Ares Management Corporation Financial Ratios — ARES Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	39.04	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	5.12	3.37	0.15	0.15	2.2	1.06	0.61	1.34	1.12	2.22	0.77	2.03	1.87	1.97
Return on Capital (%)	- -	2.11	2.44	0.95	0.46	1.08	- -	2.09	2.02	2.21	1.15	2.1	3.26	3.83	3.45
Return on Invested Capital (%)	- -	-1.91	-1.41	-1.25	0.31	5.51	- -	0.91	2.77	2.25	4.66	1.57	3.89	4.1	3.52
Gross Margin (%)	2.99	13.57	30.24	24.43	49.11	64.31	65.26	40.49	62.99	56.51	72.4	50.95	59.07	55.42	54.2
EBITDA Margin (%)	-116.63	-122.83	-57.18	-36.43	12.36	21.96	19.13	12.17	19.38	20.11	21.73	21.2	29.34	28.44	20.28
Operating Margin (%)	-126.08	-127.07	-67.53	-42.42	5.57	18.97	16.92	9.19	17.14	17.78	19.04	10.03	22.96	24.35	15.94
Incremental Operating Margin (%)	- -	66.7	102.45	81.58	143.22	43.77	5.5	31.12	26.59	-784.41	19.95	42.85	91.54	44.31	-3.11
Pretax Margin (%)	460.44	377.74	182.31	92.22	10	23.75	10.13	19.23	24.08	21.51	25.3	16.72	36.7	32.83	22.97
Profit Margin (%)	47.04	369.92	169.93	5.79	2.38	8.91	5.15	5.95	8.43	8.62	9.71	5.48	13.06	11.94	9.41
Net Income to Common Margin (%)	47.04	369.92	169.93	5.79	2.38	7.94	3.68	3.69	7.2	7.39	9.45	5.48	13.06	11.35	7.61
Effective Tax Rate (%)	3.1	2.07	6.79	2.02	23.4	3.7	- -	17.47	12.32	14.49	13.83	14.07	12.98	12.91	15.43
Dvd Payout Ratio (%)	14.8	9.33	25.83	31.23	206.5	44.61	105.53	138.61	56.29	94.03	41.89	117.75	55.84	74.25	106.93
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	-2.16	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	14,123	14,784	14,321	13,449	2,575	3,392	5,718	7,368	8,566	10,903	12,494	13,334	15,756	13,148	14,222
ST Debt	1,985	1,689	1,305	131	12	55	132	208	106	122	128	168	125	275	2,252
LT Debt	12,138	13,095	13,016	13,317	2,563	3,337	5,585	7,160	8,460	10,781	12,366	13,166	15,631	12,873	11,970
Total Debt/EBITDA	-58.51	-36.03	-52.32	-61.12	25.58	12.32	20.19	63.18	25.04	30.73	13.65	20.59	14.78	11.9	12.52
Net Debt/EBITDA	-52.04	-31.7	-46.01	-54.47	22.79	9.42	17.81	58.94	22.37	27.23	11.9	18.57	13.08	8.84	10.66
Total Debt/EBIT	-54.12	-34.83	-44.3	-52.5	56.72	14.25	22.84	83.64	28.31	34.77	15.58	43.53	18.89	13.9	15.93
Net Debt/EBIT	-48.14	-30.64	-38.96	-46.79	50.53	10.9	20.14	78.02	25.29	30.81	13.59	39.26	16.71	10.33	13.56
EBITDA to Interest Expense	-0.72	-0.9	-0.5	-0.33	1.03	2.52	1.91	0.48	1.15	1.14	3.1	1.34	1.24	1.13	1.48
EBITDA-CapEx/Interest Expense	-0.82	-0.92	-0.53	-0.35	0.92	2.41	1.69	0.4	1.09	1.09	3.01	1.27	1.16	1.04	1.39
