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Ares Management (ARES) Financials

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$188.53 +1.58 (+0.84%)
Closing price 08/8/2025 03:59 PM Eastern
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$188.59 +0.06 (+0.03%)
As of 08/8/2025 07:55 PM Eastern
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Annual Income Statements for Ares Management

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
1,243 12 103 54 35 127 130 387 168 474 441
Consolidated Net Income / (Loss)
546 62 287 173 152 373 324 798 487 1,360 815
Net Income / (Loss) Continuing Operations
1,753 55 287 173 152 373 341 918 439 1,160 1,111
Total Pre-Tax Income
557 81 298 150 184 425 379 1,066 511 1,333 1,275
Total Operating Income
348 45 238 -25 88 303 314 802 306 834 946
Total Gross Profit
751 400 807 966 388 1,112 997 3,049 1,557 2,145 2,153
Total Revenue
1,208 814 1,254 1,480 958 1,765 1,764 4,212 3,055 3,632 3,885
Operating Revenue
1,208 814 1,254 1,480 958 1,765 1,764 4,212 3,055 3,632 3,885
Total Cost of Revenue
456 414 448 514 570 653 767 1,163 1,499 1,487 1,732
Operating Cost of Revenue
456 414 448 514 570 653 767 1,163 1,499 1,487 1,732
Total Operating Expenses
404 355 569 991 300 809 683 2,247 1,250 1,311 1,207
Selling, General & Admin Expense
167 225 160 197 216 270 259 444 695 660 737
Other Operating Expenses / (Income)
237 130 409 519 84 539 424 1,803 555 651 470
Total Other Income / (Expense), net
1,417 29 60 175 96 123 83 264 204 499 329
Interest Expense
0.00 117 109 148 244 297 286 295 483 861 978
Interest & Investment Income
815 124 134 303 341 428 358 544 674 1,355 1,307
Other Income / (Expense), net
-606 22 36 19 -0.85 -7.84 11 14 13 4.82 0.63
Income Tax Expense
11 19 11 -23 32 52 55 147 72 173 165
Preferred Stock Dividends Declared
0.00 0.00 12 22 22 22 22 22 0.00 0.00 23
Net Income / (Loss) Attributable to Noncontrolling Interest
511 43 172 97 95 224 172 120 271 686 647
Basic Earnings per Share
$0.43 $0.23 $1.22 $0.62 $0.30 $1.11 $1.78 $2.24 $0.87 $2.44 $2.04
Weighted Average Basic Shares Outstanding
80.36M 80.67M 80.75M 81.84M 96.02M 107.91M 270.13M 163.70M 175.51M 184.52M 198.05M
Diluted Earnings per Share
$0.43 $0.23 $1.20 $0.62 $0.30 $1.06 $1.74 $2.15 $0.87 $2.42 $2.04
Weighted Average Diluted Shares Outstanding
80.36M 80.67M 82.94M 81.84M 96.02M 119.88M 299.02M 180.11M 175.51M 195.77M 198.05M
Weighted Average Basic & Diluted Shares Outstanding
80.36M 80.67M 80.75M 81.84M 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Dividends to Common per Share
$0.42 $0.88 - $1.13 $0.28 $1.28 - $1.88 - - $3.72

Quarterly Income Statements for Ares Management

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 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
117 94 145 62 174 73 95 118 155 22 112
Consolidated Net Income / (Loss)
338 207 265 117 772 277 95 216 224 171 137
Net Income / (Loss) Continuing Operations
426 207 332 197 424 204 276 281 350 124 226
Total Pre-Tax Income
343 241 382 227 483 231 317 327 400 141 287
Total Operating Income
442 185 256 110 283 169 224 275 278 74 213
Total Gross Profit
931 453 726 304 663 294 369 694 796 432 706
Total Revenue
1,271 813 1,093 671 1,054 707 789 1,130 1,259 1,089 1,350
Operating Revenue
1,271 813 1,093 671 1,054 707 789 1,130 1,259 1,089 1,350
Total Cost of Revenue
340 361 368 368 391 413 420 436 463 657 644
Operating Cost of Revenue
340 361 368 368 391 413 420 436 463 657 644
Total Operating Expenses
-455 268 470 193 380 126 145 419 518 357 494
Selling, General & Admin Expense
133 148 141 212 159 171 169 197 199 228 232
Other Operating Expenses / (Income)
356 120 329 -18 221 -45 -25 222 319 129 262
Total Other Income / (Expense), net
33 56 126 117 200 62 93 52 122 67 74
Interest Expense
240 182 209 227 243 246 255 231 247 189 189
Interest & Investment Income
270 239 341 338 437 308 349 302 348 266 310
Other Income / (Expense), net
2.93 -0.92 -5.89 5.74 5.89 0.27 -0.94 -19 20 -11 -47
Income Tax Expense
50 34 50 30 60 27 41 46 50 18 61
Preferred Stock Dividends Declared
- - - - - 0.00 0.00 - - 25 25
Net Income / (Loss) Attributable to Noncontrolling Interest
176 113 188 135 250 131 181 162 173 76 89
Basic Earnings per Share
$0.41 $0.49 $0.75 $0.30 $0.90 $0.33 $0.43 $0.55 $0.73 $0.00 $0.46
Weighted Average Basic Shares Outstanding
175.51M 178.98M 183.00M 186.22M 184.52M 192.62M 196.19M 200.72M 198.05M 209.35M 218.92M
Diluted Earnings per Share
$0.41 $0.49 $0.74 $0.30 $0.89 $0.33 $0.43 $0.55 $0.73 $0.00 $0.46
Weighted Average Diluted Shares Outstanding
175.51M 178.98M 194.06M 186.22M 195.77M 192.62M 196.19M 200.72M 198.05M 209.35M 218.92M
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 0.00

