Ares Management Corporation (ARES-PA) Margin Analysis

Ares Management Corporation

ARES-PA (NYSE)

(%)

Models
Ares Management Corporation Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	5,862	6,470	3,885	3,632	3,055
Revenue Growth Rate	-9.39%	66.55%	6.96%	18.87%	-27.46%
Cost of Revenue	2,444	1,631	1,732	1,487	1,499
Gross Profit	3,419	4,839	2,153	2,145	1,557
Gross Margin	58.32%	74.79%	55.42%	59.07%	50.95%
Operating Income	1,154	1,761	946.1	834	306.4
Operating Margin	19.68%	27.22%	24.35%	22.96%	10.03%
Net Income	527.4	527.4	463.7	474.3	167.5
Net Margin	9%	8.15%	11.94%	13.06%	5.48%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	5,862	6,470	3,885	3,632	3,055
Cash from Operating Activities	1,617	1,617	2,791	-233.3	-734.1
Cash from Operating Activities Margin	27.57%	24.98%	71.85%	-6.42%	-24.03%
Free Cash Flow	1,544	1,544	2,700	-300.4	-769.9
Free Cash Flow Margin	26.34%	23.87%	69.49%	-8.27%	-25.2%
Depreciation and Amortization	64.56	241.9	158.6	231.7	341.3
Depreciation and Amortization Margin	1.1%	3.74%	4.08%	6.38%	11.17%
Capital Expenditure	-72.18	-72.18	-91.51	-67.18	-35.8
Capital Expenditure Margin	-1.23%	-1.12%	-2.36%	-1.85%	-1.17%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 50.95}, {"l": "2023", "x": "2023-12-31", "y": 59.07}, {"l": "2024", "x": "2024-12-31", "y": 55.42}, {"l": "2025", "x": "2025-12-31", "y": 74.79}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 10.03}, {"l": "2023", "x": "2023-12-31", "y": 22.96}, {"l": "2024", "x": "2024-12-31", "y": 24.35}, {"l": "2025", "x": "2025-12-31", "y": 27.22}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 5.48}, {"l": "2023", "x": "2023-12-31", "y": 13.06}, {"l": "2024", "x": "2024-12-31", "y": 11.94}, {"l": "2025", "x": "2025-12-31", "y": 8.15}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -25.2}, {"l": "2023", "x": "2023-12-31", "y": -8.27}, {"l": "2024", "x": "2024-12-31", "y": 69.49}, {"l": "2025", "x": "2025-12-31", "y": 23.87}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,766	1,658	1,350	1,089	1,259	1,130
Revenue Growth Rate	6.52%	22.78%	24%	-13.52%	11.44%
Cost of Revenue	483	659.8	643.7	657.1	463.1	435.9
Gross Profit	1,283	997.8	706.4	431.7	795.9	693.9
Gross Margin	72.65%	60.19%	52.32%	39.65%	63.22%	61.42%
Operating Income	517.1	349.4	212.6	74.48	278.2	274.9
Operating Margin	29.29%	21.08%	15.74%	6.84%	22.1%	24.33%
Net Income	54.25	288.9	137.1	47.17	177.3	118.5
Net Margin	3.07%	17.43%	10.15%	4.33%	14.08%	10.49%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,766	1,658	1,350	1,089	1,259	1,130
Cash from Operating Activities	-2,134	1,341	415.7	1,994	807.6	841.3
Cash from Operating Activities Margin	-120.9%	80.88%	30.79%	183.2%	64.15%	74.47%
Free Cash Flow	-2,150	1,329	392.8	1,972	798.3	814.4
Free Cash Flow Margin	-121.8%	80.19%	29.09%	181.1%	63.41%	72.09%
Depreciation and Amortization	64.56	0	0	0	39.68	-41.25
Depreciation and Amortization Margin	3.66%	0%	0%	0%	3.15%	-3.65%
Capital Expenditure	-15.79	-11.49	-22.92	-21.98	-9.31	-26.89
Capital Expenditure Margin	-0.894%	-0.693%	-1.7%	-2.02%	-0.739%	-2.38%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 61.42}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 63.22}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 39.65}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 52.32}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 60.19}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 72.65}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 24.33}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 22.1}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 6.84}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 15.74}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 21.08}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 29.29}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 10.49}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 14.08}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 4.33}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 10.15}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 17.43}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 3.07}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 72.09}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 63.41}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 181.1}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 29.09}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 80.19}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": -121.8}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}