ARES - Ares Management Corporation
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$171.13
DETAILS
HIGH:
$215.00
LOW:
$140.00
MEDIAN:
$164.00
CONSENSUS:
$171.13
UPSIDE:
37.55%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| Revenue | 6,470.1 | 3,884.8 | 3,631.9 | 3,055.4 | 4,212.1 | 1,764.0 | 1,765.4 | 958.5 | 1,479.9 | 1,254.4 | 814.4 | 603.9 | 478.7 | 334.0 | 2,677.4 |
| Cost of Revenue | 1,630.9 | 1,731.7 | 1,486.7 | 1,498.6 | 1,162.6 | 767.3 | 653.4 | 570.4 | 514.1 | 447.7 | 414.5 | 456.4 | 333.9 | 288.7 | 200.8 |
| Gross Profit | 4,839.2 | 2,153.0 | 2,145.2 | 1,556.9 | 3,049.5 | 996.8 | 1,112.1 | 388.1 | 965.8 | 806.6 | 400.0 | 147.5 | 144.8 | 45.3 | 6.2 |
| Operating Expenses | |||||||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 0 | 1,186.1 | 1,267.7 | 1,214.1 | 2,185.0 | 663.1 | 767.4 | 246.2 | 676.5 | 547.6 | 336.5 | 336.9 | 332.8 | 353.3 | 189.0 |
| Other Expenses | 3,077.8 | 20.9 | 43.5 | 36.4 | 62.5 | 20.1 | 42.0 | 53.8 | 378.6 | 76.2 | 18.1 | 66.8 | 135.2 | 116.5 | 78.1 |
| Operating Expenses | 3,077.8 | 1,206.9 | 1,311.2 | 1,250.5 | 2,247.4 | 683.2 | 809.4 | 300.0 | 1,055.1 | 623.9 | 354.6 | 403.7 | 468.0 | 469.8 | 267.1 |
| Operating Income | |||||||||||||||
| Operating Income | 1,761.4 | 946.1 | 834.0 | 306.4 | 802.0 | 313.6 | 302.6 | 88.1 | (89.3) | 182.8 | 45.4 | (256.1) | (323.2) | (424.5) | (260.9) |
| Interest Expense | 767.5 | 978.3 | 860.9 | 482.7 | 294.8 | 311.2 | 297.4 | 244.3 | 147.9 | 109.4 | 97.8 | 675.0 | 543.9 | 458.1 | 333.9 |
| Interest Income | 670.9 | 976.4 | 1,014.8 | 595.9 | 447.7 | 471.7 | 403.1 | 344.9 | 194.8 | 143.4 | 131.4 | 945.1 | 1,242.0 | 1,415.0 | 1,431.0 |
| Profitability | |||||||||||||||
| EBITDA | 2,296.3 | 2,412.2 | 2,425.7 | 1,334.9 | 1,473.8 | 732.0 | 762.1 | 457.2 | 330.6 | 444.8 | 234.5 | 1,268.0 | 1,466.1 | 1,734.1 | 1,306.4 |
| EBIT | 2,054.4 | 2,253.7 | 2,193.9 | 993.5 | 1,360.5 | 690.7 | 722.6 | 428.7 | 297.8 | 407.4 | 179.3 | 1,231.9 | 1,416.5 | 1,719.9 | 1,286.9 |
| Income Before Tax | 1,286.9 | 1,275.4 | 1,333.1 | 510.8 | 1,065.7 | 379.5 | 425.2 | 184.3 | 149.9 | 297.9 | 81.5 | 556.9 | 872.6 | 1,261.8 | 952.9 |
| Income Tax Expense | 198.5 | 164.6 | 173.0 | 71.9 | 147.4 | 55.0 | 52.4 | 32.2 | (23.1) | 11.0 | 19.1 | 11.3 | 59.3 | 26.2 | 29.6 |
| Net Income | 527.4 | 463.7 | 474.3 | 167.5 | 408.8 | 152.1 | 148.9 | 57.0 | 76.2 | 111.8 | 19.4 | 35.0 | 180.5 | 220.6 | 97.3 |
| Per Share Data | |||||||||||||||
| EPS (Basic) | 1.96 | 2.07 | 2.46 | 0.87 | 2.25 | 0.89 | 1.11 | 0.30 | 0.62 | 1.22 | 0.23 | 0.43 | 2.39 | 2.34 | 1.29 |