EBIT to Interest Expense	-0.78	-0.93	-0.59	-0.38	0.46	2.17	1.69	0.36	1.02	1.01	2.72	0.63	0.97	0.97	1.16
Interest Expense	334	458	544	675	98	109	148	244	297	311	295	483	861	978	767
Common Equity/Total Assets	-0.27	-0.41	- -	- -	- -	- -	3.26	-0.28	-0.41	-0.98	-0.4	-1.67	-1.99	-3.35	-5.06
Long-Term Debt/Equity (%)	157.79	187.3	199.01	233.72	264.71	242.28	382.46	513.53	455.2	436.18	324.2	346.6	349.34	188.64	137.97
Long-Term Debt/Capital (%)	56.73	61.83	64.01	70.6	77.76	74.54	77.76	84.79	85.41	87.43	85.9	86.75	87.59	75.49	64.24
Long-Term Debt/Total Assets (%)	51.14	53.46	54.91	61.54	59.32	57.24	65.22	70.51	70.42	71.07	57.24	59.84	63.2	51.73	41.81
Total Debt/Equity (%)	183.59	211.45	218.96	236.03	265.92	246.28	391.54	528.45	460.91	441.11	327.55	351.03	352.14	192.67	163.92
Total Debt/Capital (%)	66.01	69.8	70.42	71.3	78.11	75.77	79.61	87.25	86.48	88.42	86.78	87.86	88.29	77.1	76.32
Total Debt/Total Assets (%)	59.5	60.35	60.41	62.15	59.59	58.18	66.77	72.56	71.3	71.88	57.83	60.6	63.71	52.84	49.67
Net Debt to Equity	163.29	186.05	192.54	210.35	236.91	188.33	345.28	492.95	411.76	390.84	285.66	316.67	311.52	143.18	139.51
Net Debt/Capital (%)	63.33	67.03	67.68	68.88	76.08	70.52	77.49	86.46	83.54	85.73	83.79	85.54	85.27	68.24	70.43
EBITDA	-241	-410	-274	-220	101	275	283	117	342	355	915	648	1,066	1,105	1,136
EBITDA-CapEx	-273	-423	-286	-237	90	263	250	98	325	339	888	612	999	1,013	1,064
Operating Income (Loss)	-261	-424	-323	-256	45	238	250	88	303	314	802	306	834	946	893

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.58	7.46	8.25	15.57	0.47	4.2	0.89	0.32	0.45	0.63	0.35	0.33	0.4	0.63	0.19
Current Ratio	0.75	0.78	0.94	1.62	1.67	1.79	0.64	0.53	0.71	1	0.63	0.64	0.73	2.81	1.18
Quick Ratio	0.75	7.68	8.55	16.06	1.67	5.17	1.08	0.53	0.71	1	0.63	0.64	0.73	2.81	1.18
CFO/Avg Current Liab	- -	0.93	0.74	0.75	-0.55	-0.79	-1.51	-0.93	-1.29	-0.25	-0.91	-0.2	-0.06	0.69	0.55
Common Equity/Total Assets	-0.27	-0.41	- -	- -	- -	- -	3.26	-0.28	-0.41	-0.98	-0.4	-1.67	-1.99	-3.35	-5.06
Long-Term Debt/Equity (%)	157.79	187.3	199.01	233.72	264.71	242.28	382.46	513.53	455.2	436.18	324.2	346.6	349.34	188.64	137.97
Long-Term Debt/Capital (%)	56.73	61.83	64.01	70.6	77.76	74.54	77.76	84.79	85.41	87.43	85.9	86.75	87.59	75.49	64.24
Long-Term Debt/Total Assets (%)	51.14	53.46	54.91	61.54	59.32	57.24	65.22	70.51	70.42	71.07	57.24	59.84	63.2	51.73	41.81
