What is Ares Real Estate's earnings per share (EPS)?

Ares Real Estate (ZARE) reported diluted earnings per share of $-0.37 for fiscal year 2025. This represents a -85.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ares Real Estate Financials

ZARE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Ares Real Estate (ZARE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Ares Real Estate has an operating margin of 66.5%, meaning the company retains $66 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 67.4% the prior year.

Growth

Ares Real Estate's revenue surged 19.5% year-over-year to $498.8M, reflecting rapid business expansion. This strong growth earns a score of 66/100.

Leverage

Ares Real Estate has elevated debt relative to equity (D/E of 4.53), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 10/100, reflecting increased financial risk.

Returns

Ares Real Estate generates a -10.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -5.0% the prior year.

Piotroski F-Score Weak

3/9

Ares Real Estate passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-3.73x

For every $1 of reported earnings, Ares Real Estate generates $-3.73 in operating cash flow ($253.6M OCF vs -$68.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate

2.3x

Ares Real Estate earns $2.3 in operating income for every $1 of interest expense ($331.6M vs $142.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$498.8M

YoY+19.5%

5Y CAGR+21.7%

10Y CAGR+8.3%

Ares Real Estate generated $498.8M in revenue in fiscal year 2025. This represents an increase of 19.5% from the prior year.

EBITDA

$528.4M

YoY+21.7%

5Y CAGR+23.4%

10Y CAGR+8.1%

Ares Real Estate's EBITDA was $528.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.7% from the prior year.

Net Income

-$68.0M

YoY-83.1%

Ares Real Estate reported -$68.0M in net income in fiscal year 2025. This represents a decrease of 83.1% from the prior year.

EPS (Diluted)

$-0.37

YoY-85.0%

Ares Real Estate earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 85.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$40.1M

YoY+104.9%

5Y CAGR+28.9%

10Y CAGR+9.8%

Ares Real Estate held $40.1M in cash against $3.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.41

YoY+1.7%

5Y CAGR+1.7%

Ares Real Estate paid $0.41 per share in dividends in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

66.5%

YoY-0.9pp

5Y CAGR+1.2pp

10Y CAGR-4.0pp

Ares Real Estate's operating margin was 66.5% in fiscal year 2025, reflecting core business profitability. This is down 0.9 percentage points from the prior year.

Net Margin

-13.6%

YoY-4.7pp

5Y CAGR-5.6pp

10Y CAGR-68.8pp

Ares Real Estate's net profit margin was -13.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.7 percentage points from the prior year.

Return on Equity

-10.4%

YoY-5.4pp

5Y CAGR-6.7pp

10Y CAGR-30.1pp

Ares Real Estate's ROE was -10.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$122.4M

YoY-36.1%

5Y CAGR+3.0%

10Y CAGR-5.9%

Ares Real Estate spent $122.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 36.1% from the prior year.

Capital Expenditures

N/A

ZARE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$498.8M+19.5%	$417.5M+18.2%	$353.2M+18.0%	$299.2M+37.0%	$218.3M+17.0%	$186.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$13.7M+6.7%	$12.8M+8.3%	$11.8M+11.9%	$10.6M+20.2%	$8.8M+16.5%	$7.5M
Operating Income	$331.6M+17.9%	$281.3M+20.0%	$234.4M+20.0%	$195.3M+31.4%	$148.6M+21.9%	$121.9M
Interest Expense	$142.1M+21.6%	$116.9M-21.3%	$148.5M+5.8%	$140.4M+99.2%	$70.5M+20.0%	$58.7M
Income Tax	$18.0M+51.6%	$11.8M	$0	$0	N/A	N/A
Net Income	-$68.0M-83.1%	-$37.1M+40.5%	-$62.4M-56.1%	-$40.0M-230.0%	$30.8M+306.2%	-$14.9M
EPS (Diluted)	$-0.37-85.0%	$-0.20+35.5%	$-0.31-47.6%	$-0.21-205.0%	$0.20+300.0%	$-0.10

