— Know what they know.
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Not Investment Advice

ARES

NYSE · USD
Ares Management Corporation
Financial Services · Asset Management
CEO Michael J. Arougheti Employees 4,250 R&D / revenue 0.0%
Last price
$112.27−1.54%last session
Market cap
$36.9B
P/E (TTM)
49.0x
From 52w high
−38.0%
From 52w low
+17.2%
1-year return
−20.0%
RSI 14 · vs SMA200
32.1 · −11.6%
IS score
45.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ARES   SPY   XLF (sector ETF) · weekly closes
80100120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107ARES 80

Score DNA

Each bar is a 0-100 score within the scored universe
38
Profitability
77
Growth
38
Value
100
Momentum
15
Risk (safety)
50
Quality
23
Balance sheet
98
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Switching CostsPiotroski 6 / 9Beta 1.523 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+7
129 new holders, 113 closed
808 filers hold 100.0% · 355 added, 231 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+251
903 funds adding shares
652 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
38.6%
20-day avg 62.7%, 50-day avg 61.6%
Latest 24.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.5B
Revenue growth YoY+66.6%
Gross margin74.8%
Operating income$1.8B
Operating margin27.2%
Net income$527.4M
Net margin8.2%
EPS (diluted)$1.96
Cash flow
Operating cash flow$1.6B
Capital expenditure$72.2M
Free cash flow$1.5B
FCF conversion (FCF / OCF)95.5%
Stock-based compensation$0
FCF less SBC$1.5B
Buybacks$0
Dividends$1.8B
Balance sheet & returns
Cash & short-term investments$1.5B
Total debt$14.3B
Net debt$12.8B
Shareholders' equity$8.7B
Goodwill & intangibles$5.6B
Debt / equity3.75
ROE (TTM)15.2%
ROIC (TTM)4.5%
Operating margin by fiscal year
19.0%FY202110.0%FY202223.0%FY202324.4%FY202419.7%FY2025
Revenue $4.2B (FY2021) to $6.5B (FY2025), a 11.3% CAGR.

Valuation

P/E (TTM)49.0x
EV / EBITDA20.1x
Price / sales5.77x
Price / FCF44.1x
FCF yield2.27%
Buyback yield0.00%
SBC / revenue0.0%
Price / book6.40x
Forward P/E FY202619.5x
Forward P/E FY202715.7x
Forward P/E FY202813.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $149.00 across 8 analysts last quarter is theirs, not ours.

ARES vs industry median

908 companies in Asset Management
Gross margin 62.7% 84.6% Operating margin 23.2% 34.7% Net margin 10.0% 18.2% ROIC 4.5% 6.4%
ARES (TTM)Industry median Asset turnover 0.22 vs industry 0.11 · financial leverage 7.47

Earnings delivery

Next report 2026-10-29 · consensus EPS $1.26
50%
beat rate, 6 of 12 quarters
−1.4%
median EPS surprise
2
longest beat streak
-3+10-13+1+1-9+16-5+3-14-7+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-07-31. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ARES Ares Management Corporation $36.9B49.0x15.2%10.0%+66.6% −20.0%
AMP Ameriprise Financial, Inc. $44.2B11.9x63.4%22.2%+9.0% +7.4%
NTRS Northern Trust Corporation $30.3B14.1x17.1%18.8%+3.1% +33.7%
RJF Raymond James Financial, Inc $30.1B13.4x18.5%13.6%+9.1% −0.7%
STT State Street Corporation $45.5B13.3x12.4%18.0%+2.2% +46.7%
PFG Principal Financial Group, I $23.3B15.5x13.1%10.3%+3.7% —
TROW T. Rowe Price Group, Inc. $21.5B10.1x20.6%33.1%+7.0% —
APO Apollo Global Management, In $65.4B24.0x14.3%12.1%+34.6% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

No 8-K filings on file.