Total Debt/Equity (%)	183.59	211.45	218.96	236.03	265.92	246.28	391.54	528.45	460.91	441.11	327.55	351.03	352.14	192.67	163.92
Total Debt/Capital (%)	66.01	69.8	70.42	71.3	78.11	75.77	79.61	87.25	86.48	88.42	86.78	87.86	88.29	77.1	76.32
Total Debt/Total Assets (%)	59.5	60.35	60.41	62.15	59.59	58.18	66.77	72.56	71.3	71.88	57.83	60.6	63.71	52.84	49.67
CFO/Total Liabilities	15.52	15.7	12.67	9.61	-15.75	-14.05	-26.23	-16.18	-20.51	-3.35	-14.59	-4.03	-1.15	15.45	16.37
CFO/CapEx	78.12	212.8	180.4	91.97	-49.46	-52.52	-56.18	-76.93	-124.02	-26.7	-95.35	-20.51	-3.47	30.5	45.26
Altman's Z-Score	-0.07	-0.08	-0.03	0.07	0.48	0.68	0.3	0.13	0.37	0.44	0.67	0.48	0.83	1.83	1.41

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	4.01	3.91	3.65	2.24	1.93	3.77	22.04	32.49	37.99	41.04	21.77	29.09	26.09	31.37
Days Sales Outstanding	- -	90.99	93.32	100	163.16	188.69	96.9	16.56	11.24	9.61	8.89	16.76	12.55	13.99	11.64
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	2.33	2.31	2.74	2.84	3.96	4.1	3.64	4.12	4.92	4.27	3.83	3.61	3.12	2.57
Accounts Payable Turnover Days	- -	156.45	158.27	133.25	128.35	92.11	88.98	100.27	88.58	74.25	85.56	95.37	101.1	117.02	142.02
Cash Conversion Cycle	- -	-65.46	-64.95	-33.25	34.81	96.58	7.92	-83.71	-77.35	-64.64	-76.66	-78.61	-88.56	-103.03	-130.39
Inventory to Cash Days	- -	90.99	93.32	100	163.16	188.69	96.9	16.56	11.24	9.61	8.89	16.76	12.55	13.99	11.64
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	892	710	1,114	1,250	1,386	3,272	5,625	12,119	11,336	21,396	35,062	35,132
- Cash & Cash Equivalents	1,561	1,776	1,728	1,463	281	798	675	495	745	1,062	1,393	1,115	1,498	2,735	1,448
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	299	299	299	299	299	- -	- -	- -	1,459	1,460
+ Minority/Non Controlling Interest	7,338	6,498	6,015	5,414	721	786	887	806	1,090	1,278	1,989	2,209	2,581	3,281	4,401
+ Total Debt	14,123	14,784	14,321	13,449	2,575	3,392	5,718	7,368	8,566	10,903	12,494	13,334	15,756	13,148	14,222
Enterprise Value	19,900	-2,335	-2,305	-822	3,726	1,462	6,830	9,364	12,483	17,043	25,210	25,765	38,235	50,213	53,767
Total Capital	21,397	21,181	20,336	18,863	3,297	4,476	7,182	8,445	9,906	12,331	14,397	15,177	17,845	17,053	18,634
Total Debt/Capital (%)	66.01	69.8	70.42	71.3	78.11	75.77	79.61	87.25	86.48	88.42	86.78	87.86	88.29	77.1	76.32
Total Debt / EV	0.71	-6.33	-6.21	-16.37	0.69	2.32	0.84	0.79	0.69	0.64	0.5	0.52	0.41	0.26	0.26
EV/Sales	96.15	- -	- -	- -	4.57	1.17	4.61	9.77	7.07	9.66	5.99	8.43	10.53	12.93	9.6