| EPS (Diluted) | 1.96 | 2.07 | 2.42 | 0.87 | 2.15 | 0.87 | 1.06 | 0.30 | 0.62 | 1.20 | 0.23 | 0.43 | 2.24 | 2.34 | 1.22 |
| Shares Outstanding | 217.4 | 198.1 | 184.5 | 175.5 | 163.7 | 135.1 | 107.9 | 96.0 | 81.8 | 80.7 | 80.7 | 80.4 | 80.4 | 94.2 | 75.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 1,500.0 | 2,735.5 | 1,497.8 | 1,114.6 | 1,392.8 | 1,062.2 | 744.7 | 494.9 | 675.4 | 798.1 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 1,900.8 | 1,510.8 | 1,273.2 | 1,084.8 | 1,157.9 | 625.3 | 439.6 | 344.2 | 283.3 | 957.1 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | (52.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.7 |
| Total Current Assets | 3,348.7 | 4,246.3 | 2,771.0 | 2,199.4 | 2,550.8 | 1,687.5 | 1,184.3 | 839.1 | 958.7 | 1,760.9 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 517.4 | 689.0 | 371.5 | 235.6 | 238.9 | 215.6 | 206.3 | 63.4 | 61.2 | 40.8 |
| Goodwill | 3,454.1 | 1,162.6 | 1,124.0 | 999.7 | 788.0 | 371.0 | 143.9 | 143.8 | 143.9 | 143.7 |
| Intangible Assets | 2,115.8 | 975.8 | 1,058.5 | 1,208.2 | 1,422.8 | 222.1 | 8.0 | 31.4 | 40.5 | 58.3 |
| Long-Term Investments | 12,844.9 | 17,382.6 | 19,226.5 | 17,179.4 | 16,500.9 | 12,559.9 | 10,391.6 | 8,999.3 | 7,307.4 | 3,798.7 |
| Other Non-Current Assets | 6,712.1 | 186.1 | 157.5 | 111.6 | 64.3 | 42.9 | 33.8 | 35.6 | 43.6 | 23.7 |
| Total Non-Current Assets | 25,644.3 | 20,638.0 | 21,959.5 | 19,803.4 | 19,054.4 | 13,481.5 | 10,829.9 | 9,315.6 | 7,604.8 | 4,071.9 |
| Total Assets | 28,993.0 | 24,884.3 | 24,730.5 | 22,002.8 | 21,605.2 | 15,169.0 | 12,014.2 | 10,154.7 | 8,563.5 | 5,829.7 |
| Current Liabilities | ||||||||||
| Account Payables | 0 | 687.0 | 423.4 | 400.2 | 382.9 | 162.1 | 150.0 | 167.1 | 146.3 | 104.4 |
| Short-Term Debt | 1,494.8 | 275 | 125.2 | 168.0 | 127.8 | 121.9 | 106.0 | 207.9 | 132.5 | 55.1 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (28.0) | (131.7) |
| Total Current Liabilities | 1,494.8 | 4,332.1 | 3,791.2 | 3,421.5 | 4,018.1 | 1,693.6 | 1,657.4 | 1,570.6 | 1,490.2 | 983.8 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 12,769.7 | 12,231.1 | 15,311.1 | 12,975.6 | 12,161.4 | 10,601.1 | 8,291.6 | 7,160.4 | 5,585.1 | 3,336.9 |
| Deferred Tax Liabilities | 374.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5,004.6 | 855.1 | 834.3 | 1,616.5 | 1,406.2 | 222.3 | 37.8 | 29.4 | (5,551.4) | 131.7 |
| Total Non-Current Liabilities | 18,796.9 | 13,728.1 | 16,465.0 | 14,782.7 | 13,772.7 | 11,003.6 | 8,498.2 | 7,189.8 | 5,613.1 | 3,468.6 |