Annual Cash Flow Statements for Ares Management

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
59 -27 221 -224 -8.68 28 401 -3,071 -1,123 -42 1,160
Net Cash From Operating Activities
1,533 -528 -626 -1,863 -1,417 -2,083 -426 -2,596 -734 -233 2,791
Net Cash From Continuing Operating Activities
1,533 -528 -626 -1,863 -1,459 -1,988 -426 -4,433 -1,612 -233 2,791
Net Income / (Loss) Continuing Operations
546 62 287 173 152 373 324 0.00 0.00 1,160 1,111
Consolidated Net Income / (Loss)
546 62 287 173 152 373 324 - - 1,160 1,111
Depreciation Expense
36 55 37 33 29 39 41 113 341 232 159
Non-Cash Adjustments To Reconcile Net Income
966 -335 -1,059 -1,951 -1,745 -2,416 -837 -5,428 -1,455 -1,873 1,629
Changes in Operating Assets and Liabilities, net
4.30 -309 114 -113 106 16 46 882 -499 248 -107
Net Cash From Investing Activities
-77 -75 -12 -33 -18 -17 -137 -1,085 -337 -111 -159
Net Cash From Continuing Investing Activities
-77 -75 -12 -33 -18 -17 -16 -2,142 -639 -111 -159
Purchase of Property, Plant & Equipment
-17 -11 -12 -33 -18 -17 -16 -27 -36 -67 -92
Acquisitions
-60 -64 - - 0.00 0.00 0.00 -2,115 -603 -44 -68
Net Cash From Financing Activities
-1,364 582 881 1,655 1,405 2,122 944 3,504 1,128 292 -1,432
Net Cash From Continuing Financing Activities
-1,364 582 881 1,938 1,740 2,468 944 3,504 1,128 292 -1,432
Repayment of Debt
-4,483 -504 -974 -1,682 -1,886 -1,539 -1,052 -537 -1,236 -1,611 -4,581
Repurchase of Common Equity
0.00 0.00 -40 -14 -18 -44 -95 -226 -201 -157 -228
Payment of Dividends
-1,653 -304 -331 -62 -160 -96 -698 -703 -1,015 -1,132 -1,435
Issuance of Debt
4,252 1,301 1,795 3,505 3,626 3,677 2,202 3,382 3,010 3,296 2,305
Issuance of Preferred Equity
0.00 0.00 299 - - - - - 0.00 0.00 1,459
Issuance of Common Equity
548 89 133 190 176 380 516 1,861 549 855 1,046
Other Financing Activities, net
-29 0.00 0.00 1.04 0.95 91 93 37 21 -960 1.51
Effect of Exchange Rate Changes
-33 -5.81 -22 17 22 5.62 20 - - 11 -40
Cash Interest Paid
220 60 69 94 185 233 257 205 320 723 867
Cash Income Taxes Paid
37 15 27 18 27 36 38 23 105 62 108

Quarterly Cash Flow Statements for Ares Management

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 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
-1,141 -118 4.58 35 36 -1.94 -62 66 1,158 -889 -109
Net Cash From Operating Activities
-191 708 -699 318 -560 710 432 841 808 1,994 416
Net Cash From Continuing Operating Activities
-1,068 708 -699 318 -560 710 432 841 808 1,994 416
Net Income / (Loss) Continuing Operations
-146 207 332 197 424 204 276 281 350 124 226
Consolidated Net Income / (Loss)
- 207 332 197 424 204 276 281 350 124 226
Non-Cash Adjustments To Reconcile Net Income
-452 493 -1,094 55 -1,328 402 103 460 664 1,643 228
Changes in Operating Assets and Liabilities, net
-812 7.07 62 66 113 104 53 101 -365 228 -38
Net Cash From Investing Activities
-7.33 -8.88 -12 -23 -67 -34 -29 -33 -64 -1,745 -23
Net Cash From Continuing Investing Activities
-309 -8.88 -12 -23 -67 -34 -29 -33 -64 -1,745 -23
Purchase of Property, Plant & Equipment
-7.41 -8.88 -12 -23 -23 -26 -29 -27 -9.31 -22 -23
Net Cash From Financing Activities
201 -821 724 -244 634 -667 -459 -784 478 -1,178 -567
Net Cash From Continuing Financing Activities
201 -821 724 -244 634 -667 -459 -784 478 -1,178 -567
Repayment of Debt
-207 -247 -396 -283 -684 -630 -1,297 -972 -1,682 -1,404 -721
Repurchase of Common Equity
-7.09 -113 -20 -12 -12 -187 -16 -8.54 -16 -397 -20
Payment of Dividends
-302 -273 -274 -271 -315 -347 -333 -366 -389 -763 -430
Issuance of Debt
460 248 783 254 2,012 327 490 476 1,012 1,298 540
Issuance of Common Equity
251 94 587 55 120 169 697 86 95 89 71
Other Financing Activities, net
6.67 -530 44 13 -487 1.51 - - - 0.00 -7.14
Effect of Exchange Rate Changes
- 4.71 -7.76 -16 30 -11 -5.92 41 -64 39 66

Annual Balance Sheets for Ares Management

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
21,639 4,321 5,830 8,564 10,155 12,014 15,169 21,605 22,003 24,731 24,884
Total Current Assets
336 281 798 675 495 745 1,062 5,077 5,864 7,019 8,437
Cash & Equivalents
149 281 798 675 495 745 1,062 1,393 1,115 1,498 2,735
Short-Term Investments
0.00 - - - - - - 3,684 3,975 4,625 4,645
Accounts Receivable
- - - - - - - - 774 897 1,057
Plant, Property, & Equipment, net
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets
546 4,037 5,032 2,303 9,660 11,269 14,107 15,874 15,571 17,143 15,880
Long-Term Investments
0.00 - - - - - 10,877 11,816 12,191 14,079 12,187
Goodwill
86 144 144 144 - - - 788 1,000 1,124 1,163
Intangible Assets
41 85 58 40 - - 222 769 640 491 408
Other Noncurrent Operating Assets
233 3,808 4,823 2,111 9,660 11,269 3,008 2,501 1,740 1,450 2,122
Total Liabilities & Shareholders' Equity
21,639 4,321 5,830 8,564 10,155 12,014 15,169 21,605 22,003 24,731 24,884
Total Liabilities
14,880 3,329 4,452 7,103 8,760 10,156 12,597 16,695 17,098 19,709 17,486
Total Current Liabilities
503 134 122 185 250 221 262 383 400 423 687
Accounts Payable
482 122 104 146 167 150 162 383 400 423 687
Total Noncurrent Liabilities
393 3,195 4,330 6,918 8,511 9,765 12,335 16,312 16,698 19,286 16,799
Long-Term Debt
243 389 306 616 481 317 643 1,631 2,442 15,436 2,834
Noncurrent Employee Benefit Liabilities
129 125 132 850 671 868 916 310 510 287 281
Other Noncurrent Operating Liabilities
0.00 2,660 3,893 5,452 7,359 8,581 10,775 14,370 13,746 3,562 13,684
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 24 - - - 0.00 100 1,096 1,106 547 574
Total Equity & Noncontrolling Interests
5,698 968 1,377 1,460 1,394 1,859 2,472 3,814 3,799 4,474 6,824
Total Preferred & Common Equity
284 247 293 574 588 768 1,194 1,825 1,589 1,893 3,544
Preferred Stock
- - - 0.00 299 299 299 - - 0.00 2,918
Total Common Equity
284 247 293 574 290 471 898 1,828 1,592 1,896 2,088
Common Stock
285 252 302 279 328 528 1,049 1,919 1,977 2,397 2,943
Retained Earnings
- - - 0.00 -29 -51 -152 -89 -369 -495 -837
Accumulated Other Comprehensive Income / (Loss)
-1.39 -4.62 -8.94 -4.21 -8.52 -6.05 0.48 -1.86 -15 -5.63 -18
Noncontrolling Interest
0.00 721 1,084 887 806 1,090 1,278 1,989 2,209 2,581 3,281

Quarterly Balance Sheets for Ares Management

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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets
21,206 21,929 23,119 23,384 24,413 24,193 24,523 27,182 27,265
Total Current Assets
6,163 5,128 6,210 6,337 6,856 6,757 7,229 7,818 7,789
Cash & Equivalents
1,045 1,027 1,089 1,197 1,546 1,525 1,666 1,803 1,532
Short-Term Investments
5,117 4,101 4,466 4,437 4,485 4,415 4,693 4,892 5,123
Accounts Receivable
- - 655 703 825 817 871 1,123 1,135
Plant, Property, & Equipment, net
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets
14,476 16,233 16,341 16,479 16,990 16,867 16,725 18,046 18,158
Long-Term Investments
11,569 12,641 13,091 13,222 13,790 13,678 13,310 11,420 11,557
Goodwill
997 999 998 998 1,130 1,130 1,133 3,499 3,436
Intangible Assets
670 599 563 466 462 433 402 959 903
Other Noncurrent Operating Assets
1,239 1,994 1,689 1,794 1,607 1,626 1,880 2,168 2,262
Total Liabilities & Shareholders' Equity
21,206 21,929 23,119 23,384 24,413 24,193 24,523 27,182 27,265
Total Liabilities
16,642 17,342 18,103 18,340 19,383 18,436 18,643 18,390 18,426
Total Current Liabilities
427 449 492 508 452 445 509 997 1,015
Accounts Payable
427 449 492 508 452 445 509 997 1,015
Total Noncurrent Liabilities
16,214 16,894 17,611 17,832 18,931 17,991 18,134 17,393 17,410
Long-Term Debt
12,482 13,390 13,826 13,882 15,031 14,196 13,886 12,670 12,784
Noncurrent Employee Benefit Liabilities
595 214 251 361 218 297 401 301 438
Other Noncurrent Operating Liabilities
3,137 3,289 3,534 3,589 3,682 3,498 3,848 4,422 4,188
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
1,097 507 1,023 1,026 553 560 569 580 582
Total Equity & Noncontrolling Interests
3,468 4,079 3,992 4,018 4,477 5,197 5,310 8,212 8,257
Total Preferred & Common Equity
1,512 1,670 1,750 1,733 1,767 2,002 2,076 4,454 4,362
Preferred Stock
- - - - - - - 2,920 2,920
Total Common Equity
1,515 1,673 1,753 1,736 1,771 2,005 2,079 2,997 2,905
Common Stock
1,918 2,106 2,188 2,269 2,394 2,728 2,863 4,047 4,095
Retained Earnings
-374 -421 -426 -515 -613 -713 -792 -1,074 -1,222
Accumulated Other Comprehensive Income / (Loss)
-29 -12 -9.69 -17 -10 -10 8.45 24 32
Noncontrolling Interest
1,956 2,409 2,242 2,285 2,710 3,195 3,234 3,758 3,895

