ARESAres Management

Financials · Asset Management · NYSE

Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries. 10-K, Item 1

Employees: 4,250
Headquarters: Los Angeles, CA
CEO: Michael J. Arougheti
Next results: around Feb 4, 2027

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ARES and 9 peers, year by year

The 9 Financials companies closest to ARES in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ARES Ares Management	FY2025	$5.6B	+44.2%	-	-	9.4%	-	12.3%	-
COIN Coinbase	FY2025	$7.2B	+9.4%	-	20.0%	17.6%	-	8.5%	0.52
CBOE Cboe Global Markets	FY2025	$4.7B	+15.1%	51.5%	31.1%	23.3%	35.7%	21.4%	0.28
GL Globe Life	FY2025	$6.0B	+3.7%	-	-	19.4%	20.9%	19.4%	0.44
CPAY Corpay	FY2025	$4.5B	+13.9%	-	44.0%	23.6%	28.7%	27.5%	2.58
HOOD Robinhood Markets	FY2025	$4.5B	+51.6%	-	-	42.1%	-	20.6%	0.00
BRO Brown & Brown	FY2025	$5.9B	+22.8%	-	-	17.9%	23.4%	8.4%	0.61
CME CME Group	FY2025	$6.5B	+6.4%	-	64.9%	62.5%	64.3%	14.2%	0.00
IBKR Interactive Brokers	FY2025	$6.2B	+23.4%	-	-	15.9%	-	18.3%	-
IVZ Invesco	FY2025	$6.4B	+5.1%	-	−10.9%	−11.4%	22.6%	−5.9%	0.15