| Total Liabilities | 20,291.6 | 18,060.1 | 20,256.2 | 18,204.2 | 17,790.7 | 12,697.2 | 10,155.6 | 8,760.4 | 7,103.2 | 4,452.4 |
| Stockholders' Equity | ||||||||||
| Common Stock | 3.2 | 3.1 | 3.1 | 2.9 | 2.9 | 2.6 | 1.2 | 1.0 | 279.1 | 0 |
| Retained Earnings | (1,452.3) | (837.3) | (495.1) | (369.5) | (89.4) | (151.8) | (50.8) | (29.3) | 0 | 0 |
| Accumulated Other Comprehensive Income | 21.7 | (17.8) | (5.6) | (15.0) | (1.9) | 0.5 | (6.0) | (8.5) | (4.2) | (8.9) |
| Total Stockholders' Equity | 4,275.5 | 3,543.6 | 1,893.4 | 1,589.2 | 1,825.2 | 1,193.7 | 768.3 | 587.9 | 1,460.3 | 591.6 |
| Total Liabilities & Equity | 28,993.0 | 24,884.3 | 24,730.5 | 22,002.8 | 21,605.2 | 15,169.0 | 12,014.2 | 10,154.7 | 8,563.5 | 5,829.7 |
| Debt Metrics | ||||||||||
| Total Debt | 14,912.4 | 13,148.0 | 15,756.0 | 13,334.2 | 12,494.2 | 10,903.2 | 8,566.4 | 7,368.3 | 11,296.9 | 3,392.0 |
| Net Debt | 13,412.4 | 10,412.5 | 14,258.2 | 12,219.6 | 11,101.4 | 9,841.0 | 7,821.7 | 6,873.4 | 10,621.5 | 2,593.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 1,088.4 | 1,110.7 | 1,160.1 | 438.9 | 390.7 | 324.5 | 372.8 | 152.1 | 172.9 | 286.9 |
| Depreciation & Amortization | 243.1 | 158.6 | 231.7 | 341.3 | 114.0 | 41.2 | 39.5 | 28.5 | 32.8 | 37.5 |
| Stock-Based Compensation | 740.5 | 352.9 | 256.0 | 200.4 | 0 | 123.0 | 97.7 | 0 | 69.7 | 39.1 |
| Change in Working Capital | 273.2 | (203.0) | (454.1) | (194.6) | 98.5 | 60.7 | (413.9) | 164.7 | (100.9) | (192.5) |
| Other Non-Cash Items | 921.7 | 1,372.0 | (1,427.0) | (1,520.1) | (3,199.2) | (975.1) | (2,179.1) | 188.2 | (2,029.4) | (768.2) |
| Operating Cash Flow | 3,267.0 | 2,791.2 | (233.3) | (734.1) | (2,596.0) | (425.7) | (2,083.0) | (1,417.1) | (1,863.1) | (625.7) |
| Investing Activities | ||||||||||
| Capital Expenditure | (72.2) | (91.5) | (67.2) | (35.8) | (27.2) | (15.9) | (16.8) | (18.4) | (33.2) | (11.9) |
| Acquisitions | (1,731.5) | (67.9) | (43.9) | (301.6) | (1,057.4) | (120.8) | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | (6,508.2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 8,252.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | (1,744.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (1,803.6) | (159.4) | (111.1) | (337.4) | (1,084.6) | (136.8) | (16.8) | (18.4) | (33.2) | (11.9) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 293.1 | (2,278.0) | 1,682.4 | 1,769.4 | 2,833.2 | 1,152.3 | 2,141.1 | 1,736.9 | 1,820.4 | 821.1 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | (10.4) | 0 | 0 | 0 |
