Ares Management (ARES) Financials

$122.56 -0.59 (-0.48%)

As of 09:54 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	12	103	54	35	127	130	387	168	474	441	426
Consolidated Net Income / (Loss)	62	287	173	152	373	324	798	487	474	464	527
Net Income / (Loss) Continuing Operations	55	287	173	152	373	341	918	439	1,160	1,111	1,088
Total Pre-Tax Income	81	298	150	184	425	379	1,066	511	1,333	1,275	1,287
Total Operating Income	45	238	-25	88	303	314	802	306	834	946	893
Total Gross Profit	400	807	966	388	1,112	997	3,049	1,557	2,145	2,153	3,036
Total Revenue	814	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885	5,601
Operating Revenue	814	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885	5,601
Total Cost of Revenue	414	448	514	570	653	767	1,163	1,499	1,487	1,732	2,566
Operating Cost of Revenue	414	448	514	570	653	767	1,163	1,499	1,487	1,732	2,566
Total Operating Expenses	355	569	991	300	809	683	2,247	1,250	1,311	1,207	2,143
Selling, General & Admin Expense	225	160	197	216	270	259	444	695	660	737	996
Other Operating Expenses / (Income)	130	409	519	84	539	424	1,803	555	651	470	1,147
Total Other Income / (Expense), net	29	60	175	96	123	83	264	204	499	329	394
Interest Expense	117	109	148	244	297	286	295	483	861	978	767
Interest & Investment Income	124	134	303	341	428	358	544	674	1,355	1,307	1,481
Other Income / (Expense), net	22	36	19	-0.85	-7.84	11	14	13	4.82	0.63	-320
Income Tax Expense	19	11	-23	32	52	55	147	72	173	165	199
Preferred Stock Dividends Declared	0.00	12	22	22	22	22	22	0.00	0.00	23	101
Net Income / (Loss) Attributable to Noncontrolling Interest	43	172	97	95	224	172	120	271	686	647	561
Basic Earnings per Share	$0.23	$1.22	$0.62	$0.30	$1.11	$1.78	$2.24	$0.87	$2.44	$2.04	$1.71
Weighted Average Basic Shares Outstanding	80.67M	80.75M	81.84M	96.02M	107.91M	270.13M	163.70M	175.51M	184.52M	198.05M	217.36M
Diluted Earnings per Share	$0.23	$1.20	$0.62	$0.30	$1.06	$1.74	$2.15	$0.87	$2.42	$2.04	$1.71
Weighted Average Diluted Shares Outstanding	80.67M	82.94M	81.84M	96.02M	119.88M	299.02M	180.11M	175.51M	195.77M	198.05M	217.36M
Weighted Average Basic & Diluted Shares Outstanding	80.67M	80.75M	81.84M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$0.88	-	$1.13	$0.28	$1.28	-	$1.88	-	-	$3.72	$4.48

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	145	62	174	73	95	118	155	22	112	264	29
Consolidated Net Income / (Loss)	265	117	772	277	95	118	224	171	137	289	-69
Net Income / (Loss) Continuing Operations	332	197	424	204	276	281	350	124	226	540	198
Total Pre-Tax Income	382	227	483	231	317	327	400	141	287	652	207
Total Operating Income	256	110	283	169	224	275	278	74	213	349	256
Total Gross Profit	726	304	663	294	369	694	796	432	706	998	900
Total Revenue	1,093	671	1,054	707	789	1,130	1,259	1,089	1,350	1,658	1,505
Operating Revenue	1,093	671	1,054	707	789	1,130	1,259	1,089	1,350	1,658	1,505
Total Cost of Revenue	368	368	391	413	420	436	463	657	644	660	605
Operating Cost of Revenue	368	368	391	413	420	436	463	657	644	660	605
Total Operating Expenses	470	193	380	126	145	419	518	357	494	648	644
Selling, General & Admin Expense	141	212	159	171	169	197	199	228	232	246	290
Other Operating Expenses / (Income)	329	-18	221	-45	-25	222	319	129	262	402	354
Total Other Income / (Expense), net	126	117	200	62	93	52	122	67	74	303	-50
Interest Expense	209	227	243	246	255	231	247	189	189	203	186
Interest & Investment Income	341	338	437	308	349	302	348	266	310	513	392
Other Income / (Expense), net	-5.89	5.74	5.89	0.27	-0.94	-19	20	-11	-47	-7.26	-255
Income Tax Expense	50	30	60	27	41	46	50	18	61	112	8.15
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	0.00	-	25	25	25	25
Net Income / (Loss) Attributable to Noncontrolling Interest	188	135	250	131	181	162	173	76	89	251	144
Basic Earnings per Share	$0.75	$0.30	$0.90	$0.33	$0.43	$0.55	$0.73	$0.00	$0.46	$1.15	$0.10
Weighted Average Basic Shares Outstanding	183.00M	186.22M	184.52M	192.62M	196.19M	200.72M	198.05M	209.35M	218.92M	219.88M	217.36M
Diluted Earnings per Share	$0.74	$0.30	$0.89	$0.33	$0.43	$0.55	$0.73	$0.00	$0.46	$1.15	$0.10
Weighted Average Diluted Shares Outstanding	194.06M	186.22M	195.77M	192.62M	196.19M	200.72M	198.05M	209.35M	218.92M	219.88M	217.36M
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

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-27	221	-224	-8.68	28	401	-3,071	-1,123	-42	1,160	-1,019
Net Cash From Operating Activities	-528	-626	-1,863	-1,417	-2,083	-426	-2,596	-734	-233	2,791	3,267
Net Cash From Continuing Operating Activities	-528	-626	-1,863	-1,459	-1,988	-426	-4,433	-1,612	-233	2,791	3,267
Net Income / (Loss) Continuing Operations	62	287	173	152	373	324	0.00	0.00	1,160	1,111	1,088
Consolidated Net Income / (Loss)	62	287	173	152	373	324	-	-	1,160	1,111	1,088
Depreciation Expense	55	37	33	29	39	41	113	341	232	159	243
Non-Cash Adjustments To Reconcile Net Income	-335	-1,059	-1,951	-1,745	-2,416	-837	-5,428	-1,455	-1,448	1,707	1,440
Changes in Operating Assets and Liabilities, net	-309	114	-113	106	16	46	882	-499	-177	-185	495
Net Cash From Investing Activities	-75	-12	-33	-18	-17	-137	-1,085	-337	-111	-159	-1,804
Net Cash From Continuing Investing Activities	-75	-12	-33	-18	-17	-16	-2,142	-639	-155	-159	-1,804
Purchase of Property, Plant & Equipment	-11	-12	-33	-18	-17	-16	-27	-36	-67	-92	-72
Acquisitions	-64	-	-	0.00	0.00	0.00	-2,115	-603	-88	-68	-1,731
Net Cash From Financing Activities	582	881	1,655	1,405	2,122	944	3,504	1,128	292	-1,432	-2,427
Net Cash From Continuing Financing Activities	582	881	1,938	1,740	2,468	944	3,504	1,128	292	-1,432	-2,427
Repayment of Debt	-504	-974	-1,682	-1,886	-1,539	-1,052	-537	-1,236	-1,611	-4,581	-4,117
Repurchase of Common Equity	0.00	-40	-14	-18	-44	-95	-226	-201	-157	-228	-437
Payment of Dividends	-304	-331	-62	-160	-96	-698	-703	-1,015	-276	-796	-1,776
Issuance of Debt	1,301	1,795	3,505	3,626	3,677	2,202	3,382	3,010	3,296	2,305	4,412
Issuance of Preferred Equity	0.00	299	-	-	-	-	-	0.00	0.00	1,459	0.00
Issuance of Common Equity	89	133	190	176	380	516	1,861	549	0.00	407	0.00
Other Financing Activities, net	0.00	0.00	1.04	0.95	91	93	37	21	-960	1.51	-510
Effect of Exchange Rate Changes	-5.81	-22	17	22	5.62	20	-	-	11	-40	-55
Cash Interest Paid	60	69	94	185	233	257	205	320	723	867	676
Cash Income Taxes Paid	15	27	18	27	36	38	23	105	62	108	91

