At a glance
Ares Management LP is worth $47.90B, about 91 times its fiscal 2025 earnings. Revenue grew 44.2% to $5.60B in fiscal 2025, with 9.4% kept as profit; over 5 years it has grown 26.0% a year. It pays no dividend. The stock returned −5.9% over the past year with dividends reinvested and +13.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 35.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 5 months after the lows.
The business in plain English
Ares Management is an alternative investment manager. That means its funds invest beyond ordinary stocks and bonds, in areas such as private loans, real estate, infrastructure and private companies. As of December 31, 2025, it managed $622.5 billion, up from $94.0 billion a decade earlier, and had over 4,250 employees in more than 25 countries. Its clients include over 2,850 institutions it deals with directly, plus many individuals investing through its publicly traded funds and wealth products.
Almost all revenue comes from managing other people's money. In 2025, revenue rose 44.2% to $5.6 billion. Management fees, a fairly steady charge on the money in its funds, made up 65.7%. Carried interest, a share of fund profits paid to the manager, was 20.6%. Incentive fees, also tied to performance, added 6.5%, and administrative, transaction and other fees 6.4%. Income from Ares's own investments was 0.9%.
Ares runs four investment groups. Credit lends to companies and invests in their debt. Real Assets invests in the equity and debt of real estate and infrastructure. Secondaries acquires existing stakes in private funds from other investors. Private Equity invests in companies and helps them grow. Ares also has insurance and venture capital businesses. On March 1, 2025, it acquired the international business of GLP Capital Partners, adding logistics and digital infrastructure to Real Assets.
Price history
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ARES -5.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Management fees | $3.68B | 65.7% |
| Carried interest | $1.15B | 20.6% |
| Incentive fees | $362.5M | 6.5% |
| Administrative, transaction and other fees | $356.4M | 6.4% |
| Principal investment income | $48.1M | 0.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.43B, up 5.8% from a year earlier, and net income was $150.6M (+9.9%).
- For fiscal 2025, revenue was $5.60B (+44.2% year over year; +26.0% a year from FY2020 to FY2025) with a 9.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +26.0% good |
|---|---|
| Return on equity (FY2025) | 12.3% watch |
| Return on assets (FY2025) | 1.8% weak |
| Cash and investments | $557.1M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.76B | $152.1M | — |
| FY2021 | $4.21B | $408.8M | — |
| FY2022 | $3.06B | $167.5M | — |
| FY2023 | $3.63B | $474.3M | — |
| FY2024 | $3.88B | $463.7M | — |
| FY2025 | $5.60B | $527.4M | — |
Valuation snapshot
| Market value | $47.90B |
|---|---|
| P/E ratio | 90.8 |
| Dividend yield | 5.15% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ARES price data to Nov 2, 2026 | -14.4% | -5.9% | +12.5% | +13.2% | +29.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.4% |
| 2025 | -5.7% |
| 2024 | +52.7% |
| 2023 | +79.4% |
| 2022 | -12.8% |
| 2021 | +77.8% |
| 2020 | +37.6% |
| 2019 | +110.0% |
| 2018 | -5.6% |
| 2017 | +11.5% |
| 2016 | +56.6% |
| 2015 | -20.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44% over that stretch · deepest drop along the way 44%, back to its old high 3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20% over that stretch · deepest drop along the way 35.7%, back to its old high 4.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (23 read): 2 open-market purchases ($1.3M) and 10 sales ($828K), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 6, 2026 | Ashish Bhutani Director | buy | $1.3M |
| Jan 22, 2026 | Aghili Naseem Sagati General Counsel | sell (plan) | $202K |
| Feb 4, 2026 | Aghili Naseem Sagati General Counsel | sell (plan) | $165K |
| Feb 4, 2026 | Aghili Naseem Sagati General Counsel | sell (plan) | $150K |
| Feb 4, 2026 | Aghili Naseem Sagati General Counsel | sell (plan) | $84K |
Who owns it
Large shareholders (13G filings)
| Antony P. Ressler | 33.1% | Jun 30, 2026 |
| Ares Partners Holdco LLC | 32.4% | Jun 30, 2026 |
| BlackRock, Inc. | 7.2% | Dec 31, 2025 |
| Vanguard Capital Management | 7.04% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.03% | Sep 30, 2026 |
| Capital World Investors | 4.8% | Jun 30, 2026 |
| Wellington Management Group LLP | 4.3% | Jun 30, 2026 |
| Ryan Berry | 0.27% | Dec 31, 2024 |
ETFs with the most weight in ARES
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 4.97% |
| USSE Segall Bryant & Hamill Select Equity ETF | 3.83% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 2.16% |
| GDIV Harbor Dividend Growth Leaders ETF | 1.73% |
| FDFF Fidelity Disruptive Finance ETF | 1.26% |
| FMAG Fidelity Magellan ETF | 1.09% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.68% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 0.63% |
What could go wrong
- Heavy reliance on one fund, ARCC. Ares says a significant portion of its management fees comes from ARCC, a single fund it manages. A drop in ARCC's assets or a cut in its fees would weigh directly on Ares's revenue.