Revenuepeer median $6.0B

Sales growthpeer median +13.9%

Operating marginpeer median 31.1%

CME 64.9%
CPAY 44.0%
CBOE 31.1%
COIN 20.0%
IVZ −10.9%
ARES -
GL -
HOOD -
BRO -
IBKR -

Net marginpeer median 19.4%

FCF marginpeer median 26.1%

CME 64.3%
CBOE 35.7%
CPAY 28.7%
BRO 23.4%
IVZ 22.6%
GL 20.9%
ARES -
COIN -
HOOD -
IBKR -

Return on equitypeer median 18.3%

Debt / equitypeer median 0.36

CPAY 2.58
BRO 0.61
COIN 0.52
GL 0.44
CBOE 0.28
IVZ 0.15
HOOD 0.00
CME 0.00
ARES -
IBKR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	$964.8M	$1.5B	$1.2B	$1.8B	$1.8B	$4.2B	$3.1B	$3.6B	$3.9B	$5.6B
COIN Dec	-	-	-	$533.7M	$1.3B	$7.8B	$3.2B	$3.1B	$6.6B	$7.2B
CBOE Dec	$703.1M	$2.2B	$2.8B	$2.5B	$3.4B	$3.5B	$4.0B	$3.8B	$4.1B	$4.7B
GL Dec	$3.9B	$4.2B	$4.3B	$4.5B	$4.7B	$5.1B	$5.2B	$5.4B	$5.8B	$6.0B
CPAY Dec	$1.8B	$2.2B	$2.4B	$2.6B	$2.4B	$2.8B	$3.4B	$3.8B	$4.0B	$4.5B
HOOD Dec	-	-	-	$277.5M	$958.0M	$1.8B	$1.4B	$1.9B	$3.0B	$4.5B
BRO Dec	$1.8B	$1.9B	$2.0B	$2.4B	$2.6B	$3.1B	$3.6B	$4.3B	$4.8B	$5.9B
CME Dec	$3.6B	$3.6B	$4.3B	$4.9B	$4.9B	$4.7B	$5.0B	$5.6B	$6.1B	$6.5B
IBKR Dec	$2.6B	$2.2B	-	-	-	$2.7B	$3.1B	$4.3B	$5.2B	$6.2B
IVZ Dec	$4.7B	$5.2B	$5.3B	$6.1B	$6.1B	$6.9B	$6.0B	$5.7B	$6.1B	$6.4B
Peer median	$2.6B	$2.2B	$3.5B	$2.6B	$3.0B	$3.5B	$3.6B	$4.3B	$5.2B	$6.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	+47.2%	+12.5%	−35.2%	+84.2%	−0.1%	+139%	−27.5%	+18.9%	+7.0%	+44.2%
COIN Dec	-	-	-	-	+139%	+514%	−59.3%	−2.7%	+111%	+9.4%
CBOE Dec	+5.9%	+217%	+24.2%	−9.8%	+37.3%	+2.0%	+13.3%	−4.7%	+8.5%	+15.1%
GL Dec	+4.5%	+5.6%	+3.6%	+5.2%	+4.6%	+7.9%	+2.2%	+4.2%	+6.1%	+3.7%
CPAY Dec	+7.6%	+22.8%	+8.2%	+8.8%	−9.8%	+18.6%	+20.9%	+9.6%	+5.8%	+13.9%
HOOD Dec	-	-	-	-	+245%	+89.5%	−25.2%	+37.3%	+58.2%	+51.6%
BRO Dec	+6.4%	+6.5%	+7.1%	+18.8%	+9.2%	+16.8%	+17.1%	+19.1%	+12.9%	+22.8%
CME Dec	+8.1%	+1.4%	+18.2%	+13.0%	+0.3%	−4.0%	+7.0%	+11.1%	+9.9%	+6.4%
IBKR Dec	−8.4%	+51.9%	-	-	-	+21.8%	−4.0%	+3.4%	+27.0%	+23.4%
IVZ Dec	−7.6%	+9.0%	+3.0%	+15.1%	+0.5%	+12.2%	−12.3%	−5.5%	+6.1%	+5.1%
Peer median	+5.9%	+9.0%	+7.6%	+10.9%	+6.9%	+16.8%	+2.2%	+4.2%	+9.9%	+13.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	-	-	-	-	-	-	-
CBOE Dec	80.6%	44.7%	44.0%	45.5%	36.6%	42.2%	44.0%	50.8%	50.6%	51.5%
GL Dec	19.9%	19.4%	20.1%	20.1%	19.0%	23.8%	22.6%	23.1%	-	-
CPAY Dec	-	-	-	-	-	-	-	-	-	-
HOOD Dec	-	-	-	-	-	-	-	-	-	-
BRO Dec	-	-	-	-	-	-	-	-	-	-
CME Dec	-	-	-	-	-	-	-	-	-	-
IBKR Dec	-	-	-	-	-	-	-	-	-	-
IVZ Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	−8.6%	32.0%	39.2%	−84.8%	−5.2%	35.1%	20.0%
CBOE Dec	42.4%	16.7%	21.6%	21.5%	19.3%	23.1%	12.4%	28.0%	26.8%	31.1%
GL Dec	20.0%	19.8%	20.2%	20.3%	19.1%	24.0%	22.7%	23.2%	-	-
CPAY Dec	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	45.0%	44.0%
HOOD Dec	-	-	-	-	-	-	-	-	-	-
BRO Dec	-	-	-	-	-	-	-	-	-	-
CME Dec	61.2%	63.4%	60.5%	53.2%	54.0%	56.4%	60.1%	61.6%	64.1%	64.9%
IBKR Dec	-	-	-	-	-	-	-	-	-	-
IVZ Dec	24.3%	24.8%	22.7%	13.2%	15.0%	25.9%	21.8%	−7.6%	13.7%	−10.9%
Peer median	41.2%	24.8%	22.7%	20.9%	25.7%	32.6%	22.2%	25.6%	35.1%	31.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	11.6%	5.1%	4.7%	8.4%	8.6%	9.7%	5.5%	13.1%	11.9%	9.4%
COIN Dec	-	-	-	−5.7%	25.2%	46.2%	−82.2%	3.1%	39.3%	17.6%
CBOE Dec	26.6%	18.0%	15.4%	15.0%	13.7%	15.1%	5.9%	20.2%	18.7%	23.3%
GL Dec	14.0%	35.0%	16.3%	16.8%	15.4%	20.2%	17.1%	17.8%	18.5%	19.4%
