Ares Management (ARES) Financials

$138.36 +0.62 (+0.45%)

As of 03:59 PM Eastern

Annual Income Statements for Ares Management

This table shows Ares Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	12	103	54	35	127	130	387	168	474	441
Consolidated Net Income / (Loss)	62	287	173	152	373	324	798	487	1,360	815
Net Income / (Loss) Continuing Operations	55	287	173	152	373	341	918	439	1,160	1,111
Total Pre-Tax Income	81	298	150	184	425	379	1,066	511	1,333	1,275
Total Operating Income	45	238	-25	88	303	314	802	306	834	946
Total Gross Profit	400	807	966	388	1,112	997	3,049	1,557	2,145	2,153
Total Revenue	814	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885
Operating Revenue	814	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885
Total Cost of Revenue	414	448	514	570	653	767	1,163	1,499	1,487	1,732
Operating Cost of Revenue	414	448	514	570	653	767	1,163	1,499	1,487	1,732
Total Operating Expenses	355	569	991	300	809	683	2,247	1,250	1,311	1,207
Selling, General & Admin Expense	225	160	197	216	270	259	444	695	660	737
Other Operating Expenses / (Income)	130	409	519	84	539	424	1,803	555	651	470
Total Other Income / (Expense), net	29	60	175	96	123	83	264	204	499	329
Interest Expense	117	109	148	244	297	286	295	483	861	978
Interest & Investment Income	124	134	303	341	428	358	544	674	1,355	1,307
Other Income / (Expense), net	22	36	19	-0.85	-7.84	11	14	13	4.82	0.63
Income Tax Expense	19	11	-23	32	52	55	147	72	173	165
Preferred Stock Dividends Declared	0.00	12	22	22	22	22	22	0.00	0.00	23
Net Income / (Loss) Attributable to Noncontrolling Interest	43	172	97	95	224	172	120	271	686	647
Basic Earnings per Share	$0.23	$1.22	$0.62	$0.30	$1.11	$1.78	$2.24	$0.87	$2.44	$2.04
Weighted Average Basic Shares Outstanding	80.67M	80.75M	81.84M	96.02M	107.91M	270.13M	163.70M	175.51M	184.52M	198.05M
Diluted Earnings per Share	$0.23	$1.20	$0.62	$0.30	$1.06	$1.74	$2.15	$0.87	$2.42	$2.04
Weighted Average Diluted Shares Outstanding	80.67M	82.94M	81.84M	96.02M	119.88M	299.02M	180.11M	175.51M	195.77M	198.05M
Weighted Average Basic & Diluted Shares Outstanding	80.67M	80.75M	81.84M	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$0.88	-	$1.13	$0.28	$1.28	-	$1.88	-	-	$3.72

This table shows Ares Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-36	117	94	145	62	174	73	95	118	155
Consolidated Net Income / (Loss)	-114	338	207	265	117	772	204	171	216	224
Net Income / (Loss) Continuing Operations	-159	426	207	332	197	424	204	276	281	350
Total Pre-Tax Income	-60	343	241	382	227	483	231	317	327	400
Total Operating Income	-207	442	185	256	110	283	169	224	275	278
Total Gross Profit	123	931	453	726	304	663	294	369	694	796
Total Revenue	548	1,271	813	1,093	671	1,054	707	789	1,130	1,259
Operating Revenue	548	1,271	813	1,093	671	1,054	707	789	1,130	1,259
Total Cost of Revenue	425	340	361	368	368	391	413	420	436	463
Operating Cost of Revenue	425	340	361	368	368	391	413	420	436	463
Total Operating Expenses	898	-455	268	470	193	380	126	145	419	518
Selling, General & Admin Expense	319	133	148	141	212	159	171	169	197	199
Other Operating Expenses / (Income)	10	356	120	329	-18	221	-45	-25	222	319
Total Other Income / (Expense), net	36	33	56	126	117	200	62	93	52	122
Interest Expense	131	240	182	209	227	243	246	255	231	247
Interest & Investment Income	165	270	239	341	338	437	308	349	302	348
Other Income / (Expense), net	2.60	2.93	-0.92	-5.89	5.74	5.89	0.27	-0.94	-19	20
Income Tax Expense	-12	50	34	50	30	60	27	41	46	50
Net Income / (Loss) Attributable to Noncontrolling Interest	-13	176	113	188	135	250	131	181	162	173
Basic Earnings per Share	($0.44)	$0.41	$0.49	$0.75	$0.30	$0.90	$0.33	$0.43	$0.55	$0.73
Weighted Average Basic Shares Outstanding	351.26M	175.51M	178.98M	183.00M	186.22M	184.52M	192.62M	196.19M	200.72M	198.05M
Diluted Earnings per Share	($0.44)	$0.41	$0.49	$0.74	$0.30	$0.89	$0.33	$0.43	$0.55	$0.73
Weighted Average Diluted Shares Outstanding	351.26M	175.51M	178.98M	194.06M	186.22M	195.77M	192.62M	196.19M	200.72M	198.05M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Ares Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-27	221	-224	-8.68	28	401	-3,071	-1,123	-42	1,160
Net Cash From Operating Activities	-528	-626	-1,863	-1,417	-2,083	-426	-2,596	-734	-233	2,791
Net Cash From Continuing Operating Activities	-528	-626	-1,863	-1,459	-1,988	-426	-4,433	-1,612	-233	2,791
Net Income / (Loss) Continuing Operations	62	287	173	152	373	324	0.00	0.00	1,160	1,111
Consolidated Net Income / (Loss)	62	287	173	152	373	324	-	-	1,160	1,111
Depreciation Expense	55	37	33	29	39	41	113	341	232	159
Non-Cash Adjustments To Reconcile Net Income	-335	-1,059	-1,951	-1,745	-2,416	-837	-5,428	-1,455	-1,873	1,629
Changes in Operating Assets and Liabilities, net	-309	114	-113	106	16	46	882	-499	248	-107
Net Cash From Investing Activities	-75	-12	-33	-18	-17	-137	-1,085	-337	-111	-159
Net Cash From Continuing Investing Activities	-75	-12	-33	-18	-17	-16	-2,142	-639	-111	-159
Purchase of Property, Plant & Equipment	-11	-12	-33	-18	-17	-16	-27	-36	-67	-92
Acquisitions	-64	-	-	0.00	0.00	0.00	-2,115	-603	-44	-68
Net Cash From Financing Activities	582	881	1,655	1,405	2,122	944	3,504	1,128	292	-1,432
Net Cash From Continuing Financing Activities	582	881	1,938	1,740	2,468	944	3,504	1,128	292	-1,432
Repayment of Debt	-504	-974	-1,682	-1,886	-1,539	-1,052	-537	-1,236	-1,611	-4,581
Repurchase of Common Equity	0.00	-40	-14	-18	-44	-95	-226	-201	-157	-228
Payment of Dividends	-304	-331	-62	-160	-96	-698	-703	-1,015	-1,132	-1,435
Issuance of Debt	1,301	1,795	3,505	3,626	3,677	2,202	3,382	3,010	3,296	2,305
Issuance of Preferred Equity	0.00	299	-	-	-	-	-	0.00	0.00	1,459
Issuance of Common Equity	89	133	190	176	380	516	1,861	549	855	1,046
Other Financing Activities, net	0.00	0.00	1.04	0.95	91	93	37	21	-960	1.51
Effect of Exchange Rate Changes	-5.81	-22	17	22	5.62	20	-	-	11	-40
Cash Interest Paid	60	69	94	185	233	257	205	320	723	867
Cash Income Taxes Paid	15	27	18	27	36	38	23	105	62	108

