ARES vs RJF: Ares Management LP and Raymond James Financial 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 1.3 times Raymond James Financial.
- Raymond James Financial grew revenue faster over the last year (+13.5% vs +5.8%).
- On earnings, Raymond James Financial is the cheaper stock (14.7x 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 | RJF |
|---|---|---|
| Market cap | $38.7B | $30.3B |
| Share price | $117.22 | $158.38 |
| Revenue (last fiscal year) | $5.6B | $15.9B |
| Free cash flow (last fiscal year) | — | $2.2B |
| Revenue growth, last year | +5.8% | +13.5% |
| Revenue growth per year, last 5 fiscal years | +7.4% | +12.6% |
| Operating margin | — | — |
| Net margin | 10.6% | 13.6% |
| Return on equity | 16.0% | 18.2% |
| P/E (trailing) | 54.1x | 14.7x |
| Price / free cash flow | 12.1x | 13.5x |
| EV / EBITDA | 18.6x | — |
| FCF growth the price implies | — | -0.18% |
| Dividend yield | 4.0% | 1.3% |
| Debt / equity | 5.29x | 6.41x |
| Fundamental grade | D | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 10 | 0 |
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 | — | — |
Raymond James Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.9B | $6.6B | — |
| 2022 | $11.3B | -$19M | — |
| 2023 | $13.0B | -$3.7B | — |
| 2024 | $14.9B | $1.9B | — |
| 2025 | $15.9B | $2.2B | — |
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%
Raymond James Financial · by segments, 2025
Private Client Group$10.2B68%
Bank$1.8B12%
Capital Markets$1.8B12%
Asset Management$1.2B8%
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 Raymond James Financial?
Ares Management LP (ARES), at $38.7B against $30.3B.
Is ARES or RJF cheaper?
By trailing P/E, Raymond James Financial (14.7x) is cheaper than Ares Management LP (54.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ARES or RJF?
Raymond James Financial: revenue grew +13.5% 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.