Ares Management CorpAres Management Corp
Ares Management Corp

Ares Management Corp

ARES
Financials·Capital Markets

Ares Management Corp. engages in the provision of investment and consultancy services. It operates through the following segments: Credit Group, Private Equity Group, Real Assets Group, Secondaries Group, and Other. The Credit Group segment includes the management of strategies across the liquid and illiquid spectrum, direct lending, and Asia-Pacific. The Private Equity Group segment involves the categorization of investment strategies as corporate, special opportunities, and Asia-Pacific. The Real Assets Group segment focuses on equity and debt strategies across infrastructure investments. The Secondaries Group segment consists of investment in secondary markets, alternative asset class strategies, private equity, real estate, infrastructure, and credit. The company was founded by Michael J. Arougheti, David B. Kaplan, John H. Kissick, Antony P. Ressler, and Bennett Rosenthal in 1997 and is headquartered in Los Angeles, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$4.8B+28.9% YoY
Net income
$527.4M+13.7% YoY
Free cash flow
$3.3B+17.0% YoY

Market

Listed stock
ARESPriceNYSE
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Financial performance

Revenue
$4.8B+28.9% YoY
Operating income
$46.9M−93.8% YoY
Net income
$527.4M+13.7% YoY
Free cash flow
$3.3B+17.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $2.3B, 2022 $2.9B, 2023 $3.2B, 2024 $3.7B, 2025 $4.8B. Operating income: 2021 $-1.1B, 2022 $130.9M, 2023 $438.4M, 2024 $752M, 2025 $46.9M. Net income: 2021 $408.8M, 2022 $167.5M, 2023 $474.3M, 2024 $463.7M, 2025 $527.4M. Free cash flow: 2021 $-2.6B, 2022 $-734.1M, 2023 $-233.3M, 2024 $2.8B, 2025 $3.3B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
28.9%+1481 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-1.1B, 2022-12-31 $130.9M, 2023-12-31 $438.4M, 2024-12-31 $752M, 2025-12-31 $46.9M. Net income: 2021-12-31 $408.8M, 2022-12-31 $167.5M, 2023-12-31 $474.3M, 2024-12-31 $463.7M, 2025-12-31 $527.4M. Free cash flow: 2021-12-31 $-2.6B, 2022-12-31 $-734.1M, 2023-12-31 $-233.3M, 2024-12-31 $2.8B, 2025-12-31 $3.3B

Growth heatmap

2022202320242025CAGR
Revenue
+25.8%
+12.4%
+14.0%
+28.9%
+20.1%
Gross profit
+25.8%
+12.4%
+14.0%
+28.9%
+20.1%
Operating income
+111.7%
+234.9%
+71.5%
-93.8%
No data
Free cash flow
+71.7%
+68.2%
+1296.6%
+17.0%
No data

Earnings quality

Operating cash flow
$3.3B+17.0% YoY
Net income
$527.4M+13.7% YoY
Free cash flow
$3.3B+17.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 619%, 2024-12-31 602%, 2023-12-31 -49%, 2022-12-31 -438%, 2021-12-31 -635%. Free cash flow: 2025-12-31 619%, 2024-12-31 602%, 2023-12-31 -49%, 2022-12-31 -438%, 2021-12-31 -635%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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