ARESAres Management Corp
Investment Advice
- Revenue
- $5.6B
- 44% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $40.1B
- Employees
- 4,250
- $1M revenue each
- Net debt / EBITDA
- —
- $51M net debt
- AI in 10-K
- 2.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$68M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo767% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 59th pctBottom quartile of its SIC industry
- Quiet on AINo2.9 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$40.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$324M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.2B | $3.1B | $3.6B | $3.9B | $5.6B | 44% |
| Net income | $387M | $168M | $474M | $441M | $426M | 3.4% |
| Operating cash flow | −$2.6B | −$734M | −$233M | $2.8B | $3.3B | 17% |
| Stock-based comp | $237M | $200M | $256M | $353M | $741M | 110% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $3M · 4
- Open-market sells, 12 mo
- $327M · 29
- Net
- −$324M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $68M | $52M | 399 | 196 |
| FY2024 | $85M | $191M | 425 | 187 |
| FY2023 | $31M | $83M | 278 | 135 |
| FY2022 | $35M | $37M | 155 | 110 |
| FY2021 | $71M | $136M | 178 | 141 |