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Side-by-side financial comparison of Ares Management Corp (ARES) and COHEN & STEERS, INC. (CNS). Click either name above to swap in a different company.
Ares Management Corp is the larger business by last-quarter revenue ($1.5B vs $143.8M, roughly 10.5× COHEN & STEERS, INC.). COHEN & STEERS, INC. runs the higher net margin — 24.3% vs 3.6%, a 20.7% gap on every dollar of revenue. On growth, Ares Management Corp posted the faster year-over-year revenue change (19.5% vs 2.9%). Over the past eight quarters, Ares Management Corp's revenue compounded faster (45.9% CAGR vs 8.3%).
Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997, with additional offices across North America, Europe, and Asia.
Cohen & Steers is an American investment management company. It focuses on investments in real estate securities via real estate investment trusts (REIT) and alternative income via preferred securities.
ARES vs CNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $143.8M |
| Net Profit | $54.2M | $34.9M |
| Gross Margin | — | — |
| Operating Margin | 13.7% | 28.0% |
| Net Margin | 3.6% | 24.3% |
| Revenue YoY | 19.5% | 2.9% |
| Net Profit YoY | -69.4% | -23.9% |
| EPS (diluted) | — | $0.67 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.5B | $143.8M | ||
| Q3 25 | $1.7B | $141.7M | ||
| Q2 25 | $1.4B | $136.1M | ||
| Q1 25 | $1.1B | $134.5M | ||
| Q4 24 | $1.3B | $139.8M | ||
| Q3 24 | $1.1B | $133.2M | ||
| Q2 24 | $788.7M | $121.7M | ||
| Q1 24 | $707.4M | $122.7M |
| Q4 25 | $54.2M | $34.9M | ||
| Q3 25 | $288.9M | $41.7M | ||
| Q2 25 | $137.1M | $36.8M | ||
| Q1 25 | $47.2M | $39.8M | ||
| Q4 24 | $177.3M | $45.8M | ||
| Q3 24 | $118.5M | $39.7M | ||
| Q2 24 | $94.9M | $31.8M | ||
| Q1 24 | $73.0M | $34.0M |
| Q4 25 | 13.7% | 28.0% | ||
| Q3 25 | 39.3% | 34.5% | ||
| Q2 25 | 21.3% | 31.8% | ||
| Q1 25 | 13.0% | 33.6% | ||
| Q4 24 | 31.8% | 35.3% | ||
| Q3 24 | 29.0% | 33.7% | ||
| Q2 24 | 40.2% | 31.5% | ||
| Q1 24 | 32.7% | 32.8% |
| Q4 25 | 3.6% | 24.3% | ||
| Q3 25 | 17.4% | 29.4% | ||
| Q2 25 | 10.2% | 27.1% | ||
| Q1 25 | 4.3% | 29.6% | ||
| Q4 24 | 14.1% | 32.8% | ||
| Q3 24 | 10.5% | 29.8% | ||
| Q2 24 | 12.0% | 26.1% | ||
| Q1 24 | 10.3% | 27.7% |
| Q4 25 | — | $0.67 | ||
| Q3 25 | — | $0.81 | ||
| Q2 25 | — | $0.72 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | — | $0.89 | ||
| Q3 24 | — | $0.77 | ||
| Q2 24 | — | $0.63 | ||
| Q1 24 | — | $0.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $145.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.3B | $562.0M |
| Total Assets | $28.6B | $876.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $145.5M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | — | $95.4M | ||
| Q1 25 | — | $65.2M | ||
| Q4 24 | — | $183.0M | ||
| Q3 24 | — | $106.5M | ||
| Q2 24 | — | $122.0M | ||
| Q1 24 | — | $99.5M |
| Q4 25 | $4.3B | $562.0M | ||
| Q3 25 | $4.5B | $550.3M | ||
| Q2 25 | $4.4B | $528.5M | ||
| Q1 25 | $4.5B | $507.7M | ||
| Q4 24 | $3.5B | $511.7M | ||
| Q3 24 | $2.1B | $491.0M | ||
| Q2 24 | $2.0B | $463.2M | ||
| Q1 24 | $1.8B | $378.9M |
| Q4 25 | $28.6B | $876.7M | ||
| Q3 25 | $27.0B | $801.6M | ||
| Q2 25 | $27.3B | $751.0M | ||
| Q1 25 | $27.2B | $834.9M | ||
| Q4 24 | $24.9B | $812.4M | ||
| Q3 24 | $24.5B | $727.8M | ||
| Q2 24 | $24.2B | $784.1M | ||
| Q1 24 | $24.4B | $680.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-483.7M | $-120.4M |
| Free Cash FlowOCF − Capex | — | $-126.4M |
| FCF MarginFCF / Revenue | — | -87.9% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | -8.92× | -3.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-253.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-483.7M | $-120.4M | ||
| Q3 25 | $1.3B | $55.1M | ||
| Q2 25 | $415.7M | $-67.6M | ||
| Q1 25 | $2.0B | $-108.9M | ||
| Q4 24 | $807.6M | $96.7M | ||
| Q3 24 | $841.3M | $25.6M | ||
| Q2 24 | $432.2M | $31.4M | ||
| Q1 24 | $710.0M | $4.9M |
| Q4 25 | — | $-126.4M | ||
| Q3 25 | — | $52.6M | ||
| Q2 25 | — | $-69.8M | ||
| Q1 25 | — | $-110.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | — | $24.2M | ||
| Q2 24 | — | $27.1M | ||
| Q1 24 | — | $537.0K |
| Q4 25 | — | -87.9% | ||
| Q3 25 | — | 37.1% | ||
| Q2 25 | — | -51.3% | ||
| Q1 25 | — | -81.8% | ||
| Q4 24 | — | 60.8% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 3.5% |
| Q4 25 | -8.92× | -3.45× | ||
| Q3 25 | 4.64× | 1.32× | ||
| Q2 25 | 3.03× | -1.84× | ||
| Q1 25 | 42.28× | -2.74× | ||
| Q4 24 | 4.55× | 2.11× | ||
| Q3 24 | 7.10× | 0.65× | ||
| Q2 24 | 4.55× | 0.99× | ||
| Q1 24 | 9.72× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARES
| Management Service | $991.1M | 66% |
| Management Service Incentive | $206.7M | 14% |
| Carried Interest | $205.4M | 14% |
| Fee Related Performance Revenues | $113.3M | 8% |
CNS
Segment breakdown not available.
