	21.70%	396.66%	-193.18%
EPS Q/Q Growth	32.73%	27.91%	30.30%	-44.07%	196.67%	-59.46%	51.02%	19.51%	193.18%	-204.76%
Operating Cash Flow Q/Q Growth	-4.01%	94.67%	-39.13%	226.78%	-275.97%	145.53%	-198.80%	471.42%	-874.64%	103.10%
Free Cash Flow Firm Q/Q Growth	-22.31%	270.01%	-51.05%	101.17%	-1,406.40%	93.32%	-197.48%	8,146.31%	-101.59%	-41.64%
Invested Capital Q/Q Growth	51.07%	-101.46%	28.50%	-5.09%	37.43%	-33.60%	-3.32%	96.57%	-737.90%	88.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.22%	61.42%	46.76%	41.62%	62.92%	45.25%	66.38%	55.64%	73.25%	22.43%
EBITDA Margin	23.70%	22.66%	28.30%	23.91%	27.45%	17.29%	22.84%	22.60%	35.00%	-37.22%
Operating Margin	22.10%	24.33%	28.42%	23.87%	26.89%	16.43%	23.37%	22.71%	34.77%	-37.69%
EBIT Margin	23.70%	22.66%	28.30%	23.91%	27.45%	17.29%	22.84%	22.60%	35.00%	-37.22%
Profit (Net Income) Margin	17.79%	19.16%	21.65%	28.81%	73.20%	17.38%	24.20%	25.49%	26.58%	-20.77%
Tax Burden Percent	56.01%	66.16%	53.81%	88.21%	159.71%	51.43%	69.27%	85.98%	98.56%	188.64%
Interest Burden Percent	134.04%	127.75%	142.17%	136.60%	166.96%	195.52%	153.00%	131.19%	77.04%	29.58%
Effective Tax Rate	12.47%	14.20%	12.94%	11.79%	12.33%	13.18%	13.02%	14.02%	14.47%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.30%	0.00%	-29.40%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-95.49%	0.00%	-31.08%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%	0.00%	12.33%
Return on Equity (ROE)	13.12%	16.26%	14.64%	18.35%	27.40%	15.80%	10.81%	14.21%	9.93%	-17.07%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.71%	3.48%	3.85%	3.64%	4.27%	2.98%	3.84%	3.31%	4.90%	-5.60%
Return on Assets (ROA)	2.79%	2.94%	2.95%	4.38%	11.38%	3.00%	4.07%	3.73%	3.72%	-3.12%
Return on Common Equity (ROCE)	4.21%	5.68%	5.11%	6.57%	9.63%	5.34%	3.75%	7.69%	3.46%	-9.31%
Return on Equity Simple (ROE_SIMPLE)	0.00%	42.78%	39.39%	49.92%	0.00%	43.79%	30.19%	23.12%	0.00%	19.50%
Net Operating Profit after Tax (NOPAT)	244	236	195	149	249	96	222	159	378	-145
NOPAT Margin	19.34%	20.87%	24.74%	21.06%	23.58%	14.27%	20.33%	19.53%	29.74%	-26.38%
Net Nonoperating Expense Percent (NNEP)	-0.30%	-0.33%	-0.43%	1.06%	5.04%	0.37%	0.41%	108.79%	-0.26%	1.69%
Return On Investment Capital (ROIC_SIMPLE)	1.26%	-	-	-	1.25%	-	-	-	6.06%	-
Cost of Revenue to Revenue	36.78%	38.58%	53.24%	58.38%	37.08%	54.75%	33.62%	44.36%	26.75%	77.57%
SG&A Expenses to Revenue	15.82%	17.44%	21.48%	24.16%	15.07%	31.56%	12.91%	18.24%	10.45%	58.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.12%	37.09%	18.35%	17.75%	36.02%	28.82%	43.01%	32.93%	-35.78%	163.75%
Earnings before Interest and Taxes (EBIT)	298	256	223	169	289	116	250	184	445	-204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	298	256	223	169	289	116	250	184	445	-204
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	26.54	23.46	20.60	22.91	18.78	17.56	16.16	14.27	11.93	11.38
Price to Tangible Book Value (P/TBV)	107.12	89.67	93.58	227.62	126.40	111.83	147.44	317.68	0.00	0.00
Price to Revenue (P/Rev)	14.27	13.26	12.82	11.51	9.81	7.92	7.60	7.57	6.22	5.57
Price to Earnings (P/E)	125.68	105.95	102.27	89.49	75.10	72.97	88.40	110.70	113.41	98.97
Dividend Yield	2.10%	2.28%	2.55%	2.45%	2.66%	2.92%	2.95%	3.23%	3.78%	3.92%
