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Ares Management

ARES Clue Score63
United States Fiscal year ends December CIK 0001176948
$117.22 +0.83% Close, 9 Oct 2026
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Price $117.22 +53.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue0.96Net income0.11Fiscal year 2017Revenue1.48 +53.4%Net income0.08 −31.9%Fiscal year 2018Revenue0.96 −35.2%Net income0.06 −25.1%Fiscal year 2019Revenue1.77 +84.2%Net income0.15 +161.1%Fiscal year 2020Revenue1.76 −0.1%Net income0.15 +2.2%Fiscal year 2021Revenue4.21 +138.8%Net income0.41 +168.7%Fiscal year 2022Revenue3.06 −27.5%Net income0.17 −59.0%Fiscal year 2023Revenue3.63 +18.9%Net income0.47 +183.1%Fiscal year 2024Revenue3.88 +7.0%Net income0.46 −2.2%Fiscal year 2025Revenue5.60 +44.2%Net income0.53 +13.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.96 1.48 0.96 1.77 1.76 4.21 3.06 3.63 3.88 5.60
Growth +53.4% −35.2% +84.2% −0.1% +138.8% −27.5% +18.9% +7.0% +44.2%
Net income 0.11 0.08 0.06 0.15 0.15 0.41 0.17 0.47 0.46 0.53
Growth −31.9% −25.1% +161.1% +2.2% +168.7% −59.0% +183.1% −2.2% +13.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin11.6%Free cash flow margin−66.1%Fiscal year 2017Net margin5.1%Free cash flow margin−128.1%Fiscal year 2018Net margin5.9%Free cash flow margin−149.8%Fiscal year 2019Net margin8.4%Fiscal year 2020Net margin8.6%Fiscal year 2021Net margin9.7%Fiscal year 2022Net margin5.5%Fiscal year 2023Net margin13.1%Fiscal year 2024Net margin11.9%Fiscal year 2025Net margin9.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 11.6% 5.1% 5.9% 8.4% 8.6% 9.7% 5.5% 13.1% 11.9% 9.4%
Free cash flow margin −66.1% −128.1% −149.8% n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.63Capital expenditure−0.01Free cash flow−0.64Fiscal year 2017Operating cash flow−1.86Capital expenditure−0.03Free cash flow−1.90Fiscal year 2018Operating cash flow−1.42Capital expenditure−0.02Free cash flow−1.44Fiscal year 2019Operating cash flow−2.08Fiscal year 2020Operating cash flow−0.43Fiscal year 2021Operating cash flow−2.60Fiscal year 2022Operating cash flow−0.73Fiscal year 2023Operating cash flow−0.23Fiscal year 2024Operating cash flow2.79Fiscal year 2025Operating cash flow3.27
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.63 −1.86 −1.42 −2.08 −0.43 −2.60 −0.73 −0.23 2.79 3.27
Capital expenditure −0.01 −0.03 −0.02 n/a n/a n/a n/a n/a n/a n/a
Free cash flow −0.64 −1.90 −1.44 n/a n/a n/a n/a n/a n/a n/a
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash0.34Shareholders’ equity0.29Fiscal year 2017Cash0.12Shareholders’ equity1.46Fiscal year 2018Cash0.11Shareholders’ equity0.59Fiscal year 2019Cash0.14Shareholders’ equity0.77Fiscal year 2020Cash0.54Shareholders’ equity1.19Fiscal year 2021Cash0.34Shareholders’ equity1.83Fiscal year 2022Cash0.39Shareholders’ equity1.59Fiscal year 2023Cash0.35Shareholders’ equity1.89Fiscal year 2024Cash1.51Shareholders’ equity3.54Fiscal year 2025Cash0.49Shareholders’ equity4.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.34 0.12 0.11 0.14 0.54 0.34 0.39 0.35 1.51 0.49
Shareholders’ equity 0.29 1.46 0.59 0.77 1.19 1.83 1.59 1.89 3.54 4.28

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
−0.63 −1.86 −1.42 −2.08 −0.43 −2.60 −0.73 −0.23 2.79 3.27
Growth +17.0%
Investment
−0.01 −0.03 −0.02 n/a n/a n/a n/a n/a n/a n/a
calc −0.64 −1.90 −1.44 n/a n/a n/a n/a n/a n/a n/a
Growth
−0.01 −0.03 −0.02 −0.02 −0.14 −1.08 −0.34 −0.11 −0.16 −1.80
Financing
0.88 1.65 1.41 2.12 0.94 3.50 1.13 0.29 −1.43 −2.43

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.