Context

Shares outstanding328,414,956
Free float98.9%
Institutional ownership100.0%
Beta1.52
Dividend yield4.60%
Last dividend$1.35 on 2026-09-16
50 / 200-day average$130.51 / $127.48
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ARES sits among 110 scored companies in Asset Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureARESIndustry medianIndustry percentileSector median
P/E (TTM) 58.4x 13.3x
95th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.81 0.88
70th		 1.04
Price / sales 5.9x 3.9x
79th		 2.5x
Price / book 9.3x 1.4x
89th		 1.3x
Price / tangible book —
Price / free cash flow 44.0x 10.3x
90th		 11.8x
Price / operating cash flow 40.0x 10.2x
90th		 11.7x
Enterprise value $49.9B $3.4B
88th		 $3.4B
EV / sales 8.0x 6.7x
56th		 6.0x
EV / EBITDA 21.3x 12.2x
84th		 13.0x
EV / EBIT 23.2x 14.4x
86th		 15.5x
EV / free cash flow 59.5x 11.6x
91st		 15.9x
Earnings yield 1.7% 5.7%
25th		 7.9%
FCF yield 2.3% 8.3%
26th		 6.3%
Operating cash flow yield 2.5% 8.6%
23rd		 7.8%
Graham number (per share) $33.16 $27.85
59th		 $50.71

Profitability (TTM)

MeasureARESIndustry medianIndustry percentileSector median
Gross margin 62.7% 71.8%
22nd		 71.9%
EBITDA margin 37.7% 39.3%
44th		 37.9%
Operating margin 21.4% 30.2%
32nd		 23.3%
EBIT margin 34.6% 32.7%
54th		 23.3%
Net margin 10.2% 15.3%
38th		 18.7%
NOPAT margin 17.9% 23.0%
33rd		 18.7%
FCF margin 13.5% 24.3%
32nd		 23.3%
Operating cash flow margin 14.9% 29.1%
31st		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 18.0% 9.8%
70th		 20.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 16.6% 19.9%
47th		 21.0%

Returns on capital

MeasureARESIndustry medianIndustry percentileSector median
ROE (on average equity) 15.0% 11.2%
62nd		 11.9%
ROA 2.2% 2.3%
48th		 1.4%
ROIC 6.5% 5.5%
54th		 7.8%
ROCE 7.8% 4.9%
66th		 5.8%
Return on tangible assets 7.6% 4.7%
67th		 2.0%
Cash ROIC (OCF / invested capital) 5.4% 10.0%
39th		 11.4%
Gross profitability (GP / assets) 10.9% 8.8%
60th		 10.3%
ROIC, 3-yr average 4.1% 5.6%
35th		 7.1%
ROIC, 5-yr average 3.8% 6.0%
31st		 7.3%
ROE, 5-yr average 17.5% 11.2%
79th		 10.7%
Incremental ROIC 72.0% 12.9%
77th		 8.4%

Growth

MeasureARESIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 45.4% 15.4%
76th		 7.1%
Revenue growth (QoQ) -19.1% 6.6%
22nd		 2.8%
Revenue CAGR, 3 yr 25.3% 13.1%
75th		 10.8%
Revenue CAGR, 5 yr 20.8% 5.8%
90th		 11.3%
Gross profit CAGR, 3 yr 25.2% 20.6%
61st		 18.0%
Operating income CAGR, 3 yr 50.7% 12.7%
86th		 8.8%
Net income growth (TTM YoY) 44.1% 17.8%
63rd		 24.7%
Net income CAGR, 3 yr 43.0% 9.1%
83rd		 9.4%
EPS growth (TTM YoY) 33.3% 14.5%
61st		 25.1%
EPS CAGR, 3 yr 32.2% 5.5%
80th		 7.3%
EPS CAGR, 5 yr 13.6% -5.9%
82nd		 4.2%
FCF growth (TTM YoY) -79.0% 18.5%
5th		 15.9%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr —
Book value CAGR, 3 yr 23.4% 3.6%
88th		 8.9%
Dividend CAGR, 3 yr -4.6% -1.2%
38th		 1.9%
Sustainable growth rate -28.4% 3.5%
3rd		 8.3%

Margin history & stability

MeasureARESIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 54.1% 63.7%
23rd		 63.4%
Operating margin, 3-yr average 21.5% 33.3%
24th		 21.4%
Net margin, 3-yr average 11.1% 26.3%
24th		 16.5%
FCF margin, 3-yr average 32.7% 28.9%
56th		 28.2%
Revenue stability (0-1) 0.84 0.58
72nd		 0.86
Earnings stability (0-1) 0.65 0.40
76th		 0.37
Margin stability (0-1) 0.90 0.80
74th		 0.81