Earnings Yield	0.80%	0.94%	0.98%	1.12%	1.33%	1.37%	1.13%	0.90%	0.88%	1.01%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	14.19	12.72	12.30	11.07	9.36	7.49	7.19	7.11	2.45	4.86
Enterprise Value to EBITDA (EV/EBITDA)	49.88	49.90	49.67	47.37	31.74	28.99	39.71	56.30	11.32	123.87
Enterprise Value to EBIT (EV/EBIT)	58.23	49.90	49.67	47.37	40.51	28.99	39.71	56.30	23.41	123.87
Enterprise Value to NOPAT (EV/NOPAT)	66.91	56.43	57.58	54.58	46.82	33.64	45.78	67.57	28.41	136.62
Enterprise Value to Operating Cash Flow (EV/OCF)	19.75	32.88	44.01	0.00	0.00	211.53	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	74.18	58.28	72.09	57.25	0.00	284.78	0.00	2.17	0.00	1.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.69	2.36	2.47	2.99	3.07	2.75	2.76	2.92	0.50	2.73
Long-Term Debt to Equity	1.69	2.36	2.47	2.99	3.07	2.75	2.76	2.92	0.50	2.73
Financial Leverage	-1.04	-1.09	-1.06	-1.07	-2.09	-1.18	-2.11	-0.01	-3.19	-0.40
Leverage Ratio	3.99	4.39	4.39	4.82	4.71	4.64	4.54	4.61	4.44	4.47
Compound Leverage Factor	5.35	5.60	6.24	6.58	7.86	9.07	6.94	6.04	3.42	1.32
Debt to Total Capital	62.83%	70.25%	71.15%	74.92%	75.46%	73.35%	73.38%	74.49%	33.24%	73.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.83%	70.25%	71.15%	74.92%	75.46%	73.35%	73.38%	74.49%	33.24%	73.22%
Preferred Equity to Total Capital	14.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.37%	19.24%	18.82%	16.27%	15.29%	17.49%	17.33%	16.22%	45.13%	17.91%
Common Equity to Total Capital	10.49%	10.52%	10.05%	8.83%	9.27%	9.17%	9.30%	9.31%	21.67%	8.89%
Debt to EBITDA	11.31	14.81	17.80	18.24	14.42	13.96	20.50	33.63	3.70	102.82
Net Debt to EBITDA	-6.39	-6.17	-6.80	-5.81	-4.45	-5.00	-7.15	-11.00	-22.46	-43.25
Long-Term Debt to EBITDA	11.31	14.81	17.80	18.24	14.42	13.96	20.50	33.63	3.70	102.82
Debt to NOPAT	15.18	16.74	20.63	21.01	21.27	16.20	23.64	40.36	9.28	113.41
Net Debt to NOPAT	-8.57	-6.97	-7.88	-6.70	-6.56	-5.80	-8.24	-13.20	-56.37	-47.70
Long-Term Debt to NOPAT	15.18	16.74	20.63	21.01	21.27	16.20	23.64	40.36	9.28	113.41
Altman Z-Score	2.42	2.04	1.78	1.70	1.56	1.45	1.41	1.23	1.15	1.04
Noncontrolling Interest Sharing Ratio	67.92%	65.07%	65.12%	64.19%	64.85%	66.17%	65.27%	45.89%	65.15%	45.45%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	12.28	14.21	15.19	15.16	16.58	12.48	12.61	11.43	14.65	14.43
Quick Ratio	12.28	14.21	15.19	15.16	16.58	12.48	12.61	11.43	14.65	14.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	163	210	57	116	-9,942	-660	-9,886	10,141	-126	7,916
Operating Cash Flow to CapEx	8,678.47%	3,128.28%	1,478.12%	2,723.51%	-2,434.37%	1,380.79%	-5,706.55%	7,970.85%	-2,571.64%	247.41%
Free Cash Flow to Firm to Interest Expense	0.66	0.91	0.22	0.47	-40.89	-2.90	-47.36	55.82	-0.53	60.40
Operating Cash Flow to Interest Expense	3.28	3.64	1.69	2.89	-2.30	1.40	-3.35	3.89	-0.80	0.19
Operating Cash Flow Less CapEx to Interest Expense	3.24	3.53	1.58	2.78	-2.40	1.30	-3.41	3.85	-0.83	0.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.15	0.14	0.15	0.16	0.17	0.17	0.15	0.14	0.15
Accounts Receivable Turnover	3.98	4.68	4.38	0.00	4.35	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.12	3.26	3.40	3.42	3.61	3.07	3.52	3.73	3.83	5.02
Days Sales Outstanding (DSO)	91.77	78.04	83.36	0.00	83.97	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	117.02	111.80	107.50	106.84	101.10	118.82	103.67	97.92	95.37	72.71