EV/EBITDA	8.93	- -	- -	- -	37.01	5.31	24.12	80.3	36.49	48.04	27.54	39.78	35.88	45.46	47.34
EV/EBIT	9.01	- -	- -	- -	82.06	6.15	27.28	106.29	41.25	54.35	31.43	84.1	45.84	53.07	60.23
EV/Cash Flow to Firm	7.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	74.11	13.78	13.73
EV/Free Cash Flow to Firm	7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	65.57	13.45	13.48
Diluted Market Cap	- -	- -	- -	892	710	1,145	1,250	1,386	3,635	6,227	13,334	11,336	22,700	35,062	35,132
Diluted Enterprise Value	19,900	19,506	18,608	18,292	3,726	4,823	7,477	9,364	12,845	17,645	26,424	25,765	39,539	50,213	53,767
EV per Share	263.71	- -	- -	- -	46.18	18.11	83.46	97.52	115.67	126.19	154	146.8	207.21	253.53	247.36
TTM Sales	207	334	479	604	814	1,254	1,480	958	1,765	1,764	4,212	3,055	3,632	3,885	5,601
TTM EBITDA	-241	-410	-274	-220	101	275	283	117	342	355	915	648	1,066	1,105	1,136
TTM Operating Income	-261	-424	-323	-256	45	238	250	88	303	314	802	306	834	946	893
TTM Cash Flow to Firm	2,813	3,196	2,682	2,194	-453	-520	-1,692	-1,215	-1,822	-160	-2,342	-319	516	3,643	3,916
TTM Free Cash Flow to Firm	2,845	3,209	2,694	2,211	-442	-508	-1,659	-1,197	-1,805	-144	-2,315	-284	583	3,735	3,988

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	0.58	-1.37	-1.86	-0.68	-0.99	-1.76	-15.2	-5.19	-16.23	-136.68	12.16	10.52
EV/EBIT	9.01	- -	- -	- -	82.06	6.15	27.28	106.29	41.25	54.35	31.43	84.1	45.84	53.07	60.23
Enterprise Value	19,900	-2,335	-2,305	-822	3,726	1,462	6,830	9,364	12,483	17,043	25,210	25,765	38,235	50,213	53,767
Low Price	- -	- -	- -	15.3	12.33	10.72	17.15	16.18	16.91	20.2	44.43	53.15	67.29	112.83	110.63
EV/Sales	96.15	- -	- -	- -	4.57	1.17	4.61	9.77	7.07	9.66	5.99	8.43	10.53	12.93	9.6
EV/EBITDA	8.93	- -	- -	- -	37.01	5.31	24.12	80.3	36.49	48.04	27.54	39.78	35.88	45.46	47.34
Price/Earnings	- -	- -	- -	25.49	36.67	11.19	22.94	39.23	25.73	43.13	30.45	67.66	45.11	79.51	82.45
Price/Earnings Average	- -	- -	- -	25.83	48.97	8.66	20.77	46.34	18.88	34.93	24.07	69.74	35.08	64.39	84.99
Price/Earnings High	- -	- -	- -	47.04	91	15.84	34.93	70.55	30.58	51.63	37.05	90.15	47.07	83.12	102.27
Price/Earnings Low	- -	- -	- -	35.14	51.38	8.69	25.76	43.99	14.35	20.92	18.28	55.68	26.18	50.68	56.43
Price/Book Value	- -	- -	- -	- -	- -	- -	4.48	-48.93	-65.88	-37.7	-140.14	-30.93	-43.49	-42.03	-24.25
Price/Book Value Average	- -	- -	- -	- -	- -	- -	4.05	-57.79	-48.34	-30.54	-110.76	-31.88	-33.82	-34.04	-24.99