Annual Metrics And Ratios for Ares Management

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
165.23% -32.57% 54.02% 17.98% -35.24% 84.20% -0.08% 138.77% -27.46% 18.87% 6.96%
EBITDA Growth
-14.49% 150.04% 152.96% -92.50% 403.46% 188.74% 9.53% 153.95% -28.92% 62.00% 3.24%
EBIT Growth
-22.26% 125.94% 307.86% -101.95% 1,732.33% 237.89% 10.19% 151.32% -60.87% 162.57% 12.86%
NOPAT Growth
273.00% -89.79% 558.87% -112.49% 353.94% 264.96% 1.04% 157.75% -61.91% 175.72% 13.53%
Net Income Growth
-32.91% -88.56% 359.63% -39.73% -12.01% 145.04% -12.96% 145.91% -38.95% 179.22% -40.08%
EPS Growth
0.00% -46.51% 421.74% -48.33% -51.61% 253.33% 64.15% 23.56% -59.53% 178.16% -15.70%
Operating Cash Flow Growth
0.00% -134.45% -18.50% -197.77% 23.94% -47.00% 79.57% -509.89% 71.72% 68.23% 1,296.58%
Free Cash Flow Firm Growth
277.21% -572.95% 143.60% 1,043.08% -208.96% 100.85% 22,705.55% -71.94% -108.10% -3,829.33% 107.85%
Invested Capital Growth
166.35% 2,066.83% -19.31% -572.80% 132.99% 15.86% -645.49% -26.15% 4.58% 97.04% 25.93%
Revenue Q/Q Growth
38.85% -26.88% -25.03% 74.67% -11.75% 12.02% 12.38% 19.22% -1.25% -5.65% 5.57%
EBITDA Q/Q Growth
-187.68% 117.56% -63.75% 103.28% -4.98% 29.25% 1,024.94% -0.05% 444.34% 7.65% 17.87%
EBIT Q/Q Growth
-193.64% 108.94% -67.64% 99.24% -28.39% 13.99% 898.19% -12.23% 163.17% -15.65% 0.96%
NOPAT Q/Q Growth
46.00% -61.22% -68.92% 96.39% -31.84% 15.03% 28.76% 18.95% 139.17% -15.30% -0.64%
Net Income Q/Q Growth
-23.05% -72.33% 54.46% 26.50% -43.09% 22.36% 94.67% -10.81% 65.22% 79.22% -8.25%
EPS Q/Q Growth
0.00% 0.00% 42.86% 10.71% -48.28% 11.58% 102.33% -40.11% 521.43% 24.74% -7.27%
Operating Cash Flow Q/Q Growth
-0.33% 0.00% -135.42% -19.54% 40.81% -51.61% -9.01% -13.77% 43.35% -271.16% 96.08%
Free Cash Flow Firm Q/Q Growth
0.00% -105.52% 295.15% 1,380.03% -21,867.46% 127.10% 3,523.03% 168.37% -102.95% -9,449.44% -7.44%
Invested Capital Q/Q Growth
-99.73% 249.54% -30.71% -576.58% 43.89% 17.48% -564.29% -261.67% -737.90% 37.43% 51.07%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
62.21% 49.11% 64.31% 65.26% 40.49% 62.99% 56.51% 72.40% 50.95% 59.07% 55.42%
EBITDA Margin
-20.05% 14.88% 24.43% 1.55% 12.08% 18.93% 20.75% 22.07% 21.63% 29.48% 28.45%
Operating Margin
28.79% 5.57% 18.97% -1.68% 9.19% 17.14% 17.78% 19.04% 10.03% 22.96% 24.35%
EBIT Margin
-21.41% 8.24% 21.81% -0.36% 9.10% 16.70% 18.42% 19.38% 10.46% 23.10% 24.37%
Profit (Net Income) Margin
45.18% 7.66% 22.87% 11.68% 15.87% 21.12% 18.39% 18.94% 15.94% 37.45% 20.98%
Tax Burden Percent
97.98% 76.60% 96.30% 115.38% 82.53% 87.68% 85.51% 74.88% 95.36% 102.03% 63.90%
Interest Burden Percent
-215.38% 121.47% 108.89% -2,803.72% 211.28% 144.23% 116.82% 130.53% 159.89% 158.92% 134.71%
Effective Tax Rate
2.02% 23.40% 3.70% -15.38% 17.47% 12.32% 14.49% 13.83% 14.07% 12.98% 12.91%
Return on Invested Capital (ROIC)
0.00% 6.06% 23.13% 0.00% 0.00% 17.81% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 5.07% -6.63% 0.00% 0.00% -60.84% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% -4.20% 1.09% 0.00% 0.00% 5.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
8.92% 1.87% 24.21% 12.19% 10.66% 22.92% 14.65% 21.33% 9.93% 27.40% 13.12%
Cash Return on Invested Capital (CROIC)
422.47% -176.29% 44.50% 0.00% -397.82% 3.12% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
-1.14% 0.52% 5.39% -0.07% 0.93% 2.66% 2.39% 4.44% 1.47% 3.59% 3.82%
Return on Assets (ROA)
2.41% 0.48% 5.65% 2.40% 1.63% 3.36% 2.39% 4.34% 2.23% 5.82% 3.29%
Return on Common Equity (ROCE)
0.21% 0.15% 5.52% 3.72% 3.23% 5.36% 4.52% 7.77% 3.46% 9.63% 4.21%
Return on Equity Simple (ROE_SIMPLE)
192.38% 25.28% 97.97% 30.14% 25.88% 48.52% 27.18% 43.72% 30.65% 71.83% 23.00%
Net Operating Profit after Tax (NOPAT)
341 35 229 -29 73 265 268 691 263 726 824
NOPAT Margin
28.21% 4.27% 18.27% -1.93% 7.59% 15.03% 15.20% 16.41% 8.62% 19.98% 21.21%
Net Nonoperating Expense Percent (NNEP)
3.34% 1.00% 29.76% 6.57% 2.81% 78.65% 0.98% 0.79% 1.43% 6.12% -0.14%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - 4.22% 3.65% 4.26%
Cost of Revenue to Revenue
37.79% 50.89% 35.69% 34.74% 59.51% 37.01% 43.49% 27.60% 49.05% 40.93% 44.58%
SG&A Expenses to Revenue
13.81% 27.60% 12.74% 13.29% 22.53% 15.31% 14.68% 10.55% 22.75% 18.18% 18.96%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
33.42% 43.54% 45.34% 66.94% 31.30% 45.85% 38.73% 53.36% 40.93% 36.10% 31.07%
Earnings before Interest and Taxes (EBIT)
-259 67 274 -5.35 87 295 325 816 319 839 947
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-242 121 306 23 116 334 366 930 661 1,071 1,105
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
3.21 2.92 3.87 2.24 5.10 7.48 12.13 11.87 11.93 18.78 26.54
Price to Tangible Book Value (P/TBV)
5.79 40.38 12.48 3.30 5.10 7.48 16.12 80.00 0.00 126.40 107.12
Price to Revenue (P/Rev)
0.75 0.89 0.90 0.87 1.55 1.99 6.17 5.15 6.22 9.81 14.27
Price to Earnings (P/E)
0.73 59.82 11.01 23.61 41.94 27.67 83.47 56.13 113.41 75.10 125.68
Dividend Yield
3.72% 9.83% 5.92% 8.05% 10.03% 4.17% 3.80% 2.51% 3.78% 2.66% 2.10%
Earnings Yield
136.51% 1.67% 9.09% 4.24% 2.38% 3.61% 1.20% 1.78% 0.88% 1.33% 0.80%
Enterprise Value to Invested Capital (EV/IC)
19.27 1.44 1.95 0.00 1.86 2.80 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
0.81 1.93 1.38 1.43 2.68 2.54 0.72 2.26 2.45 9.36 14.19
Enterprise Value to EBITDA (EV/EBITDA)
0.00 13.00 5.63 91.93 22.22 13.40 3.46 10.25 11.32 31.74 49.88
Enterprise Value to EBIT (EV/EBIT)
0.00 23.49 6.31 0.00 29.48 15.20 3.90 11.67 23.41 40.51 58.23
Enterprise Value to NOPAT (EV/NOPAT)
2.86 45.30 7.53 0.00 35.38 16.88 4.73 13.79 28.41 46.82 66.91
Enterprise Value to Operating Cash Flow (EV/OCF)
0.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19.75
Enterprise Value to Free Cash Flow (EV/FCFF)
4.56 0.00 3.91 0.42 0.00 96.46 0.12 3.21 0.00 0.00 74.18
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.04 0.39 0.22 0.42 0.34 0.17 0.25 0.33 0.50 3.07 1.69
Long-Term Debt to Equity
0.04 0.39 0.22 0.42 0.34 0.17 0.25 0.33 0.50 3.07 1.69
Financial Leverage
-1.00 -0.83 -0.16 -2.16 -1.98 -0.08 -2.61 -3.64 -3.19 -2.09 -1.04
Leverage Ratio
3.71 3.88 4.28 5.07 6.56 6.82 6.14 4.91 4.44 4.71 3.99
Compound Leverage Factor
