Cash flow Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 21:00:03 19/05/2026 BST			5-day change	1st Jan Change
121.11 ^USD	-2.09%		-2.06%	-25.07%

05-18	NextEra-Dominion deal extends US utility M&A wave into 2026	RE
05-18	TD Cowen Adjusts Price Target on Ares Management to $144 From $148, Maintains Buy Rating	MT

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Published financial data: ARES MANAGEMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.11B	3.04B	3.6B	3.84B	5.55B
Interest And Invest. Income (Rev)	99.43M	12.28M	36.52M	45.42M	48.15M
Total Revenues	4.21B	3.06B	3.63B	3.88B	5.6B
Cost of Goods Sold, Total	2.83B	1.81B	2.09B	2.14B	3.55B
Gross Profit	1.38B	1.24B	1.54B	1.74B	2.05B
Selling General & Admin Expenses, Total	502M	550M	625M	748M	1.05B
Other Operating Expenses, Total	502M	550M	625M	748M	1.05B
Operating Income	876M	694M	920M	993M	1B
Interest Expense, Total	-295M	-483M	-861M	-978M	-767M
Interest And Investment Income	448M	596M	1.01B	976M	623M
Net Interest Expenses	153M	113M	154M	-1.9M	-145M
Currency Exchange Gains (Loss)	-4.8M	-13.5M	-9.1M	-600K	-17M
Other Non Operating Income (Expenses)	5.5M	26.62M	13.92M	1.23M	-303M
EBT, Excl. Unusual Items	1.03B	821M	1.08B	992M	536M
Merger & Related Restructuring Charges	-5.1M	-	-	-	-
Gain (Loss) On Sale Of Investments	96.4M	78.12M	340M	331M	859M
Asset Writedown	-	-182M	-78.7M	-8.9M	-2.3M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-54.79M	-206M	-7.33M	-38.15M	-105M
EBT, Incl. Unusual Items	1.07B	511M	1.33B	1.28B	1.29B
Income Tax Expense	147M	71.89M	173M	165M	199M
Earnings From Continuing Operations	918M	439M	1.16B	1.11B	1.09B
Net Income to Company	918M	439M	1.16B	1.11B	1.09B
Minority Interest	-509M	-271M	-686M	-647M	-561M
Net Income - (IS)	409M	168M	474M	464M	527M
Preferred Dividend and Other Adjustments	40.21M	14.1M	21.3M	53.55M	58.68M
Net Income to Common Incl Extra Items	369M	153M	453M	410M	469M
Net Income to Common Excl. Extra Items	369M	153M	453M	410M	469M
Per Share Items
Net EPS - Basic	2.25	0.87	2.46	2.07	2.16
Basic EPS - Continuing Operations	2.25	0.87	2.46	2.07	2.16
Basic Weighted Average Shares Outstanding	164M	176M	185M	198M	217M
Net EPS - Diluted	2.15	0.87	2.42	2.07	1.76
Diluted EPS - Continuing Operations	2.15	0.87	2.42	2.07	1.76
Diluted Weighted Average Shares Outstanding	180M	176M	196M	198M	217M
Normalized Basic EPS	0.82	1.38	-0.06	-0.14	-1.04
Normalized Diluted EPS	0.74	1.38	-0.06	-0.14	-1.04
Dividend Per Share	1.88	2.44	3.08	3.72	4.48
Payout Ratio	81.98	267.18	126.48	168.88	333.11
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	989M	1.04B	1.15B	1.14B	1.24B
EBITA	967M	828M	1.05B	1.11B	1.19B
EBIT	876M	694M	920M	993M	1B
EBITDAR	1.03B	1.08B	1.2B	1.21B	1.33B
Total Revenues (As Reported)	4.21B	3.06B	3.63B	3.88B	5.6B
Effective Tax Rate - (Ratio)	13.83	14.07	12.98	12.91	15.43
Current Domestic Taxes	52.98M	50.07M	47.37M	77.62M	70.99M
Current Foreign Taxes	11.77M	14.45M	27.85M	23.51M	44.44M
Total Current Taxes	64.75M	64.52M	75.22M	101M	115M
Deferred Domestic Taxes	81.24M	12.79M	101M	58M	106M
Deferred Foreign Taxes	1.39M	-5.42M	-3.73M	5.49M	-22.83M