Liquidity (latest quarter)

MeasureARESIndustry medianIndustry percentileSector median
Cash & short-term investments $1.9B $142.5M
79th		 $145.5M
Net cash (− = net debt) −$13.0B −$692.3M
8th		 −$676.0M
Working capital −$391.2M $90.6M
9th		 $86.3M
Current ratio 0.83 1.16
35th		 1.19
Quick ratio 0.83 1.16
35th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.83 0.62
58th		 0.55
Defensive interval (days) 354 days 365 days
44th		 417 days

Leverage & solvency (latest quarter)

MeasureARESIndustry medianIndustry percentileSector median
Total debt $14.9B $1.3B
88th		 $1.2B
Debt / equity 3.75 0.99
95th		 0.81
Net debt / equity 3.28 0.84
95th		 0.66
Debt / assets 50.2% 37.6%
72nd		 33.5%
Debt / capital 78.9% 49.7%
95th		 44.6%
Debt / EBITDA 6.36 4.80
61st		 3.20
Net debt / EBITDA 5.56 3.41
64th		 2.19
Interest coverage (EBIT / interest) 2.9x 2.6x
57th		 2.9x
Cash interest coverage 1.3x 3.1x
32nd		 3.7x
Debt payback (years of OCF) 16.1 yrs 3.5 yrs
83rd		 3.7 yrs
Liabilities / assets 71.0% 55.3%
82nd		 86.2%
IS credit model rating B- — —
Implied credit spread (bps) 900 475
79th		 175

Efficiency

MeasureARESIndustry medianIndustry percentileSector median
Asset turnover 0.22 0.12
68th		 0.15
Fixed asset turnover 9.79 9.51
51st		 11.68
Inventory turnover —
Receivables turnover 9.8 8.4
53rd		 8.2
Days sales outstanding 37 days 37 days
50th		 43 days
Days inventory outstanding —
Days payables outstanding 61 days 49 days
53rd		 39 days
Cash conversion cycle (days) −24 days −8 days
39th		 0 days
Capex / revenue 1.3% 0.0%
85th		 0.2%
Capex / depreciation 0.43 0.05
77th		 0.13
Operating expense ratio 0.0% 43.6%
0th		 38.9%

Cash flow & earnings quality

MeasureARESIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.46 1.20
62nd		 1.28
FCF / net income 1.33 0.99
66th		 1.15
FCF / operating cash flow 91.0% 99.6%
16th		 98.5%
Capex / operating cash flow 9.0% 0.0%
87th		 0.6%
Accruals ratio -1.0% -1.4%
56th		 -2.0%
Sloan accruals ratio 5.9% -0.3%
81st		 -0.6%
Earnings quality score (0-1) 1.00 0.75
60th		 0.75

Dividends & buybacks

MeasureARESIndustry medianIndustry percentileSector median
Dividend yield 4.6% 6.6%
39th		 2.3%
Dividend per share (TTM) $5.17 $1.49
94th		 $1.03
Payout ratio (dividends / net income) 289.4% 67.8%
90th		 30.0%
Dividends / FCF 217.8% 52.7%
85th		 49.0%
Dividend growth (YoY) 1.6% 6.9%
37th		 6.4%
Buyback yield 1.5% 1.0%
54th		 1.7%
Shareholder yield (dividends + buybacks) 6.4% 10.3%
26th		 5.2%
Share count change (YoY) 8.1% 0.0%
85th		 -0.3%
Buybacks, last 5 years $3.2B $40.9M
85th		 $85.3M

Scores & forensic checks

MeasureARESIndustry medianIndustry percentileSector median
IS score 45 45
50th		 53
IS profitability 38 60
24th		 59
IS growth 77 53
82nd		 57
IS value 38 66
6th		 77
IS momentum 100 59
92nd		 76
IS risk (safety) 15 15
6th		 65
IS quality 50 64
32nd		 71
IS balance sheet 23 42
6th		 51
IS earnings quality 98 68
100th		 74
IS cash flow 49 69
32nd		 71
Piotroski F-score (0-9) 6 6
49th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.97 −7.13
56th		 −6.00
IS credit score 23 41
17th		 68