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	4.58	35	36	-1.94	-62	66	1,158	-889	-109	-13	-7.77
Net Cash From Operating Activities	-699	318	-560	710	432	841	808	1,994	416	1,341	-484
Net Cash From Continuing Operating Activities	-699	318	-560	710	432	841	808	1,994	416	1,341	-484
Net Income / (Loss) Continuing Operations	332	197	424	204	276	281	350	124	226	540	198
Consolidated Net Income / (Loss)	332	197	424	204	276	281	350	124	226	540	198
Non-Cash Adjustments To Reconcile Net Income	-1,094	55	-1,328	402	103	460	664	1,643	228	640	-1,070
Changes in Operating Assets and Liabilities, net	62	66	113	104	53	101	-365	228	-38	161	145
Net Cash From Investing Activities	-12	-23	-67	-34	-29	-33	-64	-1,745	-23	-15	-21
Net Cash From Continuing Investing Activities	-12	-23	-67	-34	-29	-33	-64	-1,745	-23	-15	-21
Purchase of Property, Plant & Equipment	-12	-23	-23	-26	-29	-27	-9.31	-22	-23	-11	-16
Acquisitions	-	-	-44	-8.00	-	-5.68	-54	-1,723	-	-3.46	-5.29
Net Cash From Financing Activities	724	-244	634	-667	-459	-784	478	-1,178	-567	-1,225	543
Net Cash From Continuing Financing Activities	724	-244	634	-667	-459	-784	478	-1,178	-567	-1,225	543
Repayment of Debt	-396	-283	-684	-630	-1,297	-972	-1,682	-1,404	-721	-1,195	-796
Repurchase of Common Equity	-20	-12	-12	-187	-16	-8.54	-16	-397	-20	-9.01	-11
Payment of Dividends	-274	-271	-315	-347	-333	-366	-389	-763	-430	-453	-130
Issuance of Debt	783	254	2,012	327	490	476	1,012	1,298	540	825	1,750
Issuance of Common Equity	587	55	120	169	697	86	95	89	71	110	-270
Effect of Exchange Rate Changes	-7.76	-16	30	-11	-5.92	41	-64	39	66	-114	-46

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	4,321	5,830	8,564	10,155	12,014	15,169	21,605	22,003	24,731	24,884	28,633
Total Current Assets	281	798	675	495	745	1,062	5,077	5,864	7,019	8,437	2,868
Cash & Equivalents	281	798	675	495	745	1,062	1,393	1,115	1,498	2,735	1,448
Short-Term Investments	-	-	-	-	-	-	3,684	3,975	4,625	4,645	0.00
Accounts Receivable	-	-	-	-	-	-	-	774	897	1,057	1,420
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	4,037	5,032	2,303	9,660	11,269	14,107	15,874	15,571	17,143	15,880	14,829
Goodwill	144	144	144	-	-	-	788	1,000	1,124	1,163	6,908
Intangible Assets	85	58	40	-	-	222	769	640	491	408	798
Other Noncurrent Operating Assets	3,808	4,823	2,111	9,660	11,269	3,008	2,501	1,740	1,450	2,122	7,122
Total Liabilities & Shareholders' Equity	4,321	5,830	8,564	10,155	12,014	15,169	21,605	22,003	24,731	24,884	28,633
Total Liabilities	3,329	4,452	7,103	8,760	10,156	12,597	16,695	17,098	19,709	17,486	19,932
Total Current Liabilities	134	122	185	250	221	262	383	400	423	687	1,310
Accounts Payable	122	104	146	167	150	162	383	400	423	687	1,310
Total Noncurrent Liabilities	3,195	4,330	6,918	8,511	9,765	12,335	16,312	16,698	19,286	16,799	5,084
Long-Term Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506	3,941
Noncurrent Employee Benefit Liabilities	125	132	850	671	868	916	310	510	287	281	473
Other Noncurrent Operating Liabilities	2,660	3,893	5,452	7,359	8,581	10,775	14,370	13,746	3,562	4,012	670
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	24	-	-	-	0.00	100	1,096	1,106	547	574	25
Total Equity & Noncontrolling Interests	968	1,377	1,460	1,394	1,859	2,472	3,814	3,799	4,474	6,824	8,676
Total Preferred & Common Equity	247	293	574	588	768	1,194	1,825	1,589	1,893	3,544	4,275
Preferred Stock	-	-	0.00	299	299	299	-	-	0.00	2,918	2,920
Total Common Equity	247	293	574	290	471	898	1,828	1,592	1,896	2,088	1,388
Common Stock	252	302	279	328	528	1,049	1,919	1,977	2,397	2,943	4,249
Retained Earnings	-	-	0.00	-29	-51	-152	-89	-369	-495	-837	-2,905
Accumulated Other Comprehensive Income / (Loss)	-4.62	-8.94	-4.21	-8.52	-6.05	0.48	-1.86	-15	-5.63	-18	43
Noncontrolling Interest	721	1,084	887	806	1,090	1,278	1,989	2,209	2,581	3,281	4,401

