ARES

MKT CAP:$38B

Ares Management Corporation

Market Cap

$38B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$114.94-$51.39 (-30.90%)

Apr 24, 2026

Company Details

Ares Management Corporation operates as an alternative asset manager in the United States, Europe, and Asia. The company's Tradable Credit Group segment manages various types of investment funds, such as commingled and separately managed ac...

CEO

Michael J. Arougheti

IPO Date

May 2, 2014

Website

www.aresmgmt.com

Key Metrics TTM

Revenue

$3.6B

+129.0% YoY

Net Income

$361M

EPS (Diluted)

$1.78

Free Cash Flow

-$135M

Revenue / Share

$18.80

Gross Margin

61.7%

Operating Margin

18.9%

Net Margin

10.0%

FCF Margin

-3.7%

P/S

10.4x

P/E

104.6x

Earnings Reports

Q2 2024

May 1, 2026

PENDING

FY 2024

May 8, 2024

$707M+5.4%EPS $0.34

Q1 2024

May 8, 2024

$707MEPS $0.34

FY 2023

Nov 3, 2023

$671MEPS $0.30

Q3 2023

Nov 3, 2023

$671MEPS $0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$572M	$441M	$86M
Q3 17	$288M	$159M	$30M
Q2 18	$204M	$65M	-$17M
Q3 18	$241M	$95M	$14M
Q2 19	$385M	$223M	$49M
Q3 19	$466M	$300M	$71M
Q3 20	$490M	$296M	$97M
Q2 21	$1.3B	$1.0B	$270M
Q3 21	$949M	$613M	$135M
Q3 23	$671M	$304M	$110M
Q1 24	$707M	$294M	$169M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q3 17	—	—
Q2 18	—	—
Q3 18	2.5x	39.8x
Q2 19	3.9x	67.8x
Q3 19	3.3x	62.1x
Q3 20	5.5x	67.3x
Q2 21	5.9x	61.5x
Q3 21	6.0x	62.1x
Q3 23	8.5x	86.5x
Q1 24	10.7x	107.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	-$12M	-$23M
Q3 17	-$888M	-$895M
Q2 18	-$1.4B	-$1.4B
Q3 18	-$436M	-$443M
Q2 19	-$941M	-$944M
Q3 19	-$389M	-$395M
Q3 20	$163M	$163M
Q2 21	-$328M	-$333M
Q3 21	-$775M	-$782M
Q3 23	$318M	$295M
Q1 24	$710M	$684M

Capital Expenditures

Quarter	CapEx
Q2 17	$11M
Q3 17	$7M
Q2 18	$4M
Q3 18	$7M
Q2 19	$3M
Q3 19	$6M
Q3 20	$528.0K
Q2 21	$5M
Q3 21	$7M
Q3 23	$23M
Q1 24	$26M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	-32.7%	-31.0%
Q3 19	+61.7%	+52.9%
Q3 20	+139.9%	+77.6%
Q2 21	+437.8%	+351.1%
Q3 21	+146.5%	+142.3%
Q3 23	+43.9%	+41.8%
Q1 24	+44.4%	+37.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$19M	3.3%
Q3 17	$18M	6.3%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q3 20	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q3 23	$62M	9.2%
Q1 24	$92M	13.1%

OpEx Breakdown

Quarter	G&A
Q2 17	$312M
Q3 17	$106M
Q2 18	$47M
Q3 18	$69M
Q2 19	$158M
Q3 19	$219M
Q3 20	$192M
Q2 21	$740M
Q3 21	$466M
Q3 23	$186M
Q1 24	$120M

Revenue Segments

Quarter	Credit Group	Private Equity Group	Real Estate Group
Q3 17	$162M	$82M	$40M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$829M	$0	$829M
Q2 22	$1.1B	$0	$1.1B
Q3 22	$1.0B	$0	$1.0B
Q4 22	$1.1B	$0	$1.1B
Q1 23	$1.0B	$0	$1.0B
Q2 23	$1.1B	$0	$1.1B
Q3 23	$1.2B	$0	$1.2B
Q4 23	$1.5B	$0	$1.5B
Q1 24	$1.5B	$0	$1.5B
Q2 24	$1.5B	$0	$1.5B
Q3 24	$1.7B	$0	$1.7B
Q4 24	$2.7B	$0	$2.7B
Q1 25	$1.8B	$0	$1.8B
Q2 25	$1.5B	$0	$1.5B
Q3 25	$1.5B	$0	$1.5B
Q4 25	$1.5B	$0	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	84M	—	—
Q3 17	82M	-2.6%	—
Q2 18	98M	+19.3%	—
Q3 18	99M	+0.7%	—
Q2 19	117M	+18.1%	+38.3%
Q3 19	122M	+4.5%	+48.3%
Q3 20	158M	+29.7%	+61.3%
Q2 21	181M	+14.5%	+83.4%
Q3 21	187M	+3.0%	+60.0%
Q3 23	186M	-0.2%	+52.8%
Q1 24	193M	+3.4%	+21.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$618.6K	925
Q3 17	$311.8K	925
Q2 18	$204.2K	1K
Q3 18	$240.8K	1K
Q2 19	$349.8K	1K
Q3 19	$424.1K	1K
Q3 20	$408.2K	1K
Q2 21	$893.0K	1K
Q3 21	$654.3K	1K
Q3 23	$263.2K	3K
Q1 24	$248.2K	3K

Revenue / Employee