Ares Management is a global alternative investment manager, founded in 1997, overseeing $622.5 billion of assets under management. It offers investment strategies spanning credit, real assets, secondaries and private equity, delivered through products such as direct lending to middle-market companies in the US, Europe and the APAC region, liquid credit (syndicated loans and high-yield bonds), alternative and opportunistic credit, real estate equity and debt, infrastructure, and fund secondaries.
Its clients include more than 2,850 direct institutional relationships, alongside a retail base reached through publicly-traded funds, sub-advised accounts and perpetual wealth vehicles. The firm charges management fees on the capital it oversees and shares in investment gains through carried interest and incentive fees; it also runs an insurance platform, Ares Insurance Solutions.
The business is arranged into investment groups—Credit, Real Assets, Secondaries and Private Equity—plus other businesses. Ares operates from over 55 offices in more than 25 countries and employs over 4,250 people. In March 2025 it acquired the international business of GCP, excluding its Greater China operations, adding logistics and digital infrastructure capabilities within Real Assets.
Based on Ares Management's 10-K filed February 25, 2026.
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~$49
Valuation models combined (4)
Base case. Range ~$37–$64. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 64% below it.
Price used: $132.96, November 2, 2026
Ares Management valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $5.30bn, up 28.5% on a year earlier, faster than 27.5% a quarter earlier. Our valuation models combined value is $115 a share, against a share price of $116.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ares Management's trailing-twelve-month revenue grew 28.5% year on year, with a free-cash-flow margin of 17.2%. Where it lags: stock pay as % of revenue of 13.3% ranks 33 of 40 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 77.5% while net income grew 32.6%: a 110pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Ares Management as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$64 ~$54–$80 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$41 ~$29–$59 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$37 ~$32–$44 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$26 ~$27–$70 | Left out: out of range vs price (0.20x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$38 ~$31–$46 | Included |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$49 ~$37–$64 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ares Management with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $5.71 | +20% | $4.9bn | +16% |
| Next | $7.04 | +23% | $5.8bn | +17% |
Next year's EPS estimate has moved −2.4% in 90 days, across 17 analysts.
The consensus EPS forecast for the current fiscal year is −2.4% on 90 days ago. In the last 30 days, 0 analysts raised Ares Management's forecast and 8 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $5.85 | $7.21 |
| 60 days ago | $5.85 | $7.19 |
| 30 days ago | $5.84 | $7.19 |
| 7 days ago | $5.76 | $7.11 |
| Now | $5.71 | $7.04 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.25 | $1.26 | +0.7% |
| Jun 2026 | $1.27 | $1.29 | +1.4% |
| Mar 2026 | $1.33 | $1.24 | −6.6% |
| Dec 2025 | $1.69 | $1.45 | −14.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −6.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4.1bn | $5.3bn | +28.5% |
| Net margin | 11.6% | 12.0% | +3.1% |
| P/E multiple | 24.0x | 16.9x | −29.8% |
| Share count | 81m | 81m | 0.0% |
Biggest factor: p/e multiple.
Last 3 years +36.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $3.2bn | $5.3bn | +68.2% |
| Net margin | 10.2% | 12.0% | +18.1% |
| P/E multiple | 24.5x | 16.9x | −31.3% |
| Share count | 81m | 81m | 0.0% |
Biggest factor: revenue.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ARES | +78% | −13% | +80% | +53% | −6% | −15% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ARES | 67% | 58% | 75% | 83% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ARES | −17% | −36% | −15% | −13% | −40% | −45% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 50% from January 31, 2025 to March 12, 2026. Getting back needed a 100% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +3.5% | −2.1% | — | — |
| July 31, 2026 | +11.6% | +2.2% | +10.3% | +15.3% |
| July 10, 2026 | −1.0% | −0.3% | +3.3% | +13.2% |
| May 1, 2026 | +2.2% | −0.1% | +7.5% | +9.3% |
| February 5, 2026 | −4.9% | +0.6% | −2.4% | −20.7% |
| November 3, 2025 | +2.9% | −1.0% | +3.1% | +9.0% |
| August 1, 2025 | +1.6% | −0.1% | +1.6% | −3.1% |
| May 5, 2025 | +1.6% | −1.4% | +9.9% | +7.6% |
| February 5, 2025 | −1.9% | +0.8% | −6.4% | −20.7% |
| November 1, 2024 | −4.8% | +0.2% | +1.6% | +4.4% |
| August 2, 2024 | −10.3% | −4.7% | −5.1% | −4.8% |
| May 2, 2024 | +0.2% | +2.2% | +8.2% | +4.9% |
How Ares Management’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.
Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $145 call expiring December 18, 2026 (45 days) for $1.90 a share — $190 per contract.
Bid $1.90, ask $2.30, quoted Tue 3 Nov, 14:17 New York time with ARES at $129.31. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $120 put and sell the $145 call, both expiring December 18, 2026 (45 days).
Offered because the shares trade at or above our fair value of $49.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $3.2B |
| FY23 Q4 | $3.2B |
| FY24 Q1 | $3.3B |
| FY24 Q2 | $3.4B |
| FY24 Q3 | $3.6B |
| FY24 Q4 | $3.7B |
| FY25 Q1 | $4B |
| FY25 Q2 | $4.1B |
| FY25 Q3 | $4.4B |
| FY25 Q4 | $4.8B |
| FY26 Q1 | $5B |
| FY26 Q2 | $5.3B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 179.4% |
| FY23 Q4 | 12.4% |
| FY24 Q1 | 11.3% |
| FY24 Q2 | 8.1% |
| FY24 Q3 | 10.7% |
| FY24 Q4 | 14.0% |
| FY25 Q1 | 19.3% |
| FY25 Q2 | 21.0% |
| FY25 Q3 | 24.2% |
| FY25 Q4 | 28.9% |
| FY26 Q1 | 27.5% |
| FY26 Q2 | 28.5% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 4.2% |
| FY23 Q4 | -7.2% |
| FY24 Q1 | -7.0% |
| FY24 Q2 | 26.4% |
| FY24 Q3 | 39.8% |
| FY24 Q4 | 75.6% |
| FY25 Q1 | 102.9% |
| FY25 Q2 | 98.4% |
| FY25 Q3 | 102.8% |
| FY25 Q4 | 68.7% |
| FY26 Q1 | 33.3% |
| FY26 Q2 | 17.2% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 334 | 479 | 604 | 814 | 965 | 1,085 | 1,218 | 1,433 | 1,754 | 2,289 | 2,880 | 3,236 | 3,691 | 4,756 | 5,303 |
| Net income | 1,236 | 813 | 35 | 19 | 112 | 76 | 57 | 149 | 152 | 409 | 168 | 474 | 464 | 527 | 636 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +43.3% | +26.2% | +34.9% | +18.5% | +12.5% | +12.3% | +17.6% | +22.4% | +30.5% | +25.8% | +12.4% | +14.0% | +28.9% | +28.5% |
| Net income | — | −34.2% | −95.7% | −44.6% | +477.0% | −31.9% | −25.1% | +161.1% | +2.2% | +168.7% | −59.0% | +183.1% | −2.2% | +13.7% | +32.6% |
| Margins | |||||||||||||||
| Net margin | 369.9% | 169.9% | 5.8% | 2.4% | 11.6% | 7.0% | 4.7% | 10.4% | 8.7% | 17.9% | 5.8% | 14.7% | 12.6% | 11.1% | 12.0% |
| Free-cash-flow margin | — | — | 251.0% | −66.1% | −66.1% | −174.8% | −117.8% | −146.5% | −24.3% | −113.4% | −25.5% | −7.2% | 75.6% | 68.7% | 17.2% |
| Cash flow | |||||||||||||||
| Cash from operations | — | — | 1,533 | −528 | −626 | −1,863 | −1,417 | −2,083 | −426 | −2,596 | −734 | −233 | 2,791 | 3,267 | 912 |
| Capital spending | — | — | 17 | 11 | 12 | 33 | 18 | 17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | — | 1,516 | −539 | −638 | −1,896 | −1,435 | −2,100 | −426 | −2,596 | −734 | −233 | 2,791 | 3,267 | 912 |
| Stock-based pay | 52 | 29 | 63 | 32 | 39 | 70 | 90 | 98 | 123 | 237 | 200 | 256 | 353 | 741 | 704 |
| Free cash flow after stock pay | — | — | 1,453 | −571 | −677 | −1,966 | −1,525 | −2,198 | −549 | −2,833 | −935 | −489 | 2,438 | 2,526 | 208 |
| Balance sheet | |||||||||||||||
| Cash | — | 90 | — | — | 343 | 119 | 110 | 138 | 540 | 344 | 390 | 348 | 1,508 | 489 | 557 |
| Total debt | 0 | 153 | 203 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | — | 63 | — | — | −343 | −119 | −110 | −138 | −540 | −344 | −390 | −348 | −1,508 | −489 | −557 |
| Returned to shareholders | |||||||||||||||
| Dividends | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 93 |
| Total returned | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 93 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 842 | 1,238 | 1,005 | 1,041 | 1,153 | 1,558 | 1,299 | 1,294 |
| Net income | 118 | 177 | 47 | 137 | 289 | 54 | 143 | 151 |
| Growth (year on year) | ||||||||
| Revenue | +24.2% | +10.6% | +36.5% | +19.0% | +36.9% | +25.8% | +29.3% | +24.3% |
| Net income | +91.6% | +1.9% | −35.4% | +44.4% | +143.9% | −69.4% | +202.3% | +9.9% |
| Margins | ||||||||
| Net margin | 14.1% | 14.3% | 4.7% | 13.2% | 25.1% | 3.5% | 11.0% | 11.6% |
| Free-cash-flow margin | 99.9% | 65.2% | 198.5% | 39.9% | 116.3% | −31.1% | 31.3% | −27.2% |
| Cash flow | ||||||||
| Cash from operations | 841 | 808 | 1,994 | 416 | 1,341 | −484 | 407 | −351 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 841 | 808 | 1,994 | 416 | 1,341 | −484 | 407 | −351 |
| Stock-based pay | 86 | 87 | 258 | 165 | 160 | 157 | 204 | 183 |
| Free cash flow after stock pay | 756 | 721 | 1,736 | 251 | 1,181 | −641 | 203 | −534 |