This table details how cash moves in and out of Ares Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	109	-1,141	-118	4.58	35	36	-1.94	-62	66	1,158
Net Cash From Operating Activities	25	-191	708	-699	318	-560	710	432	841	808
Net Cash From Continuing Operating Activities	25	-1,068	708	-699	318	-560	710	432	841	808
Net Income / (Loss) Continuing Operations	-49	-146	207	332	197	424	204	276	281	350
Consolidated Net Income / (Loss)	-49	-	207	332	197	424	204	276	281	350
Non-Cash Adjustments To Reconcile Net Income	-83	-452	493	-1,094	55	-1,328	402	103	460	664
Changes in Operating Assets and Liabilities, net	156	-812	7.07	62	66	113	104	53	101	-365
Net Cash From Investing Activities	-9.92	-7.33	-8.88	-12	-23	-67	-34	-29	-33	-64
Net Cash From Continuing Investing Activities	-9.92	-309	-8.88	-12	-23	-67	-34	-29	-33	-64
Purchase of Property, Plant & Equipment	-9.94	-7.41	-8.88	-12	-23	-23	-26	-29	-27	-9.31
Acquisitions	0.02	-302	0.00	-	-	-44	-8.00	-	-5.68	-54
Net Cash From Financing Activities	112	201	-821	724	-244	634	-667	-459	-784	478
Net Cash From Continuing Financing Activities	112	201	-821	724	-244	634	-667	-459	-784	478
Repayment of Debt	-264	-207	-247	-396	-283	-684	-630	-1,297	-972	-1,682
Repurchase of Common Equity	-4.74	-7.09	-113	-20	-12	-12	-187	-16	-8.54	-16
Payment of Dividends	-253	-302	-273	-274	-271	-315	-347	-333	-366	-389
Issuance of Debt	546	460	248	783	254	2,012	327	490	476	1,012
Issuance of Common Equity	80	251	94	587	55	120	169	697	86	95
Effect of Exchange Rate Changes	-18	-	4.71	-7.76	-16	30	-11	-5.92	41	-64

This table presents Ares Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	4,321	5,830	8,564	10,155	12,014	15,169	21,605	22,003	24,731	24,884
Total Current Assets	281	798	675	495	745	1,062	5,077	5,864	7,019	8,437
Cash & Equivalents	281	798	675	495	745	1,062	1,393	1,115	1,498	2,735
Short-Term Investments	-	-	-	-	-	-	3,684	3,975	4,625	4,645
Accounts Receivable	-	-	-	-	-	-	-	774	897	1,057
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	4,037	5,032	2,303	9,660	11,269	14,107	15,874	15,571	17,143	15,880
Long-Term Investments	-	-	-	-	-	10,877	11,816	12,191	14,079	12,187
Goodwill	144	144	144	-	-	-	788	1,000	1,124	1,163
Intangible Assets	85	58	40	-	-	222	769	640	491	408
Other Noncurrent Operating Assets	3,808	4,823	2,111	9,660	11,269	3,008	2,501	1,740	1,450	2,122
Total Liabilities & Shareholders' Equity	4,321	5,830	8,564	10,155	12,014	15,169	21,605	22,003	24,731	24,884
Total Liabilities	3,329	4,452	7,103	8,760	10,156	12,597	16,695	17,098	19,709	17,486
Total Current Liabilities	134	122	185	250	221	262	383	400	423	687
Accounts Payable	122	104	146	167	150	162	383	400	423	687
Total Noncurrent Liabilities	3,195	4,330	6,918	8,511	9,765	12,335	16,312	16,698	19,286	16,799
Long-Term Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506
Noncurrent Employee Benefit Liabilities	125	132	850	671	868	916	310	510	287	281
Other Noncurrent Operating Liabilities	2,660	3,893	5,452	7,359	8,581	10,775	14,370	13,746	3,562	4,012
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	24	-	-	-	0.00	100	1,096	1,106	547	574
Total Equity & Noncontrolling Interests	968	1,377	1,460	1,394	1,859	2,472	3,814	3,799	4,474	6,824
Total Preferred & Common Equity	247	293	574	588	768	1,194	1,825	1,589	1,893	3,544
Preferred Stock	-	-	0.00	299	299	299	-	-	0.00	2,918
Total Common Equity	247	293	574	290	471	898	1,828	1,592	1,896	2,088
Common Stock	252	302	279	328	528	1,049	1,919	1,977	2,397	2,943
Retained Earnings	-	-	0.00	-29	-51	-152	-89	-369	-495	-837
Accumulated Other Comprehensive Income / (Loss)	-4.62	-8.94	-4.21	-8.52	-6.05	0.48	-1.86	-15	-5.63	-18
Noncontrolling Interest	721	1,084	887	806	1,090	1,278	1,989	2,209	2,581	3,281

This table presents Ares Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	21,206	21,929	23,119	23,384	24,413	24,193	24,523
Total Current Assets	6,163	5,128	6,210	6,337	6,856	6,757	7,229
Cash & Equivalents	1,045	1,027	1,089	1,197	1,546	1,525	1,666
Short-Term Investments	5,117	4,101	4,466	4,437	4,485	4,415	4,693
Accounts Receivable	-	-	655	703	825	817	871
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	14,476	16,233	16,341	16,479	16,990	16,867	16,725
Long-Term Investments	11,569	12,641	13,091	13,222	13,790	13,678	13,310
Goodwill	997	999	998	998	1,130	1,130	1,133
Intangible Assets	670	599	563	466	462	433	402
Other Noncurrent Operating Assets	1,239	1,994	1,689	1,794	1,607	1,626	1,880
Total Liabilities & Shareholders' Equity	21,206	21,929	23,119	23,384	24,413	24,193	24,523
Total Liabilities	16,642	17,342	18,103	18,340	19,383	18,436	18,643
Total Current Liabilities	427	449	492	508	452	445	509
Accounts Payable	427	449	492	508	452	445	509
Total Noncurrent Liabilities	16,214	16,894	17,611	17,832	18,931	17,991	18,134
Long-Term Debt	12,482	13,390	13,826	13,882	15,031	14,196	13,886
Noncurrent Employee Benefit Liabilities	595	214	251	361	218	297	401
Other Noncurrent Operating Liabilities	3,137	3,289	3,534	3,589	3,682	3,498	3,848
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,097	507	1,023	1,026	553	560	569
Total Equity & Noncontrolling Interests	3,468	4,079	3,992	4,018	4,477	5,197	5,310
Total Preferred & Common Equity	1,512	1,670	1,750	1,733	1,767	2,002	2,076
Total Common Equity	1,515	1,673	1,753	1,736	1,771	2,005	2,079
Common Stock	1,918	2,106	2,188	2,269	2,394	2,728	2,863
Retained Earnings	-374	-421	-426	-515	-613	-713	-792
Accumulated Other Comprehensive Income / (Loss)	-29	-12	-9.69	-17	-10	-10	8.45
Noncontrolling Interest	1,956	2,409	2,242	2,285	2,710	3,195	3,234