Per share

MeasureARESIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.79 $1.19
64th		 $3.36
Book value per share $17.53 $16.24
58th		 $28.13
Tangible book per share $13.45 $13.69
49th		 $21.49
Revenue per share $27.41 $4.23
82nd		 $17.62
FCF per share $3.70 $1.85
63rd		 $1.99
Operating cash flow per share $4.07 $2.62
67th		 $2.45
Cash per share $8.19 $1.06
78th		 $1.75

Size (TTM)

MeasureARESIndustry medianIndustry percentileSector median
Market cap $36.9B $3.1B
89th		 $2.5B
Revenue $6.2B $703.1M
81st		 $1.0B
EBITDA $2.3B $205.6M
84th		 $269.3M
Net income $630.8M $151.7M
73rd		 $168.0M
Free cash flow $838.1M $219.5M
69th		 $160.0M
Total assets $29.6B $2.9B
81st		 $8.5B
Shareholders' equity $4.0B $1.2B
73rd		 $1.5B
Employees 4,343 1,700
65th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-20Jacobson Blair
Co-President
 Gift 8,000——1,095,221
2026-07-30Bush Antoinette Cook
Director
 Award / grant 1,728——24,168
2026-07-30Bhutani Ashish
Director
 Award / grant 1,728——35,799
2026-07-30Naughton Eileen
Director
 Award / grant 1,728——8,586
2026-07-30Olian Judy D.
Director
 Award / grant 1,728——31,462
2026-07-30Lynton Michael
Director
 Award / grant 1,728——34,196
2026-07-30Joubert Paul G.
Director
 Award / grant 1,728——44,196
2026-06-30Arougheti Michael J
Director, Co-Founder and CEO
 Tax withholding 82,957$111.31$9.2M1,364,548
2026-06-03Jacobson Blair
Co-President
 Gift 8,000——1,103,221

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
JunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired610,368—
GiftDisposed216,000—
Tax withholdingDisposed182,957$9.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
None on file.
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (2 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-07Ro KhannaHousePurchase$1,001 - $15,0002026-08-12
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-03-13John BoozmanSenatePurchase$1,001 - $15,0002026-04-14
2026-03-13John BoozmanSenatePurchase$1,001 - $15,0002026-04-13
2025-09-23Val HoyleHouseSale$1,001 - $15,0002025-10-10
2025-09-22Val HoyleHouseSale (Full)$1,001 - $15,0002025-10-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.16,882,527$1.9B5.14%
VANGUARD CAPITAL MANAGEMENT LLC13,750,238$1.5B4.19%
SUMITOMO MITSUI FINANCIAL GROUP, INC.13,364,740$1.5B4.07%
BANK OF AMERICA CORP /DE/11,855,596$1.3B3.61%
VANGUARD PORTFOLIO MANAGEMENT LLC10,924,590$1.2B3.33%
Capital World Investors10,644,025$1.2B3.24%
WELLINGTON MANAGEMENT GROUP LLP9,526,077$1.1B2.90%
STATE STREET CORP8,978,721$999.4M2.73%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC6,748,222$751.1M2.05%
Sixth Street Partners Management Company, L.P.6,748,222$751.1M2.05%
CANADA PENSION PLAN INVESTMENT BOARD6,649,728$740.2M2.02%
GEODE CAPITAL MANAGEMENT, LLC5,843,445$647.9M1.78%
JPMORGAN CHASE & CO5,382,815$579.2M1.64%
FRANKLIN RESOURCES INC4,747,665$528.5M1.45%
PRINCIPAL FINANCIAL GROUP INC4,040,482$449.7M1.23%