-7.98 4.71 4.66 -142.22 13.85 9.83 7.17 6.42 7.10 7.48 5.38
Debt to Total Capital
4.14% 28.17% 18.17% 29.67% 25.65% 14.56% 20.00% 24.94% 33.24% 75.46% 62.83%
Short-Term Debt to Total Capital
0.05% 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
4.10% 28.17% 18.17% 29.67% 25.65% 14.56% 20.00% 24.94% 33.24% 75.46% 62.83%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 15.93% 13.73% 9.29% 0.00% 0.00% 0.00% 14.66%
Noncontrolling Interests to Total Capital
0.00% 53.96% 64.43% 42.70% 43.00% 50.12% 42.87% 47.16% 45.13% 15.29% 19.37%
Common Equity to Total Capital
4.77% 17.87% 17.40% 27.62% 15.47% 21.64% 27.92% 27.94% 21.67% 9.27% 10.49%
Debt to EBITDA
-1.02 3.21 1.00 26.80 4.15 0.95 1.76 1.75 3.70 14.42 11.31
Net Debt to EBITDA
-0.27 0.89 -1.61 -2.58 -0.12 -1.28 -30.86 -16.42 -22.46 -4.45 -6.39
Long-Term Debt to EBITDA
-1.01 3.21 1.00 26.80 4.15 0.95 1.76 1.75 3.70 14.42 11.31
Debt to NOPAT
0.72 11.19 1.33 -21.52 6.61 1.19 2.40 2.36 9.28 21.27 15.18
Net Debt to NOPAT
0.19 3.11 -2.15 2.07 -0.19 -1.61 -42.13 -22.08 -56.37 -6.56 -8.57
Long-Term Debt to NOPAT
0.71 11.19 1.33 -21.52 6.61 1.19 2.40 2.36 9.28 21.27 15.18
Altman Z-Score
0.04 0.41 0.66 0.35 0.25 0.48 0.75 1.35 1.13 1.64 2.51
Noncontrolling Interest Sharing Ratio
97.68% 92.07% 77.22% 69.46% 69.74% 76.61% 69.12% 63.57% 65.15% 64.85% 67.92%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.67 2.09 6.54 3.64 1.98 3.36 4.05 13.26 14.65 16.58 12.28
Quick Ratio
0.30 2.09 6.54 3.64 1.98 3.36 4.05 13.26 14.65 16.58 12.28
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
214 -1,011 441 5,040 -5,491 46 10,592 2,973 -241 -9,464 743
Operating Cash Flow to CapEx
9,197.00% -4,945.54% -5,251.87% -5,618.26% -7,693.46% -12,401.89% -2,670.05% -9,535.17% -2,050.82% -347.20% 3,050.14%
Free Cash Flow to Firm to Interest Expense
0.00 -8.66 4.03 34.07 -22.47 0.16 36.99 10.08 -0.50 -10.99 0.76
Operating Cash Flow to Interest Expense
0.00 -4.52 -5.72 -12.59 -5.80 -7.00 -1.49 -8.81 -1.52 -0.27 2.85
Operating Cash Flow Less CapEx to Interest Expense
0.00 -4.62 -5.83 -12.82 -5.87 -7.06 -1.54 -8.90 -1.59 -0.35 2.76
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.05 0.06 0.25 0.21 0.10 0.16 0.13 0.23 0.14 0.16 0.16
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.35 3.98
Inventory Turnover
0.00 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 0.00
Accounts Payable Turnover
1.66 1.37 3.96 4.10 3.64 4.12 4.92 4.27 3.83 3.61 3.12
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 83.97 91.77
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
219.57 265.59 92.11 88.98 100.27 88.58 74.25 85.56 95.37 101.10 117.02
Cash Conversion Cycle (CCC)
-219.57 -265.59 -92.11 -88.98 -100.27 -88.58 -74.25 -85.56 -95.37 -17.14 -25.25
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
51 1,097 885 -4,184 1,380 1,599 -8,724 -11,006 -10,501 -311 -231
Invested Capital Turnover
-94.12 1.42 1.27 -0.90 -0.68 1.19 -0.50 -0.43 -0.28 -0.67 -14.34
Increase / (Decrease) in Invested Capital
127 1,046 -212 -5,069 5,564 219 -10,323 -2,281 504 10,190 81
Enterprise Value (EV)
975 1,576 1,726 2,114 2,572 4,480 1,268 9,531 7,478 33,983 55,131
Market Capitalization
910 722 1,134 1,286 1,481 3,519 10,887 21,708 19,001 35,620 55,420
Book Value per Share
$3.52 $3.06 $3.62 $6.98 $2.86 $4.10 $3.47 $6.31 $5.41 $6.17 $6.67
Tangible Book Value per Share
$1.95 $0.22 $1.12 $4.73 $2.86 $4.10 $2.61 $0.94 ($0.16) $0.92 $1.65
Total Capital
5,944 1,382 1,683 2,076 1,875 2,175 3,215 6,542 7,347 20,458 19,904
Total Debt
246 389 306 616 481 317 643 1,631 2,442 15,436 12,506
Total Long-Term Debt
243 389 306 616 481 317 643 1,631 2,442 15,436 12,506
Net Debt
65 108 -492 -59 -14 -428 -11,296 -15,262 -14,839 -4,765 -7,061
Capital Expenditures (CapEx)
17 11 12 33 18 17 16 27 36 67 92
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-346 -134 -122 -185 -250 -221 -262 -383 374 473 370
Debt-free Net Working Capital (DFNWC)
-165 147 676 490 245 523 800 4,694 5,463 6,596 7,750
Net Working Capital (NWC)
-168 147 676 490 245 523 800 4,694 5,463 6,596 7,750
Net Nonoperating Expense (NNE)
-205 -28 -58 -202 -79 -107 -56 -107 -224 -634 9.01
Net Nonoperating Obligations (NNO)
-5,647 104 -492 -5,644 -14 -259 -11,296 -15,916 -15,407 -5,333 -7,629
Total Depreciation and Amortization (D&A)
16 54 33 28 29 39 41 113 341 232 159
Debt-free, Cash-free Net Working Capital to Revenue
-28.69% -16.51% -9.72% -12.53% -26.03% -12.55% -14.87% -9.09% 12.24% 13.03% 9.52%
Debt-free Net Working Capital to Revenue
-13.65% 17.99% 53.91% 33.11% 25.60% 29.64% 45.34% 111.45% 178.81% 181.62% 199.49%
Net Working Capital to Revenue
-13.89% 17.99% 53.91% 33.11% 25.60% 29.64% 45.34% 111.45% 178.81% 181.62% 199.49%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.43 $0.23 $1.22 $0.62 $0.30 $1.11 $0.89 $2.24 $1.74 $2.44 $2.04
Adjusted Weighted Average Basic Shares Outstanding
80.36M 80.67M 80.75M 81.84M 96.02M 107.91M 135.07M 163.70M 351.02M 184.52M 198.05M
Adjusted Diluted Earnings per Share
$0.43 $0.23 $1.20 $0.62 $0.30 $1.06 $0.87 $2.15 $1.74 $2.42 $2.04
Adjusted Weighted Average Diluted Shares Outstanding
80.36M 80.67M 82.94M 81.84M 96.02M 119.88M 149.51M 180.11M 351.02M 195.77M 198.05M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
80.36M 80.67M 80.75M 81.84M 96.02M 107.91M 0.00 0.00 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)
341 35 229 175 73 265 268 691 263 726 824
Normalized NOPAT Margin
28.21% 4.27% 18.27% 11.84% 7.59% 15.03% 15.20% 16.41% 8.62% 19.98% 21.21%
Pre Tax Income Margin
46.11% 10.00% 23.75% 10.13% 19.23% 24.08% 21.51% 25.30% 16.72% 36.70% 32.83%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.57 2.50 -0.04 0.36 0.99 1.13 2.77 0.66 0.97 0.97
NOPAT to Interest Expense
0.00 0.30 2.09 -0.19 0.30 0.89 0.94 2.34 0.55 0.84 0.84
EBIT Less CapEx to Interest Expense
0.00 0.48 2.39 -0.26 0.28 0.93 1.08 2.68 0.59 0.90 0.87
NOPAT Less CapEx to Interest Expense
0.00 0.21 1.99 -0.42 0.22 0.84 0.88 2.25 0.47 0.77 0.75
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
302.91% 486.23% 115.48% 35.78% 104.98% 25.83% 215.20% 88.13% 208.30% 83.21% 176.07%
Augmented Payout Ratio
302.91% 486.23% 129.42% 44.05% 116.82% 37.63% 244.59% 116.47% 249.62% 94.76% 203.99%