Total Deferred Taxes	82.63M	7.38M	97.75M	63.49M	83.11M
Normalized Net Income	134M	241M	-11.5M	-27.07M	-226M
Interest on Long-Term Debt	1.95M	2.26M	2.4M	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	463M	507M	575M	682M	958M
Net Rental Expense, Total	38.14M	42.75M	49.53M	66.81M	88.62M
Imputed Operating Lease Interest Expense	7.69M	12.78M	23.45M	36.18M	39.76M
Imputed Operating Lease Depreciation	30.45M	29.96M	26.08M	30.63M	48.86M
Stock-Based Comp., COGS (Total)	237M	200M	256M	353M	741M
Total Stock-Based Compensation	237M	200M	256M	353M	741M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.39B	1.11B	1.5B	2.74B	1.45B
Trading Asset Securities, Total	5.68M	-	-	-	-
Total Cash And Short Term Investments	1.4B	1.11B	1.5B	2.74B	1.45B
Accounts Receivable, Total	1.07B	947M	1.08B	1.25B	1.42B
Other Receivables	3.08M	5.25M	12.63M	11.74M	31.74M
Total Receivables	1.07B	953M	1.1B	1.26B	1.45B
Other Current Assets, Total	86.89M	136M	178M	251M	470M
Total Current Assets	2.56B	2.2B	2.77B	4.25B	3.37B
Gross Property Plant And Equipment	330M	342M	488M	770M	861M
Accumulated Depreciation	-90.03M	-106M	-116M	-80.62M	-116M
Net Property Plant And Equipment	240M	236M	372M	689M	745M
Long-term Investments	16.5B	17.18B	19.23B	17.38B	18.35B
Goodwill	788M	1B	1.12B	1.16B	3.45B
Other Intangibles, Total	1.42B	1.21B	1.06B	976M	2.12B
Deferred Tax Assets Long-Term	39.4M	68.93M	21.55M	242M	352M
Deferred Charges Long-Term	14.39M	5.51M	4.21M	4.86M	5.76M
Other Long-Term Assets, Total	43.26M	102M	152M	177M	240M
Total Assets	21.61B	22B	24.73B	24.88B	28.63B
Liabilities
Accounts Payable, Total	1.48B	695M	894M	1.01B	1.47B
Accrued Expenses, Total	2.57B	2.91B	2.84B	2.9B	3.63B
Current Portion of Long-Term Debt	71.5M	93.05M	125M	275M	1.38B
Current Portion of Leases	43.49M	46.7M	51.4M	56.07M	72.62M
Other Current Liabilities	122M	138M	208M	407M	585M
Total Current Liabilities	4.28B	3.89B	4.11B	4.65B	7.14B
Long-Term Debt	12.22B	13.05B	15.31B	12.23B	12.17B
Long-Term Leases	163M	144M	268M	586M	597M
Unearned Revenue Non Current	10.16M	8.7M	9.58M	5.77M	10.2M
Other Non Current Liabilities	21.36M	8.34M	6M	13.66M	14.05M
Total Liabilities	16.69B	17.1B	19.71B	17.49B	19.93B
Preferred Stock Redeemable	-	-	-	-	-
Preferred Stock Convertible	-	-	-	1.46B	1.46B
Total Preferred Equity	-	-	-	1.46B	1.46B
Common Stock, Total	2.9M	2.95M	3.08M	3.13M	3.27M
Additional Paid In Capital	1.91B	1.97B	2.39B	2.94B	4.24B
Retained Earnings	-89.38M	-369M	-495M	-837M	-1.45B
Comprehensive Income and Other	-1.86M	-14.99M	-5.63M	-17.76M	21.74M
Total Common Equity	1.83B	1.59B	1.89B	2.08B	2.82B
Minority Interest	3.09B	3.32B	3.13B	3.85B	4.43B
Total Equity	4.91B	4.91B	5.02B	7.4B	8.7B
Total Liabilities And Equity	21.61B	22B	24.73B	24.88B	28.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	175M	180M	193M	208M	224M
ECS Total Common Shares Outstanding	172M	177M	191M	203M	222M
Book Value / Share	10.62	8.96	9.94	10.25	12.68
Tangible Book Value	-386M	-619M	-289M	-53.59M	-2.75B
Tangible Book Value Per Share	-2.24	-3.49	-1.52	-0.26	-12.41
Total Debt	12.5B	13.33B	15.76B	13.15B	14.22B
Net Debt	11.1B	12.22B	14.26B	10.41B	12.77B
Debt Equivalent Oper. Leases	305M	342M	396M	534M	709M
Minority Interest, Total (Incl. Fin. Div)	3.09B	3.32B	3.13B	3.85B	4.43B
Equity Method Investments, Total	3.63B	3.82B	4.41B	4.5B	5.24B
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	31.96M	41.55M	52.68M	62.92M	81.87M
Full Time Employees	2.1K	2.55K	2.85K	3.2K	3.97K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	409M	168M	474M	464M	527M
Depreciation & Amortization - CF	21.99M	208M	106M	33.38M	47.45M
Amortization of Goodwill and Intangible Assets - (CF)	91.3M	134M	126M	116M	193M
Depreciation & Amortization, Total	113M	341M	232M	150M	241M
(Gain) Loss on Sale of Investments - (CF)	-166M	-62.46M	-353M	-335M	-866M
Asset Writedown & Restructuring Costs	-	-	-	8.9M	2.3M
Stock-Based Compensation (CF)	237M	200M	256M	353M	741M
Other Operating Activities, Total	-2.72B	-1.19B	-416M	2.35B	2.35B
Change In Accounts Receivable	-745M	-20.61M	-48.86M	-188M	-37.8M
Change In Accounts Payable	125M	-51.68M	27.86M	148M	91.96M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	152M	-122M	-405M	-163M	219M
Cash from Operations	-2.6B	-734M	-233M	2.79B	3.27B
Capital Expenditure	-27.23M	-35.8M	-67.18M	-91.51M	-72.18M
Cash Acquisitions	-1.06B	-302M	-43.9M	-67.9M	-1.73B
Cash from Investing	-1.08B	-337M	-111M	-159M	-1.8B
Long-Term Debt Issued, Total	3.38B	3.01B	3.3B	2.31B	4.41B
Total Debt Issued	3.38B	3.01B	3.3B	2.31B	4.41B
Long-Term Debt Repaid, Total	-549M	-1.24B	-1.61B	-4.58B	-4.12B
Total Debt Repaid	-549M	-1.24B	-1.61B	-4.58B	-4.12B
Issuance of Common Stock	865M	21.2M	85.96M	409M	-
Repurchase of Common Stock	-226M	-201M	-1.2B	-228M	-946M
Issuance of Preferred Stock	-	-	-	1.46B	-
Repurchase of Preferred Stock	-310M	-	-	-	-
Common Dividends Paid	-324M	-448M	-600M	-783M	-
Preferred Dividends Paid	-10.85M	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-1.76B
Common & Preferred Stock Dividends Paid	-335M	-448M	-600M	-783M	-1.76B
Other Financing Activities, Total	677M	-13.57M	327M	-10.31M	-17.19M
Cash from Financing	3.5B	1.13B	292M	-1.43B	-2.43B
Foreign Exchange Rate Adjustments	-19.1M	-10.24M	10.5M	-40.45M	-55.23M
Net Change in Cash	-196M	46.33M	-41.71M	1.16B	-1.02B
Supplemental Items
Cash Interest Paid	205M	320M	723M	867M	676M
Cash Income Tax Paid (Refund)	22.79M	105M	62.01M	108M	91.33M
Levered Free Cash Flow	2.64B	285M	459M	561M	2.02B
Unlevered Free Cash Flow	2.82B	587M	997M	1.17B	2.5B
Change In Net Working Capital	-1.95B	353M	-1.7M	-141M	-962M
Net Debt Issued / Repaid	2.83B	1.77B	1.68B	-2.28B	293M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.98	1.99	2.46	2.5	2.34
Return on Total Capital	3.54	2.43	2.95	3	2.88
Return On Equity %	24.55	8.94	23.37	17.89	13.52
Return on Common Equity	27.1	8.99	26.02	20.62	19.13
Margin Analysis
Gross Profit Margin %	32.7	40.72	42.54	44.83	36.54
SG&A Margin	11.91	18	17.21	19.27	18.68
EBITDA Margin %	23.48	33.89	31.71	29.42	22.16
EBITA Margin %	22.96	27.09	28.8	28.56	21.31
EBIT Margin %	20.79	22.72	25.33	25.56	17.86
Income From Continuing Operations Margin %	21.8	14.36	31.94	28.59	19.43
Net Income Margin %	9.71	5.48	13.06	11.94	9.41
Net Avail. For Common Margin %	8.75	5.02	12.47	10.56	8.37
Normalized Net Income Margin	3.18	7.9	-0.32	-0.7	-4.04
Levered Free Cash Flow Margin	62.67	9.34	12.64	14.44	36.01
Unlevered Free Cash Flow Margin	67.04	19.21	27.46	30.18	44.57
Asset Turnover
Asset Turnover	0.23	0.14	0.16	0.16	0.21
Fixed Assets Turnover	18.44	12.84	11.96	7.33	7.81
Receivables Turnover (Average Receivables)	5.1	3.02	3.54	3.29	4.16
Short Term Liquidity
Current Ratio	0.6	0.57	0.67	0.91	0.47
Quick Ratio	0.58	0.53	0.63	0.86	0.41
Operating Cash Flow to Current Liabilities	-0.61	-0.19	-0.06	0.6	0.46
Days Sales Outstanding (Average Receivables)	71.55	120.86	103.09	111.3	87.7
Average Days Payable Outstanding	138.62	219.06	138.98	163.21	127.56
Long Term Solvency
Total Debt/Equity	254.46	271.85	313.78	177.71	163.45
Total Debt / Total Capital	71.79	73.11	75.83	63.99	62.04
LT Debt/Equity	252.12	269.01	310.26	173.24	146.75
Long-Term Debt / Total Capital	71.13	72.34	74.98	62.38	55.71
Total Liabilities / Total Assets	77.27	77.71	79.7	70.27	69.61
EBIT / Interest Expense	2.97	1.44	1.07	1.02	1.3
EBITDA / Interest Expense	3.48	2.23	1.4	1.24	1.73
(EBITDA - Capex) / Interest Expense	3.39	2.16	1.32	1.14	1.64
Total Debt / EBITDA	12.17	12.37	13.12	10.87	10.7
Net Debt / EBITDA	10.8	11.33	11.87	8.61	9.61
Total Debt / (EBITDA - Capex)	12.5	12.79	13.89	11.76	11.31
Net Debt / (EBITDA - Capex)	11.1	11.72	12.57	9.31	10.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	138.77	-27.46	18.87	6.96	44.19
Gross Profit, 1 Yr. Growth %	132.36	-9.54	24.17	12.73	17.52
EBITDA, 1 Yr. Growth %	176.22	5.43	11.22	6.5	8.6
EBITA, 1 Yr. Growth %	183.33	-13.79	26.36	6.06	7.59
EBIT, 1 Yr. Growth %	176.42	-20.1	32.53	7.94	0.71
Earnings From Cont. Operations, 1 Yr. Growth %	183	-52.2	164.31	-4.25	-2.01
Net Income, 1 Yr. Growth %	168.72	-59.02	183.11	-2.23	13.72
Normalized Net Income, 1 Yr. Growth %	0.58	116.16	-104.76	135.41	735.31
Diluted EPS Before Extra, 1 Yr. Growth %	146.11	-59.28	177.12	-14.52	-14.8
Accounts Receivable, 1 Yr. Growth %	96.18	-11.29	14.37	15.5	13.24
Net Property, Plant and Equip., 1 Yr. Growth %	10.56	-1.62	57.68	85.44	8.15
Total Assets, 1 Yr. Growth %	42.43	1.84	12.4	0.62	15.07
Tangible Book Value, 1 Yr. Growth %	-227.76	60.45	-53.27	-81.46	5.04K
Common Equity, 1 Yr. Growth %	103.95	-12.93	19.14	10.11	35.04
Cash From Operations, 1 Yr. Growth %	509.89	-71.72	-68.23	-1.3K	17.05
Capital Expenditures, 1 Yr. Growth %	70.78	31.48	87.68	36.21	-21.12
Levered Free Cash Flow, 1 Yr. Growth %	3.14K	-89.18	58.55	47.44	259.58
Unlevered Free Cash Flow, 1 Yr. Growth %	923.61	-79.18	68.65	27.64	112.97
Dividend Per Share, 1 Yr. Growth %	17.5	29.79	26.23	20.78	20.43
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	54.46	31.61	-7.14	12.76	24.19
Gross Profit, 2 Yr. CAGR %	49.65	44.89	5.98	18.31	15.1
EBITDA, 2 Yr. CAGR %	70.02	70.84	8.29	15.68	7.54
EBITA, 2 Yr. CAGR %	72.21	56.48	4.38	15.77	6.82
EBIT, 2 Yr. CAGR %	64.74	48.79	2.9	19.61	4.27
Earnings From Cont. Operations, 2 Yr. CAGR %	56.95	16.3	12.4	59.08	-3.14
Net Income, 2 Yr. CAGR %	65.71	4.94	7.71	66.37	5.44
Normalized Net Income, 2 Yr. CAGR %	85.47	35.77	-71.15	-66.51	343.45
Diluted EPS Before Extra, 2 Yr. CAGR %	42.26	0.1	6.22	53.91	-14.66
Accounts Receivable, 2 Yr. CAGR %	69.67	31.92	0.73	14.94	14.37
Net Property, Plant and Equip., 2 Yr. CAGR %	7.38	4.29	24.44	71	41.62
Total Assets, 2 Yr. CAGR %	34.1	20.44	6.99	6.35	7.6
Tangible Book Value, 2 Yr. CAGR %	10.16	43.17	-13.41	-70.57	208.69
Common Equity, 2 Yr. CAGR %	97.16	33.26	1.85	14.54	21.94
Cash From Operations, 2 Yr. CAGR %	11.64	31.33	-70.02	94.99	274.24
Capital Expenditures, 2 Yr. CAGR %	27.32	49.85	57.09	59.89	3.65
Levered Free Cash Flow, 2 Yr. CAGR %	245.87	89.58	-58.26	127.9	130.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	163.56	46.39	-40.53	69.16	64.87
Dividend Per Share, 2 Yr. CAGR %	21.19	23.49	28	23.47	20.6
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	63.8	20.06	27.22	-2.66	22.39
Gross Profit, 3 Yr. CAGR %	56.71	26.48	37.63	8.18	18.04
EBITDA, 3 Yr. CAGR %	103.92	44.66	48.07	5.18	13.27
EBITA, 3 Yr. CAGR %	115.14	36.42	45.72	4.93	12.97
EBIT, 3 Yr. CAGR %	115	29.1	43.16	4.56	12.95
Earnings From Cont. Operations, 3 Yr. CAGR %	82.07	5.59	52.91	6.55	35.35
Net Income, 3 Yr. CAGR %	92.83	4.01	46.09	4.29	46.55
Normalized Net Income, 3 Yr. CAGR %	81.8	83.8	-55.56	-41.91	-2.16
Diluted EPS Before Extra, 3 Yr. CAGR %	93.7	-6.25	40.56	-1.2	26.37
Accounts Receivable, 3 Yr. CAGR %	54.11	36.68	25.79	5.43	14.37
Net Property, Plant and Equip., 3 Yr. CAGR %	55.85	4.29	19.63	42.14	46.78
Total Assets, 3 Yr. CAGR %	28.62	22.35	17.7	4.82	9.18
Tangible Book Value, 3 Yr. CAGR %	50.13	24.87	-1.42	-48.2	64.51
Common Equity, 3 Yr. CAGR %	84.81	50.14	28.38	4.53	21
Cash From Operations, 3 Yr. CAGR %	22.36	-29.36	-18.17	2.44	64.49
Capital Expenditures, 3 Yr. CAGR %	13.91	28.69	61.52	49.79	26.33
Levered Free Cash Flow, 3 Yr. CAGR %	233.43	8.93	79.52	-40.29	165.31
Unlevered Free Cash Flow, 3 Yr. CAGR %	226	13.02	53.84	-25.36	82.66
Dividend Per Share, 3 Yr. CAGR %	20.17	23.99	24.4	25.54	22.45
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.41	15.6	30.53	17.09	26
Gross Profit, 5 Yr. CAGR %	26.88	20.68	33.98	23.15	28.13
EBITDA, 5 Yr. CAGR %	29.13	29.61	58.1	27.28	28.46
EBITA, 5 Yr. CAGR %	29.59	25.28	60.87	27.75	28.7
EBIT, 5 Yr. CAGR %	29.77	22.63	59.87	25.22	26.11
Earnings From Cont. Operations, 5 Yr. CAGR %	26.2	20.48	50.12	24.4	27.38
Net Income, 5 Yr. CAGR %	29.6	17.07	52.76	25.51	28.22
Normalized Net Income, 5 Yr. CAGR %	85.36	22.21	-12.37	-6.98	11.54
Diluted EPS Before Extra, 5 Yr. CAGR %	12.32	7.12	52.32	14.31	15.13
Accounts Receivable, 5 Yr. CAGR %	3.07	31.38	30	27.53	21.09
Net Property, Plant and Equip., 5 Yr. CAGR %	42.55	31.01	42.43	27.06	27.98
Total Assets, 5 Yr. CAGR %	29.95	20.77	19.48	15.68	13.55
Tangible Book Value, 5 Yr. CAGR %	33.53	46.88	20.47	-29.95	55.62
Common Equity, 5 Yr. CAGR %	44.19	42.04	45.62	34.74	25.76
Cash From Operations, 5 Yr. CAGR %	32.92	-16.99	-30.29	6.03	50.32
Capital Expenditures, 5 Yr. CAGR %	17.98	1.54	29.54	40.36	35.26
Levered Free Cash Flow, 5 Yr. CAGR %	62.23	-24.16	45.18	20.52	91
Unlevered Free Cash Flow, 5 Yr. CAGR %	56.24	-13.74	65.01	23.59	55.58
Dividend Per Share, 5 Yr. CAGR %	15.62	17.27	23.24	23.78	22.87