Ares Management Corp. (ARES) intrinsic value & 10-year financials
Ares Management Corp. (ARES) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 18.7% a year to $5.6B, with an average return on invested capital of 21.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $112.27
- Revenue (FY2025)
- $5.6B
- Revenue growth (10-yr CAGR)
- 18.7%
- ROIC (10-yr avg)
- 21.0%
- Free cash flow (FY2025)
- —
ARES 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.6B | $527.4M | — | — | — | 13.5% |
| FY2024 | $3.9B | $463.7M | — | — | — | 17.1% |
| FY2023 | $3.6B | $474.3M | — | — | — | 27.2% |
| FY2022 | $3.1B | $167.5M | — | — | — | 9.8% |
| FY2021 | $4.2B | $408.8M | — | — | — | 27.1% |
| FY2020 | $1.8B | $152.1M | — | — | — | 15.5% |
| FY2019 | $1.8B | $148.9M | — | -$2.1B | — | 22.0% |
| FY2018 | $958.5M | $57.0M | — | -$1.4B | — | 13.2% |
| FY2017 | $1.5B | $76.2M | — | -$1.9B | — | 26.8% |
| FY2016 | $1.2B | $111.8M | — | -$637.6M | — | 38.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ares Management is a consistent compounder, expanding top-line revenue at 18.7% annually over the past decade.
Ares Management 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Ares Management capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ares Management is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment.