ARES EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
ARES's ev/ebitda is lower than 83% of the last 10 years.
EV/EBITDA History
ARES EV/EBITDA by year
Yearly range of ARES’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 6.9 to 41.7, averaging 20.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 15.4 | 18.6 | 24.0 | 17.2 |
| 2025 | 17.2 | 21.8 | 26.9 | 22.5 |
| 2024 | 16.4 | 18.5 | 21.5 | 21.5 |
| 2023 | 15.9 | 22.1 | 28.7 | 17.8 |
| 2022 | 15.8 | 21.5 | 30.5 | 27.1 |
| 2021 | 15.5 | 19.5 | 26.2 | 19.4 |
| 2020 | 14.6 | 29.9 | 41.7 | 24.4 |
| 2019 | 16.6 | 18.9 | 21.8 | 16.7 |
| 2018 | 10.8 | 23.6 | 34.7 | 20.2 |
| 2017 | 6.9 | 12.2 | 19.0 | 19.0 |
| 2016 | 8.4 | 9.4 | 12.8 | 9.1 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is ARES EV/EBITDA High or Low Right Now?
Ares Management Corporation's EV/EBITDA is currently 17.2, which is historically cheap relative to its 10-year historical range. The 10-year median EV/EBITDA for ARES is approximately 19.1. See all ARES valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.