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	Q3 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	9/30/2025
Total Assets	21,206	21,929	23,119	23,384	24,413	24,193	24,523	27,182	27,265	27,032
Total Current Assets	6,163	5,128	6,210	6,337	6,856	6,757	7,229	7,818	7,789	8,590
Cash & Equivalents	1,045	1,027	1,089	1,197	1,546	1,525	1,666	1,803	1,532	1,500
Short-Term Investments	5,117	4,101	4,466	4,437	4,485	4,415	4,693	4,892	5,123	5,756
Accounts Receivable	-	-	655	703	825	817	871	1,123	1,135	1,334
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	14,476	16,233	16,341	16,479	16,990	16,867	16,725	18,046	18,158	17,125
Long-Term Investments	11,569	12,641	13,091	13,222	13,790	13,678	13,310	11,420	11,557	11,254
Goodwill	997	999	998	998	1,130	1,130	1,133	3,499	3,436	3,437
Intangible Assets	670	599	563	466	462	433	402	959	903	849
Other Noncurrent Operating Assets	1,239	1,994	1,689	1,794	1,607	1,626	1,880	2,168	2,262	1,584
Total Liabilities & Shareholders' Equity	21,206	21,929	23,119	23,384	24,413	24,193	24,523	27,182	27,265	27,032
Total Liabilities	16,642	17,342	18,103	18,340	19,383	18,436	18,643	18,390	18,426	18,400
Total Current Liabilities	427	449	492	508	452	445	509	997	1,015	1,036
Accounts Payable	427	449	492	508	452	445	509	997	1,015	1,036
Total Noncurrent Liabilities	16,214	16,894	17,611	17,832	18,931	17,991	18,134	17,393	17,410	17,364
Long-Term Debt	12,482	13,390	13,826	13,882	15,031	14,196	13,886	12,670	12,784	12,050
Noncurrent Employee Benefit Liabilities	595	214	251	361	218	297	401	301	438	657
Other Noncurrent Operating Liabilities	3,137	3,289	3,534	3,589	3,682	3,498	3,848	4,422	4,188	4,657
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	1,097	507	1,023	1,026	553	560	569	580	582	26
Total Equity & Noncontrolling Interests	3,468	4,079	3,992	4,018	4,477	5,197	5,310	8,212	8,257	8,606
Total Preferred & Common Equity	1,512	1,670	1,750	1,733	1,767	2,002	2,076	4,454	4,362	4,474
Preferred Stock	-	-	-	-	-	-	-	2,920	2,920	2,922
Total Common Equity	1,515	1,673	1,753	1,736	1,771	2,005	2,079	2,997	2,905	3,017
Common Stock	1,918	2,106	2,188	2,269	2,394	2,728	2,863	4,047	4,095	4,205
Retained Earnings	-374	-421	-426	-515	-613	-713	-792	-1,074	-1,222	-1,219
Accumulated Other Comprehensive Income / (Loss)	-29	-12	-9.69	-17	-10	-10	8.45	24	32	30
Noncontrolling Interest	1,956	2,409	2,242	2,285	2,710	3,195	3,234	3,758	3,895	4,132

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-32.57%	54.02%	17.98%	-35.24%	84.20%	-0.08%	138.77%	-27.46%	18.87%	6.96%	44.19%
EBITDA Growth	150.04%	152.96%	-92.50%	403.46%	188.74%	9.53%	153.95%	-28.92%	62.00%	3.24%	-26.16%
EBIT Growth	125.94%	307.86%	-101.95%	1,732.33%	237.89%	10.19%	151.32%	-60.87%	162.57%	12.86%	-39.48%
NOPAT Growth	-89.79%	558.87%	-112.49%	353.94%	264.96%	1.04%	157.75%	-61.91%	175.72%	13.53%	-8.37%
Net Income Growth	-88.56%	359.63%	-39.73%	-12.01%	145.04%	-12.96%	145.91%	-38.95%	179.22%	-40.08%	13.72%
EPS Growth	-46.51%	421.74%	-48.33%	-51.61%	253.33%	64.15%	23.56%	-59.53%	178.16%	-15.70%	-16.18%
Operating Cash Flow Growth	-134.45%	-18.50%	-197.77%	23.94%	-47.00%	79.57%	-509.89%	71.72%	68.23%	1,296.58%	17.05%
Free Cash Flow Firm Growth	-572.95%	143.60%	1,043.08%	-208.96%	100.85%	22,705.55%	-71.94%	-108.10%	-3,829.33%	107.85%	-1,885.69%
Invested Capital Growth	2,066.83%	-19.31%	-572.80%	132.99%	15.86%	-645.49%	-26.15%	4.58%	97.04%	25.93%	6,082.86%
Revenue Q/Q Growth	-26.88%	-25.03%	74.67%	-11.75%	12.02%	12.38%	19.22%	-1.25%	-5.65%	5.57%	4.59%
EBITDA Q/Q Growth	117.56%	-63.75%	103.28%	-4.98%	29.25%	1,024.94%	-0.05%	444.34%	7.65%	17.87%	-6.22%
EBIT Q/Q Growth	108.94%	-67.64%	99.24%	-28.39%	13.99%	898.19%	-12.23%	163.17%	-15.65%	0.96%	-34.16%
NOPAT Q/Q Growth	-61.22%	-68.92%	96.39%	-31.84%	15.03%	28.76%	18.95%	139.17%	-15.30%	-0.64%	-1.46%
Net Income Q/Q Growth	-72.33%	54.46%	26.50%	-43.09%	22.36%	94.67%	-10.81%	65.22%	79.22%	-8.25%	-42.76%
EPS Q/Q Growth	0.00%	42.86%	10.71%	-48.28%	11.58%	102.33%	-40.11%	521.43%	24.74%	-7.27%	-26.92%
Operating Cash Flow Q/Q Growth	0.00%	-135.42%	-19.54%	40.81%	-51.61%	-9.01%	-13.77%	43.35%	-271.16%	96.08%	-28.33%
Free Cash Flow Firm Q/Q Growth	-105.52%	295.15%	1,380.03%	-21,867.46%	127.10%	3,523.03%	168.37%	-102.95%	-9,449.44%	-7.44%	-2,271.45%
Invested Capital Q/Q Growth	249.54%	-30.71%	-576.58%	43.89%	17.48%	-564.29%	-261.67%	-737.90%	37.43%	51.07%	1,514.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.11%	64.31%	65.26%	40.49%	62.99%	56.51%	72.40%	50.95%	59.07%	55.42%	54.20%
EBITDA Margin	14.88%	24.43%	1.55%	12.08%	18.93%	20.75%	22.07%	21.63%	29.48%	28.45%	14.57%
Operating Margin	5.57%	18.97%	-1.68%	9.19%	17.14%	17.78%	19.04%	10.03%	22.96%	24.35%	15.94%
EBIT Margin	8.24%	21.81%	-0.36%	9.10%	16.70%	18.42%	19.38%	10.46%	23.10%	24.37%	10.23%
Profit (Net Income) Margin	7.66%	22.87%	11.68%	15.87%	21.12%	18.39%	18.94%	15.94%	37.45%	20.98%	9.41%
Tax Burden Percent	76.60%	96.30%	115.38%	82.53%	87.68%	85.51%	74.88%	95.36%	102.03%	63.90%	40.98%
Interest Burden Percent	121.47%	108.89%	-2,803.72%	211.28%	144.23%	116.82%	130.53%	159.89%	158.92%	134.71%	224.60%
Effective Tax Rate	23.40%	3.70%	-15.38%	17.47%	12.32%	14.49%	13.83%	14.07%	12.98%	12.91%	15.43%
Return on Invested Capital (ROIC)	6.06%	23.13%	0.00%	0.00%	17.81%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%
ROIC Less NNEP Spread (ROIC-NNEP)	5.07%	-6.63%	0.00%	0.00%	-60.84%	0.00%	0.00%	0.00%	0.00%	0.00%	29.10%
Return on Net Nonoperating Assets (RNNOA)	-4.20%	1.09%	0.00%	0.00%	5.11%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.58%
Return on Equity (ROE)	1.87%	24.21%	12.19%	10.66%	22.92%	14.65%	21.33%	9.93%	27.40%	13.12%	6.55%
Cash Return on Invested Capital (CROIC)	-176.29%	44.50%	0.00%	-397.82%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	-96.20%
Operating Return on Assets (OROA)	0.52%	5.39%	-0.07%	0.93%	2.66%	2.39%	4.44%	1.47%	3.59%	3.82%	2.14%
Return on Assets (ROA)	0.48%	5.65%	2.40%	1.63%	3.36%	2.39%	4.34%	2.23%	5.82%	3.29%	1.97%
Return on Common Equity (ROCE)	0.15%	5.52%	3.72%	3.23%	5.36%	4.52%	7.77%	3.46%	9.63%	4.21%	1.41%
Return on Equity Simple (ROE_SIMPLE)	25.28%	97.97%	30.14%	25.88%	48.52%	27.18%	43.72%	30.65%	71.83%	23.00%	0.00%
Net Operating Profit after Tax (NOPAT)	35	229	-29	73	265	268	691	263	726	824	755
NOPAT Margin	4.27%	18.27%	-1.93%	7.59%	15.03%	15.20%	16.41%	8.62%	19.98%	21.21%	13.48%
Net Nonoperating Expense Percent (NNEP)	1.00%	29.76%	6.57%	2.81%	78.65%	0.98%	0.79%	1.43%	6.12%	-0.14%	-17.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.22%	3.65%	4.26%	5.98%
Cost of Revenue to Revenue	50.89%	35.69%	34.74%	59.51%	37.01%	43.49%	27.60%	49.05%	40.93%	44.58%	45.80%
SG&A Expenses to Revenue	27.60%	12.74%	13.29%	22.53%	15.31%	14.68%	10.55%	22.75%	18.18%	18.96%	17.78%
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	43.54%	45.34%	66.94%	31.30%	45.85%	38.73%	53.36%	40.93%	36.10%	31.07%	38.26%
Earnings before Interest and Taxes (EBIT)	67	274	-5.35	87	295	325	816	319	839	947	573
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	306	23	116	334	366	930	661	1,071	1,105	816
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	3.87	2.24	5.10	7.48	12.13	11.87	11.93	18.78	26.54	38.06
Price to Tangible Book Value (P/TBV)	40.38	12.48	3.30	5.10	7.48	16.12	80.00	0.00	126.40	107.12	0.00
Price to Revenue (P/Rev)	0.89	0.90	0.87	1.55	1.99	6.17	5.15	6.22	9.81	14.27	9.43
Price to Earnings (P/E)	59.82	11.01	23.61	41.94	27.67	83.47	56.13	113.41	75.10	125.68	123.99
Dividend Yield	9.83%	5.92%	8.05%	10.03%	4.17%	3.80%	2.51%	3.78%	2.66%	2.10%	2.77%
Earnings Yield	1.67%	9.09%	4.24%	2.38%	3.61%	1.20%	1.78%	0.88%	1.33%	0.80%	0.81%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.95	0.00	1.86	2.80	0.00	0.00	0.00	0.00	0.00	4.54
Enterprise Value to Revenue (EV/Rev)	1.93	1.38	1.43	2.68	2.54	0.72	2.26	2.45	9.36	14.19	11.19
Enterprise Value to EBITDA (EV/EBITDA)	13.00	5.63	91.93	22.22	13.40	3.46	10.25	11.32	31.74	49.88	76.79
Enterprise Value to EBIT (EV/EBIT)	23.49	6.31	0.00	29.48	15.20	3.90	11.67	23.41	40.51	58.23	109.38
Enterprise Value to NOPAT (EV/NOPAT)	45.30	7.53	0.00	35.38	16.88	4.73	13.79	28.41	46.82	66.91	83.01
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.75	19.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.91	0.42	0.00	96.46	0.12	3.21	0.00	0.00	74.18	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.22	0.42	0.34	0.17	0.25	0.33	0.50	3.07	1.69	0.45
Long-Term Debt to Equity	0.39	0.22	0.42	0.34	0.17	0.25	0.33	0.50	3.07	1.69	0.45
Financial Leverage	-0.83	-0.16	-2.16	-1.98	-0.08	-2.61	-3.64	-3.19	-2.09	-1.04	-0.16
Leverage Ratio	3.88	4.28	5.07	6.56	6.82	6.14	4.91	4.44	4.71	3.99	3.32
