NYSE: ARES
Ares Management
Financials · Investment Advice
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$40.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.56B |
| FY2017, ended Dec 31, 2017 | $1.66B |
| FY2018, ended Dec 31, 2018 | $1.83B |
| FY2019, ended Dec 31, 2019 | $4.23B |
| FY2020, ended Dec 31, 2020 | $12.3B |
| FY2021, ended Dec 31, 2021 | $23.8B |
| FY2022, ended Dec 31, 2022 | $20.3B |
| FY2023, ended Dec 31, 2023 | $36.8B |
| FY2024, ended Dec 31, 2024 | $61.1B |
| FY2025, ended Dec 31, 2025 | $58.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $40.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.99B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $965M |
| FY2017, ended Dec 31, 2017 | $1.48B |
| FY2018, ended Dec 31, 2018 | $1.22B |
| FY2019, ended Dec 31, 2019 | $1.77B |
| FY2020, ended Dec 31, 2020 | $1.76B |
| FY2021, ended Dec 31, 2021 | $4.21B |
| FY2022, ended Dec 31, 2022 | $3.06B |
| FY2023, ended Dec 31, 2023 | $3.63B |
| FY2024, ended Dec 31, 2024 | $3.88B |
| FY2025, ended Dec 31, 2025 | $5.60B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.99B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $112M | −$638M |
| FY2017, ended Dec 31, 2017 | $76.2M | −$1.90B |
| FY2018, ended Dec 31, 2018 | $57.0M | −$1.44B |
| FY2019, ended Dec 31, 2019 | $149M | −$2.10B |
| FY2020, ended Dec 31, 2020 | $152M | — |
| FY2021, ended Dec 31, 2021 | $409M | — |
| FY2022, ended Dec 31, 2022 | $168M | — |
| FY2023, ended Dec 31, 2023 | $474M | — |
| FY2024, ended Dec 31, 2024 | $464M | — |
| FY2025, ended Dec 31, 2025 | $527M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $636M | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$557M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $343M |
| FY2017, ended Dec 31, 2017 | $119M |
| FY2018, ended Dec 31, 2018 | $110M |
| FY2019, ended Dec 31, 2019 | $138M |
| FY2020, ended Dec 31, 2020 | $540M |
| FY2021, ended Dec 31, 2021 | $344M |
| FY2022, ended Dec 31, 2022 | $390M |
| FY2023, ended Dec 31, 2023 | $348M |
| FY2024, ended Dec 31, 2024 | $1.51B |
| FY2025, ended Dec 31, 2025 | $489M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $557M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 344% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.360M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 81.1M |
| FY2017, ended Dec 31, 2017 | 82.8M |
| FY2018, ended Dec 31, 2018 | 103M |
| FY2019, ended Dec 31, 2019 | 119M |
| FY2020, ended Dec 31, 2020 | 262M |
| FY2021, ended Dec 31, 2021 | 293M |
| FY2022, ended Dec 31, 2022 | 297M |
| FY2023, ended Dec 31, 2023 | 310M |
| FY2024, ended Dec 31, 2024 | 345M |
| FY2025, ended Dec 31, 2025 | 359M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 360M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$704M
Net: $704M more issued than bought back
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| Period | Paid to employees |
|---|---|
| FY2016, ended Dec 31, 2016 | $39.1M |
| FY2017, ended Dec 31, 2017 | $69.7M |
| FY2018, ended Dec 31, 2018 | $89.7M |
| FY2019, ended Dec 31, 2019 | $97.7M |
| FY2020, ended Dec 31, 2020 | $123M |
| FY2021, ended Dec 31, 2021 | $237M |
| FY2022, ended Dec 31, 2022 | $200M |
| FY2023, ended Dec 31, 2023 | $256M |
| FY2024, ended Dec 31, 2024 | $353M |
| FY2025, ended Dec 31, 2025 | $741M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $704M |
Revenue (TTM)
$5.99B
+27.0% YoY
Net income (TTM)
$636M
+32.6% YoY
Cash
$557M
+9.3% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $46.2B
- P/E
- 72.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 7.7×
- Price / Book
- 11.6×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $5.99B
- Revenue Growth YoY
- 27.0%
- Revenue CAGR 3Y
- 22.4%
- Revenue CAGR 5Y
- 26.0%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 32.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 10.6%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 15.3%
Earnings
Trailing 12 months- Net Income
- $636M
- EPS (diluted)
- —
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $557M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $29.6B
- Total Liabilities
- $21.0B
- Shareholders' Equity
- $3.97B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $912M
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 4.0%
- Dividend / Share
- $5.17
- Beta (5Y)
- 1.53
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 27.0% over the last year, to $5.99B.
