A
Ares Management Corporation
ARES · NYSE · USD
Financials
StatisticsIncome statementBalance sheetCash flowDividendsSegments
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||||||||
| Market cap | $35,614 | $35,739 | $22,485 | $12,108 | $13,906 | $8,050 | $6,107 | $3,042 | – | – | – | $2,057 | – | – | – |
| Enterprise value | $48,955 | $33,277 | $21,247 | $10,082 | $11,544 | $7,132 | $5,233 | $2,107 | – | – | – | $20,521 | – | – | – |
| P/E (TTM) at period end | 83.58× | 81.05× | 47.40× | 72.27× | 35.96× | 61.72× | 48.01× | 86.13× | – | – | – | 58.80× | – | – | – |
| P/S (TTM) at period end | 6.36× | 9.20× | 6.19× | 3.96× | 3.30× | 4.56× | 3.46× | 3.17× | – | – | – | 3.41× | – | – | – |
| P/B at period end | 8.33× | 10.09× | 11.88× | 7.62× | 7.62× | 6.74× | 7.95× | 5.17× | – | – | – | 7.25× | – | – | – |
| EV / EBITDA (TTM) | 27.10× | 34.02× | 24.55× | 30.32× | 14.01× | 21.45× | 16.37× | 20.22× | – | – | – | – | – | – | – |
| EV / Sales (TTM) | 8.74× | 8.57× | 5.85× | 3.30× | 2.74× | 4.04× | 2.96× | 2.20× | – | – | – | 33.98× | – | – | – |
| Returns | |||||||||||||||
| Return on equity | 10.0% | 12.4% | 25.1% | 10.5% | 21.2% | 10.9% | 16.6% | 6.0% | 3.7% | 33.6% | 7.6% | 12.3% | 10.6% | 250.3% | 27.5% |
| Return on invested capital | 6.4% | 4.5% | 3.7% | 1.6% | 4.3% | 2.1% | 2.6% | 0.8% | (0.7%) | 4.0% | 1.1% | (1.4%) | (1.5%) | (2.1%) | (1.2%) |
| Dividend yield | 4.9% | 3.7% | 4.6% | 6.9% | 4.3% | 5.8% | 5.7% | 5.1% | – | – | – | 16.0% | – | – | – |
| Financial health | |||||||||||||||
| Current ratio | – | – | – | – | – | – | – | – | 0.64× | 1.79× | 1.68× | 1.51× | 0.94× | 0.78× | 0.75× |
| Debt / equity | – | – | – | – | – | – | – | – | 3.92× | 11.58× | 10.43× | 47.42× | 0.19× | 29.95× | 39.83× |
| Effective tax rate | 15.4% | 12.9% | 13.0% | 14.1% | 13.8% | 14.5% | 12.3% | 17.5% | (15.4%) | 3.7% | 23.4% | 2.0% | 6.8% | 2.1% | 3.1% |
| Share count | |||||||||||||||
| Diluted shares outstanding | 217 | 198 | 196 | 176 | 180 | 150 | 120 | 96 | 82 | 83 | 81 | 80 | 94 | 94 | 80 |
StatisticsIncome statementBalance sheetCash flowDividendsSegments
| Line item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and gross profit | ||||||||||||||||
| Revenue | $5,988 | $5,601 | $3,885 | $3,632 | $3,055 | $4,212 | $1,764 | $1,765 | $958 | $1,085 | $965 | $814 | $604 | $479 | $334 | $2,677 |
| Cost of revenue | – | – | ($1,732) | ($1,487) | ($1,499) | ($1,163) | ($767) | ($653) | ($570) | – | – | ($414) | ($456) | ($334) | ($289) | – |
| Gross profit | – | – | $2,153 | $2,145 | $1,557 | $3,049 | $997 | $1,112 | $388 | – | – | $400 | $148 | $145 | $45 | – |
| Operating expenses | ||||||||||||||||
| Research and development | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($1,032) | ($996) | ($737) | ($660) | ($695) | ($444) | ($259) | ($1,421) | ($817) | ($676) | ($548) | ($336) | ($337) | ($333) | ($353) | ($189) |
| Total operating expenses | ($2,668) | – | ($1,207) | ($1,311) | ($1,250) | ($2,247) | ($683) | ($809) | ($300) | – | – | ($355) | ($404) | ($468) | ($470) | – |
| Total costs and expenses | ($4,507) | ($3,840) | ($2,939) | ($2,798) | ($2,749) | ($3,410) | ($1,450) | ($1,463) | ($870) | ($1,174) | ($782) | ($769) | ($860) | ($802) | ($759) | ($2,938) |
| Operating income | $1,480 | $1,761 | $946 | $834 | $306 | $802 | $314 | $303 | $88 | ($89) | $183 | $45 | ($256) | ($323) | ($424) | ($261) |
| Earnings | ||||||||||||||||
| EBITDA | – | $1,807 | $978 | $865 | $333 | $824 | $333 | $320 | $104 | ($77) | $191 | $52 | ($249) | ($317) | ($410) | ($241) |
| Interest income | $454 | $623 | $976 | $1,015 | $9 | $10 | $8 | $403 | $345 | $195 | $143 | $131 | $945 | $1,242 | $1,415 | $1,431 |
| Interest expense | ($735) | ($767) | ($978) | ($861) | ($71) | ($37) | ($25) | ($297) | ($244) | ($21) | ($18) | ($19) | ($675) | ($544) | ($458) | ($334) |
| Pre-tax income | $1,558 | $1,287 | $1,275 | $1,333 | $511 | $1,066 | $379 | $425 | $184 | $150 | $298 | $81 | $557 | $873 | $1,262 | $953 |
| Income tax expense | ($253) | ($199) | ($165) | ($173) | ($72) | ($147) | ($55) | ($52) | ($32) | $23 | ($11) | ($19) | ($11) | ($59) | ($26) | ($30) |
| Net income | $636 | $527 | $464 | $474 | $168 | $409 | $152 | $149 | $57 | $76 | $112 | $19 | $35 | $813 | $1,236 | $97 |
| Per share | ||||||||||||||||
| Diluted EPS (GAAP) | – | $1.96 | $2.07 | $2.42 | $0.95 | $2.15 | $0.87 | $1.06 | $0.30 | $0.62 | $1.20 | $0.23 | $0.43 | $2.24 | $2.34 | $1.22 |
| Basic EPS (GAAP) | – | $1.96 | $2.07 | $2.57 | $0.95 | – | $0.89 | $1.11 | $0.30 | $0.62 | $1.22 | $0.23 | $0.43 | $2.39 | $2.34 | $1.29 |
| Basic shares outstanding | 223 | 217 | 198 | 185 | 176 | 164 | 135 | 108 | 96 | 82 | 81 | 81 | 80 | 80 | 94 | 75 |
| Margins | ||||||||||||||||
| Gross margin | – | – | 55.4% | 59.1% | 51.0% | 72.4% | 56.5% | 63.0% | 40.5% | – | – | 49.1% | 24.4% | 30.2% | 13.6% | – |
| Operating margin | 24.7% | 31.4% | 24.4% | 23.0% | 10.0% | 19.0% | 17.8% | 17.1% | 9.2% | (8.2%) | 18.9% | 5.6% | (42.4%) | (67.5%) | (127.1%) | (9.7%) |
| Net margin | 10.6% | 9.4% | 11.9% | 13.1% | 5.5% | 9.7% | 8.6% | 8.4% | 5.9% | 7.0% | 11.6% | 2.4% | 5.8% | 169.9% | 369.9% | 3.6% |