Compound Leverage Factor	4.71	4.66	-142.22	13.85	9.83	7.17	6.42	7.10	7.48	5.38	7.47
Debt to Total Capital	28.17%	18.17%	29.67%	25.65%	14.56%	20.00%	24.94%	33.24%	75.46%	62.83%	31.18%
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	28.17%	18.17%	29.67%	25.65%	14.56%	20.00%	24.94%	33.24%	75.46%	62.83%	31.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	15.93%	13.73%	9.29%	0.00%	0.00%	0.00%	14.66%	23.10%
Noncontrolling Interests to Total Capital	53.96%	64.43%	42.70%	43.00%	50.12%	42.87%	47.16%	45.13%	15.29%	19.37%	35.01%
Common Equity to Total Capital	17.87%	17.40%	27.62%	15.47%	21.64%	27.92%	27.94%	21.67%	9.27%	10.49%	10.98%
Debt to EBITDA	3.21	1.00	26.80	4.15	0.95	1.76	1.75	3.70	14.42	11.31	4.83
Net Debt to EBITDA	0.89	-1.61	-2.58	-0.12	-1.28	-30.86	-16.42	-22.46	-4.45	-6.39	3.06
Long-Term Debt to EBITDA	3.21	1.00	26.80	4.15	0.95	1.76	1.75	3.70	14.42	11.31	4.83
Debt to NOPAT	11.19	1.33	-21.52	6.61	1.19	2.40	2.36	9.28	21.27	15.18	5.22
Net Debt to NOPAT	3.11	-2.15	2.07	-0.19	-1.61	-42.13	-22.08	-56.37	-6.56	-8.57	3.30
Long-Term Debt to NOPAT	11.19	1.33	-21.52	6.61	1.19	2.40	2.36	9.28	21.27	15.18	5.22
Altman Z-Score	0.41	0.66	0.35	0.25	0.48	0.75	1.35	1.13	1.64	2.51	1.78
Noncontrolling Interest Sharing Ratio	92.07%	77.22%	69.46%	69.74%	76.61%	69.12%	63.57%	65.15%	64.85%	67.92%	78.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	6.54	3.64	1.98	3.36	4.05	13.26	14.65	16.58	12.28	2.19
Quick Ratio	2.09	6.54	3.64	1.98	3.36	4.05	13.26	14.65	16.58	12.28	2.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,011	441	5,040	-5,491	46	10,592	2,973	-241	-9,464	743	-13,272
Operating Cash Flow to CapEx	-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%	4,526.25%
Free Cash Flow to Firm to Interest Expense	-8.66	4.03	34.07	-22.47	0.16	36.99	10.08	-0.50	-10.99	0.76	-17.29
Operating Cash Flow to Interest Expense	-4.52	-5.72	-12.59	-5.80	-7.00	-1.49	-8.81	-1.52	-0.27	2.85	4.26
Operating Cash Flow Less CapEx to Interest Expense	-4.62	-5.83	-12.82	-5.87	-7.06	-1.54	-8.90	-1.59	-0.35	2.76	4.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.25	0.21	0.10	0.16	0.13	0.23	0.14	0.16	0.16	0.21
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.35	3.98	4.52
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	1.37	3.96	4.10	3.64	4.12	4.92	4.27	3.83	3.61	3.12	2.57
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	83.97	91.77	80.70
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)	265.59	92.11	88.98	100.27	88.58	74.25	85.56	95.37	101.10	117.02	142.02
Cash Conversion Cycle (CCC)	-265.59	-92.11	-88.98	-100.27	-88.58	-74.25	-85.56	-95.37	-17.14	-25.25	-61.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,097	885	-4,184	1,380	1,599	-8,724	-11,006	-10,501	-311	-231	13,796
Invested Capital Turnover	1.42	1.27	-0.90	-0.68	1.19	-0.50	-0.43	-0.28	-0.67	-14.34	0.83
Increase / (Decrease) in Invested Capital	1,046	-212	-5,069	5,564	219	-10,323	-2,281	504	10,190	81	14,027
Enterprise Value (EV)	1,576	1,726	2,114	2,572	4,480	1,268	9,531	7,478	33,983	55,131	62,671
Market Capitalization	722	1,134	1,286	1,481	3,519	10,887	21,708	19,001	35,620	55,420	52,832
Book Value per Share	$3.06	$3.62	$6.98	$2.86	$4.10	$3.47	$6.31	$5.41	$6.17	$6.67	$4.25
Tangible Book Value per Share	$0.22	$1.12	$4.73	$2.86	$4.10	$2.61	$0.94	($0.16)	$0.92	$1.65	($19.33)
Total Capital	1,382	1,683	2,076	1,875	2,175	3,215	6,542	7,347	20,458	19,904	12,643
Total Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506	3,941
Total Long-Term Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506	3,941
Net Debt	108	-492	-59	-14	-428	-11,296	-15,262	-14,839	-4,765	-7,061	2,493
Capital Expenditures (CapEx)	11	12	33	18	17	16	27	36	67	92	72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-134	-122	-185	-250	-221	-262	-383	374	473	370	111
Debt-free Net Working Capital (DFNWC)	147	676	490	245	523	800	4,694	5,463	6,596	7,750	1,559
Net Working Capital (NWC)	147	676	490	245	523	800	4,694	5,463	6,596	7,750	1,559
Net Nonoperating Expense (NNE)	-28	-58	-202	-79	-107	-56	-107	-224	-634	9.01	228
Net Nonoperating Obligations (NNO)	104	-492	-5,644	-14	-259	-11,296	-15,916	-15,407	-5,333	-7,629	5,095
Total Depreciation and Amortization (D&A)	54	33	28	29	39	41	113	341	232	159	243
Debt-free, Cash-free Net Working Capital to Revenue	-16.51%	-9.72%	-12.53%	-26.03%	-12.55%	-14.87%	-9.09%	12.24%	13.03%	9.52%	1.97%
Debt-free Net Working Capital to Revenue	17.99%	53.91%	33.11%	25.60%	29.64%	45.34%	111.45%	178.81%	181.62%	199.49%	27.82%
Net Working Capital to Revenue	17.99%	53.91%	33.11%	25.60%	29.64%	45.34%	111.45%	178.81%	181.62%	199.49%	27.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$1.22	$0.62	$0.30	$1.11	$0.89	$2.24	$1.74	$2.44	$2.04	$1.71
Adjusted Weighted Average Basic Shares Outstanding	80.67M	80.75M	81.84M	96.02M	107.91M	135.07M	163.70M	351.02M	184.52M	198.05M	217.36M
Adjusted Diluted Earnings per Share	$0.23	$1.20	$0.62	$0.30	$1.06	$0.87	$2.15	$1.74	$2.42	$2.04	$1.71
Adjusted Weighted Average Diluted Shares Outstanding	80.67M	82.94M	81.84M	96.02M	119.88M	149.51M	180.11M	351.02M	195.77M	198.05M	217.36M
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	80.67M	80.75M	81.84M	96.02M	107.91M	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	35	229	175	73	265	268	691	263	726	824	755
Normalized NOPAT Margin	4.27%	18.27%	11.84%	7.59%	15.03%	15.20%	16.41%	8.62%	19.98%	21.21%	13.48%
Pre Tax Income Margin	10.00%	23.75%	10.13%	19.23%	24.08%	21.51%	25.30%	16.72%	36.70%	32.83%	22.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.57	2.50	-0.04	0.36	0.99	1.13	2.77	0.66	0.97	0.97	0.75
NOPAT to Interest Expense	0.30	2.09	-0.19	0.30	0.89	0.94	2.34	0.55	0.84	0.84	0.98
EBIT Less CapEx to Interest Expense	0.48	2.39	-0.26	0.28	0.93	1.08	2.68	0.59	0.90	0.87	0.65
NOPAT Less CapEx to Interest Expense	0.21	1.99	-0.42	0.22	0.84	0.88	2.25	0.47	0.77	0.75	0.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	486.23%	115.48%	35.78%	104.98%	25.83%	215.20%	88.13%	208.30%	83.21%	176.07%	336.73%
Augmented Payout Ratio	486.23%	129.42%	44.05%	116.82%	37.63%	244.59%	116.47%	249.62%	94.76%	203.99%	419.57%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	110.02%	22.39%	-17.10%	-13.03%	-27.86%	68.30%	19.45%	53.92%	71.19%	46.73%	19.53%
