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Side-by-side financial comparison of Ares Management Corp (ARES) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $1.5B, roughly 1.9× Ares Management Corp). Ares Management Corp runs the higher net margin — 3.6% vs -0.8%, a 4.4% gap on every dollar of revenue. On growth, Ares Management Corp posted the faster year-over-year revenue change (19.5% vs 10.8%). Over the past eight quarters, Ares Management Corp's revenue compounded faster (45.9% CAGR vs 15.5%).
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.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
ARES vs CWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $2.9B |
| Net Profit | $54.2M | $-22.4M |
| Gross Margin | — | — |
| Operating Margin | 13.7% | 6.1% |
| Net Margin | 3.6% | -0.8% |
| Revenue YoY | 19.5% | 10.8% |
| Net Profit YoY | -69.4% | -119.8% |
| EPS (diluted) | — | $-0.10 |
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 | $2.9B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.1B | $2.3B | ||
| Q2 24 | $788.7M | $2.3B | ||
| Q1 24 | $707.4M | $2.2B |
| Q4 25 | $54.2M | $-22.4M | ||
| Q3 25 | $288.9M | $51.4M | ||
| Q2 25 | $137.1M | $57.3M | ||
| Q1 25 | $47.2M | $1.9M | ||
| Q4 24 | $177.3M | $112.9M | ||
| Q3 24 | $118.5M | $33.7M | ||
| Q2 24 | $94.9M | $13.5M | ||
| Q1 24 | $73.0M | $-28.8M |
| Q4 25 | 13.7% | 6.1% | ||
| Q3 25 | 39.3% | 4.1% | ||
| Q2 25 | 21.3% | 4.9% | ||
| Q1 25 | 13.0% | 2.0% | ||
| Q4 24 | 31.8% | 6.6% | ||
| Q3 24 | 29.0% | 3.2% | ||
| Q2 24 | 40.2% | 3.1% | ||
| Q1 24 | 32.7% | 0.9% |
| Q4 25 | 3.6% | -0.8% | ||
| Q3 25 | 17.4% | 2.0% | ||
| Q2 25 | 10.2% | 2.3% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 14.1% | 4.3% | ||
| Q3 24 | 10.5% | 1.4% | ||
| Q2 24 | 12.0% | 0.6% | ||
| Q1 24 | 10.3% | -1.3% |
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | $0.22 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $0.01 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $0.14 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | — | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $784.2M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $4.3B | $2.0B |
| Total Assets | $28.6B | $7.7B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $784.2M | ||
| Q3 25 | — | $634.4M | ||
| Q2 25 | — | $618.2M | ||
| Q1 25 | — | $623.2M | ||
| Q4 24 | — | $793.3M | ||
| Q3 24 | — | $775.4M | ||
| Q2 24 | — | $567.3M | ||
| Q1 24 | — | $553.5M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $4.3B | $2.0B | ||
| Q3 25 | $4.5B | $2.0B | ||
| Q2 25 | $4.4B | $1.9B | ||
| Q1 25 | $4.5B | $1.8B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.8B | $1.6B |
| Q4 25 | $28.6B | $7.7B | ||
| Q3 25 | $27.0B | $7.7B | ||
| Q2 25 | $27.3B | $7.6B | ||
| Q1 25 | $27.2B | $7.4B | ||
| Q4 24 | $24.9B | $7.5B | ||
| Q3 24 | $24.5B | $7.5B | ||
| Q2 24 | $24.2B | $7.3B | ||
| Q1 24 | $24.4B | $7.5B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | — | 1.96× |
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 | $257.3M |
| Free Cash FlowOCF − Capex | — | $234.3M |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | -8.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-483.7M | $257.3M | ||
| Q3 25 | $1.3B | $235.5M | ||
| Q2 25 | $415.7M | $9.6M | ||
| Q1 25 | $2.0B | $-162.0M | ||
| Q4 24 | $807.6M | $115.2M | ||
| Q3 24 | $841.3M | $196.1M | ||
| Q2 24 | $432.2M | $21.8M | ||
| Q1 24 | $710.0M | $-125.1M |
| Q4 25 | — | $234.3M | ||
| Q3 25 | — | $225.0M | ||
| Q2 25 | — | $300.0K | ||
| Q1 25 | — | $-166.6M | ||
| Q4 24 | — | $105.9M | ||
| Q3 24 | — | $186.7M | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | $-135.6M |
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | -7.3% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -6.2% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | 4.58× | ||
| Q2 25 | 3.03× | 0.17× | ||
| Q1 25 | 42.28× | -85.26× | ||
| Q4 24 | 4.55× | 1.02× | ||
| Q3 24 | 7.10× | 5.82× | ||
| Q2 24 | 4.55× | 1.61× | ||
| Q1 24 | 9.72× | — |
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% |
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