Cash Conversion Cycle (CCC)	-25.25	-33.75	-24.15	-106.84	-17.14	-118.82	-103.67	-97.92	-95.37	-72.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-231	-471	-234	-327	-311	-498	-372	-360	-10,501	-1,253
Invested Capital Turnover	-14.34	-7.60	-10.62	-10.26	-0.67	-4.40	-0.69	0.68	-0.28	1.11
Increase / (Decrease) in Invested Capital	81	26	138	33	10,190	756	10,108	-9,982	504	-8,061
Enterprise Value (EV)	55,131	46,797	39,624	39,042	33,983	28,828	26,778	22,417	7,478	15,037
Market Capitalization	55,420	48,777	41,292	40,569	35,620	30,491	28,332	23,879	19,001	17,234
Book Value per Share	$6.67	$6.64	$6.47	$9.19	$6.17	$5.70	$5.80	$5.64	$5.41	$5.15
Tangible Book Value per Share	$1.65	$1.74	$1.42	$0.93	$0.92	$0.90	$0.64	$0.25	($0.16)	($0.52)
Total Capital	19,904	19,765	19,953	20,061	20,458	18,926	18,842	17,976	7,347	17,047
Total Debt	12,506	13,886	14,196	15,031	15,436	13,882	13,826	13,390	2,442	12,482
Total Long-Term Debt	12,506	13,886	14,196	15,031	15,436	13,882	13,826	13,390	2,442	12,482
Net Debt	-7,061	-5,783	-5,423	-4,790	-4,765	-4,974	-4,820	-4,379	-14,839	-5,250
Capital Expenditures (CapEx)	9.31	27	29	26	23	23	12	8.88	7.41	9.94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	370	362	372	373	473	195	162	-449	374	-427
Debt-free Net Working Capital (DFNWC)	7,750	6,721	6,313	6,404	6,596	5,829	5,718	4,679	5,463	5,736
Net Working Capital (NWC)	7,750	6,721	6,313	6,404	6,596	5,829	5,718	4,679	5,463	5,736
Net Nonoperating Expense (NNE)	20	19	24	-55	-523	-21	-42	-48	40	-31
Net Nonoperating Obligations (NNO)	-7,629	-6,351	-5,991	-5,358	-5,333	-5,542	-5,388	-4,947	-15,407	-5,818
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	9.52%	9.84%	11.54%	10.58%	13.03%	5.07%	4.36%	-14.23%	12.24%	-13.80%
Debt-free Net Working Capital to Revenue	199.49%	182.64%	195.97%	181.62%	181.62%	151.43%	153.43%	148.36%	178.81%	185.37%
Net Working Capital to Revenue	199.49%	182.64%	195.97%	181.62%	181.62%	151.43%	153.43%	148.36%	178.81%	185.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.73	$0.55	$0.43	$0.33	$0.90	$0.60	$1.50	$0.98	$0.41	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	198.05M	200.72M	196.19M	192.62M	184.52M	372.44M	366.00M	357.95M	175.51M	175.63M
Adjusted Diluted Earnings per Share	$0.73	$0.55	$0.43	$0.33	$0.89	$0.60	$1.48	$0.98	$0.41	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	198.05M	200.72M	196.19M	192.62M	195.77M	372.44M	388.12M	357.95M	175.51M	175.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	244	236	195	149	249	96	222	159	378	-145
Normalized NOPAT Margin	19.34%	20.87%	24.74%	21.06%	23.58%	14.27%	20.33%	19.53%	29.74%	-26.38%
Pre Tax Income Margin	31.76%	28.95%	40.23%	32.66%	45.84%	33.80%	34.94%	29.65%	26.96%	-11.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.21	1.11	0.87	0.69	1.19	0.51	1.20	1.01	1.86	-1.56
NOPAT to Interest Expense	0.99	1.02	0.76	0.61	1.02	0.42	1.06	0.87	1.58	-1.10
EBIT Less CapEx to Interest Expense	1.17	0.99	0.76	0.58	1.10	0.41	1.14	0.96	1.83	-1.63
NOPAT Less CapEx to Interest Expense	0.95	0.90	0.65	0.50	0.93	0.32	1.01	0.83	1.55	-1.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	176.07%	153.19%	160.46%	136.71%	83.21%	147.45%	208.40%	269.53%	208.30%	302.74%
Augmented Payout Ratio	203.99%	178.32%	189.19%	162.81%	94.76%	167.55%	235.92%	303.65%	249.62%	370.25%