Institutional ownership by quarter

2023-092026-06100.0%
% of shares held by 13F filers
2023-092026-06808
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30808100.0%129355231113
2026-03-3180191.4%145295273161
2025-12-3183291.6%174314242101
2025-09-3077884.7%10032023978
2025-06-3077084.8%10831526574
2025-03-3174381.4%11432420992
2024-12-3173379.6%14027421450
2024-09-3065778.7%11726718267
2024-06-3061477.1%8425519271
2024-03-3160972.3%11520321151
2023-12-3155370.3%11219817140
2023-09-3048868.2%8318514229

Schedule 13D / 13G filers

FiledFormFiler% of classShares
None on file.
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$785.4M
VSMPX0.03%$785.4M
VTI0.03%$785.4M
VTSAX0.03%$785.4M
SCHD0.63%$710.4M
VFIAX0.04%$683.6M

Share structure

Shares outstanding328,414,956
Float324,743,783
Free float98.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.2B$3.1B$3.6B$3.9B$6.5B
Cost of revenue$1.2B$1.5B$1.5B$1.7B$1.6B
Gross profit$3.0B$1.6B$2.1B$2.2B$4.8B
R&D$0$0$0$0$0
SG&A$2.2B$1.2B$1.3B$1.2B$0
Operating income$802.0M$306.4M$834.0M$946.1M$1.8B
EBITDA$1.5B$1.3B$2.4B$2.4B$2.3B
Pretax income$1.1B$510.8M$1.3B$1.3B$1.3B
Income tax$147.4M$71.9M$173.0M$164.6M$198.5M
Net income$408.8M$167.5M$474.3M$463.7M$527.4M
EPS, diluted$2.15$0.87$2.42$2.07$1.96
Diluted shares180.1M175.5M195.8M198.1M217.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.4B$1.1B$1.5B$2.7B$1.5B
Receivables$1.2B$1.1B$1.3B$1.5B$1.9B
Inventory$0$0$0$0$0
Total current assets$2.6B$2.2B$2.8B$4.2B$3.3B
PP&E, net$238.9M$235.6M$371.5M$689.0M$517.4M
Goodwill & intangibles$2.2B$2.2B$2.2B$2.1B$5.6B
Total assets$21.6B$22.0B$24.7B$24.9B$29.0B
Accounts payable$382.9M$400.2M$423.4M$687.0M$0
Total current liabilities$4.0B$3.4B$3.8B$4.3B$1.5B
Long-term debt$12.2B$13.0B$15.3B$12.2B$12.8B
Total liabilities$17.8B$18.2B$20.3B$18.1B$20.3B
Shareholders' equity$3.8B$3.8B$4.5B$6.8B$8.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$390.7M$438.9M$1.2B$1.1B$484.8M
Depreciation & amortization$114.0M$341.3M$231.7M$158.6M$241.9M
Stock-based compensation$0$200.4M$256.0M$352.9M$0
Change in working capital$98.5M−$194.6M−$454.1M−$203.0M$273.2M
Operating cash flow−$2.6B−$734.1M−$233.3M$2.8B$1.6B
Capital expenditure−$27.2M−$35.8M−$67.2M−$91.5M−$72.2M
Free cash flow−$2.6B−$769.9M−$300.4M$2.7B$1.5B
Investing cash flow−$1.1B−$337.4M−$111.1M−$159.4M$694.2M
Net debt issued / repaid$2.8B$1.8B$1.7B−$2.3B−$216.4M
Buybacks$0$0$0$0$0
Dividends paid−$604.4M−$836.4M−$1.0B−$1.3B−$1.8B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin72.4%50.8%59.1%55.4%58.3%
Operating margin19.0%10.0%23.0%24.4%19.7%
Net margin9.7%5.5%13.1%11.9%9.0%
FCF margin-62.3%-25.2%-8.3%69.5%54.5%
ROE27.1%9.8%27.2%17.1%13.5%
ROIC5.3%1.9%4.5%5.9%5.5%
ROA2.2%0.8%2.0%1.9%2.0%
Debt / equity6.858.398.323.713.49
Interest coverage4.6x2.1x2.5x2.3x2.5x
Current ratio0.630.640.730.982.24
Revenue growth+138.8%−27.5%+18.9%+7.0%+50.9%
EPS growth+112.6%−59.2%+183.2%−13.7%+10.6%
P/E at year end33.3x71.2x45.1x79.9x67.8x
EV / EBITDA at year end18.2x24.3x16.3x21.1x23.1x
FCF yield at year end-19.27%-6.45%-1.40%7.29%8.94%
Dividend payout147.8%499.2%217.3%331.6%333.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Management Service$44.9M—$2.6B$3.0B$3.7B
Carried Interest$2.1B$458.0M$631.1M$417.0M$1.2B
Administrative Service$4.5M$147.5M$156.2M$163.4M$366.1M
Management Service, Incentive$5.5M$301.2M$277.7M$345.5M$364.7M
Principal Investment Income$99.4M$12.3M$155.6M$45.4M—
Principal Investment Income (Loss)————$138.6M
Fee Related Performance Revenues$137.9M————

