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Arphra AIPlain-English read on Ares Management Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.21B | $3.06B | $3.63B | $3.88B | $6.47B | $5.74B | $6.87B | $7.91B | $11.81B |
| Cost of revenue | $1.16B | $1.5B | $1.49B | $1.73B | $1.63B | $2.18B | $2.57B | $2.95B | $4.36B |
| Gross profit | $3.05B | $1.56B | $2.15B | $2.15B | $4.84B | $3.72B | $4.39B | $4.88B | $7.41B |
| Gross margin | +72.40% | +50.95% | +59.07% | +55.42% | +74.79% | +64.81% | +63.86% | +61.78% | +62.78% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.18B | $1.21B | $1.27B | $1.19B | $0 | $1.27B | $1.53B | $1.68B | $2.53B |
| Total operating expenses | $2.25B | $1.25B | $1.31B | $1.21B | $3.08B | $2.21B | $2.68B | $3.03B | $4.53B |
| Operating income | $802.01M | $306.36M | $834.03M | $946.09M | $1.76B | $1.4B | $1.73B | $2.01B | $2.95B |
| Operating margin | +19.04% | +10.03% | +22.96% | +24.35% | +27.22% | +24.45% | +25.23% | +25.39% | +24.97% |
| EBITDA | $1.47B | $1.33B | $2.43B | $2.41B | $2.3B | $3.08B | $3.68B | $4.34B | $6.47B |
| EBIT | $1.36B | $993.52M | $2.19B | $2.25B | $2.05B | $2.8B | $3.43B | $4.03B | $5.78B |
| Below the line | |||||||||
| Interest expense | $294.81M | $482.72M | $860.88M | $978.3M | $767.46M | $1.18B | $1.43B | $1.62B | $2.34B |
| Interest income | $447.68M | $595.93M | $1.01B | $976.4M | $670.87M | $1.19B | $1.48B | $1.68B | $2.51B |
| Other income / expense | $263.68M | $204.45M | $499.04M | $329.26M | -$474.48M | — | — | — | — |
| Pre-tax income | $1.07B | $510.81M | $1.33B | $1.28B | $1.29B | $1.71B | $2.08B | $2.34B | $3.56B |
| Income tax expense | $147.39M | $71.89M | $172.97M | $164.62M | $198.54M | $233.48M | $280.26M | $317.47M | $470.43M |
| Earnings | |||||||||
| Net income | $408.84M | $167.54M | $474.33M | $463.74M | $527.36M | $633.45M | $769.86M | $860.17M | $1.28B |
| Net income · continuing ops | $918.31M | $438.92M | $1.16B | $1.11B | $1.09B | $1.44B | $1.74B | $2B | $3.12B |
| Net margin | +9.71% | +5.48% | +13.06% | +11.94% | +8.15% | +11.04% | +11.20% | +10.88% | +10.81% |
| EPS · basic | $2.25 | $0.87 | $2.46 | $2.07 | $1.96 | $6.11 | $7.51 | $8.83 | $9.23 |
| EPS · diluted | $2.15 | $0.87 | $2.42 | $2.07 | $1.96 | $6.01 | $7.43 | $8.71 | $9.26 |
| EPS · low estimate | — | — | — | — | — | $5.71 | $6.71 | $7.24 | $8.73 |
| EPS · high estimate | — | — | — | — | — | $6.36 | $8.24 | $9.71 | $9.99 |
| Shares · basic | 163.7M | 175.51M | 184.52M | 198.05M | 217.36M | 216.71M | 215.67M | 217.88M | 217.63M |
| Shares · diluted | 180.11M | 175.51M | 195.77M | 198.05M | 217.36M | 219.12M | 217.12M | 216.43M | 215.22M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 4 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 9 | 10 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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