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Side-by-side financial comparison of Ares Management Corp (ARES) and THOR INDUSTRIES INC (THO). Click either name above to swap in a different company.
THOR INDUSTRIES INC is the larger business by last-quarter revenue ($2.4B vs $1.5B, roughly 1.6× Ares Management Corp). Ares Management Corp runs the higher net margin — 3.6% vs 0.9%, a 2.7% gap on every dollar of revenue. On growth, Ares Management Corp posted the faster year-over-year revenue change (19.5% vs 11.5%). Over the past eight quarters, Ares Management Corp's revenue compounded faster (45.9% CAGR vs 4.0%).
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.
Thor Industries, Inc. is an American manufacturer of recreational vehicles (RVs). The company sells towable and motorized RVs through its subsidiaries brands including Airstream, Heartland RV, Jayco, and others. The company's headquarters is in Elkhart, Indiana. It has manufacturing facilities in Michigan, Ohio, Indiana, Idaho and Oregon.
ARES vs THO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $2.4B |
| Net Profit | $54.2M | $21.7M |
| Gross Margin | — | 13.4% |
| Operating Margin | 13.7% | 1.4% |
| Net Margin | 3.6% | 0.9% |
| Revenue YoY | 19.5% | 11.5% |
| Net Profit YoY | -69.4% | 1282.8% |
| EPS (diluted) | — | $0.41 |
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 | $2.4B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.4B | $2.9B | ||
| Q1 25 | $1.1B | $2.0B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.1B | $2.5B | ||
| Q2 24 | $788.7M | $2.8B | ||
| Q1 24 | $707.4M | $2.2B |
| Q4 25 | $54.2M | $21.7M | ||
| Q3 25 | $288.9M | $125.8M | ||
| Q2 25 | $137.1M | $135.2M | ||
| Q1 25 | $47.2M | $-551.0K | ||
| Q4 24 | $177.3M | $-1.8M | ||
| Q3 24 | $118.5M | $90.0M | ||
| Q2 24 | $94.9M | $114.5M | ||
| Q1 24 | $73.0M | $7.2M |
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | 13.7% | 1.4% | ||
| Q3 25 | 39.3% | 5.7% | ||
| Q2 25 | 21.3% | 5.4% | ||
| Q1 25 | 13.0% | -0.1% | ||
| Q4 24 | 31.8% | -0.1% | ||
| Q3 24 | 29.0% | 5.0% | ||
| Q2 24 | 40.2% | 5.1% | ||
| Q1 24 | 32.7% | 0.3% |
| Q4 25 | 3.6% | 0.9% | ||
| Q3 25 | 17.4% | 5.0% | ||
| Q2 25 | 10.2% | 4.7% | ||
| Q1 25 | 4.3% | -0.0% | ||
| Q4 24 | 14.1% | -0.1% | ||
| Q3 24 | 10.5% | 3.6% | ||
| Q2 24 | 12.0% | 4.1% | ||
| Q1 24 | 10.3% | 0.3% |
| Q4 25 | — | $0.41 | ||
| Q3 25 | — | $2.35 | ||
| Q2 25 | — | $2.53 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $1.69 | ||
| Q2 24 | — | $2.13 | ||
| 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 | — | $509.9M |
| Total DebtLower is stronger | — | $916.0M |
| Stockholders' EquityBook value | $4.3B | $4.3B |
| Total Assets | $28.6B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $509.9M | ||
| Q3 25 | — | $586.6M | ||
| Q2 25 | — | $508.3M | ||
| Q1 25 | — | $373.8M | ||
| Q4 24 | — | $445.2M | ||
| Q3 24 | — | $501.3M | ||
| Q2 24 | — | $371.8M | ||
| Q1 24 | — | $340.2M |
| Q4 25 | — | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $4.3B | $4.3B | ||
| Q3 25 | $4.5B | $4.3B | ||
| Q2 25 | $4.4B | $4.2B | ||
| Q1 25 | $4.5B | $4.0B | ||
| Q4 24 | $3.5B | $4.1B | ||
| Q3 24 | $2.1B | $4.1B | ||
| Q2 24 | $2.0B | $4.0B | ||
| Q1 24 | $1.8B | $3.9B |
| Q4 25 | $28.6B | $7.0B | ||
| Q3 25 | $27.0B | $7.1B | ||
| Q2 25 | $27.3B | $7.2B | ||
| Q1 25 | $27.2B | $6.7B | ||
| Q4 24 | $24.9B | $6.9B | ||
| Q3 24 | $24.5B | $7.0B | ||
| Q2 24 | $24.2B | $7.2B | ||
| Q1 24 | $24.4B | $7.2B |
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $-44.9M |
| Free Cash FlowOCF − Capex | — | $-74.8M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | -8.92× | -2.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $375.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-483.7M | $-44.9M | ||
| Q3 25 | $1.3B | $258.7M | ||
| Q2 25 | $415.7M | $257.7M | ||
| Q1 25 | $2.0B | $30.8M | ||
| Q4 24 | $807.6M | $30.7M | ||
| Q3 24 | $841.3M | $338.0M | ||
| Q2 24 | $432.2M | $251.7M | ||
| Q1 24 | $710.0M | $-103.9M |
| Q4 25 | — | $-74.8M | ||
| Q3 25 | — | $221.6M | ||
| Q2 25 | — | $222.5M | ||
| Q1 25 | — | $5.8M | ||
| Q4 24 | — | $6.4M | ||
| Q3 24 | — | $301.3M | ||
| Q2 24 | — | $225.4M | ||
| Q1 24 | — | $-140.2M |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 11.9% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | — | -6.4% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | -8.92× | -2.07× | ||
| Q3 25 | 4.64× | 2.06× | ||
| Q2 25 | 3.03× | 1.91× | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 3.76× | ||
| Q2 24 | 4.55× | 2.20× | ||
| Q1 24 | 9.72× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
