# Ares Management Corporation (ARES)

> Source: Nexqual · https://nexqual.com/ARES · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Ares Management Corporation (ARES), nexqual.com/ARES" · informational, not investment advice.

**Price:** USD 123.7 (+5.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 117.01 · day 115.36–123.92 · 52w 95.8–181.19 · market cap $41.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.99B, net income $636M (10.6% margin) (SEC filings).
- Valuation: P/E 64.5x.
- Earnings quality: non-operating income $475M vs operating income null over the last four quarters; P/E excluding non-operating income ≈172.4x (estimate: non-operating income taxed at the company's 16.2% effective rate).
- 2 of 80 tracked superinvestors hold ARES (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (20 analysts), mean target USD 144.8 (range 119–168).
- Total return with dividends: 1Y -13.2% vs S&P 500 +14.9%; 5Y +77.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.26, revenue estimate $1.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.21B | $3.06B | $3.63B | $3.88B | $5.60B | $5.99B |
| Net income | $409M | $168M | $474M | $464M | $527M | $636M |
| Net margin | 9.7% | 5.5% | 13.1% | 11.9% | 9.4% | 10.6% |
| Revenue growth | +138.8% | -27.5% | +18.9% | +7.0% | +44.2% | — |
| Cash + short-term investments | $344M | $390M | $348M | $1.51B | $489M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 64.5x · P/E ex non-operating (est.) ≈172.4x · P/S 6.8x · P/B 10.3x · Earnings yield 1.55% · Dividend yield (paid, TTM) 0.23%

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ARES. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners |  | 6.45% | $212M | Added +12.5% |
| Daniel Loeb | Third Point | 0.90% | $41.7M | New position |

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 20 analysts; mean target USD 144.8 (low 119, high 168).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $150 → $143 |
| 2026-10-13 | UBS | Target lowered | Neutral | $142 → $134 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $163 → $159 |
| 2026-10-02 | Wells Fargo | Initiated | Overweight | $136 |
| 2026-09-24 | Piper Sandler | Initiated | Overweight | $150 |
| 2026-08-27 | Oppenheimer | Target raised | Outperform | $151 → $162 |
| 2026-08-03 | TD Cowen | Target raised | Buy | $153 → $155 |
| 2026-08-03 | JP Morgan | Target raised | Overweight | $143 → $153 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $162 → $168 |
| 2026-08-03 | Oppenheimer | Target raised | Outperform | $140 → $151 |
| 2026-08-03 | BMO Capital | Target raised | Market Perform | $128 → $134 |
| 2026-07-17 | Oppenheimer | Target lowered | Outperform | $146 → $140 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -13.2% | +77.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.3% | +12.2% |
| Volatility (annualized) | 43.6% | 37.7% |
| Max drawdown | -45.5% (Dec 2025→Mar 2026) | -47.2% (Jan 2025→Mar 2026) |

## Peers (Asset Management)
AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · STT (State Street Corporation) USD 167.84 -0.66% · RJF (Raymond James Financial, Inc.) USD 159.19 +2.25% · NTRS (Northern Trust Corporation) USD 165.82 -0.65% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81% · PFG (Principal Financial Group Inc) USD 110.11 +1.54%

## More
Full page: https://nexqual.com/ARES · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ARES's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1176948/000162828026011413/ares-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Ares Operating Group | "•"Ares Operating Group Unit" or an "AOG Unit" refers to, collectively, a partnership unit in the Ares Operating Group entities including Ares Holdings and any future entity designated by our board of directors in its sol…" |

Other companies that name ARES in their own reports (relationship from ARES's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Vinci Compass Investments Ltd. (VINP) | 20-F 2026-04-20 | "On October 10, 2023, we announced that Ares Management Corporation, or Ares, agreed to form a strategic partnership to accelerate the growth of Vinci Compass' platform in Latin America and to collabor…" |
| partner | ENI SPA (E) | 20-F 2026-03-23 | "On March 19, 2026, Eni initiated a reorganization of Plenitude's shareholding structure, together with the existing shareholders Ares Alternative Credit (affiliates of Ares Management Corporation) and…" |
| partner | Ares Commercial Real Estate Corp (ACRE) | 10-K 2026-02-10 | "Ares Management believes that its unique culture, which centers upon values of collaboration, responsibility, entrepreneurialism, self-awareness and trustworthiness, makes it a preferred place for top…" |
| partner | ARES CAPITAL CORP (ARCC) | 10-K 2026-02-04 | "Ares Management LLC, the sole member of Ares Capital Management, has granted us a non‑exclusive, royalty‑free license to use the name "Ares" pursuant to a license agreement." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management fees | $1.02B | 71.2% | +13.0% |
| Carried interest | $249.9M | 17.5% | -22.8% |
| Administrative, transaction and other fees | $116.1M | 8.1% | +26.8% |
| Incentive fees | $42.8M | 3.0% | +85.2% |
| Principal investment income | $2.3M | 0.2% | -79.1% |
| Total revenue | $1.43B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.26 | $1.42 | -11.6% | $1.24B | 15 |
| Next quarter (ends 2026-12-31) | $1.95 | $1.94 | +0.7% | $1.42B | 13 |
| Current fiscal year (ends 2026-12-31) | $5.76 | $5.89 | -2.1% | $4.93B | 17 |
| Next fiscal year (ends 2027-12-31) | $7.11 | $7.22 | -1.6% | $5.84B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±7.8%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 65.5% | ±7.8% |
| 2026-11-06 | 14 | 56.1% | ±9.1% |
| 2026-11-13 | 21 | 53.0% | ±10.4% |
| 2026-11-20 | 28 | 50.6% | ±11.4% |
| 2026-11-27 | 35 | 47.3% | ±11.8% |
| 2026-12-04 | 42 | 45.6% | ±12.4% |
| 2026-12-18 | 56 | 44.0% | ±14.3% |
| 2027-01-15 | 84 | 42.2% | ±16.3% |