EBITDA Growth	1,042.15%	156.85%	-34.98%	-7.98%	-10.60%	120.66%	3.11%	-62.30%	-25.61%	33.63%	-99.65%
EBIT Growth	1,042.15%	156.85%	-34.98%	-7.98%	-10.60%	120.66%	3.11%	-62.30%	-25.61%	33.63%	-99.65%
NOPAT Growth	960.79%	166.18%	-34.27%	-6.21%	-12.22%	146.26%	-2.00%	-56.22%	-14.21%	22.75%	1.08%
Net Income Growth	116.45%	202.45%	128.34%	-1.69%	-35.46%	85.47%	-70.97%	-38.35%	44.37%	143.86%	-161.35%
EPS Growth	76.19%	168.18%	117.07%	-32.65%	-41.89%	83.33%	-17.98%	-100.00%	6.98%	109.09%	-86.30%
Operating Cash Flow Growth	11.77%	1,194.15%	-193.98%	0.35%	161.82%	164.34%	244.20%	180.86%	-3.81%	59.36%	-159.89%
Free Cash Flow Firm Growth	-172.87%	-108.34%	-7,788.37%	-98.86%	100.57%	131.75%	101.64%	-2,080.71%	-3,915.91%	-594.59%	-8,564.97%
Invested Capital Growth	96.45%	60.30%	97.04%	9.23%	37.19%	5.28%	25.93%	720.29%	995.27%	281.31%	6,082.86%
Revenue Q/Q Growth	34.42%	-38.60%	57.02%	-34.97%	11.50%	43.24%	11.44%	-13.52%	24.00%	22.78%	-9.21%
EBITDA Q/Q Growth	35.83%	-53.52%	149.35%	-51.47%	31.96%	14.72%	16.51%	-78.63%	160.38%	106.08%	-99.70%
EBIT Q/Q Growth	35.83%	-53.52%	149.35%	-51.47%	31.96%	14.72%	16.51%	-78.63%	160.38%	106.08%	-99.70%
NOPAT Q/Q Growth	39.96%	-56.92%	159.52%	-50.41%	30.99%	20.86%	3.27%	-73.22%	156.68%	72.93%	-14.96%
Net Income Q/Q Growth	27.62%	-55.90%	561.22%	103.31%	-16.22%	26.73%	3.49%	-23.80%	-19.69%	110.77%	-123.97%
EPS Q/Q Growth	51.02%	-59.46%	196.67%	-44.07%	30.30%	27.91%	32.73%	-100.00%	0.00%	150.00%	-91.30%
Operating Cash Flow Q/Q Growth	-198.80%	145.53%	-275.97%	226.78%	-39.13%	94.67%	-4.01%	146.92%	-79.15%	222.53%	-136.08%
Free Cash Flow Firm Q/Q Growth	-197.48%	93.32%	-1,406.40%	101.17%	-51.05%	270.01%	-22.31%	-1,507.56%	5.69%	52.04%	-1,229.68%
Invested Capital Q/Q Growth	-3.32%	-33.60%	37.43%	-5.09%	28.50%	-101.46%	51.07%	980.10%	3.20%	-59.20%	1,514.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.38%	45.25%	62.92%	41.62%	46.76%	61.42%	63.22%	39.65%	52.32%	60.19%	59.80%
EBITDA Margin	22.84%	17.29%	27.45%	23.91%	28.30%	22.66%	23.70%	5.86%	12.30%	20.64%	0.07%
Operating Margin	23.37%	16.43%	26.89%	23.87%	28.42%	24.33%	22.10%	6.84%	15.74%	21.08%	17.03%
EBIT Margin	22.84%	17.29%	27.45%	23.91%	28.30%	22.66%	23.70%	5.86%	12.30%	20.64%	0.07%
Profit (Net Income) Margin	24.20%	17.38%	73.20%	28.81%	21.65%	19.16%	17.79%	15.68%	10.15%	17.43%	-4.60%
Tax Burden Percent	69.27%	51.43%	159.71%	88.21%	53.81%	66.16%	56.01%	121.01%	47.77%	44.29%	-33.51%
Interest Burden Percent	153.00%	195.52%	166.96%	136.60%	142.17%	127.75%	134.04%	221.19%	172.82%	190.64%	20,062.72%
Effective Tax Rate	13.02%	13.18%	12.33%	11.79%	12.94%	14.20%	12.47%	12.43%	21.24%	17.15%	3.94%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.02%	64.34%	488.10%	13.51%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28.28%	64.82%	488.11%	38.40%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-24.80%	-56.56%	-475.22%	-6.04%
Return on Equity (ROE)	10.81%	15.80%	27.40%	18.35%	14.64%	16.26%	13.12%	5.22%	7.79%	12.88%	7.46%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-79.64%	-77.13%	-65.49%	-96.20%
Operating Return on Assets (OROA)	3.84%	2.98%	4.27%	3.64%	3.85%	3.48%	3.71%	0.97%	2.31%	4.29%	0.01%
Return on Assets (ROA)	4.07%	3.00%	11.38%	4.38%	2.95%	2.94%	2.79%	2.59%	1.90%	3.62%	-0.96%
Return on Common Equity (ROCE)	3.75%	5.34%	9.63%	6.57%	5.11%	5.68%	4.21%	1.80%	2.62%	4.52%	1.61%
Return on Equity Simple (ROE_SIMPLE)	30.19%	43.79%	0.00%	49.92%	39.39%	42.78%	0.00%	15.91%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	222	96	249	149	195	236	244	65	167	289	246
NOPAT Margin	20.33%	14.27%	23.58%	21.06%	24.74%	20.87%	19.34%	5.99%	12.40%	17.46%	16.36%
Net Nonoperating Expense Percent (NNEP)	0.41%	0.37%	5.04%	1.06%	-0.43%	-0.33%	-0.30%	1.74%	-0.48%	-0.01%	-24.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.25%	-	-	-	1.26%	0.31%	0.80%	1.40%	1.95%
Cost of Revenue to Revenue	33.62%	54.75%	37.08%	58.38%	53.24%	38.58%	36.78%	60.35%	47.68%	39.81%	40.20%
SG&A Expenses to Revenue	12.91%	31.56%	15.07%	24.16%	21.48%	17.44%	15.82%	20.93%	17.20%	14.85%	19.26%
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	43.01%	28.82%	36.02%	17.75%	18.35%	37.09%	41.12%	32.81%	36.58%	39.12%	42.77%
Earnings before Interest and Taxes (EBIT)	250	116	289	169	223	256	298	64	166	342	1.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	250	116	289	169	223	256	298	64	166	342	1.03
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.16	17.56	18.78	22.91	20.60	23.46	26.54	16.89	21.26	18.91	38.06
Price to Tangible Book Value (P/TBV)	147.44	111.83	126.40	227.62	93.58	89.67	107.12	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.60	7.92	9.81	11.51	12.82	13.26	14.27	11.87	12.79	10.65	9.43
Price to Earnings (P/E)	88.40	72.97	75.10	89.49	102.27	105.95	125.68	129.92	151.89	103.38	123.99
Dividend Yield	2.95%	2.92%	2.66%	2.45%	2.55%	2.28%	2.10%	2.67%	2.37%	2.68%	2.77%
Earnings Yield	1.13%	1.37%	1.33%	1.12%	0.98%	0.94%	0.80%	0.77%	0.66%	0.97%	0.81%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.85	30.43	67.47	4.54
Enterprise Value to Revenue (EV/Rev)	7.19	7.49	9.36	11.07	12.30	12.72	14.19	12.30	13.20	10.77	11.19
Enterprise Value to EBITDA (EV/EBITDA)	39.71	28.99	31.74	47.37	49.67	49.90	49.88	62.34	81.27	66.25	76.79
Enterprise Value to EBIT (EV/EBIT)	39.71	28.99	40.51	47.37	49.67	49.90	58.23	62.34	81.27	66.25	109.38
Enterprise Value to NOPAT (EV/NOPAT)	45.78	33.64	46.82	54.58	57.58	56.43	66.91	70.85	89.39	75.25	83.01
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	211.53	0.00	0.00	44.01	32.88	19.75	12.87	15.70	12.65	19.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	284.78	0.00	57.25	72.09	58.28	74.18	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.76	2.75	3.07	2.99	2.47	2.36	1.69	1.44	1.45	1.40	0.45
Long-Term Debt to Equity	2.76	2.75	3.07	2.99	2.47	2.36	1.69	1.44	1.45	1.40	0.45
Financial Leverage	-2.11	-1.18	-2.09	-1.07	-1.06	-1.09	-1.04	-0.88	-0.87	-0.97	-0.16
Leverage Ratio	4.54	4.64	4.71	4.82	4.39	4.39	3.99	3.73	3.53	3.55	3.32
Compound Leverage Factor	6.94	9.07	7.86	6.58	6.24	5.60	5.35	8.26	6.09	6.77	666.91
Debt to Total Capital	73.38%	73.35%	75.46%	74.92%	71.15%	70.25%	62.83%	59.03%	59.12%	58.26%	31.18%