CPAY Dec	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.6%
HOOD Dec	-	-	-	−38.4%	0.7%	−203.1%	−75.7%	−29.0%	47.8%	42.1%
BRO Dec	14.6%	21.2%	17.1%	16.7%	18.4%	19.2%	18.8%	20.5%	20.7%	17.9%
CME Dec	42.7%	111.5%	45.5%	43.5%	43.1%	56.2%	53.6%	57.8%	57.5%	62.5%
IBKR Dec	6.2%	8.8%	-	-	-	11.3%	12.4%	13.8%	14.6%	15.9%
IVZ Dec	18.0%	21.8%	16.6%	9.2%	8.5%	20.2%	11.3%	−5.8%	8.9%	−11.4%
Peer median	18.0%	21.8%	16.9%	15.8%	16.9%	20.2%	12.4%	17.8%	20.7%	19.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	−$637.6M	−$1.9B	−$1.4B	-	-	-	-	-	-	-
COIN Dec	-	-	-	−$114.1M	$283.6M	$4.0B	−$1.6B	-	-	-
CBOE Dec	$185.2M	$336.9M	$498.4M	$597.7M	$1.4B	$545.8M	$591.3M	$1.0B	$1.0B	$1.7B
GL Dec	$1.4B	$1.4B	$1.2B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.3B	$1.3B
CPAY Dec	$649.2M	$610.0M	$822.0M	$1.1B	$1.4B	$1.1B	$603.4M	$1.9B	$1.8B	$1.3B
HOOD Dec	-	-	-	$1.3B	$1.9B	−$948.0M	−$880.0M	-	-	-
BRO Dec	$393.3M	$417.8M	$526.0M	$605.1M	$642.3M	$763.8M	$829.0M	$941.0M	$1.1B	$1.4B
CME Dec	$1.6B	$1.7B	$2.3B	$2.4B	$2.5B	$2.3B	$3.0B	$3.4B	$3.6B	$4.2B
IBKR Dec	-	-	-	-	-	-	-	-	-	-
IVZ Dec	$506.3M	$1.0B	$726.3M	$992.3M	$1.1B	$969.3M	$510.3M	$1.1B	$1.1B	$1.4B
Peer median	$577.8M	$828.0M	$774.1M	$1.0B	$1.4B	$1.0B	$597.3M	$1.3B	$1.2B	$1.4B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	−66.1%	−128.1%	−117.8%	-	-	-	-	-	-	-
COIN Dec	-	-	-	−21.4%	22.2%	51.5%	−49.7%	-	-	-
CBOE Dec	26.3%	15.1%	18.0%	23.9%	41.2%	15.6%	14.9%	27.3%	25.4%	35.7%
GL Dec	34.9%	33.9%	28.6%	29.2%	30.3%	27.4%	26.7%	26.3%	23.0%	20.9%
CPAY Dec	35.4%	27.1%	33.8%	41.0%	58.4%	38.3%	17.6%	51.8%	44.4%	28.7%
HOOD Dec	-	-	-	451.4%	193.3%	−52.2%	−64.8%	-	-	-
BRO Dec	22.3%	22.2%	26.1%	25.3%	24.6%	25.0%	23.2%	22.1%	22.7%	23.4%
CME Dec	45.6%	45.8%	53.9%	49.9%	51.6%	48.5%	59.1%	60.5%	58.7%	64.3%
IBKR Dec	-	-	-	-	-	-	-	-	-	-
IVZ Dec	10.7%	20.3%	13.7%	16.2%	18.1%	14.1%	8.4%	19.9%	18.5%	22.6%
Peer median	30.6%	24.7%	27.4%	27.2%	35.7%	26.2%	16.3%	26.8%	24.2%	26.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	38.2%	5.2%	9.7%	19.4%	12.7%	22.4%	10.5%	25.1%	13.1%	12.3%
COIN Dec	-	-	-	−6.1%	33.4%	56.8%	−48.1%	1.5%	25.1%	8.5%
CBOE Dec	58.8%	12.9%	13.2%	11.2%	14.0%	14.7%	6.8%	19.1%	17.9%	21.4%
GL Dec	12.0%	23.3%	13.0%	10.4%	8.3%	51.5%	22.6%	21.6%	20.2%	19.4%
CPAY Dec	14.7%	20.1%	24.3%	24.1%	21.0%	29.3%	37.5%	29.9%	32.1%	27.5%
HOOD Dec	-	-	-	n/m	n/m	−50.6%	−14.8%	−8.1%	17.7%	20.6%
BRO Dec	10.9%	15.5%	11.5%	11.9%	12.8%	14.0%	14.6%	15.6%	15.4%	8.4%
CME Dec	7.5%	18.1%	7.6%	8.1%	8.0%	9.6%	10.0%	12.1%	13.3%	14.2%
IBKR Dec	11.1%	10.0%	-	-	-	12.9%	13.3%	16.7%	17.6%	18.3%
IVZ Dec	11.4%	13.0%	10.3%	4.1%	3.7%	9.0%	4.5%	−2.3%	3.7%	−5.9%
Peer median	11.4%	15.5%	12.2%	10.4%	12.8%	14.0%	10.0%	15.6%	17.7%	18.3%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	-	0.00	0.53	0.63	0.47	0.45	0.52
CBOE Dec	0.00	0.40	0.38	0.26	0.36	0.36	0.50	0.36	0.34	0.28
GL Dec	0.31	0.24	0.31	0.23	0.22	1.09	0.57	0.47	0.52	0.44
CPAY Dec	1.25	1.23	1.44	1.36	1.28	2.09	2.77	2.05	2.56	2.58
HOOD Dec	-	-	-	-	-	-	-	-	-	0.00
BRO Dec	0.45	0.38	0.50	0.46	0.56	0.48	0.86	0.68	0.59	0.61
CME Dec	-	0.00	0.02	0.00	0.00	0.03	0.00	0.00	0.03	0.00
IBKR Dec	0.01	-	-	-	-	-	-	-	-	-
IVZ Dec	0.28	0.24	0.28	0.15	0.15	0.13	0.10	0.10	0.06	0.15
Peer median	0.29	0.31	0.34	0.24	0.22	0.48	0.57	0.47	0.45	0.36

