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Ares Management

ARES on NYSE. Ares manages investments for institutions and individual investors, including funds and accounts. Market value $327m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Financial services stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
17.1%five-year median

Yearly profit per dollar of owners' money: 17 cents. Above 10 is good.

Price to book
quarterly report to June 2026
9.8×

What you pay for each dollar of net assets: $9.79.

Earnings yield
past 12 months to June 2026
1.6%

Profit per $100 you pay: $1.64.

Quality score: 100 of 100. Price score: 10 of 100. Our list needs 70 on quality and 60 on price.

$117.13 a share, 22% above its 1-year low

Over the past year the price has ranged from $95.80 to $181.19.

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$2.3bn$2.9bn$3.2bn$3.7bn$4.8bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.29bn0.29bn0.31bn0.31bnn/a

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 22.1% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.3 billion last quarter, up 24% on a year ago.
  • Profit: $151 million, up 10% on a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$842m
December 2024$1.2bn
March 2025$1.0bn
June 2025$1.0bn
September 2025$1.2bn
December 2025$1.6bn
March 2026$1.3bn
June 2026$1.3bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$118m
December 2024$177m
March 2025$47m
June 2025$137m
September 2025$289m
December 2025$54m
March 2026$143m
June 2026$151m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
29 October 2026
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

7 long-term investors we follow own it, unchanged from 7 last quarter. 805 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Antony P. Ressler
    Passive investor
    33.1%−1.1 pts
    Since 30 June 2026
  • Ares Partners Holdco LLC
    Passive investor
    at least 32.4%−1.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    7.2%+2.0 pts
    Since 31 December 2025
  • 7.0%
    Since 31 March 2026
  • Wellington Management Company LLP
    Passive investor
    6.0%
    Since 31 March 2025
  • at least 4.3%−0.8 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Capital World Investors
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Ryan Berry
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $1m of shares on the open market. 2 sold $91m, $91m of it under preset trading plans.

  • Olian Judy D.
    Director
    Bought
    Date
    20 February 2026
    Shares
    480
    Price
    $124.43
    Value
    $59,726
  • BHUTANI ASHISH
    Director
    Bought
    Date
    6 February 2026
    Shares
    10,000
    Price
    $126.61
    Value
    $1m
  • Sagati Aghili Naseem
    General Counsel
    Sold
    under a preset trading plan
    Date
    4 February 2026
    Shares
    3,921
    Price
    $134.92
    Value
    $529,032
  • Sagati Aghili Naseem
    General Counsel
    Sold
    under a preset trading plan
    Date
    22 January 2026
    Shares
    1,849
    Price
    $161.84
    Value
    $299,239
  • Arougheti Michael J
    Co-Founder and CEO, Director
    Sold
    under a preset trading plan
    Date
    1 December 2025
    Shares
    56,257
    Price
    $157.26
    Value
    $9m
  • Arougheti Michael J
    Co-Founder and CEO, Director
    Sold
    under a preset trading plan
    Date
    28 November 2025
    Shares
    98,673
    Price
    $156.15
    Value
    $15m
  • Arougheti Michael J
    Co-Founder and CEO, Director
    Sold
    under a preset trading plan
    Date
    26 November 2025
    Shares
    136,067
    Price
    $154.48
    Value
    $21m
  • Arougheti Michael J
    Co-Founder and CEO, Director
    Sold
    under a preset trading plan
    Date
    25 November 2025
    Shares
    186,197
    Price
    $152.75
    Value
    $28m
  • Arougheti Michael J
    Co-Founder and CEO, Director
    Sold
    under a preset trading plan
    Date
    24 November 2025
    Shares
    112,806
    Price
    $150.15
    Value
    $17m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.