This table displays calculated financial ratios and metrics derived from Ares Management's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-32.57%	54.02%	17.98%	-35.24%	84.20%	-0.08%	138.77%	-27.46%	18.87%	6.96%
EBITDA Growth	150.04%	152.96%	-92.50%	403.46%	188.74%	9.53%	153.95%	-28.92%	62.00%	3.24%
EBIT Growth	125.94%	307.86%	-101.95%	1,732.33%	237.89%	10.19%	151.32%	-60.87%	162.57%	12.86%
NOPAT Growth	-89.79%	558.87%	-112.49%	353.94%	264.96%	1.04%	157.75%	-61.91%	175.72%	13.53%
Net Income Growth	-88.56%	359.63%	-39.73%	-12.01%	145.04%	-12.96%	145.91%	-38.95%	179.22%	-40.08%
EPS Growth	-46.51%	421.74%	-48.33%	-51.61%	253.33%	64.15%	23.56%	-59.53%	178.16%	-15.70%
Operating Cash Flow Growth	-134.45%	-18.50%	-197.77%	23.94%	-47.00%	79.57%	-509.89%	71.72%	68.23%	1,296.58%
Free Cash Flow Firm Growth	-572.95%	143.60%	1,043.08%	-208.96%	100.85%	22,705.55%	-71.94%	-108.10%	-3,829.33%	107.85%
Invested Capital Growth	2,066.83%	-19.31%	-572.80%	132.99%	15.86%	-645.49%	-26.15%	4.58%	97.04%	25.93%
Revenue Q/Q Growth	-26.88%	-25.03%	74.67%	-11.75%	12.02%	12.38%	19.22%	-1.25%	-5.65%	5.57%
EBITDA Q/Q Growth	117.56%	-63.75%	103.28%	-4.98%	29.25%	1,024.94%	-0.05%	444.34%	7.65%	17.87%
EBIT Q/Q Growth	108.94%	-67.64%	99.24%	-28.39%	13.99%	898.19%	-12.23%	163.17%	-15.65%	0.96%
NOPAT Q/Q Growth	-61.22%	-68.92%	96.39%	-31.84%	15.03%	28.76%	18.95%	139.17%	-15.30%	-0.64%
Net Income Q/Q Growth	-72.33%	54.46%	26.50%	-43.09%	22.36%	94.67%	-10.81%	65.22%	79.22%	-8.25%
EPS Q/Q Growth	0.00%	42.86%	10.71%	-48.28%	11.58%	102.33%	-40.11%	521.43%	24.74%	-7.27%
Operating Cash Flow Q/Q Growth	0.00%	-135.42%	-19.54%	40.81%	-51.61%	-9.01%	-13.77%	43.35%	-271.16%	96.08%
Free Cash Flow Firm Q/Q Growth	-105.52%	295.15%	1,380.03%	-21,867.46%	127.10%	3,523.03%	168.37%	-102.95%	-9,449.44%	-7.44%
Invested Capital Q/Q Growth	249.54%	-30.71%	-576.58%	43.89%	17.48%	-564.29%	-261.67%	-737.90%	37.43%	51.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.11%	64.31%	65.26%	40.49%	62.99%	56.51%	72.40%	50.95%	59.07%	55.42%
EBITDA Margin	14.88%	24.43%	1.55%	12.08%	18.93%	20.75%	22.07%	21.63%	29.48%	28.45%
Operating Margin	5.57%	18.97%	-1.68%	9.19%	17.14%	17.78%	19.04%	10.03%	22.96%	24.35%
EBIT Margin	8.24%	21.81%	-0.36%	9.10%	16.70%	18.42%	19.38%	10.46%	23.10%	24.37%
Profit (Net Income) Margin	7.66%	22.87%	11.68%	15.87%	21.12%	18.39%	18.94%	15.94%	37.45%	20.98%
Tax Burden Percent	76.60%	96.30%	115.38%	82.53%	87.68%	85.51%	74.88%	95.36%	102.03%	63.90%
Interest Burden Percent	121.47%	108.89%	-2,803.72%	211.28%	144.23%	116.82%	130.53%	159.89%	158.92%	134.71%
Effective Tax Rate	23.40%	3.70%	-15.38%	17.47%	12.32%	14.49%	13.83%	14.07%	12.98%	12.91%
Return on Invested Capital (ROIC)	6.06%	23.13%	0.00%	0.00%	17.81%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	5.07%	-6.63%	0.00%	0.00%	-60.84%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-4.20%	1.09%	0.00%	0.00%	5.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	1.87%	24.21%	12.19%	10.66%	22.92%	14.65%	21.33%	9.93%	27.40%	13.12%
Cash Return on Invested Capital (CROIC)	-176.29%	44.50%	0.00%	-397.82%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.52%	5.39%	-0.07%	0.93%	2.66%	2.39%	4.44%	1.47%	3.59%	3.82%
Return on Assets (ROA)	0.48%	5.65%	2.40%	1.63%	3.36%	2.39%	4.34%	2.23%	5.82%	3.29%
Return on Common Equity (ROCE)	0.15%	5.52%	3.72%	3.23%	5.36%	4.52%	7.77%	3.46%	9.63%	4.21%
Return on Equity Simple (ROE_SIMPLE)	25.28%	97.97%	30.14%	25.88%	48.52%	27.18%	43.72%	30.65%	71.83%	23.00%
Net Operating Profit after Tax (NOPAT)	35	229	-29	73	265	268	691	263	726	824
NOPAT Margin	4.27%	18.27%	-1.93%	7.59%	15.03%	15.20%	16.41%	8.62%	19.98%	21.21%
Net Nonoperating Expense Percent (NNEP)	1.00%	29.76%	6.57%	2.81%	78.65%	0.98%	0.79%	1.43%	6.12%	-0.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.22%	3.65%	4.26%
Cost of Revenue to Revenue	50.89%	35.69%	34.74%	59.51%	37.01%	43.49%	27.60%	49.05%	40.93%	44.58%
SG&A Expenses to Revenue	27.60%	12.74%	13.29%	22.53%	15.31%	14.68%	10.55%	22.75%	18.18%	18.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.54%	45.34%	66.94%	31.30%	45.85%	38.73%	53.36%	40.93%	36.10%	31.07%
Earnings before Interest and Taxes (EBIT)	67	274	-5.35	87	295	325	816	319	839	947
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	306	23	116	334	366	930	661	1,071	1,105
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	3.87	2.24	5.10	7.48	12.13	11.87	11.93	18.78	26.54
Price to Tangible Book Value (P/TBV)	40.38	12.48	3.30	5.10	7.48	16.12	80.00	0.00	126.40	107.12
Price to Revenue (P/Rev)	0.89	0.90	0.87	1.55	1.99	6.17	5.15	6.22	9.81	14.27
Price to Earnings (P/E)	59.82	11.01	23.61	41.94	27.67	83.47	56.13	113.41	75.10	125.68
Dividend Yield	9.83%	5.92%	8.05%	10.03%	4.17%	3.80%	2.51%	3.78%	2.66%	2.10%
Earnings Yield	1.67%	9.09%	4.24%	2.38%	3.61%	1.20%	1.78%	0.88%	1.33%	0.80%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.95	0.00	1.86	2.80	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.93	1.38	1.43	2.68	2.54	0.72	2.26	2.45	9.36	14.19
Enterprise Value to EBITDA (EV/EBITDA)	13.00	5.63	91.93	22.22	13.40	3.46	10.25	11.32	31.74	49.88
Enterprise Value to EBIT (EV/EBIT)	23.49	6.31	0.00	29.48	15.20	3.90	11.67	23.41	40.51	58.23
Enterprise Value to NOPAT (EV/NOPAT)	45.30	7.53	0.00	35.38	16.88	4.73	13.79	28.41	46.82	66.91
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.75
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.91	0.42	0.00	96.46	0.12	3.21	0.00	0.00	74.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.22	0.42	0.34	0.17	0.25	0.33	0.50	3.07	1.69
Long-Term Debt to Equity	0.39	0.22	0.42	0.34	0.17	0.25	0.33	0.50	3.07	1.69
Financial Leverage	-0.83	-0.16	-2.16	-1.98	-0.08	-2.61	-3.64	-3.19	-2.09	-1.04
Leverage Ratio	3.88	4.28	5.07	6.56	6.82	6.14	4.91	4.44	4.71	3.99