Note
Net margin of 10.6% over the last 12 months.
Note
Pays a 4.0% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K67Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Total revenue rose 7% to $3.88B, but net income slipped 4% to $1.11B. Carried interest fell 37%, mostly because the stake in Savers Value Village lost value.
- Fee-related earnings rose 17% to $1.36B, driven by Credit Group management fees. Assets under management grew 16% to $484.4B, and Ares raised $92.7B of new capital.
- Ares raised new equity, preferred stock and long-term debt, and paid off its credit line. Some of the money is for the GCP acquisition, which is expected to close in early 2025.
- The intangible-asset write-down fell to $8.9M, from $78.7M in 2023.
Business momentum
Improving
“Total revenues $ 3,884,781 $ 3,631,884 $ 252,897 7%”
Outlook
Positive
“Our potential future deployment, coupled with our future fundraising prospects, gives us the opportunity to increase our management fees in 2025.”
Financial stress
Low
“As of December 31, 2024, our cash and cash equivalents were $1,508.0 million and we have $1,400.0 million available under our Credit Facility.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Strong fee earnings growth
“Fee Related Earnings $ 1,361,737 $ 1,163,741 197,996 17”
Record fundraising and AUM growth
“we raised $92.7 billion of gross new capital across our commingled funds, SMAs, wealth products and other vehicles”
Large pool of committed capital not yet earning fees
“AUM not yet paying fees includes $81.0 billion of AUM available for future deployment which could generate approximately $728.8 million in potential incremental annual management fees”
Concerns
Carried interest fell sharply on Savers Value Village losses
Costs rising quickly with headcount and acquisitions
“Acquisition-related costs increased by $45.4 million for the year ended December 31, 2024 compared to the prior year.”
Real Assets fee earnings slipped again
“Real Assets Group 212,106 218,807 (6,701) (3)”
New risks since the previous report
GCP acquisition brings expansion into riskier markets
“we expect to launch investment initiatives in Japan, Vietnam and Brazil. Each of these geographies may subject us to heightened risks due to jurisdictional limitations or political or economic uncertainty in these regions.”
New US tariffs and trade-policy uncertainty
“The United States has recently enacted and proposed to enact significant new tariffs, including on Mexican, Canadian and Chinese goods.”
UK carried interest tax changes could affect staff pay and retention
“the rate of carried interest applicable to our U.K. investment professionals is expected to increase from April 6, 2025.”
Interest costs expected to keep rising
“We expect interest expense to trend higher in future periods”
Growing tax receivable agreement liability
“The TRA liability balance was $402.4 million and $191.3 million as of December 31, 2024 and December 31, 2023, respectively.”
Biggest risks named
- Market volatility, interest rates and inflation hurting fund values and fundraising
- Heavy reliance on ARCC management fees
- Integration and expansion risks from the GCP and WSM acquisitions
- Swings and reversals in carried interest
- Tougher regulation and possible carried interest tax changes
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 67 | Improving | None | |
| 10-K | Feb 27, 2024 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 24, 2023 | 41 | Sharp deterioration | 1 medium | |
| 10-K | Feb 28, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 25, 2021 | 55 | Weakening | None | |
| 10-K | Feb 28, 2020 | 72 | Strong improvement | 2 minor | |
| 10-K | Feb 26, 2019 | 58 | Mixed | None | |
| 10-K | Mar 1, 2018 | 46 | Sharp deterioration | None | |
| 10-K | Feb 27, 2017 | 73 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 7, 2026. View filings on SEC EDGAR