- Outside shareholders have little say. Ares Partners Holdco LLC reported owning 32.4% as of June 30, 2026. The annual report says Holdco members' control means holders of publicly traded Class A shares generally have no say in votes.
- Profit-based fees make results uneven. Carried interest made up 20.6% of 2025 revenue and depends on funds cashing out investments at a gain. Ares warns this can make steady quarterly earnings growth hard and weigh on the share price.
- Fundraising or fee pressure could slow growth. Management fees, 65.7% of 2025 revenue, depend on raising money from investors and putting it to work. Weak fund returns, difficult markets or client pressure to lower fees could all cut that income.
- Private asset values rely on judgment. Many fund holdings don't trade on an exchange, so their values are estimates. Ares says these can differ materially from what assets eventually fetch, and valuing some funds' holdings may create conflicts of interest.
- Credit downturns, rates and borrowed money. Ares and its funds use leverage, meaning borrowed money, and some funds invest in heavily indebted companies. A downturn in credit markets or interest-rate changes could cut returns and make financing harder.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Ares pays a dividend: its yield was 5.53% as of October 28, 2026. Its SEC filings report a standard dividends-per-share figure only for 2021 ($1.88), so a streak of increases and the share of earnings paid out can't be shown. The filings show no share buybacks from fiscal 2021 through 2025. Earnings can swing because part of revenue comes from carried interest, which depends on fund profits.
The shares have fallen hard in market slumps. In the 2020 COVID crash they dropped 44% between February 19 and March 23, then regained their peak by June 22, about three months later. In 2022 they fell 35.7% from April 4 to June 16 and recovered by November 10. The price history doesn't reach back to 2008. As of October 28, 2026, the shares were down 20.3% for the year to date. A single stock like Ares carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Ares Management make money?
Mostly by charging fees to manage other people's money. In 2025, management fees, charged on the money in its funds, made up 65.7% of Ares's $5.6 billion revenue. Carried interest, a share of fund profits, added 20.6%. Incentive fees were 6.5%, and administrative, transaction and other fees 6.4%. As of December 31, 2025, Ares managed $622.5 billion across four groups: Credit, Real Assets, Secondaries and Private Equity.
Does Ares Management pay a dividend?
Yes. Ares's dividend yield, its yearly dividends as a share of the stock price, was 5.53% as of October 28, 2026. Its SEC filings report a standard dividends-per-share figure only for 2021, at $1.88, so a record of yearly increases can't be shown. Part of Ares's revenue comes from carried interest, which rises and falls with fund profits, and the company warns that this makes steady quarterly earnings growth difficult.
How fast is Ares Management growing?
Quickly over the long run. The money Ares manages for clients rose from $94.0 billion to $622.5 billion in the decade to December 31, 2025, about 21% a year on average. Revenue jumped 44.2% in 2025 to $5.6 billion. Growth was slower in the quarter ended June 30, 2026, when revenue rose 5.8% from a year earlier. The share price reflects high expectations: it traded at 84.6 times 2025 earnings as of October 28, 2026.
Is Ares Management stock volatile?
Yes, more than the overall market. As of October 28, 2026, its one-year beta was 1.71, meaning it tended to move about 1.7 times as much as the market. The shares fell 44% in the 2020 COVID crash and 35.7% in 2022, and their largest drop in the 12 months to October 28, 2026 was 45.3%. Over the longer run, the share price rose 1,010% in the 10 years to that date, about 27.2% a year.
Who owns Ares Management?
The largest stakes belong to Antony P. Ressler and Ares Partners Holdco LLC, at 33.1% and 32.4% as of June 30, 2026; their separate filings may count some of the same shares. BlackRock reported 7.2% as of December 31, 2025, and Vanguard Capital Management 7.04% as of March 31, 2026. The annual report says Holdco members' control means holders of publicly traded Class A shares generally have no influence over shareholder votes.