Quarterly Metrics And Ratios for Ares Management

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-2.96% 13.76% 110.02% 22.39% -17.10% -13.03% -27.86% 68.30% 19.45% 53.92% 71.19%
EBITDA Growth
80.22% 74.89% 1,042.15% 156.85% -34.98% -7.98% -10.60% 120.66% 3.11% -62.30% -25.61%
EBIT Growth
80.22% 74.89% 1,042.15% 156.85% -34.98% -7.98% -10.60% 120.66% 3.11% -62.30% -25.61%
NOPAT Growth
66.82% 76.00% 960.79% 166.18% -34.27% -6.21% -12.22% 146.26% -2.00% -56.22% -14.21%
Net Income Growth
132.08% 47.14% 116.45% 202.45% 128.34% -1.69% -35.46% 85.47% -70.97% -38.35% 44.37%
EPS Growth
228.13% 2.08% 76.19% 168.18% 117.07% -32.65% -41.89% 83.33% -17.98% -100.00% 6.98%
Operating Cash Flow Growth
74.68% 215.67% 11.77% 1,194.15% -193.98% 0.35% 161.82% 164.34% 244.20% 180.86% -3.81%
Free Cash Flow Firm Growth
-105.02% 255.87% -172.87% -108.34% -7,788.37% -98.86% 100.57% 131.75% 101.64% -2,080.71% -3,915.91%
Invested Capital Growth
4.58% -103.75% 96.45% 60.30% 97.04% 9.23% 37.19% 5.28% 25.93% 720.29% 995.27%
Revenue Q/Q Growth
131.82% -36.03% 34.42% -38.60% 57.02% -34.97% 11.50% 43.24% 11.44% -13.52% 24.00%
EBITDA Q/Q Growth
318.01% -58.69% 35.83% -53.52% 149.35% -51.47% 31.96% 14.72% 16.51% -78.63% 160.38%
EBIT Q/Q Growth
318.01% -58.69% 35.83% -53.52% 149.35% -51.47% 31.96% 14.72% 16.51% -78.63% 160.38%
NOPAT Q/Q Growth
361.29% -57.99% 39.96% -56.92% 159.52% -50.41% 30.99% 20.86% 3.27% -73.22% 156.68%
Net Income Q/Q Growth
396.66% 21.70% 27.62% -55.90% 561.22% 103.31% -16.22% 26.73% 3.49% -23.80% -19.69%
EPS Q/Q Growth
193.18% 19.51% 51.02% -59.46% 196.67% -44.07% 30.30% 27.91% 32.73% -100.00% 0.00%
Operating Cash Flow Q/Q Growth
-874.64% 471.42% -198.80% 145.53% -275.97% 226.78% -39.13% 94.67% -4.01% 146.92% -79.15%
Free Cash Flow Firm Q/Q Growth
-101.59% 8,146.31% -197.48% 93.32% -1,406.40% 101.17% -51.05% 270.01% -22.31% -1,507.56% 5.69%
Invested Capital Q/Q Growth
-737.90% 96.57% -3.32% -33.60% 37.43% -5.09% 28.50% -101.46% 51.07% 980.10% 3.20%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
73.25% 55.64% 66.38% 45.25% 62.92% 41.62% 46.76% 61.42% 63.22% 39.65% 52.32%
EBITDA Margin
35.00% 22.60% 22.84% 17.29% 27.45% 23.91% 28.30% 22.66% 23.70% 5.86% 12.30%
Operating Margin
34.77% 22.71% 23.37% 16.43% 26.89% 23.87% 28.42% 24.33% 22.10% 6.84% 15.74%
EBIT Margin
35.00% 22.60% 22.84% 17.29% 27.45% 23.91% 28.30% 22.66% 23.70% 5.86% 12.30%
Profit (Net Income) Margin
26.58% 25.49% 24.20% 17.38% 73.20% 28.81% 21.65% 19.16% 17.79% 15.68% 10.15%
Tax Burden Percent
98.56% 85.98% 69.27% 51.43% 159.71% 88.21% 53.81% 66.16% 56.01% 121.01% 47.77%
Interest Burden Percent
77.04% 131.19% 153.00% 195.52% 166.96% 136.60% 142.17% 127.75% 134.04% 221.19% 172.82%
Effective Tax Rate
14.47% 14.02% 13.02% 13.18% 12.33% 11.79% 12.94% 14.20% 12.47% 12.43% 21.24%
Return on Invested Capital (ROIC)
0.00% 13.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.02% 64.34%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% -95.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 28.28% 64.82%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -24.80% -56.56%
Return on Equity (ROE)
9.93% 14.21% 10.81% 15.80% 27.40% 18.35% 14.64% 16.26% 13.12% 5.22% 7.79%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -79.64% -77.13%
Operating Return on Assets (OROA)
4.90% 3.31% 3.84% 2.98% 4.27% 3.64% 3.85% 3.48% 3.71% 0.97% 2.31%
Return on Assets (ROA)
3.72% 3.73% 4.07% 3.00% 11.38% 4.38% 2.95% 2.94% 2.79% 2.59% 1.90%
Return on Common Equity (ROCE)
3.46% 7.69% 3.75% 5.34% 9.63% 6.57% 5.11% 5.68% 4.21% 1.80% 2.62%
Return on Equity Simple (ROE_SIMPLE)
0.00% 23.12% 30.19% 43.79% 0.00% 49.92% 39.39% 42.78% 0.00% 15.91% 0.00%
Net Operating Profit after Tax (NOPAT)
378 159 222 96 249 149 195 236 244 65 167
NOPAT Margin
29.74% 19.53% 20.33% 14.27% 23.58% 21.06% 24.74% 20.87% 19.34% 5.99% 12.40%
Net Nonoperating Expense Percent (NNEP)
-0.26% 108.79% 0.41% 0.37% 5.04% 1.06% -0.43% -0.33% -0.30% 1.74% -0.48%
Return On Investment Capital (ROIC_SIMPLE)
6.06% - - - 1.25% - - - 1.26% 0.31% 0.80%
Cost of Revenue to Revenue
26.75% 44.36% 33.62% 54.75% 37.08% 58.38% 53.24% 38.58% 36.78% 60.35% 47.68%
SG&A Expenses to Revenue
10.45% 18.24% 12.91% 31.56% 15.07% 24.16% 21.48% 17.44% 15.82% 20.93% 17.20%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
-35.78% 32.93% 43.01% 28.82% 36.02% 17.75% 18.35% 37.09% 41.12% 32.81% 36.58%
Earnings before Interest and Taxes (EBIT)
445 184 250 116 289 169 223 256 298 64 166
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
445 184 250 116 289 169 223 256 298 64 166
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
11.93 14.27 16.16 17.56 18.78 22.91 20.60 23.46 26.54 16.89 21.26
Price to Tangible Book Value (P/TBV)
0.00 317.68 147.44 111.83 126.40 227.62 93.58 89.67 107.12 0.00 0.00
Price to Revenue (P/Rev)
6.22 7.57 7.60 7.92 9.81 11.51 12.82 13.26 14.27 11.87 12.79
Price to Earnings (P/E)
113.41 110.70 88.40 72.97 75.10 89.49 102.27 105.95 125.68 129.92 151.89
Dividend Yield
3.78% 3.23% 2.95% 2.92% 2.66% 2.45% 2.55% 2.28% 2.10% 2.67% 2.37%
Earnings Yield
0.88% 0.90% 1.13% 1.37% 1.33% 1.12% 0.98% 0.94% 0.80% 0.77% 0.66%
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 25.85 30.43
Enterprise Value to Revenue (EV/Rev)
2.45 7.11 7.19 7.49 9.36 11.07 12.30 12.72 14.19 12.30 13.20
Enterprise Value to EBITDA (EV/EBITDA)
11.32 56.30 39.71 28.99 31.74 47.37 49.67 49.90 49.88 62.34 81.27
Enterprise Value to EBIT (EV/EBIT)
23.41 56.30 39.71 28.99 40.51 47.37 49.67 49.90 58.23 62.34 81.27
Enterprise Value to NOPAT (EV/NOPAT)
28.41 67.57 45.78 33.64 46.82 54.58 57.58 56.43 66.91 70.85 89.39
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 211.53 0.00 0.00 44.01 32.88 19.75 12.87 15.70
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 2.17 0.00 284.78 0.00 57.25 72.09 58.28 74.18 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.50 2.92 2.76 2.75 3.07 2.99 2.47 2.36 1.69 1.44 1.45
Long-Term Debt to Equity
0.50 2.92 2.76 2.75 3.07 2.99 2.47 2.36 1.69 1.44 1.45
Financial Leverage
-3.19 -0.01 -2.11 -1.18 -2.09 -1.07 -1.06 -1.09 -1.04 -0.88 -0.87
Leverage Ratio
4.44 4.61 4.54 4.64 4.71 4.82 4.39 4.39 3.99 3.73 3.53
Compound Leverage Factor
3.42 6.04 6.94 9.07 7.86 6.58 6.24 5.60 5.35 8.26 6.09
Debt to Total Capital
33.24% 74.49% 73.38% 73.35% 75.46% 74.92% 71.15% 70.25% 62.83% 59.03% 59.12%
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% 0.00%
Long-Term Debt to Total Capital
33.24% 74.49% 73.38% 73.35% 75.46% 74.92% 71.15% 70.25% 62.83% 59.03% 59.12%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.66% 13.60% 13.50%
Noncontrolling Interests to Total Capital
45.13% 16.22% 17.33% 17.49% 15.29% 16.27% 18.82% 19.24% 19.37% 20.21% 20.71%
Common Equity to Total Capital
21.67% 9.31% 9.30% 9.17% 9.27% 8.83% 10.05% 10.52% 10.49% 13.97% 13.44%
Debt to EBITDA
3.70 33.63 20.50 13.96 14.42 18.24 17.80 14.81 11.31 15.06 16.30
Net Debt to EBITDA
-22.46 -11.00 -7.15 -5.00 -4.45 -5.81 -6.80 -6.17 -6.39 -6.47 -6.92
Long-Term Debt to EBITDA
3.70 33.63 20.50 13.96 14.42 18.24 17.80 14.81 11.31 15.06 16.30
Debt to NOPAT
9.28 40.36 23.64 16.20 21.27 21.01 20.63 16.74 15.18 17.11 17.93
Net Debt to NOPAT
-56.37 -13.20 -8.24 -5.80 -6.56 -6.70 -7.88 -6.97 -8.57 -7.35 -7.61
Long-Term Debt to NOPAT
9.28 40.36 23.64 16.20 21.27 21.01 20.63 16.74 15.18 17.11 17.93
Altman Z-Score
1.15 1.23 1.41 1.45 1.56 1.70 1.78 2.04 2.42 2.06 2.44
Noncontrolling Interest Sharing Ratio
65.15% 45.89% 65.27% 66.17% 64.85% 64.19% 65.12% 65.07% 67.92% 65.51% 66.36%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
14.65 11.43 12.61 12.48 16.58 15.16 15.19 14.21 12.28 7.84 7.67
Quick Ratio
14.65 11.43 12.61 12.48 16.58 15.16 15.19 14.21 12.28 7.84 7.67
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-126 10,141 -9,886 -660 -9,942 116 57 210 163 -2,291 -2,161
Operating Cash Flow to CapEx
-2,571.64% 7,970.85% -5,706.55% 1,380.79% -2,434.37% 2,723.51% 1,478.12% 3,128.28% 8,678.47% 9,074.87% 1,813.86%
Free Cash Flow to Firm to Interest Expense
-0.53 55.82 -47.36 -2.90 -40.89 0.47 0.22 0.91 0.66 -12.12 -11.42
Operating Cash Flow to Interest Expense
-0.80 3.89 -3.35 1.40 -2.30 2.89 1.69 3.64 3.28 10.54 2.20
Operating Cash Flow Less CapEx to Interest Expense
-0.83 3.85 -3.41 1.30 -2.40 2.78 1.58 3.53 3.24 10.43 2.08
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.14 0.15 0.17 0.17 0.16 0.15 0.14 0.15 0.16 0.17 0.19
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 4.35 0.00 4.38 4.68 3.98 4.38 4.95
Inventory Turnover
0.00 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 0.00
Accounts Payable Turnover
3.83 3.73 3.52 3.07 3.61 3.42 3.40 3.26 3.12 2.73 3.01
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 83.97 0.00 83.36 78.04 91.77 83.33 73.76
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
95.37 97.92 103.67 118.82 101.10 106.84 107.50 111.80 117.02 133.82 121.15
Cash Conversion Cycle (CCC)
-95.37 -97.92 -103.67 -118.82 -17.14 -106.84 -24.15 -33.75 -25.25 -50.49 -47.39
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
-10,501 -360 -372 -498 -311 -327 -234 -471 -231 2,029 2,094
Invested Capital Turnover
-0.28 0.68 -0.69 -4.40 -0.67 -10.26 -10.62 -7.60 -14.34 5.01 5.19
Increase / (Decrease) in Invested Capital
504 -9,982 10,108 756 10,190 33 138 26 81 2,357 2,328
Enterprise Value (EV)
7,478 22,417 26,778 28,828 33,983 39,042 39,624 46,797 55,131 52,453 63,729
Market Capitalization
19,001 23,879 28,332 30,491 35,620 40,569 41,292 48,777 55,420 50,641 61,760
Book Value per Share
$5.41 $5.64 $5.80 $5.70 $6.17 $9.19 $6.47 $6.64 $6.67 $8.68 $8.15
Tangible Book Value per Share
($0.16) $0.25 $0.64 $0.90 $0.92 $0.93 $1.42 $1.74 $1.65 ($4.23) ($4.02)
Total Capital
7,347 17,976 18,842 18,926 20,458 20,061 19,953 19,765 19,904 21,462 21,624
Total Debt
2,442 13,390 13,826 13,882 15,436 15,031 14,196 13,886 12,506 12,670 12,784
Total Long-Term Debt
2,442 13,390 13,826 13,882 15,436 15,031 14,196 13,886 12,506 12,670 12,784
Net Debt
-14,839 -4,379 -4,820 -4,974 -4,765 -4,790 -5,423 -5,783 -7,061 -5,445 -5,428
Capital Expenditures (CapEx)
7.41 8.88 12 23 23 26 29 27 9.31 22 23
Debt-free, Cash-free Net Working Capital (DFCFNWC)
374 -449 162 195 473 373 372 362 370 126 119
Debt-free Net Working Capital (DFNWC)
5,463 4,679 5,718 5,829 6,596 6,404 6,313 6,721 7,750 6,821 6,774
Net Working Capital (NWC)
5,463 4,679 5,718 5,829 6,596 6,404 6,313 6,721 7,750 6,821 6,774
Net Nonoperating Expense (NNE)
40 -48 -42 -21 -523 -55 24 19 20 -105 30
Net Nonoperating Obligations (NNO)
-15,407 -4,947 -5,388 -5,542 -5,333 -5,358 -5,991 -6,351 -7,629 -6,762 -6,745
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 0.00
Debt-free, Cash-free Net Working Capital to Revenue
12.24% -14.23% 4.36% 5.07% 13.03% 10.58% 11.54% 9.84% 9.52% 2.95% 2.47%
Debt-free Net Working Capital to Revenue
178.81% 148.36% 153.43% 151.43% 181.62% 181.62% 195.97% 182.64% 199.49% 159.89% 140.31%
Net Working Capital to Revenue
178.81% 148.36% 153.43% 151.43% 181.62% 181.62% 195.97% 182.64% 199.49% 159.89% 140.31%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.41 $0.98 $1.50 $0.60 $0.90 $0.33 $0.43 $0.55 $0.73 $0.00 $0.46
Adjusted Weighted Average Basic Shares Outstanding
175.51M 357.95M 366.00M 372.44M 184.52M 192.62M 196.19M 200.72M 198.05M 209.35M 218.92M
Adjusted Diluted Earnings per Share
$0.41 $0.98 $1.48 $0.60 $0.89 $0.33 $0.43 $0.55 $0.73 $0.00 $0.46
Adjusted Weighted Average Diluted Shares Outstanding
175.51M 357.95M 388.12M 372.44M 195.77M 192.62M 196.19M 200.72M 198.05M 209.35M 218.92M
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 $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 0.00
Normalized Net Operating Profit after Tax (NOPAT)
378 159 222 96 249 149 195 236 244 65 167
Normalized NOPAT Margin
29.74% 19.53% 20.33% 14.27% 23.58% 21.06% 24.74% 20.87% 19.34% 5.99% 12.40%
Pre Tax Income Margin
26.96% 29.65% 34.94% 33.80% 45.84% 32.66% 40.23% 28.95% 31.76% 12.95% 21.25%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
1.86 1.01 1.20 0.51 1.19 0.69 0.87 1.11 1.21 0.34 0.88
NOPAT to Interest Expense
1.58 0.87 1.06 0.42 1.02 0.61 0.76 1.02 0.99 0.34 0.88
EBIT Less CapEx to Interest Expense
1.83 0.96 1.14 0.41 1.10 0.58 0.76 0.99 1.17 0.22 0.76
NOPAT Less CapEx to Interest Expense
1.55 0.83 1.01 0.32 0.93 0.50 0.65 0.90 0.95 0.23 0.76
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
208.30% 269.53% 208.40% 147.45% 83.21% 136.71% 160.46% 153.19% 176.07% 261.18% 259.43%
Augmented Payout Ratio
249.62% 303.65% 235.92% 167.55% 94.76% 162.81% 189.19% 178.32% 203.99% 322.91% 318.16%