Price/Book Value High	- -	- -	- -	- -	- -	- -	6.82	-87.99	-78.31	-45.13	-170.52	-41.21	-45.38	-43.94	-30.08
Price/Book Value Low	- -	- -	- -	- -	- -	- -	5.03	-54.86	-36.74	-18.28	-84.11	-25.45	-25.24	-26.79	-16.6
Price/Tangible Book Value	- -	- -	- -	0.16	0.96	1.27	1.28	1.51	2.32	3.56	7.56	7.13	9.34	10.87	21.34
Price/Tangible Book Value Average	- -	- -	- -	0.16	1.28	0.98	1.16	1.78	1.71	2.88	5.97	7.35	7.26	8.8	22
Price/Tangible Book Value High	- -	- -	- -	0.3	2.38	1.8	1.95	2.71	2.76	4.26	9.2	9.5	9.74	11.36	26.47
Price/Tangible Book Value Low	- -	- -	- -	0.22	1.35	0.99	1.44	1.69	1.3	1.73	4.54	5.86	5.42	6.92	14.61
Price/Sales	- -	- -	- -	1.48	0.87	0.89	0.84	1.45	1.85	3.19	2.88	3.71	5.89	9.03	6.27
Price/Sales Average	- -	- -	- -	1.5	1.16	0.69	0.76	1.71	1.36	2.58	2.27	3.82	4.58	7.31	6.47
Price/Sales High	- -	- -	- -	2.73	2.16	1.26	1.29	2.6	2.2	3.82	3.5	4.94	6.15	9.43	7.78
Price/Sales Low	- -	- -	- -	2.04	1.22	0.69	0.95	1.62	1.03	1.55	1.73	3.05	3.42	5.75	4.29
Price/Cash Flow	- -	- -	- -	0.58	-1.34	-1.78	-0.67	-0.98	-1.57	-13.22	-4.67	-15.44	-91.72	12.56	10.75
Price/Cash Flow Average	- -	- -	- -	0.59	-1.8	-1.38	-0.61	-1.16	-1.15	-10.71	-3.69	-15.92	-71.34	10.17	11.09
Price/Cash Flow High	- -	- -	- -	1.07	-3.34	-2.52	-1.02	-1.76	-1.87	-15.82	-5.68	-20.58	-95.71	13.13	13.34
Price/Cash Flow Low	- -	- -	- -	0.8	-1.88	-1.38	-0.75	-1.1	-0.88	-6.41	-2.8	-12.71	-53.23	8.01	7.36
Price/Free Cash Flow Average	- -	- -	- -	0.58	-1.83	-1.44	-0.62	-1.17	-1.29	-12.31	-4.1	-16.73	-106.31	9.85	10.85
Price/Free Cash Flow High	- -	- -	- -	1.06	-3.41	-2.64	-1.04	-1.78	-2.09	-18.19	-6.32	-21.63	-142.62	12.71	13.05
Price/Free Cash Flow Low	- -	- -	- -	0.79	-1.92	-1.45	-0.77	-1.11	-0.98	-7.37	-3.12	-13.36	-79.32	7.75	7.2
EV/Sales Average	96.15	58.39	38.88	30.31	4.87	3.62	4.97	10.03	6.58	9.06	5.38	8.55	9.22	11.21	9.79
EV/Sales High	96.15	58.39	38.88	31.54	5.87	4.19	5.49	10.92	7.42	10.29	6.61	9.67	10.78	13.34	11.11
EV/Sales Low	96.15	58.39	38.88	30.85	4.92	3.62	5.16	9.95	6.25	8.02	4.83	7.78	8.06	9.65	7.62
EV/EBITDA Average	-82.44	-47.54	-67.98	-83.19	39.37	16.49	25.99	82.45	33.94	45.02	24.77	40.32	31.42	39.42	48.29
EV/EBITDA High	-82.44	-47.54	-67.98	-86.56	47.46	19.08	28.71	89.79	38.29	51.16	30.41	45.6	36.75	46.9	54.77
EV/EBITDA Low	-82.44	-47.54	-67.98	-84.67	39.84	16.5	26.95	81.74	32.26	39.87	22.25	36.68	27.45	33.95	37.58
EV/EBIT Average	-76.26	-45.95	-57.57	-71.46	87.31	19.08	29.39	109.14	38.37	50.95	28.26	85.24	40.14	46.03	61.44
