ARES vs NTRS: Ares Management LP and Northern Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ares Management LP is the larger company, worth $38.7B, about 1.2 times Northern Trust.
- Northern Trust grew revenue faster over the last year (+9.6% vs +5.8%).
- On earnings, Northern Trust is the cheaper stock (17.8x vs 54.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ARES | NTRS |
|---|---|---|
| Market cap | $38.7B | $31.5B |
| Share price | $117.22 | $168.21 |
| Revenue (last fiscal year) | $5.6B | $5.0B |
| Free cash flow (last fiscal year) | — | $4.8B |
| Revenue growth, last year | +5.8% | +9.6% |
| Revenue growth per year, last 5 fiscal years | +7.4% | +3.6% |
| Operating margin | — | — |
| Net margin | 10.6% | 42.6% |
| Return on equity | 16.0% | 16.7% |
| P/E (trailing) | 54.1x | 17.8x |
| Price / free cash flow | 12.1x | 5.77x |
| EV / EBITDA | 18.6x | 9.98x |
| FCF growth the price implies | — | -9.9% |
| Dividend yield | 4.0% | 1.9% |
| Debt / equity | 5.29x | 12.4x |
| Fundamental grade | D | C |
| Superinvestors holding it | 5 | 7 |
| Insider purchases, last 12 months | 10 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ares Management LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | — | — |
| 2022 | $3.1B | — | — |
| 2023 | $3.6B | — | — |
| 2024 | $3.9B | — | — |
| 2025 | $5.6B | — | — |
Northern Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.4B | $841M | — |
| 2022 | $4.4B | $1.7B | — |
| 2023 | $4.4B | $1.9B | — |
| 2024 | $4.7B | -$1.2B | — |
| 2025 | $5.0B | $4.8B | — |
Where the revenue comes from
Ares Management LP · by products, 2025
Management fees$3.7B66%
Carried interest$1.2B21%
Incentive fees$362M6%
Administrative, transaction and other fees$356M6%
Principal investment income$48M1%
Northern Trust · by segments, 2025
ASSET SERVICING$4.8B59%
WEALTH MANAGEMENT$3.4B41%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ARES in InvestinglyQuestions
Which is bigger, Ares Management LP or Northern Trust?
Ares Management LP (ARES), at $38.7B against $31.5B.
Is ARES or NTRS cheaper?
By trailing P/E, Northern Trust (17.8x) is cheaper than Ares Management LP (54.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ARES or NTRS?
Northern Trust: revenue grew +9.6% over the last year, against +5.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.