| Dividends Paid | (1,756.7) | (1,310.9) | (1,030.7) | (836.4) | (604.4) | (468.5) | (345.4) | (156.5) | (283.4) | (212.8) |
| Other Financing Activities | (963.6) | 291.4 | (445.6) | 173.8 | 757.4 | (216.0) | 130.3 | (157.1) | 117.9 | (26.2) |
| Financing Cash Flow | (2,427.2) | (1,431.6) | 292.1 | 1,128.1 | 3,503.6 | 943.9 | 2,122.3 | 1,405.3 | 1,655.0 | 880.8 |
| Cash Position | ||||||||||
| Net Change in Cash | (1,019.1) | 1,159.7 | (41.7) | 46.3 | (196.2) | 401.4 | 28.1 | (8.7) | (223.9) | 221.4 |
| Cash at Beginning | 1,508.0 | 348.3 | 390.0 | 343.7 | 539.8 | 138.4 | 110.2 | 118.9 | 342.9 | 121.5 |
| Cash at End | 488.9 | 1,508.0 | 348.3 | 390.0 | 343.7 | 539.8 | 138.4 | 110.2 | 118.9 | 342.9 |
| Free Cash Flow | 3,194.8 | 2,699.6 | (300.4) | (769.9) | (2,623.3) | (441.6) | (2,099.8) | (1,435.5) | (1,896.2) | (637.6) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||
| Revenue | 6,470.1 | 3,884.8 | 3,631.9 | 3,055.4 | 4,212.1 | 1,764.0 | 1,765.4 | 958.5 | 1,479.9 | 1,254.4 | 814.4 | 603.9 | 478.7 | 334.0 | 2,677.4 |
| Gross Profit | 4,839.2 | 2,153.0 | 2,145.2 | 1,556.9 | 3,049.5 | 996.8 | 1,112.1 | 388.1 | 965.8 | 806.6 | 400.0 | 147.5 | 144.8 | 45.3 | 6.2 |
| Operating Income | 1,761.4 | 946.1 | 834.0 | 306.4 | 802.0 | 313.6 | 302.6 | 88.1 | (89.3) | 182.8 | 45.4 | (256.1) | (323.2) | (424.5) | (260.9) |
| Net Income | 527.4 | 463.7 | 474.3 | 167.5 | 408.8 | 152.1 | 148.9 | 57.0 | 76.2 | 111.8 | 19.4 | 35.0 | 180.5 | 220.6 | 97.3 |
| EPS (Diluted) | 1.96 | 2.07 | 2.42 | 0.87 | 2.15 | 0.87 | 1.06 | 0.30 | 0.62 | 1.20 | 0.23 | 0.43 | 2.24 | 2.34 | 1.22 |
| Balance Sheet | |||||||||||||||
| Cash & Equivalents | 1,500.0 | 2,735.5 | 1,497.8 | 1,114.6 | 1,392.8 | 1,062.2 | 744.7 | 494.9 | 675.4 | 798.1 | |||||
| Total Assets | 28,993.0 | 24,884.3 | 24,730.5 | 22,002.8 | 21,605.2 | 15,169.0 | 12,014.2 | 10,154.7 | 8,563.5 | 5,829.7 | |||||
| Total Debt | 14,912.4 | 13,148.0 | 15,756.0 | 13,334.2 | 12,494.2 | 10,903.2 | 8,566.4 | 7,368.3 | 11,296.9 | 3,392.0 | |||||
| Stockholders' Equity | 4,275.5 | 3,543.6 | 1,893.4 | 1,589.2 | 1,825.2 | 1,193.7 | 768.3 | 587.9 | 1,460.3 | 591.6 | |||||
| Cash Flow | |||||||||||||||
| Operating Cash Flow | 3,267.0 | 2,791.2 | (233.3) | (734.1) | (2,596.0) | (425.7) | (2,083.0) | (1,417.1) | (1,863.1) | (625.7) | |||||
| Capital Expenditure | (72.2) | (91.5) | (67.2) | (35.8) | (27.2) | (15.9) | (16.8) | (18.4) | (33.2) | (11.9) | |||||
| Free Cash Flow | 3,194.8 | 2,699.6 | (300.4) | (769.9) | (2,623.3) | (441.6) | (2,099.8) | (1,435.5) | (1,896.2) | (637.6) | |||||