EV/EBIT High	-76.26	-45.95	-57.57	-74.35	105.23	22.09	32.47	118.85	43.29	57.89	34.71	96.4	46.96	54.76	69.69
EV/EBIT Low	-76.26	-45.95	-57.57	-72.73	88.33	19.1	30.48	108.2	36.46	45.11	25.39	77.55	35.08	39.64	47.81
Last Price	- -	- -	- -	11.1	8.8	13.8	15.27	14.43	30.32	41.65	74.03	64.59	115.95	177.03	161.63
High Price	- -	- -	- -	20.48	21.84	19.54	23.25	25.95	36.04	49.86	90.08	86.06	120.99	185.06	200.49
Enterprise Value Average	19,900	19,506	18,608	18,303	3,964	4,541	7,359	9,615	11,612	15,975	22,669	26,113	33,480	43,546	54,851
Enterprise Value High	19,900	19,506	18,608	19,045	4,778	5,256	8,130	10,470	13,100	18,152	27,837	29,533	39,165	51,804	62,214
Enterprise Value Low	19,900	19,506	18,608	18,629	4,010	4,544	7,631	9,532	11,036	14,146	20,364	23,757	29,256	37,498	42,682

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	80	80	80	81	81	81	82	102	115	147	172	177	191	203	222
Diluted Weighted Avg Shares	80	80	80	80	81	83	82	96	120	150	180	176	196	198	217
Basic Weighted Avg Shares	75	75	75	80	81	81	82	96	108	135	164	176	185	198	217
Revenue per Share	2.74	4.43	6.34	7.51	10.09	15.53	18.08	9.98	16.36	13.06	25.73	17.41	19.68	19.61	25.77
EBITDA per Share	-3.2	-5.44	-3.63	-2.74	1.25	3.41	3.46	1.21	3.17	2.63	5.59	3.69	5.78	5.58	5.23
Operating Income per Share	-3.46	-5.63	-4.28	-3.19	0.56	2.95	3.06	0.92	2.8	2.32	4.9	1.75	4.52	4.78	4.11
Basic EPS, GAAP	1.29	16.38	10.78	0.44	0.24	1.23	0.67	0.37	1.18	0.97	2.43	0.95	2.57	2.23	1.96
Basic EPS from Cont Ops	12.24	16.38	10.78	6.79	0.77	3.55	2.11	1.58	3.45	2.4	5.61	2.5	6.29	5.61	5.01
Diluted EPS, GAAP	1.22	15.43	10.15	0.44	0.24	1.2	0.67	0.37	1.06	0.87	2.21	0.95	2.42	2.23	1.96
Diluted EPS from Cont Ops	11.53	15.43	10.15	6.79	0.77	3.46	2.11	1.58	3.11	2.17	5.1	2.5	5.93	5.61	5.01
Dividend per Share	3.43	3.06	5.57	4.11	2.7	2.64	3.46	3.48	3.2	3.47	3.69	4.77	5.59	6.62	8.08
Cash Flow per Share	32.99	36.42	28.82	19.07	-6.54	-7.75	-22.76	-14.76	-19.3	-3.15	-15.86	-4.18	-1.26	14.09	15.03
Free Cash Flow per Basic Share	32.57	36.24	28.66	18.86	-6.68	-7.9	-23.17	-14.95	-19.46	-3.27	-16.02	-4.39	-1.63	13.63	14.7
Cash & Equivalents per Share	20.69	312.97	300.03	256.06	3.48	51.13	16.16	5.15	6.9	7.86	8.51	6.35	8.12	13.81	6.66
Book Value per Share	-0.85	-1.34	- -	- -	- -	- -	3.41	-0.29	-0.46	-1.1	-0.53	-2.09	-2.67	-4.21	-6.67
Tangible Book Value per Share	100.95	91.65	84.99	69.33	9.16	10.85	11.94	9.58	13.05	11.7	9.8	9.06	12.42	16.29	7.57

Ares Management Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)