| Last 12 months unless stated | ARES | TPG | BAM | IVZ | TROW | CG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.3bn | $5.1bn | $5.7bn | $6.9bn | $7.7bn | $3.6bn | $858m |
| Revenue growth, last 12 months | 28.5% | 30.1% | 31.9% | 12.2% | 6.9% | −41.9% | 17.2% |
| Revenue growth, 3-year average | 18.9% | 31.0% | — | 6.3% | 6.7% | 4.9% | 10.2% |
| Revenue growth, latest quarter | 24.3% | 100.0% | 60.8% | 20.5% | 5.9% | −28.6% | 14.4% |
| Gross margin | — | — | — | — | 99.9% | 98.2% | 80.2% |
| Operating margin | — | — | — | −7.1% | 32.0% | — | 25.8% |
| Operating margin, 3-year average | — | — | — | 0.1% | 31.6% | — | 18.8% |
| Net margin | 12.0% | 4.7% | 53.4% | −4.5% | 28.4% | 10.1% | 15.2% |
| Cash from operations / revenue | 17.2% | 19.2% | 40.7% | 29.1% | 24.2% | −110.7% | 26.4% |
| Free-cash-flow margin | 17.2% | 16.0% | 40.3% | 27.8% | 20.7% | −114.2% | 21.9% |
| Free-cash-flow margin, 3-year average | 47.3% | 16.6% | 51.0% | 23.4% | 19.2% | −41.0% | 17.6% |
| Stock pay / revenue | 13.3% | 17.5% | 2.4% | 1.5% | 2.8% | 11.5% | 3.7% |
| Change in share count | — | 3.9% | — | −0.6% | −2.4% | 0.5% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 28.5% | 17.2% | 19 of 43 |
| Change in growth rate Growth | +1.0pp | +1.0pp | 23 of 43 |
| Net margin Profitability | 12.0% | 15.2% | 26 of 43 |
| Stock pay as % of revenue Cash generation | 13.3% | 4.3% | 33 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Management Service | $3.7B | 65.7% | ▲ 25.1% |
| Carried Interest | $1.2B | 20.6% | ▲ 195.8% |
| Management Service Incentive | $362M | 6.5% | ▲ 5.3% |
| Administrative Service | $356M | 6.4% | ▲ 118.8% |
| Principal Investment Income Loss | $48.1M | 0.9% | ▲ 6.0% |
From Ares Management's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $1.9B | 16.9M | 7.7% | ▲ 4.4% |
| Vanguard Capital Management LLC | $1.5B | 13.8M | 6.3% | ▲ 1.9% |
| Sumitomo Mitsui Financial Group, Inc. | $1.5B | 13.4M | 6.1% | 0.0% |
| Bank Of America Corp | $1.3B | 11.9M | 5.4% | ▲ 182.5% |
| Vanguard Portfolio Management LLC | $1.2B | 10.9M | 5.0% | ▲ 1.2% |
| Capital World Investors | $1.2B | 10.6M | 4.9% | ▼ 9.7% |
| Wellington Management Group LLP | $1.1B | 9.5M | 4.3% | ▼ 14.7% |
| State Street Corp | $999M | 9.0M | 4.1% | ▲ 4.3% |
| Charles Schwab Investment Management Inc | $751M | 6.7M | 3.1% | ▲ 13.2% |
| Canada Pension Plan Investment Board | $740M | 6.6M | 3.0% | ▼ 12.7% |
| Geode Capital Management, LLC | $648M | 5.8M | 2.7% | ▲ 3.9% |
| Jpmorgan Chase & Co | $580M | 5.4M | 2.4% | ▲ 19.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ares Management's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Ares Management Llc 10% owner | October 26, 2026 | Buy | 20,834 | $24.07 | $501,466 |
| Ares Management Llc 10% owner | October 23, 2026 | Buy | 50,000 | $23.53 | $1.2M |
| Ares Management Llc 10% owner | August 13, 2026 | Sell | 23,000,000 | $10.25 | $236M |
| Olian Judy D. Director | February 20, 2026 | Buy | 480 | $124.43 | $59,726 |
| Bhutani Ashish Director | February 6, 2026 | Buy | 10,000 | $126.61 | $1.3M |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 1,200 | $137.72 | $165,264 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 611 | $136.74 | $83,548 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 1,110 | $135.28 | $150,161 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 300 | $134.00 | $40,200 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 100 | $131.61 | $13,161 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 300 | $128.98 | $38,694 |
| Sagati Aghili Naseem General Counsel | February 4, 2026 | Sell pre-set plan | 300 | $126.68 | $38,004 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Ares Management disclosed in the last 12 months; 7 earlier trades on record.
Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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