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $1.26 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.7B$5.6B – $5.9B$5.77$5.51 – $6.201319.5x
2027$6.7B$6.5B – $7.0B$7.14$6.75 – $7.631315.7x
2028$7.8B$7.7B – $8.0B$8.43$7.62 – $8.931013.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-31$1.28$1.29+0.8%$1.2B$1.4B+15.6%
2026-05-01$1.33$1.24−6.8%$1.3B$1.3B+0.9%
2026-02-05$1.69$1.45−14.2%$1.5B$1.5B+0.7%
2025-11-03$1.15$1.19+3.5%$1.1B$1.7B+57.0%
2025-08-01$1.08$1.03−4.6%$1.0B$1.4B+33.3%
2025-05-05$0.94$1.09+16.0%$927.9M$1.1B+17.3%
2025-02-05$1.35$1.23−8.9%$1.1B$1.6B+45.5%
2024-11-01$0.94$0.95+1.2%$751.6M$1.4B+90.5%
2024-08-02$0.98$0.99+0.9%$778.4M$788.7M+1.3%
2024-05-02$0.92$0.80−13.0%$749.5M$707.4M−5.6%
2024-02-08$1.10$1.21+10.0%$864.5M$1.1B+21.9%
2023-10-31$0.86$0.83−3.5%$707.7M$671.3M−5.1%
2023-08-01$0.85$0.90+5.9%$722.4M$1.1B+51.3%
2023-04-28$0.82$0.71−13.4%$698.0M$813.4M+16.5%
2023-02-09$1.07$1.21+13.1%$889.7M$937.7M+5.4%
2022-10-27$0.73$0.75+2.7%$619.8M$801.3M+29.3%
2022-07-28$0.70$0.74+5.7%$587.7M$601.4M+2.3%
2022-04-28$0.66$0.65−1.5%$600.1M$715.0M+19.1%
2022-02-11$0.72$0.85+18.1%$663.5M$1.3B+97.5%
2021-10-27$0.62$0.620.0%$526.7M$948.7M+80.1%
2021-07-29$0.50$0.64+28.0%$438.6M$1.3B+195.2%
2021-04-29$0.51$0.46−9.8%$443.0M$658.4M+48.6%
2021-02-11$0.46$0.54+17.4%$543.6M$658.0M+21.1%
2020-10-28$0.42$0.48+14.3%$432.9M$489.9M+13.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.306-290.307-060.407-130.407-200.707-270.608-030.508-100.408-170.508-240.408-31
Week ofNotionalSharesTrades
2026-08-31$422.8M3,005,22265,185
2026-08-24$478.1M3,361,40656,570
2026-08-17$410.9M2,899,30264,218
2026-08-10$541.6M3,789,51778,869
2026-08-03$611.9M4,397,92187,542
2026-07-27$707.8M5,607,691102,673