Frequently Asked Questions About Ares Management's Financials

When does Ares Management's fiscal year end?

According to the most recent income statement we have on file, Ares Management's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ares Management's net income changed over the last 9 years?

Ares Management's net income appears to be on an upward trend, with a most recent value of $814.96 million in 2024, rising from $62.42 million in 2015. The previous period was $1.36 billion in 2023. See Ares Management's forecast for analyst expectations on what’s next for the company.

What is Ares Management's operating income?

Ares Management's total operating income in 2024 was $946.09 million, based on the following breakdown:

Total Gross Profit: $2.15 billion
Total Operating Expenses: $1.21 billion

How has Ares Management revenue changed over the last 9 years?

Over the last 9 years, Ares Management's total revenue changed from $814.44 million in 2015 to $3.88 billion in 2024, a change of 377.0%.

How much debt does Ares Management have?

Ares Management's total liabilities were at $17.49 billion at the end of 2024, a 11.3% decrease from 2023, and a 425.2% increase since 2015.

How much cash does Ares Management have?

In the past 9 years, Ares Management's cash and equivalents has ranged from $280.99 million in 2015 to $2.74 billion in 2024, and is currently $2.74 billion as of their latest financial filing in 2024.

How has Ares Management's book value per share changed over the last 9 years?

Over the last 9 years, Ares Management's book value per share changed from 3.06 in 2015 to 6.67 in 2024, a change of 117.9%.

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This page (NYSE:ARES) was last updated on 5/20/2025 by MarketBeat.com Staff

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Ares Management (ARES) Financials

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Ares Management (ARES) Financials

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