Key Financial Trends

Ares Management (NYSE: ARES) has shown significant developments in its financial results over the last four years, up to Q2 2025. Here's an analysis based on its recent quarterly data:

  • Strong Revenue Growth: Operating revenue rose from about $671 million in Q3 2022 to $1.35 billion in Q2 2025, indicating robust business expansion.
  • Increasing Net Income: Net income attributable to common shareholders grew from a loss in early 2022 (-$35.5 million in Q3 2022) to $111.75 million in Q2 2025, reflecting improved profitability.
  • Improved Operating Income: Total operating income increased substantially from negative figures in 2022 to $212.55 million in Q2 2025, demonstrating better operational efficiency.
  • Consistent Positive Operating Cash Flow: Net cash from continuing operating activities was strong with $415.7 million generated in Q2 2025 and positive cash flow in prior quarters, supporting operational stability.
  • Equity Base Strengthened: Total common equity grew to about $2.9 billion by Q2 2025, increasing shareholder value.
  • High Long-Term Debt: Long-term debt remains significant at approximately $12.8 billion in Q2 2025, requiring ongoing management focus.
  • Substantial Noncontrolling Interests: Noncontrolling interests stood at nearly $3.9 billion in Q2 2025, reflecting partnerships or minority stakes that may impact consolidated earnings.
  • Large Dividend and Debt Repayments: Cash flow statements show high payments for dividends ($429.75 million in Q2 2025) and debt repayments ($721.37 million), which could pressure liquidity.
  • Fluctuating Other Operating Expenses: Other operating expenses have varied widely, reaching as high as $318.6 million in Q4 2024, affecting operating margins.
  • Negative Cash Flow in Some Periods: Some quarters, notably Q4 2022, saw negative net cash from operations (-$1.07 billion), indicating volatility in cash generation.

Summary: Ares Management has experienced strong revenue and net income growth, alongside improved operating income and solid operating cash flow in recent quarters. However, the company carries a substantial debt load and noncontrolling interests, alongside significant dividend and debt repayment obligations, which could pose risks to liquidity and financial flexibility. Investors should watch the company’s ability to manage debt and maintain cash flow while continuing its profitability trend.

08/09/25 04:55 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Ares Management's Financials

When does Ares Management's financial year end?

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

How has Ares Management's net income changed over the last 10 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 $545.66 million in 2014. The previous period was $1.36 billion in 2023. See where experts think Ares Management is headed by visiting Ares Management's forecast page.

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's revenue changed over the last 10 years?

Over the last 10 years, Ares Management's total revenue changed from $1.21 billion in 2014 to $3.88 billion in 2024, a change of 221.6%.

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 17.5% increase since 2014.

How much cash does Ares Management have?

In the past 10 years, Ares Management's cash and equivalents has ranged from $148.86 million in 2014 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 10 years?

Over the last 10 years, Ares Management's book value per share changed from 3.52 in 2014 to 6.67 in 2024, a change of 89.7%.



This page (NYSE:ARES) was last updated on 8/9/2025 by MarketBeat.com Staff
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