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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Alex Blostein | Goldman Sachs | 7 | 0% |
| Ben Budish | Barclays | 7 | 0% |
| Will Katz | TD Cowen | 7 | 0% |
| Ken Worthington | JPMorgan | 6 | 0% |
| Mike Cyprys | Morgan Stanley | 6 | 0% |
| Craig Siegenthaler | Bank of America | 6 | 0% |
| Mike Brown | UBS | 5 | 0% |
| Steve Chubak | Wolfe Research | 5 | 20% |
| Brian McKenna | Citizens JMP Securities | 5 | 0% |
| Brennan Hawken | BMO Capital Markets | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Goldman Sachs | 1 | 7 | 0% |
| Barclays | 1 | 7 | 0% |
| TD Cowen | 1 | 7 | 0% |
| JPMorgan | 1 |
| 6 |
| 0% |
| Bank of America | 1 | 6 | 0% |
| Morgan Stanley | 1 | 6 | 0% |
| Wolfe Research | 1 | 5 | 20% |
| Citizens JMP Securities | 1 | 5 | 0% |
Ares started fiscal 2026 with record fundraising momentum and management fees growing 22%, driving the base score to 8 on 40.8% revenue growth. After-tax realized income per share grew 14%, and both GAAP EPS and operating income spreads were significantly positive, confirming operating leverage. Management reiterated long-term targets of 16-20% FRE CAGR, 20-25% realized income CAGR, and 20% dividend growth. The U.S. direct lending market slowed, but the wealth channel continued diversifying beyond credit into digital infrastructure and energy.
Demand | Competitive Dynamics | Credit | Revenue Growth | Capital Allocation | Subscriber Growth | Margin | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 5 | 1 | 5 | 2 | 3 | 4 | 3 |
| 2025Q1 | 5 | 2 | 3 | 1 | 2 | 2 | 1 | 2 |
| 2025Q2 | 2 | 3 | 3 | 1 | 2 | 2 | 1 | |
| 2025Q3 | 4 | 6 | 4 | 2 | 1 | 1 | 2 | |
| 2025Q4 | 3 | 2 | 2 | 2 | 3 | 1 | 1 | |
| 2026Q1 | 5 | 4 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 5 | 2 | 4 | 3 | 5 |
| Competitive Dynamics | 5 | 2 | 3 | 6 | 2 | 4 |
| Credit | 1 | 3 | 3 | 4 | 2 | 2 |
| Revenue Growth | 5 | 1 | 1 | 2 | 2 | 2 |
| Capital Allocation | 2 | 2 | 2 | 1 | 3 | 1 |
| Subscriber Growth | 3 | 2 | 2 | 1 | 1 | |
| Margin | 4 | 1 | 1 | 2 | ||
| M&A | 3 | 2 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ARES Ares Management Corporation | 9 | +40.8% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BK BNY Mellon | 9 | +2.2% | |
| BLK BlackRock | 9 | +26.9% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |