Ares Management Corp ARES
Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries. We offer our investors a range of investment strategies and seek to deliver attractive performance to an investor base that includes over 2,850 direct institutional relationships and a significant retail investor base across our publicly-traded funds, sub-advised accounts and perpetual wealth vehicles. Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in Credit, Real Assets, Secondaries and Private Equity is a market leader based on assets under management and investment performance. We believe we create value for our stakeholders not only through our investment performance, but also by expanding our product offerings, enhancing our distribution channels, increasing our global presence, investing in our non-investment functions, securing strategic partnerships and completing strategic acquisitions and portfolio purchases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60B | $3.88B | $3.63B | $3.06B | $4.21B | $1.76B | $1.77B | $958.5M | $1.48B | $964.8M |
| SG&A | $996.1M | $736.5M | $660.1M | $695.3M | $444.2M | $259.0M | — | — | — | — |
| Total operating expenses | $4.71B | $2.94B | $2.80B | $2.75B | $3.41B | $1.45B | $1.46B | $870.4M | $1.50B | $1.02B |
| Interest expense | — | — | — | $71.4M | $36.8M | $24.9M | — | — | $21.2M | $18.0M |
| Pre-tax income | $1.29B | $1.28B | $1.33B | $510.8M | $1.07B | $379.5M | $425.2M | $184.3M | $149.9M | $297.9M |
| Income tax | $198.5M | $164.6M | $173.0M | $71.9M | $147.4M | $55.0M | $52.4M | $32.2M | $23.1M | $11.0M |
| Net income | $426.1M | $441.0M | $474.3M | $167.5M | $386.7M | $152.1M | $148.9M | $57.0M | $76.2M | $111.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $488.9M | $1.51B | $348.3M | $390.0M | $343.7M | $539.8M | $138.4M | $110.2M | $118.9M | $342.9M |
| Goodwill | $3.45B | $1.16B | $1.12B | $999.7M | $788.0M | $371.0M | $143.9M | $143.8M | $143.9M | $143.7M |
| Other intangibles | $798.4M | $408.0M | $490.7M | $640.4M | $768.8M | $222.1M | $8.0M | $31.4M | $40.5M | $58.3M |
| Total assets | $28.63B | $24.88B | $24.73B | $22.00B | $21.61B | $15.17B | $12.01B | $10.15B | $8.56B | $5.83B |
| Total liabilities | $19.93B | $17.49B | $19.71B | $17.10B | $16.69B | $12.60B | $10.16B | $8.76B | $7.10B | $4.45B |
| Retained earnings | -$1.45B | -$837.3M | -$495.1M | -$369.5M | -$89.4M | -$151.8M | -$50.8M | -$29.3M | $0 | — |
| Total equity | $4.28B | $3.54B | $4.47B | $3.80B | $3.81B | $2.47B | $1.86B | $1.39B | $1.44B | $1.38B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.27B | $2.79B | -$233.3M | -$734.1M | -$2.60B | -$425.7M | -$2.08B | -$1.42B | -$1.86B | -$625.7M |
| Depreciation and amortisation | $45.2M | $32.2M | $31.4M | $26.2M | $22.1M | $19.0M | $17.1M | $16.1M | $12.6M | $8.2M |
| Capital expenditure | — | — | — | — | — | — | — | $18.4M | $33.2M | $11.9M |
| Investing cash flow | -$1.80B | -$159.4M | -$111.1M | -$337.4M | -$1.08B | -$136.8M | -$16.8M | -$18.4M | -$33.2M | -$11.9M |
| Financing cash flow | -$2.43B | -$1.43B | $292.1M | $1.13B | $3.50B | $943.9M | $2.12B | $1.41B | $1.65B | $880.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026286.
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