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARES Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	−$0.50	$1.40	$14.50	−$11.83	$0.37	$9.48	$4.45
CBOE Dec	$2.27	$3.69	$3.76	$3.34	$4.27	$4.92	$2.19	$7.13	$7.21	$10.42
GL Dec	$4.49	$12.22	$6.09	$6.83	$6.82	$9.99	$9.04	$10.07	$11.94	$14.07
CPAY Dec	$4.75	$7.91	$8.81	$9.94	$8.12	$9.99	$12.42	$13.20	$13.97	$15.03
HOOD Dec	-	-	-	−$0.48	$0.01	−$7.49	−$1.17	−$0.61	$1.56	$2.05
BRO Dec	$0.91	$1.40	$1.22	$1.40	$1.69	$2.07	$2.37	$3.05	$3.46	$3.16
CME Dec	$4.53	$11.94	$5.71	$5.91	$5.87	$7.29	$7.40	$8.86	$9.67	$11.16
IBKR Dec	$0.53	$0.60	-	-	-	$0.81	$0.94	$1.42	$1.73	$2.22
IVZ Dec	$2.06	$2.75	$2.14	$1.28	$1.13	$2.99	$1.49	−$0.73	$1.18	−$1.60
Peer median	$2.27	$3.69	$4.73	$2.37	$2.98	$4.92	$2.19	$3.05	$7.21	$4.45

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ARES and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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