Ares Management (ARES) Financials

$178.53 -1.39 (-0.77%)

Closing price 09/16/2025 03:59 PM Eastern

Extended Trading

$178.02 -0.51 (-0.28%)

As of 07:22 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	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

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

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

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

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

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

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%

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) Financial Analysis Summary

Over the last four years, Ares Management has shown notable trends across its income, cash flow, and balance sheet statements, reflecting the company's operational dynamics and financial health.

Operating revenue grew from approximately $548 million in Q3 2022 to $1.35 billion in Q2 2025, indicating strong business growth and expanding operations.
Net income continuing operations increased significantly from a loss of $158 million in Q3 2022 to a positive $226 million in Q2 2025, showing improved profitability.
Cash and equivalents rose steadily, reaching over $1.5 billion by Q2 2025, strengthening the company's liquidity position.
Total assets expanded from roughly $21.2 billion in Q3 2022 to approximately $27.3 billion in Q2 2025, indicating growth in business scale and investment capacity.
Total equity and noncontrolling interests increased from about $3.47 billion in Q3 2022 to $8.26 billion by Q2 2025, reflecting stronger capital foundation.
The company consistently reported substantial dividend payments, with dividends paid around $273 million in Q2 2023, $346 million in Q1 2024, and $430 million in Q2 2025, which while attractive to investors, represent significant cash outflows.
Ares regularly repurchased its common equity, an indication of confidence by management and support for the stock price; repurchase amounts varied from $4.7 million in Q3 2022 to nearly $20 million in Q2 2025.
Debt management efforts continue with large debt issuances and repayments. For example, in Q2 2025, the company issued $540 million in debt but repaid $721 million, suggesting active balance sheet optimization.
Operating cost of revenue and total operating expenses have increased alongside revenues, with gross profit margin fluctuating due to these rising costs.
Interest expense remains high, with $189 million in Q2 2025, which pressures net profitability despite healthy interest and investment income.

Detailed Highlights:

Income Statement: Ares Management’s total revenue increased quarter-over-quarter from $109 million in Q3 2022 to over $1.3 billion in Q2 2025. The company converted attractive pre-tax income into net income continuing operations of $226 million in Q2 2025, a recovery from losses in 2022. Earnings per share (diluted) improved over this period, reaching $0.46 in Q2 2025 from a loss per share a few years ago.

Cash Flow Statement: Net cash from operating activities experienced positive growth reaching $416 million in Q2 2025, following healthier operating income and cash flow generation. Meanwhile, investing activities show capital expenditures of around $23 million in Q2 2025, implying ongoing business investments. Financing activities reflect a net outflow due to debt repayments exceeding issuances and dividends paid out, demonstrating disciplined capital management.

Balance Sheet: Asset growth was driven primarily by increases in short-term and long-term investments, alongside goodwill and intangible assets, reflecting strategic acquisitions or business growth investments. Long-term debt remains sizable at around $12.8 billion in Q2 2025, though manageable given the growing asset base and equity.

Long-Term View: Over four years, Ares Management has shown strong recovery from losses in 2022 to stable profitability and increased cash flows. The growth in equity and assets supports a positive outlook, but the company must continue managing operating expenses and interest costs to sustain margin improvements.

In summary, Ares Management's financials indicate continued expansion and improving profitability, balanced by strategic capital allocation and financial discipline, highlighting a potentially solid investment proposition with mindful attention to cost and debt levels.

09/17/25 07:31 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Ares Management's Financials

When does Ares Management's fiscal year end?

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

How has Ares Management's net income changed over the last 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 Ares Management's forecast for analyst expectations on what’s next for the company.

What is Ares Management's operating income?

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

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

How has Ares Management'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%.

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This page (NYSE:ARES) was last updated on 9/17/2025 by MarketBeat.com Staff

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