ARES's free cash flow for Q2 2025 was $0.48. For the 2025 fiscal year, ARES's free cash flow was decreased by $ and operating cash flow was $0.15. See a summary of the company’s cash flow.

Ratios	TTM	Dec 24	Dec 23	Dec 22	Dec 21
Liquidity Ratios
Current Ratio	0.55	0.73	0.64	0.63	0.99
Quick Ratio	0.55	0.73	0.64	0.64	0.99
Cash Ratio	0.30	0.40	0.33	0.35	0.62
Solvency Ratio	0.04	0.04	0.03	0.03	0.01
Operating Cash Flow Ratio	0.78	-0.06	-0.21	-0.65	-0.25
Short-Term Operating Cash Flow Coverage	6.09	-1.86	-4.37	-20.32	-13.10
Net Current Asset Value	$ -16.15B	$ -16.94B	$ -16.00B	$ -15.24B	$ -11.01B
Leverage Ratios
Debt-to-Assets Ratio	0.49	0.64	0.61	0.58	0.72
Debt-to-Equity Ratio	3.09	8.32	8.39	6.85	9.13
Debt-to-Capital Ratio	0.76	0.89	0.89	0.87	0.90
Long-Term Debt-to-Capital Ratio	0.74	0.89	0.89	0.87	0.90
Financial Leverage Ratio	6.25	13.06	13.84	11.84	12.71
Debt Service Coverage Ratio	0.63	0.99	1.48	1.98	0.87
Interest Coverage Ratio	1.10	1.03	1.44	2.95	1.01
Debt to Market Cap	0.38	0.70	1.10	0.89	1.66
Interest Debt Per Share	65.45	90.05	78.72	74.50	81.54
Net Debt to EBITDA	10.47	12.38	11.80	11.30	27.74
Profitability Margins
Gross Profit Margin	40.96%	59.07%	40.72%	32.66%	33.60%
EBIT Margin	18.98%	60.41%	22.72%	32.30%	39.15%
EBITDA Margin	22.95%	31.71%	33.89%	23.32%	20.11%
Operating Profit Margin	18.98%	24.39%	22.72%	20.63%	17.78%
Pretax Profit Margin	23.25%	36.70%	16.72%	25.30%	21.51%
Net Profit Margin	9.66%	13.06%	5.02%	8.75%	6.80%
Continuous Operations Profit Margin	19.73%	31.94%	14.37%	21.80%	18.39%
Net Income Per EBT	41.56%	35.58%	30.04%	34.59%	31.62%
EBT Per EBIT	122.50%	150.49%	73.58%	122.65%	121.02%
Return on Assets (ROA)	1.76%	1.92%	0.70%	1.71%	0.79%
Return on Equity (ROE)	13.30%	25.05%	9.66%	20.20%	10.05%
Return on Capital Employed (ROCE)	4.27%	4.23%	3.74%	4.94%	2.33%
Return on Invested Capital (ROIC)	3.52%	3.65%	3.18%	4.23%	1.99%
Return on Tangible Assets	2.22%	2.10%	0.78%	1.90%	0.82%
Earnings Yield	1.42%	2.16%	1.28%	2.64%	1.85%
Efficiency Ratios
Receivables Turnover	3.75	2.85	2.82	3.64	2.82
Payables Turnover	2.89	3.51	4.53	7.41	7.23
Inventory Turnover	0.00	0.00	0.00	-499.21	-813.45
Fixed Asset Turnover	9.19	9.77	12.97	17.63	8.18
Asset Turnover	0.18	0.15	0.14	0.19	0.12
Working Capital Turnover Ratio	-2.16	-3.24	-2.27	-5.64	-7.08
Cash Conversion Cycle	-28.94	24.00	48.93	50.34	78.41
Days of Sales Outstanding	97.42	127.95	129.59	100.34	129.38
Days of Inventory Outstanding	0.00	0.00	0.00	-0.73	-0.45
Days of Payables Outstanding	126.35	103.95	80.65	49.27	50.51
Operating Cycle	97.42	127.95	129.59	99.61	128.93
Cash Flow Ratios
Operating Cash Flow Per Share	18.54	-1.26	-4.18	-15.12	-3.10
Free Cash Flow Per Share	18.17	-1.63	-4.39	-15.28	-3.21
CapEx Per Share	0.37	0.36	0.20	0.16	0.12
Free Cash Flow to Operating Cash Flow	0.98	1.29	1.05	1.01	1.04
Dividend Paid and CapEx Coverage Ratio	2.18	-0.21	-0.84	-4.11	-0.88
Capital Expenditure Coverage Ratio	50.05	-3.47	-20.51	-95.35	-26.70
Operating Cash Flow Coverage Ratio	0.30	-0.01	-0.06	-0.21	-0.04
Operating Cash Flow to Sales Ratio	0.82	-0.06	-0.24	-0.62	-0.24
Free Cash Flow Yield	11.97%	-1.37%	-6.41%	-18.80%	-6.82%
Valuation Ratios
Price-to-Earnings (P/E) Ratio	70.18	46.26	78.28	37.85	53.93
Price-to-Sales (P/S) Ratio	6.69	6.04	3.93	3.31	3.67
Price-to-Book (P/B) Ratio	7.72	11.59	7.56	7.64	5.42
Price-to-Free Cash Flow (P/FCF) Ratio	8.35	-73.04	-15.60	-5.32	-14.65
Price-to-Operating Cash Flow Ratio	8.30	-94.07	-16.36	-5.37	-15.20
Price-to-Earnings Growth (PEG) Ratio	124.22	0.24	-1.28	0.25	-2.72
Price-to-Fair Value	7.72	11.59	7.56	7.64	5.42
Enterprise Value Multiple	39.62	31.43	23.40	25.51	45.97
Enterprise Value	45.17B	36.20B	24.23B	25.05B	16.31B
EV to EBITDA	39.62	31.43	23.40	25.51	45.97
EV to Sales	9.09	9.97	7.93	5.95	9.25
EV to Free Cash Flow	11.35	-120.49	-31.47	-9.55	-36.94
EV to Operating Cash Flow	11.13	-155.20	-33.01	-9.65	-38.32
Tangible Book Value Per Share	11.88	15.38	9.06	9.34	13.66
Shareholders’ Equity Per Share	19.92	10.26	9.05	10.63	8.68
Tax and Other Ratios
Effective Tax Rate	0.15	0.13	0.14	0.14	0.14
Revenue Per Share	22.69	19.68	17.41	24.54	12.83
Net Income Per Share	2.19	2.57	0.87	2.15	0.87
Tax Burden	0.42	0.36	0.30	0.35	0.32
Interest Burden	1.22	0.61	0.74	0.78	0.55
Research & Development to Revenue	0.00	0.00	0.00	0.00	0.00
SG&A to Revenue	0.16	0.35	0.17	0.11	0.14
Stock-Based Compensation to Revenue	0.05	0.07	0.07	0.06	0.07
Income Quality	3.12	-0.20	-1.67	-2.83	-1.31

Currency in USD

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