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1538.6%
DateShort shareShort volumeTotal volume
2026-10-1538.6%600,0421,552,925
2026-10-1459.7%804,5121,347,739
2026-10-1364.3%939,2601,461,064
2026-10-1268.9%390,705566,869
2026-10-0965.9%486,646737,919
2026-10-0849.7%366,447738,027
2026-10-0755.2%354,328642,111
2026-10-0654.8%350,907640,736
2026-10-0559.9%383,254639,289
2026-10-0268.8%785,4841,142,409
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+5.9Jan+1.3Feb-2.2Mar-0.1Apr+3.9May+0.7Jun+8.0Jul+0.5Aug-1.4Sep+0.7Oct+3.2Nov+1.0Dec
MonthAvg returnUp yearsYears
Jan+5.9%75%12
Feb+1.3%67%12
Mar−2.2%50%12
Apr−0.1%64%11
May+3.9%75%12
Jun+0.7%50%12
Jul+8.0%100%12
Aug+0.5%58%12
Sep−1.4%50%12
Oct+0.7%42%12
Nov+3.2%83%12
Dec+1.0%75%12
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1432.1
MFI32.2
ADX33.6
Stochastic %K / %D21.9 / 24.0
Williams %R-80.6
CCI-121
TSI / signal-33.0 / -30.2
Chaikin money flow-0.03
ATR$3.99
Bollinger width12.1%
Volume vs 20-day avg0.97x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$117.96 (−4.8%)
SMA 50$129.74 (−13.5%)
SMA 200$127.03 (−11.6%)
EMA 21$118.85 (−5.5%)
EMA 50$124.12 (−9.5%)
EMA 200$130.79 (−14.2%)
Bollinger upper$125.09 (−10.2%)
Bollinger lower$110.84 (+1.3%)
Parabolic SAR$117.98 (−4.8%)
Open the live chart, 110+ indicators

About Ares Management Corporation

Ares Management Corporation functions as an investment firm specializing in alternative assets, with operations spanning the United States, Europe, and Asia. Its Tradable Credit division oversees diverse investment vehicles, including pooled funds and separately managed accounts for institutional investors, alongside publicly traded products and sub-advised funds aimed at retail investors, all within the tradable and non-investment grade corporate credit markets. The Direct Lending segment delivers financial solutions to small and medium-sized businesses. Through its Private Equity arm, the company primarily targets investments where it holds a majority or shared controlling interest, focusing on companies that are currently under-capitalized. The Real Estate group is involved in financing new property developments and the strategic repositioning of existing assets, often taking control or majority-control stakes. This group also creates and invests in specialized financing opportunities for middle-market commercial real estate owners and operators. Established in 1997, the company, formerly known as Ares Management, L.P., is headquartered in Los Angeles, California, and maintains a global footprint with additional offices across the United States, Europe, and Asia. Ares Management GP LLC serves as its general partner.

https://www.aresmgmt.com

Key executives

NameTitlePayBorn
Robert Kipp DeVeerPartner, Director & Co-President$22.4M1973
Michael J. AroughetiCo-Founder, Partner, CEO & Director$18.8M1972
Blair Victor JacobsonPartner & Co-President$16.1M—
Ryan James-Barclay BerryPartner, Chief Marketing & Strategy Officer$3.9M1980
Naseem Sera Sagati AghiliPartner, General Counsel & Corporate Secretary$2.5M1982
Jarrod Morgan PhillipsCFO, Partner & Principal Financial and Accounting Officer$1.8M1978
Antony Peter ResslerPartner, Director, Co-Founder & Executive Chairman—1960
Gregory A. MargoliesPartner & Vice Chair of Ares—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
R. Kipp deVeer, Director, Head of Credit Group2023$0$9.2M$0$35.5M
Michael J Arougheti, Co-Founder, Chief Executive Officer and President2023$0$13.7M$0$30.6M
Bennett Rosenthal, Co-Founder and Chairman of Private Equity Group2023$0$0$0$9.9M
David B. Kaplan, Co-Founder2023$0$0$0$9.9M
Jarrod Phillips, Chief Financial Officer2023$750,000$2.3M$0$3.7M

Employees

1k20181k20191k20202k20213k20223k20233k20244k2025

Dividends

Ex-dateAmountPaid
2026-09-16$1.352026-09-30
2026-06-16$1.352026-06-30
2026-03-17$1.352026-03-31
2025-12-17$1.122025-12-31
2025-09-16$1.122025-09-30
2025-06-16$1.122025-06-30
2025-03-17$1.122025-03-31
2024-12-17$0.932024-12-31

Moat model

Weak · Switching Costs · 2026-06-30
Cost advantage50
Intangibles18
Switching costs60
Network effect57
Efficient scale42
Our component scores (0-100) and overall 44.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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