Compound Leverage Factor	4.71	4.66	-142.22	13.85	9.83	7.17	6.42	7.10	7.48	5.38
Debt to Total Capital	28.17%	18.17%	29.67%	25.65%	14.56%	20.00%	24.94%	33.24%	75.46%	62.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.17%	18.17%	29.67%	25.65%	14.56%	20.00%	24.94%	33.24%	75.46%	62.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	15.93%	13.73%	9.29%	0.00%	0.00%	0.00%	14.66%
Noncontrolling Interests to Total Capital	53.96%	64.43%	42.70%	43.00%	50.12%	42.87%	47.16%	45.13%	15.29%	19.37%
Common Equity to Total Capital	17.87%	17.40%	27.62%	15.47%	21.64%	27.92%	27.94%	21.67%	9.27%	10.49%
Debt to EBITDA	3.21	1.00	26.80	4.15	0.95	1.76	1.75	3.70	14.42	11.31
Net Debt to EBITDA	0.89	-1.61	-2.58	-0.12	-1.28	-30.86	-16.42	-22.46	-4.45	-6.39
Long-Term Debt to EBITDA	3.21	1.00	26.80	4.15	0.95	1.76	1.75	3.70	14.42	11.31
Debt to NOPAT	11.19	1.33	-21.52	6.61	1.19	2.40	2.36	9.28	21.27	15.18
Net Debt to NOPAT	3.11	-2.15	2.07	-0.19	-1.61	-42.13	-22.08	-56.37	-6.56	-8.57
Long-Term Debt to NOPAT	11.19	1.33	-21.52	6.61	1.19	2.40	2.36	9.28	21.27	15.18
Altman Z-Score	0.41	0.66	0.35	0.25	0.48	0.75	1.35	1.13	1.64	2.51
Noncontrolling Interest Sharing Ratio	92.07%	77.22%	69.46%	69.74%	76.61%	69.12%	63.57%	65.15%	64.85%	67.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	6.54	3.64	1.98	3.36	4.05	13.26	14.65	16.58	12.28
Quick Ratio	2.09	6.54	3.64	1.98	3.36	4.05	13.26	14.65	16.58	12.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,011	441	5,040	-5,491	46	10,592	2,973	-241	-9,464	743
Operating Cash Flow to CapEx	-4,945.54%	-5,251.87%	-5,618.26%	-7,693.46%	-12,401.89%	-2,670.05%	-9,535.17%	-2,050.82%	-347.20%	3,050.14%
Free Cash Flow to Firm to Interest Expense	-8.66	4.03	34.07	-22.47	0.16	36.99	10.08	-0.50	-10.99	0.76
Operating Cash Flow to Interest Expense	-4.52	-5.72	-12.59	-5.80	-7.00	-1.49	-8.81	-1.52	-0.27	2.85
Operating Cash Flow Less CapEx to Interest Expense	-4.62	-5.83	-12.82	-5.87	-7.06	-1.54	-8.90	-1.59	-0.35	2.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.25	0.21	0.10	0.16	0.13	0.23	0.14	0.16	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.35	3.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	1.37	3.96	4.10	3.64	4.12	4.92	4.27	3.83	3.61	3.12
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	83.97	91.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	265.59	92.11	88.98	100.27	88.58	74.25	85.56	95.37	101.10	117.02
Cash Conversion Cycle (CCC)	-265.59	-92.11	-88.98	-100.27	-88.58	-74.25	-85.56	-95.37	-17.14	-25.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,097	885	-4,184	1,380	1,599	-8,724	-11,006	-10,501	-311	-231
Invested Capital Turnover	1.42	1.27	-0.90	-0.68	1.19	-0.50	-0.43	-0.28	-0.67	-14.34
Increase / (Decrease) in Invested Capital	1,046	-212	-5,069	5,564	219	-10,323	-2,281	504	10,190	81
Enterprise Value (EV)	1,576	1,726	2,114	2,572	4,480	1,268	9,531	7,478	33,983	55,131
Market Capitalization	722	1,134	1,286	1,481	3,519	10,887	21,708	19,001	35,620	55,420
Book Value per Share	$3.06	$3.62	$6.98	$2.86	$4.10	$3.47	$6.31	$5.41	$6.17	$6.67
Tangible Book Value per Share	$0.22	$1.12	$4.73	$2.86	$4.10	$2.61	$0.94	($0.16)	$0.92	$1.65
Total Capital	1,382	1,683	2,076	1,875	2,175	3,215	6,542	7,347	20,458	19,904
Total Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506
Total Long-Term Debt	389	306	616	481	317	643	1,631	2,442	15,436	12,506
Net Debt	108	-492	-59	-14	-428	-11,296	-15,262	-14,839	-4,765	-7,061
Capital Expenditures (CapEx)	11	12	33	18	17	16	27	36	67	92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-134	-122	-185	-250	-221	-262	-383	374	473	370
Debt-free Net Working Capital (DFNWC)	147	676	490	245	523	800	4,694	5,463	6,596	7,750
Net Working Capital (NWC)	147	676	490	245	523	800	4,694	5,463	6,596	7,750
Net Nonoperating Expense (NNE)	-28	-58	-202	-79	-107	-56	-107	-224	-634	9.01
Net Nonoperating Obligations (NNO)	104	-492	-5,644	-14	-259	-11,296	-15,916	-15,407	-5,333	-7,629
Total Depreciation and Amortization (D&A)	54	33	28	29	39	41	113	341	232	159
Debt-free, Cash-free Net Working Capital to Revenue	-16.51%	-9.72%	-12.53%	-26.03%	-12.55%	-14.87%	-9.09%	12.24%	13.03%	9.52%
Debt-free Net Working Capital to Revenue	17.99%	53.91%	33.11%	25.60%	29.64%	45.34%	111.45%	178.81%	181.62%	199.49%
Net Working Capital to Revenue	17.99%	53.91%	33.11%	25.60%	29.64%	45.34%	111.45%	178.81%	181.62%	199.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$1.22	$0.62	$0.30	$1.11	$0.89	$2.24	$1.74	$2.44	$2.04
Adjusted Weighted Average Basic Shares Outstanding	80.67M	80.75M	81.84M	96.02M	107.91M	135.07M	163.70M	351.02M	184.52M	198.05M
Adjusted Diluted Earnings per Share	$0.23	$1.20	$0.62	$0.30	$1.06	$0.87	$2.15	$1.74	$2.42	$2.04
Adjusted Weighted Average Diluted Shares Outstanding	80.67M	82.94M	81.84M	96.02M	119.88M	149.51M	180.11M	351.02M	195.77M	198.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	80.67M	80.75M	81.84M	96.02M	107.91M	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	35	229	175	73	265	268	691	263	726	824
Normalized NOPAT Margin	4.27%	18.27%	11.84%	7.59%	15.03%	15.20%	16.41%	8.62%	19.98%	21.21%
Pre Tax Income Margin	10.00%	23.75%	10.13%	19.23%	24.08%	21.51%	25.30%	16.72%	36.70%	32.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.57	2.50	-0.04	0.36	0.99	1.13	2.77	0.66	0.97	0.97
NOPAT to Interest Expense	0.30	2.09	-0.19	0.30	0.89	0.94	2.34	0.55	0.84	0.84
EBIT Less CapEx to Interest Expense	0.48	2.39	-0.26	0.28	0.93	1.08	2.68	0.59	0.90	0.87
NOPAT Less CapEx to Interest Expense	0.21	1.99	-0.42	0.22	0.84	0.88	2.25	0.47	0.77	0.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	486.23%	115.48%	35.78%	104.98%	25.83%	215.20%	88.13%	208.30%	83.21%	176.07%
Augmented Payout Ratio	486.23%	129.42%	44.05%	116.82%	37.63%	244.59%	116.47%	249.62%	94.76%	203.99%