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	73.38%	73.35%	75.46%	74.92%	71.15%	70.25%	62.83%	59.03%	59.12%	58.26%	31.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.66%	13.60%	13.50%	14.13%	23.10%
Noncontrolling Interests to Total Capital	17.33%	17.49%	15.29%	16.27%	18.82%	19.24%	19.37%	20.21%	20.71%	20.10%	35.01%
Common Equity to Total Capital	9.30%	9.17%	9.27%	8.83%	10.05%	10.52%	10.49%	13.97%	13.44%	14.59%	10.98%
Debt to EBITDA	20.50	13.96	14.42	18.24	17.80	14.81	11.31	15.06	16.30	13.85	4.83
Net Debt to EBITDA	-7.15	-5.00	-4.45	-5.81	-6.80	-6.17	-6.39	-6.47	-6.92	-7.42	3.06
Long-Term Debt to EBITDA	20.50	13.96	14.42	18.24	17.80	14.81	11.31	15.06	16.30	13.85	4.83
Debt to NOPAT	23.64	16.20	21.27	21.01	20.63	16.74	15.18	17.11	17.93	15.73	5.22
Net Debt to NOPAT	-8.24	-5.80	-6.56	-6.70	-7.88	-6.97	-8.57	-7.35	-7.61	-8.43	3.30
Long-Term Debt to NOPAT	23.64	16.20	21.27	21.01	20.63	16.74	15.18	17.11	17.93	15.73	5.22
Altman Z-Score	1.41	1.45	1.56	1.70	1.78	2.04	2.42	2.06	2.44	2.37	1.71
Noncontrolling Interest Sharing Ratio	65.27%	66.17%	64.85%	64.19%	65.12%	65.07%	67.92%	65.51%	66.36%	64.88%	78.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	12.61	12.48	16.58	15.16	15.19	14.21	12.28	7.84	7.67	8.29	2.19
Quick Ratio	12.61	12.48	16.58	15.16	15.19	14.21	12.28	7.84	7.67	8.29	2.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9,886	-660	-9,942	116	57	210	163	-2,291	-2,161	-1,036	-13,781
Operating Cash Flow to CapEx	-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%	11,666.75%	-3,062.67%
Free Cash Flow to Firm to Interest Expense	-47.36	-2.90	-40.89	0.47	0.22	0.91	0.66	-12.12	-11.42	-5.10	-74.05
Operating Cash Flow to Interest Expense	-3.35	1.40	-2.30	2.89	1.69	3.64	3.28	10.54	2.20	6.60	-2.60
Operating Cash Flow Less CapEx to Interest Expense	-3.41	1.30	-2.40	2.78	1.58	3.53	3.24	10.43	2.08	6.55	-2.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.16	0.15	0.14	0.15	0.16	0.17	0.19	0.21	0.21
Accounts Receivable Turnover	0.00	0.00	4.35	0.00	4.38	4.68	3.98	4.38	4.95	4.86	4.52
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	3.52	3.07	3.61	3.42	3.40	3.26	3.12	2.73	3.01	3.14	2.57
Days Sales Outstanding (DSO)	0.00	0.00	83.97	0.00	83.36	78.04	91.77	83.33	73.76	75.14	80.70
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)	103.67	118.82	101.10	106.84	107.50	111.80	117.02	133.82	121.15	116.32	142.02
Cash Conversion Cycle (CCC)	-103.67	-118.82	-17.14	-106.84	-24.15	-33.75	-25.25	-50.49	-47.39	-41.18	-61.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-372	-498	-311	-327	-234	-471	-231	2,029	2,094	855	13,796
Invested Capital Turnover	-0.69	-4.40	-0.67	-10.26	-10.62	-7.60	-14.34	5.01	5.19	27.95	0.83
Increase / (Decrease) in Invested Capital	10,108	756	10,190	33	138	26	81	2,357	2,328	1,326	14,027
Enterprise Value (EV)	26,778	28,828	33,983	39,042	39,624	46,797	55,131	52,453	63,729	57,653	62,671
Market Capitalization	28,332	30,491	35,620	40,569	41,292	48,777	55,420	50,641	61,760	57,034	52,832
Book Value per Share	$5.80	$5.70	$6.17	$9.19	$6.47	$6.64	$6.67	$8.68	$8.15	$8.46	$4.25
Tangible Book Value per Share	$0.64	$0.90	$0.92	$0.93	$1.42	$1.74	$1.65	($4.23)	($4.02)	($3.56)	($19.33)
Total Capital	18,842	18,926	20,458	20,061	19,953	19,765	19,904	21,462	21,624	20,682	12,643
Total Debt	13,826	13,882	15,436	15,031	14,196	13,886	12,506	12,670	12,784	12,050	3,941
Total Long-Term Debt	13,826	13,882	15,436	15,031	14,196	13,886	12,506	12,670	12,784	12,050	3,941
Net Debt	-4,820	-4,974	-4,765	-4,790	-5,423	-5,783	-7,061	-5,445	-5,428	-6,460	2,493
Capital Expenditures (CapEx)	12	23	23	26	29	27	9.31	22	23	11	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	162	195	473	373	372	362	370	126	119	298	111
Debt-free Net Working Capital (DFNWC)	5,718	5,829	6,596	6,404	6,313	6,721	7,750	6,821	6,774	7,554	1,559
Net Working Capital (NWC)	5,718	5,829	6,596	6,404	6,313	6,721	7,750	6,821	6,774	7,554	1,559
Net Nonoperating Expense (NNE)	-42	-21	-523	-55	24	19	20	-105	30	0.59	315
Net Nonoperating Obligations (NNO)	-5,388	-5,542	-5,333	-5,358	-5,991	-6,351	-7,629	-6,762	-6,745	-7,777	5,095
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	4.36%	5.07%	13.03%	10.58%	11.54%	9.84%	9.52%	2.95%	2.47%	5.57%	1.97%
Debt-free Net Working Capital to Revenue	153.43%	151.43%	181.62%	181.62%	195.97%	182.64%	199.49%	159.89%	140.31%	141.05%	27.82%
Net Working Capital to Revenue	153.43%	151.43%	181.62%	181.62%	195.97%	182.64%	199.49%	159.89%	140.31%	141.05%	27.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.50	$0.60	$0.90	$0.33	$0.43	$0.55	$0.73	$0.00	$0.46	$1.15	$0.10
Adjusted Weighted Average Basic Shares Outstanding	366.00M	372.44M	184.52M	192.62M	196.19M	200.72M	198.05M	209.35M	218.92M	219.88M	217.36M
Adjusted Diluted Earnings per Share	$1.48	$0.60	$0.89	$0.33	$0.43	$0.55	$0.73	$0.00	$0.46	$1.15	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	388.12M	372.44M	195.77M	192.62M	196.19M	200.72M	198.05M	209.35M	218.92M	219.88M	217.36M
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)	222	96	249	149	195	236	244	65	167	289	246
Normalized NOPAT Margin	20.33%	14.27%	23.58%	21.06%	24.74%	20.87%	19.34%	5.99%	12.40%	17.46%	16.36%
Pre Tax Income Margin	34.94%	33.80%	45.84%	32.66%	40.23%	28.95%	31.76%	12.95%	21.25%	39.35%	13.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.20	0.51	1.19	0.69	0.87	1.11	1.21	0.34	0.88	1.69	0.01
NOPAT to Interest Expense	1.06	0.42	1.02	0.61	0.76	1.02	0.99	0.34	0.88	1.43	1.32
EBIT Less CapEx to Interest Expense	1.14	0.41	1.10	0.58	0.76	0.99	1.17	0.22	0.76	1.63	-0.08
NOPAT Less CapEx to Interest Expense	1.01	0.32	0.93	0.50	0.65	0.90	0.95	0.23	0.76	1.37	1.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	208.40%	147.45%	83.21%	136.71%	160.46%	153.19%	176.07%	261.18%	259.43%	220.88%	336.73%
Augmented Payout Ratio	235.92%	167.55%	94.76%	162.81%	189.19%	178.32%	203.99%	322.91%	318.16%	268.80%	419.57%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Ares Management (ARES) from the latest four years of quarterly data, focusing on the most recent four quarters and notable long-term trends across income statements, cash flows, and balance sheets.

Strong Q3 2025 fundamentals: Operating Revenue 1,657,628,000; Total Gross Profit 997,793,000, implying a gross margin near 60% (indicative of solid core profitability in a timing-sensitive asset-management business).
Healthy quarterly profitability per share: Q3 2025 diluted earnings per share (EPS) of 1.15 and net income attributable to common shareholders of 263,569,000, signaling solid quarterly earnings power.
Robust cash generation in late 2025: Net cash from continuing operating activities in Q3 2025 was about 1.34 billion, highlighting strong operating cash flow generation.
Strong liquidity position: In Q3 2025, total current assets were about 8.59 billion versus total current liabilities of about 1.04 billion, yielding a current ratio near 8x.
Scale of the investment portfolio: Long-Term Investments around 11.25 billion in Q3 2025, underscoring the scale typical for a large asset manager.
Steady shareholder returns policy: Quarterly dividends per share around 1.12 in early 2025, reflecting an ongoing capital return policy.
Balanced leverage backdrop: In Q3 2025, Total Liabilities were about 18.40 billion and Total Assets about 27.03 billion, a roughly 0.68 debt-to-asset profile—conventional for a diversified asset manager with substantial investments.
Improving 2025 operating performance trend: Total Operating Income in Q3 2025 was 349,412,000, with an operating margin around 21% (349.4M operating income on 1.66B revenue).
Earnings variability tied to structure: Quarterly results show variability driven in part by noncontrolling interests and one-time adjustments, which can temper quarterly EPS comparisons despite healthy longer-term fundamentals.
Q4 2025 earnings and cash flow dip: Consolidated net income attributable to common shareholders in Q4 2025 was negative at 69,253,000, with diluted EPS of 0.10, and net change in cash & equivalents of -7,773,000 for the quarter, signaling a quarterly pullback in profitability and cashflow.

05/08/26 09:55 AM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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 $527.36 million in 2025, rising from $62.42 million in 2015. The previous period was $463.74 million in 2024. Find out what analysts predict for Ares Management in the coming months.

What is Ares Management's operating income?

Ares Management's total operating income in 2025 was $892.72 million, based on the following breakdown:

Total Gross Profit: $3.04 billion
Total Operating Expenses: $2.14 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 $814.44 million in 2015 to $5.60 billion in 2025, a change of 587.8%.

How much debt does Ares Management have?

Ares Management's total liabilities were at $19.93 billion at the end of 2025, a 14.0% increase from 2024, and a 498.6% increase since 2015.

How much cash does Ares Management have?

In the past 10 years, Ares Management's cash and equivalents has ranged from $280.99 million in 2015 to $2.74 billion in 2024, and is currently $1.45 billion as of their latest financial filing in 2025.

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 3.06 in 2015 to 4.25 in 2025, a change of 38.8%.

Related Companies

Financial statements for NYSE:ARES last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ares Management (ARES) Financials

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