Ares Management Corporation operates as an alternative asset manager. Its Direct Lending Group segment provides financing solutions to small-to-medium sized companies. The company's Private Equity Group segment specializes in growth capital, middle market, mezzanine, distressed and growth buyouts. The firm seeks to invest in healthcare, services, energy, industrials and consumer. The firm seeks to takes majority, minority and shared-control investments primarily in under-capitalized companies in North America, Europe, Asia Pacific, Southeast Asia and Australia. Its Real Estate Group segment invests in new developments and the repositioning of assets, with a focus on control or majority-control investments; and originates and invests in a range of self-originated financing opportunities for middle-market owners and operators of commercial real estate. The firm prefers to invest between $1 million and $500 million in companies having EBITDA between $10 million and $250 million and debt investment value between $10 million and $100 million. Ares Management Corporation was founded in 1997 and is headquartered in Los Angeles, California with additional offices in the United States, Europe and Asia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.6B | $2.3B | $527M | $3.2B | 18.7% | 44.2% | 13.7% |
| 2024 | $3.9B | $2.4B | $464M | $2.7B | 22.2% | 7.0% | -2.2% |
| 2023 | $3.6B | $2.4B | $474M | $-300M | 25.1% | 18.9% | 183.1% |
| 2022 | $3.1B | $1.3B | $168M | $-770M | 10.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,055.44 | 3,631.88 | 3,884.78 | 5,601.48 |
| Operating Revenue | - | 3,055.44 | 3,631.88 | 3,884.78 | 5,601.48 |
| Cost Of Revenue | - | 1,498.59 | 1,486.70 | 1,731.75 | 2,565.62 |
| Gross Profit | - | 1,556.85 | 2,145.19 | 2,153.03 | 3,035.86 |
| Operating Expense | - | 1,250.49 | 1,311.16 | 1,206.94 | 2,143.14 |
| Selling General And Administration | - | 1,214.08 | 1,267.67 | 1,186.06 | 2,090.43 |
| Total Expenses | - | 2,749.08 | 2,797.86 | 2,938.69 | 4,708.77 |
| Operating Income | - | 306.36 | 834.03 | 946.09 | 892.72 |
| EBITDA | - | 1,334.86 | 2,425.65 | 2,412.23 | 2,297.50 |
| Normalized EBITDA | - | 1,256.75 | 2,085.38 | 2,081.70 | 1,438.84 |
| EBIT | - | 993.52 | 2,193.94 | 2,253.65 | 2,054.35 |
| Interest Income | - | 595.93 | 1,014.82 | 976.40 | 622.72 |
| Interest Expense | - | 482.72 | 860.88 | 978.30 | 767.46 |
| Net Interest Income | - | 113.21 | 153.94 | -1.90 | -144.74 |
| Other Non Operating Income Expenses | - | 13.12 | 4.82 | 0.63 | -319.74 |
| Other Income Expense | - | 91.24 | 345.09 | 331.16 | 538.91 |
| Interest Income Non Operating | - | 595.93 | 1,014.82 | 976.40 | 622.72 |
| Interest Expense Non Operating | - | 482.72 | 860.88 | 978.30 | 767.46 |
| Net Non Operating Interest Income Expense | - | 113.21 | 153.94 | -1.90 | -144.74 |
| Pretax Income | - | 510.81 | 1,333.06 | 1,275.35 | 1,286.89 |
| Tax Provision | - | 71.89 | 172.97 | 164.62 | 198.54 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 11.01 | 44.24 | 42.64 | 131.37 |
| Net Income Continuous Operations | - | 438.92 | 1,160.09 | 1,110.73 | 1,088.36 |
| Net Income From Continuing And Discontinued Operation | - | 167.54 | 474.33 | 463.74 | 527.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 167.54 | 474.33 | 463.74 | 527.36 |
| Net Income | - | 167.54 | 474.33 | 463.74 | 527.36 |
| Net Income Common Stockholders | - | -275.66 | -118.90 | -332.78 | -602 |
| Net Income Including Noncontrolling Interests | - | 438.92 | 1,160.09 | 1,110.73 | 1,088.36 |
| Normalized Income | - | 100.44 | 178.29 | 175.85 | -199.92 |
| Diluted NI Availto Com Stockholders | - | 153.44 | 474.33 | 410.20 | 383.54 |
| Basic Average Shares | - | 175.51 | 184.52 | 198.05 | 217.36 |
| Diluted Average Shares | - | 175.51 | 195.77 | 198.05 | 217.36 |
| Reconciled Depreciation | - | 341.34 | 231.71 | 158.58 | 243.15 |
| Reconciled Cost Of Revenue | - | 1,498.59 | 1,486.70 | 1,731.75 | 2,565.62 |
| Total Unusual Items | - | 78.12 | 340.27 | 330.53 | 858.66 |
| Total Unusual Items Excluding Goodwill | - | 78.12 | 340.27 | 330.53 | 858.66 |
| Preferred Stock Dividends | 10.85 | - | - | 22.78 | 101.25 |
| Minority Interests | - | -271.37 | -685.77 | -646.99 | -561 |
| Gain On Sale Of Security | - | 78.12 | 340.27 | 330.53 | 858.66 |
| General And Administrative Expense | - | 1,214.08 | 1,267.67 | 1,186.06 | 2,090.43 |
| Other Gand A | - | 695.26 | 660.15 | 736.50 | 996.08 |
| Salaries And Wages | - | 518.83 | 607.52 | 449.56 | 1,094.36 |
| Other Operating Expenses | - | 36.41 | 43.49 | 20.88 | 52.71 |
| Otherunder Preferred Stock Dividend | - | 443.20 | 593.23 | 773.74 | 1,028.11 |
| Average Dilution Earnings | - | 429.10 | 593.23 | 742.97 | 985.54 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ares Management Corporationthis co. | ARES | $43.0B | 81.62β premium | 15.29 | 18.7% | 24.30 |
| Nasdaq, Inc. | NDAQ | $50.0B | 27.98 | 4.09 | 14.6% | 18.81 |
| Fifth Third Bancorp | FITB | $46.9B | 18.61 | 2.35 | 12.6% | - |
| State Street Corporation | STT | $45.0B | 15.30 | 1.86 | 12.1% | - |
| MSCI Inc. | MSCI | $45.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 37.44 |
| -16.96 |
| -45.3% |
| 26.42 |
| Coinbase Global, Inc. | COIN | $43.2B | 34.31 | 2.92 | 8.5% | 22.15 |
| Ameriprise Financial, Inc. | AMP | $40.9B | 11.48 | 6.25 | 54.4% | - |
| American International Group, Inc. | AIG | $38.9B | 12.58 | 0.95 | 7.5% | - |
| PayPal Holdings, Inc. | PYPL | $37.7B | 7.21 | 1.86 | 25.8% | 4.84 |
| Peer Median | - | 16.95 | 2.11 | 12.4% | 20.48 | |