This table displays calculated financial ratios and metrics derived from Ares Management's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-42.19%	-2.96%	13.76%	110.02%	22.39%	-17.10%	-13.03%	-27.86%	68.30%	19.45%
EBITDA Growth	-218.59%	80.22%	74.89%	1,042.15%	156.85%	-34.98%	-7.98%	-10.60%	120.66%	3.11%
EBIT Growth	-218.59%	80.22%	74.89%	1,042.15%	156.85%	-34.98%	-7.98%	-10.60%	120.66%	3.11%
NOPAT Growth	-221.75%	66.82%	76.00%	960.79%	166.18%	-34.27%	-6.21%	-12.22%	146.26%	-2.00%
Net Income Growth	-152.56%	132.08%	47.14%	116.45%	202.45%	128.34%	-1.69%	-35.46%	85.47%	-70.97%
EPS Growth	-197.78%	228.13%	2.08%	76.19%	168.18%	117.07%	-32.65%	-41.89%	83.33%	-17.98%
Operating Cash Flow Growth	103.17%	74.68%	215.67%	11.77%	1,194.15%	-193.98%	0.35%	161.82%	164.34%	244.20%
Free Cash Flow Firm Growth	264.59%	-105.02%	255.87%	-172.87%	-108.34%	-7,788.37%	-98.86%	100.57%	131.75%	101.64%
Invested Capital Growth	-118.41%	4.58%	-103.75%	96.45%	60.30%	97.04%	9.23%	37.19%	5.28%	25.93%
Revenue Q/Q Growth	5.36%	131.82%	-36.03%	34.42%	-38.60%	57.02%	-34.97%	11.50%	43.24%	11.44%
EBITDA Q/Q Growth	-670.25%	318.01%	-58.69%	35.83%	-53.52%	149.35%	-51.47%	31.96%	14.72%	16.51%
EBIT Q/Q Growth	-670.25%	318.01%	-58.69%	35.83%	-53.52%	149.35%	-51.47%	31.96%	14.72%	16.51%
NOPAT Q/Q Growth	-460.32%	361.29%	-57.99%	39.96%	-56.92%	159.52%	-50.41%	30.99%	20.86%	3.27%
Net Income Q/Q Growth	-193.18%	396.66%	21.70%	27.62%	-55.90%	561.22%	103.31%	-16.22%	26.73%	3.49%
EPS Q/Q Growth	-204.76%	193.18%	19.51%	51.02%	-59.46%	196.67%	-44.07%	30.30%	27.91%	32.73%
Operating Cash Flow Q/Q Growth	103.10%	-874.64%	471.42%	-198.80%	145.53%	-275.97%	226.78%	-39.13%	94.67%	-4.01%
Free Cash Flow Firm Q/Q Growth	-41.64%	-101.59%	8,146.31%	-197.48%	93.32%	-1,406.40%	101.17%	-51.05%	270.01%	-22.31%
Invested Capital Q/Q Growth	88.04%	-737.90%	96.57%	-3.32%	-33.60%	37.43%	-5.09%	28.50%	-101.46%	51.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.43%	73.25%	55.64%	66.38%	45.25%	62.92%	41.62%	46.76%	61.42%	63.22%
EBITDA Margin	-37.22%	35.00%	22.60%	22.84%	17.29%	27.45%	23.91%	28.30%	22.66%	23.70%
Operating Margin	-37.69%	34.77%	22.71%	23.37%	16.43%	26.89%	23.87%	28.42%	24.33%	22.10%
EBIT Margin	-37.22%	35.00%	22.60%	22.84%	17.29%	27.45%	23.91%	28.30%	22.66%	23.70%
Profit (Net Income) Margin	-20.77%	26.58%	25.49%	24.20%	17.38%	73.20%	28.81%	21.65%	19.16%	17.79%
Tax Burden Percent	188.64%	98.56%	85.98%	69.27%	51.43%	159.71%	88.21%	53.81%	66.16%	56.01%
Interest Burden Percent	29.58%	77.04%	131.19%	153.00%	195.52%	166.96%	136.60%	142.17%	127.75%	134.04%
Effective Tax Rate	0.00%	14.47%	14.02%	13.02%	13.18%	12.33%	11.79%	12.94%	14.20%	12.47%
Return on Invested Capital (ROIC)	-29.40%	0.00%	13.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-31.08%	0.00%	-95.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	12.33%	0.00%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-17.07%	9.93%	14.21%	10.81%	15.80%	27.40%	18.35%	14.64%	16.26%	13.12%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-5.60%	4.90%	3.31%	3.84%	2.98%	4.27%	3.64%	3.85%	3.48%	3.71%
Return on Assets (ROA)	-3.12%	3.72%	3.73%	4.07%	3.00%	11.38%	4.38%	2.95%	2.94%	2.79%
Return on Common Equity (ROCE)	-9.31%	3.46%	7.69%	3.75%	5.34%	9.63%	6.57%	5.11%	5.68%	4.21%
Return on Equity Simple (ROE_SIMPLE)	19.50%	0.00%	23.12%	30.19%	43.79%	0.00%	49.92%	39.39%	42.78%	0.00%
Net Operating Profit after Tax (NOPAT)	-145	378	159	222	96	249	149	195	236	244
NOPAT Margin	-26.38%	29.74%	19.53%	20.33%	14.27%	23.58%	21.06%	24.74%	20.87%	19.34%
Net Nonoperating Expense Percent (NNEP)	1.69%	-0.26%	108.79%	0.41%	0.37%	5.04%	1.06%	-0.43%	-0.33%	-0.30%
Return On Investment Capital (ROIC_SIMPLE)	-	6.06%	-	-	-	1.25%	-	-	-	1.26%
Cost of Revenue to Revenue	77.57%	26.75%	44.36%	33.62%	54.75%	37.08%	58.38%	53.24%	38.58%	36.78%
SG&A Expenses to Revenue	58.23%	10.45%	18.24%	12.91%	31.56%	15.07%	24.16%	21.48%	17.44%	15.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	163.75%	-35.78%	32.93%	43.01%	28.82%	36.02%	17.75%	18.35%	37.09%	41.12%
Earnings before Interest and Taxes (EBIT)	-204	445	184	250	116	289	169	223	256	298
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-204	445	184	250	116	289	169	223	256	298
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.38	11.93	14.27	16.16	17.56	18.78	22.91	20.60	23.46	26.54
Price to Tangible Book Value (P/TBV)	0.00	0.00	317.68	147.44	111.83	126.40	227.62	93.58	89.67	107.12
Price to Revenue (P/Rev)	5.57	6.22	7.57	7.60	7.92	9.81	11.51	12.82	13.26	14.27
Price to Earnings (P/E)	98.97	113.41	110.70	88.40	72.97	75.10	89.49	102.27	105.95	125.68
Dividend Yield	3.92%	3.78%	3.23%	2.95%	2.92%	2.66%	2.45%	2.55%	2.28%	2.10%
Earnings Yield	1.01%	0.88%	0.90%	1.13%	1.37%	1.33%	1.12%	0.98%	0.94%	0.80%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.86	2.45	7.11	7.19	7.49	9.36	11.07	12.30	12.72	14.19
Enterprise Value to EBITDA (EV/EBITDA)	123.87	11.32	56.30	39.71	28.99	31.74	47.37	49.67	49.90	49.88
Enterprise Value to EBIT (EV/EBIT)	123.87	23.41	56.30	39.71	28.99	40.51	47.37	49.67	49.90	58.23
Enterprise Value to NOPAT (EV/NOPAT)	136.62	28.41	67.57	45.78	33.64	46.82	54.58	57.58	56.43	66.91
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	211.53	0.00	0.00	44.01	32.88	19.75
Enterprise Value to Free Cash Flow (EV/FCFF)	1.84	0.00	2.17	0.00	284.78	0.00	57.25	72.09	58.28	74.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.73	0.50	2.92	2.76	2.75	3.07	2.99	2.47	2.36	1.69
Long-Term Debt to Equity	2.73	0.50	2.92	2.76	2.75	3.07	2.99	2.47	2.36	1.69
Financial Leverage	-0.40	-3.19	-0.01	-2.11	-1.18	-2.09	-1.07	-1.06	-1.09	-1.04
Leverage Ratio	4.47	4.44	4.61	4.54	4.64	4.71	4.82	4.39	4.39	3.99
Compound Leverage Factor	1.32	3.42	6.04	6.94	9.07	7.86	6.58	6.24	5.60	5.35
Debt to Total Capital	73.22%	33.24%	74.49%	73.38%	73.35%	75.46%	74.92%	71.15%	70.25%	62.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	73.22%	33.24%	74.49%	73.38%	73.35%	75.46%	74.92%	71.15%	70.25%	62.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.66%
Noncontrolling Interests to Total Capital	17.91%	45.13%	16.22%	17.33%	17.49%	15.29%	16.27%	18.82%	19.24%	19.37%
Common Equity to Total Capital	8.89%	21.67%	9.31%	9.30%	9.17%	9.27%	8.83%	10.05%	10.52%	10.49%
Debt to EBITDA	102.82	3.70	33.63	20.50	13.96	14.42	18.24	17.80	14.81	11.31
Net Debt to EBITDA	-43.25	-22.46	-11.00	-7.15	-5.00	-4.45	-5.81	-6.80	-6.17	-6.39
Long-Term Debt to EBITDA	102.82	3.70	33.63	20.50	13.96	14.42	18.24	17.80	14.81	11.31
Debt to NOPAT	113.41	9.28	40.36	23.64	16.20	21.27	21.01	20.63	16.74	15.18
Net Debt to NOPAT	-47.70	-56.37	-13.20	-8.24	-5.80	-6.56	-6.70	-7.88	-6.97	-8.57
Long-Term Debt to NOPAT	113.41	9.28	40.36	23.64	16.20	21.27	21.01	20.63	16.74	15.18
Altman Z-Score	1.04	1.15	1.23	1.41	1.45	1.56	1.70	1.78	2.04	2.42
Noncontrolling Interest Sharing Ratio	45.45%	65.15%	45.89%	65.27%	66.17%	64.85%	64.19%	65.12%	65.07%	67.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	14.43	14.65	11.43	12.61	12.48	16.58	15.16	15.19	14.21	12.28
Quick Ratio	14.43	14.65	11.43	12.61	12.48	16.58	15.16	15.19	14.21	12.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,916	-126	10,141	-9,886	-660	-9,942	116	57	210	163
Operating Cash Flow to CapEx	247.41%	-2,571.64%	7,970.85%	-5,706.55%	1,380.79%	-2,434.37%	2,723.51%	1,478.12%	3,128.28%	8,678.47%
Free Cash Flow to Firm to Interest Expense	60.40	-0.53	55.82	-47.36	-2.90	-40.89	0.47	0.22	0.91	0.66
Operating Cash Flow to Interest Expense	0.19	-0.80	3.89	-3.35	1.40	-2.30	2.89	1.69	3.64	3.28
Operating Cash Flow Less CapEx to Interest Expense	0.11	-0.83	3.85	-3.41	1.30	-2.40	2.78	1.58	3.53	3.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.14	0.15	0.17	0.17	0.16	0.15	0.14	0.15	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	4.35	0.00	4.38	4.68	3.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	5.02	3.83	3.73	3.52	3.07	3.61	3.42	3.40	3.26	3.12
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	83.97	0.00	83.36	78.04	91.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	72.71	95.37	97.92	103.67	118.82	101.10	106.84	107.50	111.80	117.02
Cash Conversion Cycle (CCC)	-72.71	-95.37	-97.92	-103.67	-118.82	-17.14	-106.84	-24.15	-33.75	-25.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,253	-10,501	-360	-372	-498	-311	-327	-234	-471	-231
Invested Capital Turnover	1.11	-0.28	0.68	-0.69	-4.40	-0.67	-10.26	-10.62	-7.60	-14.34
Increase / (Decrease) in Invested Capital	-8,061	504	-9,982	10,108	756	10,190	33	138	26	81
Enterprise Value (EV)	15,037	7,478	22,417	26,778	28,828	33,983	39,042	39,624	46,797	55,131
Market Capitalization	17,234	19,001	23,879	28,332	30,491	35,620	40,569	41,292	48,777	55,420
Book Value per Share	$5.15	$5.41	$5.64	$5.80	$5.70	$6.17	$9.19	$6.47	$6.64	$6.67
Tangible Book Value per Share	($0.52)	($0.16)	$0.25	$0.64	$0.90	$0.92	$0.93	$1.42	$1.74	$1.65
Total Capital	17,047	7,347	17,976	18,842	18,926	20,458	20,061	19,953	19,765	19,904
Total Debt	12,482	2,442	13,390	13,826	13,882	15,436	15,031	14,196	13,886	12,506
Total Long-Term Debt	12,482	2,442	13,390	13,826	13,882	15,436	15,031	14,196	13,886	12,506
Net Debt	-5,250	-14,839	-4,379	-4,820	-4,974	-4,765	-4,790	-5,423	-5,783	-7,061
Capital Expenditures (CapEx)	9.94	7.41	8.88	12	23	23	26	29	27	9.31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-427	374	-449	162	195	473	373	372	362	370
Debt-free Net Working Capital (DFNWC)	5,736	5,463	4,679	5,718	5,829	6,596	6,404	6,313	6,721	7,750
Net Working Capital (NWC)	5,736	5,463	4,679	5,718	5,829	6,596	6,404	6,313	6,721	7,750
Net Nonoperating Expense (NNE)	-31	40	-48	-42	-21	-523	-55	24	19	20
Net Nonoperating Obligations (NNO)	-5,818	-15,407	-4,947	-5,388	-5,542	-5,333	-5,358	-5,991	-6,351	-7,629
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	-13.80%	12.24%	-14.23%	4.36%	5.07%	13.03%	10.58%	11.54%	9.84%	9.52%
Debt-free Net Working Capital to Revenue	185.37%	178.81%	148.36%	153.43%	151.43%	181.62%	181.62%	195.97%	182.64%	199.49%
Net Working Capital to Revenue	185.37%	178.81%	148.36%	153.43%	151.43%	181.62%	181.62%	195.97%	182.64%	199.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	$0.41	$0.98	$1.50	$0.60	$0.90	$0.33	$0.43	$0.55	$0.73
Adjusted Weighted Average Basic Shares Outstanding	175.63M	175.51M	357.95M	366.00M	372.44M	184.52M	192.62M	196.19M	200.72M	198.05M
Adjusted Diluted Earnings per Share	($0.22)	$0.41	$0.98	$1.48	$0.60	$0.89	$0.33	$0.43	$0.55	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	175.63M	175.51M	357.95M	388.12M	372.44M	195.77M	192.62M	196.19M	200.72M	198.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-145	378	159	222	96	249	149	195	236	244
Normalized NOPAT Margin	-26.38%	29.74%	19.53%	20.33%	14.27%	23.58%	21.06%	24.74%	20.87%	19.34%
Pre Tax Income Margin	-11.01%	26.96%	29.65%	34.94%	33.80%	45.84%	32.66%	40.23%	28.95%	31.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.56	1.86	1.01	1.20	0.51	1.19	0.69	0.87	1.11	1.21
NOPAT to Interest Expense	-1.10	1.58	0.87	1.06	0.42	1.02	0.61	0.76	1.02	0.99
EBIT Less CapEx to Interest Expense	-1.63	1.83	0.96	1.14	0.41	1.10	0.58	0.76	0.99	1.17
NOPAT Less CapEx to Interest Expense	-1.18	1.55	0.83	1.01	0.32	0.93	0.50	0.65	0.90	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	302.74%	208.30%	269.53%	208.40%	147.45%	83.21%	136.71%	160.46%	153.19%	176.07%
Augmented Payout Ratio	370.25%	249.62%	303.65%	235.92%	167.55%	94.76%	162.81%	189.19%	178.32%	203.99%

Frequently Asked Questions About Ares Management's Financials

When does Ares Management's financial year end?

According to the most recent income statement we have on file, Ares Management's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Ares Management's net income changed over the last 9 years?

Ares Management's net income appears to be on an upward trend, with a most recent value of $814.96 million in 2024, rising from $62.42 million in 2015. The previous period was $1.36 billion in 2023.

What is Ares Management's operating income?

Ares Management's total operating income in 2024 was $946.09 million, based on the following breakdown:

Total Gross Profit: $2.15 billion
Total Operating Expenses: $1.21 billion

How has Ares Management revenue changed over the last 9 years?

Over the last 9 years, Ares Management's total revenue changed from $814.44 million in 2015 to $3.88 billion in 2024, a change of 377.0%.

How much debt does Ares Management have?

Ares Management's total liabilities were at $17.49 billion at the end of 2024, a 11.3% decrease from 2023, and a 425.2% increase since 2015.

How much cash does Ares Management have?

In the past 9 years, Ares Management's cash and equivalents has ranged from $280.99 million in 2015 to $2.74 billion in 2024, and is currently $2.74 billion as of their latest financial filing in 2024.

How has Ares Management's book value per share changed over the last 9 years?

Over the last 9 years, Ares Management's book value per share changed from 3.06 in 2015 to 6.67 in 2024, a change of 117.9%.

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This page (NYSE:ARES) was last updated on 4/14/2025 by MarketBeat.com Staff

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Ares Management (ARES) Financials

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Ares Management (ARES) Financials

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