Latest revenue
$1.40B
as of 2026-03-31
Latest net income
$142.6M
as of 2026-03-31
Net margin
10.2%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $30.80B
- Enterprise value
- $33.14B
- P/E (trailing)
- 58.4×
- Forward P/E
- —
- P/B
- 6.88×
- Dividend yield
- 4.5%
- 52-wk high
- $195.26
- 52-wk low
- $95.80
- Beta
- —
- Shares out
- 247.6M
5-year trend
What this company does
Ares Management runs a global alternative asset manager, investing client capital across private credit, private equity, real estate, and infrastructure strategies. It earns fees by managing affiliated funds—primarily recurring management fees ($2.69B over nine months), supplemented by carried interest on fund profits and incentive fees. Assets, goodwill, and intangibles jumped sharply in 2025 following acquisition activity, and management fees grew 24% year-over-year as the firm scales its credit-heavy platform amid surging investor demand for private capital.
Key risks
- Goodwill and intangibles ballooned to $5.6B (from $2.1B) after acquisitions, raising impairment risk if fundraising or returns disappoint.
- Carried interest dependency: $4.12B accrued carried interest on balance sheet; clawback risk if fund marks reverse.
- Debt obligations rose to $3.68B from $2.56B YE2024, while cash fell to $497M from $1.51B, tightening liquidity.
Profitability
Net margin
9.4%
21.1%Return on equity
12.3%
5.7%Return on assets
1.8%
1.2%Leverage
Debt / equity
5.70×
5.4%Long-term debt / equity
0.92×
27.7%Debt / assets
85.1%
0.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.40B | +28.3% | $142.6M | +202.3% | 10.2% |
Q4 2025 2025-12-31 | $1.50B | +19.5% | $54.2M | -69.4% | 3.6% |
Q3 2025 2025-09-30 | $1.66B | +46.7% | $288.9M | +143.9% | 17.4% |
Q2 2025 2025-06-30 | $1.35B | +71.2% | $137.1M | +44.4% | 10.2% |
Q1 2025 2025-03-31 | $1.09B | +53.9% | $47.2M | -35.4% | 4.3% |
Q4 2024 2024-12-31 | $1.26B | — | $177.3M | — | 14.1% |
Q3 2024 2024-09-30 | $1.13B | +68.3% | $118.5M | — | 10.5% |
Q2 2024 2024-06-30 | $788.7M | -27.9% | $94.9M | — | 12.0% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Investment Advice · SIC 6282
Your notes
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Insider activity
Insider buying
$1.3M
Insider selling
$624.5M
Net activity
−$623.2M
Distinct insiders
8
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ARES
Institutional value
$12.11B
Total shares held
112.2M
Distinct holders
546
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 16.2M | $1.76B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 13.5M | $1.47B | — | New |
| 3 | Capital World Investors | 11.8M | $1.29B | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 10.8M | $1.18B | — | New |
| 5 | FRANKLIN RESOURCES INC | 5.1M | $558.9M | — | New |
| 6 | JPMORGAN CHASE & CO | 4.5M | $486.9M | — | New |
| 7 | PRINCIPAL FINANCIAL GROUP INC | 4.0M | $437.4M | — | New |
| 8 | Capital International Investors | 3.1M | $333.5M | — | New |
| 9 | Nuveen, LLC | 2.4M | $264.1M | — | New |
| 10 | Invesco Ltd. | 2.2M | $244.0M | — | New |
| 11 | LRI Investments, LLC | 2.3M | $227.1M | — | New |
| 12 | Vulcan Value Partners, LLC | 1.7M | $184.5M | — | New |
| 13 | WESTFIELD CAPITAL MANAGEMENT CO LP | 1.6M | $171.6M | — | New |
| 14 | M&G PLC | 1.5M | $168.8M | — | New |
| 15 | Curated Wealth Partners LLC | 1.5M | $160.2M | — | New |
| 16 | UBS Group AG | 1.4M | $154.6M | — | New |
| 17 | Clearbridge Investments, LLC | 1.3M | $141.1M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 1.2M | $129.5M | — | New |
| 19 | Bank of New York Mellon Corp | 1.1M | $124.7M | — | New |
| 20 | Legal & General Group Plc | 1.1M | $121.1M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Goodwill jumped from $1.16B to $3.44B and intangibles more than doubled—what acquisition drove this, and what return hurdle justifies the price?
- 2
Accrued carried interest hit $4.12B but only $948M was realized YTD—how much is concentrated in funds currently underwater on preferred return?
- 3
Debt obligations rose 44% to $3.68B while cash fell from $1.51B to $497M—what's the leverage ceiling before rating agencies push back?