Ares Management Corp earns about 53% on invested capital, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $4.21B1 | $3.06B2 | $3.63B3 | $3.88B3 | $5.6B3 |
| Net income | $408.8M4 | $167.5M5 | $474.3M6 | $463.7M6 | $527.4M6 |
| Operating cash flow | −$2.6B7 | −$734.1M8 | −$233.3M9 | $2.79B9 | $3.27B9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $343.7M10 | $390M11 | $348.3M12 | $1.51B12 | $488.9M12 |
| Diluted shares | 290.5M | 294.6M | 307.6M | 313.2M | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
It earned an average 53% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007014 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001628280-25-008665 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011413 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007014 (NetIncomeLoss)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001628280-25-008665 (NetIncomeLoss)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011413 (NetIncomeLoss)
- 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001628280-25-008665 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011413 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001628280-25-008665 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011413 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)