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ARESAres Management Corporation
$124.72$41.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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ARES logo

Ares Management Corporation

ARES
NYSE · Asset Management
$124.72
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$40.96B
P/E63.6x
52W High$186.85
Volume2.29M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Fee-Driven Growth Masks Credit Provision Volatility

Ares Management's transformation into a fee-centric asset manager is evident, with non-interest income now constituting 95.4% of total revenue in Q2 2026, up from 62.9% in Q1 2024, driving operating margin expansion to 27.2%. However, the $1.0B provision for l...

GrowthAccelerating
ProfitabilityStable
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

ARES price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

+228% Peers

P/E is 228% above peer median

03

Market leadership

RS 47 · Lag

Laggard (Underperforming 53% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 31
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth is driven by fee income, which reached 95.4% of total revenue in Q2 2026, but a $1.0B provision charge caused net income to fall to $150.6M, with EPS of $0.49, reflecting volatile credit costs.

Analyst Consensus+19.7% target
Buy(22 analysts)
17 Buy5 Hold0 Sell

The Bull Case

Upside Catalysts

Largest BDC with Scale Advantages

ARCC is the largest business development company (BDC), leveraging its significant scale in the private credit market to originate and structure deals that smaller competitors cannot access. This provides a durable competitive advantage.

Attractive Valuation and Dividend

The stock appears attractively valued, trading at a price-to-NAV of 0.91x, suggesting the market values the portfolio below its intrinsic net asset value. It also offers a compelling dividend yield, currently around 9.6% to 10.6%, supported by recurring cash flows from a diversified loan book.

Strong Financial Performance

ARCC's Q1 2026 earnings were solid, with net interest income (NII) per share improving. The company has demonstrated consistent returns outperforming the S&P 500 and the broader BDC index since its IPO.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
ARES-22.58%
S&P 500 (^GSPC)+13.20%
1-Year Return
ARES-28.63%
S&P 500 (^GSPC)+15.98%
3-Year Return
ARES+31.73%
S&P 500 (^GSPC)+77.68%
5-Year Return
ARES+86.78%
S&P 500 (^GSPC)+73.87%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
63.6x
Forward P/EExpansion
21.3x
EV/EBITDA20th %ile
27.1x
FCF YieldCash Flow
7.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
63.6x
78.7x
40th· Fair
EV/EBITDA
27.1x
35.2x
20th· Low
Price/FCF
12.8x
13.0x
50th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$22.19-82.2%
Base (Fair)$61.90-50.0%
Bull$28.72-77.0%
$22.19 Bear$61.90 Base$28.72 Bull
Current Market Price: $124.72
Trades at a 101.5% premium to Base DCF ($61.90)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$5.7B+96.2% YoY
Net income
$527M+13.7% YoY
Free cash flow
$3.19B+18.3% YoY
Operating margin
27.2%+2.9 pts YoY
ROIC (TTM)6.1%
Avg ROIC 5Y-
ROE (TTM)6.8%
Piotroski Score8 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate10/12 (83%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 31, 2026
$1.29+0.8%
vs $1.28
$1.4B+12.8%
vs $1.3B
Q2 2026
May 1, 2026
$1.24-6.8%
vs $1.33
$1.3B+0.9%
vs $1.3B
Q1 2026
Feb 5, 2026
$1.45-14.2%
vs $1.69
$1.5B+0.7%
vs $1.5B
Q4 2025
Nov 3, 2025
$1.19+3.5%
vs $1.15
$1.7B+57.0%
vs $1.1B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
PRNewsWire·6d ago
Momentum Financial Services Group Renews Loan Facility with Ares and Upsizes to C$810 Million to Support Continued Growth

Renewed facility upsized by C$152.1 million and extended through January 2029 Provides additional financing capacity to support continued growth in Canada and fund new products expected to launch in Canada and the United States TORONTO, Sept. 17, 2026 /PRNewswire/ -- Momentum Financial Services Group, a provider of financial solutions under the Money Mart® brand, is pleased to announce the renewal and upsize of its secured loan facility with Ares Alternative Credit funds ("Ares").

Business Wire·6d ago
Ares and PSP Investments Establish Joint Venture to Invest Up to $2.4 Billion in U.S. Logistics Real Estate

NEW YORK & MONTRÉAL--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada's largest pension investors, announced today that an Ares Real Estate fund (“Ares”) and PSP Investments have established a new joint venture to invest up to $2.4 billion in logistics real estate opportunities in the U.S. The joint venture combines Ares Real Estate's vertically integrated.

Seeking Alpha·Sep 16, 2026
Ares Management Corporation (ARES) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

Ares Management Corporation (ARES) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

Market Watch·Sep 16, 2026
15 stocks that have grown dividends the most — and nearly all have beaten the S&P 500

There is a correlation between increasing dividends and strong investment performance — even if a stock has a low dividend yield when you buy.

Filtered for Ares Management CorporationMore Headlines
04

Compare before deciding

Benchmark ARES against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Ares Management Corporation (ARES)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ARES logoARESAres Management CorporationCurrent
$124.72$40.96B63.6396.21%8.15%6.79%6.48%
APO logoAPOApollo Global Management, Inc.
$124.15$71.51B17.1015.78%8.54%7.06%—
KKR logoKKRKKR & Co. Inc.
$98.44$88.39B42.07-7.47%18%3.96%—
BX logoBXBlackstone Inc.
$124.01$97.69B31.9621.87%22.69%16.16%—
CG logoCGThe Carlyle Group Inc.
$40.23$14.48B18.4540.31%10%5.11%—
BAM logoBAMBrookfield Asset Management Ltd.
$46.01$73.47B30.2716.88%52.64%5.61%—

Compare ARES vs Peers

Ares Management Corporation (ARES) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs APO

Most directly comparable listed peer for ARES.

Scale Benchmark

vs MS

Larger-name benchmark to compare ARES against a more recognizable public peer.

Peer Set

Compare Top 5

vs APO, KKR, BX, CG

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

ARES SEC Filings & Documents

Ares Management Corporation (ARES) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 31, 2026·SEC

Material company update

Jul 10, 2026·SEC

Material company update

Jun 11, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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ARES Frequently Asked Questions

Ares Management Corporation (ARES) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Ares Management Corporation growing?

Ares Management Corporation (ARES) grew revenue by 96.2% over the past year. This is strong growth.

Is ARES profitable?

Yes, Ares Management Corporation (ARES) is profitable, generating $636.4M in net income for fiscal year 2025 (8.2% net margin).

Dividend & Returns
Does ARES pay dividends?

Yes, Ares Management Corporation (ARES) pays a dividend with a yield of 6.48%. This makes it attractive for income-focused investors.

What is ARES's return on equity?

Ares Management Corporation (ARES) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Industry Metrics
What is Ares Management Corporation's net interest margin?

Ares Management Corporation (ARES) has a net interest margin (NIM) of -0.3%. NIM has been under pressure due to interest rate environment.

What is Ares Management Corporation's efficiency ratio?

Ares Management Corporation (ARES) has an efficiency ratio of 47.6%. This is excellent, indicating strong cost control.

What if you invested $1,000 in ARES back in 2011?

Total return calculator · dividends reinvested · 15+ years of data

See returns →