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$141.4M+15.2%	$122.7M+3.8%	$118.3M+1.6%	$116.4M+7.8%	$107.9M+0.6%	$107.3M+4.3%	$102.8M+3.4%	$99.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.1M+14.7%	$3.5M+12.5%	$3.1M+8.4%	$2.9M-15.8%	$3.5M+22.7%	$2.8M-12.3%	$3.2M-3.9%	$3.3M
Operating Income	$97.5M+23.0%	$79.3M+1.4%	$78.1M+1.9%	$76.7M+2.0%	$75.2M+6.6%	$70.5M+2.7%	$68.6M+2.5%	$66.9M
Interest Expense	$36.5M+0.3%	$36.4M+6.1%	$34.3M-1.7%	$34.9M+151.7%	$13.9M-55.1%	$30.9M+10.8%	$27.9M-36.9%	$44.2M
Income Tax	$1.4M-86.5%	$10.3M+519.7%	$1.7M-64.3%	$4.6M	N/A	$4.7M+20.0%	$3.9M	N/A
Net Income	-$19.1M-130.8%	-$8.3M+63.3%	-$22.6M-25.2%	-$18.0M-226.6%	-$5.5M-142.9%	-$2.3M+84.2%	-$14.3M+4.4%	-$15.0M
EPS (Diluted)	N/A	$-0.05+61.5%	$-0.13-30.0%	$-0.10	N/A	$-0.01+87.5%	$-0.080.0%	$-0.08

ZARE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.3B+26.8%	$5.7B+23.5%	$4.6B+11.1%	$4.2B+39.6%	$3.0B+41.6%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$40.1M+104.9%	$19.6M+29.9%	$15.1M+12.9%	$13.3M+25.8%	$10.6M-5.9%	$11.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7B+33.1%	$4.3B+22.7%	$3.5B+18.7%	$3.0B+34.3%	$2.2B+37.0%	$1.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.0B+10.0%	$2.7B+37.7%	$2.0B+21.3%	$1.6B+18.6%	$1.4B+41.2%	$965.3M
Total Equity	$655.4M-12.1%	$745.8M-6.2%	$795.3M-15.7%	$943.3M+62.7%	$579.7M+44.3%	$401.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$7.3B+11.3%	$6.5B+11.9%	$5.8B+4.5%	$5.6B-2.6%	$5.7B+13.2%	$5.1B+2.6%	$4.9B+5.4%	$4.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$40.1M-44.2%	$71.8M+79.5%	$40.0M+17.7%	$34.0M+73.9%	$19.6M-7.0%	$21.0M-44.6%	$37.9M+140.9%	$15.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7B+7.3%	$5.4B+16.4%	$4.6B+7.8%	$4.3B-1.1%	$4.3B+13.8%	$3.8B-1.0%	$3.8B+7.7%	$3.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.0B+16.3%	$2.6B+4.4%	$2.4B+3.6%	$2.4B-12.5%	$2.7B+24.9%	$2.2B+1.3%	$2.1B+9.4%	$2.0B
Total Equity	$655.4M+4.8%	$625.5M-4.0%	$651.8M-5.8%	$691.6M-7.3%	$745.8M+1.6%	$734.2M+1.8%	$720.9M-6.0%	$767.1M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ZARE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$253.6M+249.6%	-$169.5M-1162.1%	$16.0M-74.5%	$62.5M+26.6%	$49.4M+20.1%	$41.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.6B-75.2%	-$919.1M-76.2%	-$521.6M+56.0%	-$1.2B-67.7%	-$706.7M-68.2%	-$420.3M
Financing Cash Flow	$1.4B+25.4%	$1.1B+115.8%	$508.1M-54.8%	$1.1B+73.1%	$649.9M+121.8%	$293.1M
Dividends Paid	$94.6M+20.8%	$78.3M+27.9%	$61.2M+23.4%	$49.6M+31.1%	$37.8M+10.1%	$34.3M
Share Buybacks	$122.4M-36.1%	$191.6M-1.1%	$193.9M+164.2%	$73.4M+9.1%	$67.2M-36.3%	$105.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$162.9M+227.6%	-$127.6M-834.9%	$17.4M-91.4%	$201.0M+200.3%	-$200.4M-2537.7%	$8.2M-44.9%	$14.9M+91.5%	$7.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$844.0M-80.7%	-$467.1M-83.3%	-$254.8M-478.3%	-$44.1M+89.7%	-$429.2M-138.6%	-$179.9M+27.2%	-$247.2M-292.8%	-$62.9M
Financing Cash Flow	$647.1M+3.8%	$623.5M+154.8%	$244.7M+273.8%	-$140.8M-122.4%	$628.9M+305.1%	$155.2M-39.6%	$256.9M+363.7%	$55.4M
Dividends Paid	$37.4M+7.8%	$34.7M+3.4%	$33.5M+42.5%	$23.5M-29.0%	$33.2M+4.4%	$31.8M+9.7%	$29.0M+66.4%	$17.4M
Share Buybacks	$27.9M-0.7%	$28.1M+4.4%	$26.9M-31.6%	$39.4M+2.6%	$38.4M-29.9%	$54.8M-8.9%	$60.1M+56.7%	$38.3M

ZARE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	66.5%-0.9pp	67.4%+1.0pp	66.4%+1.1pp	65.3%-2.8pp	68.0%+2.7pp	65.3%
Net Margin	-13.6%-4.7pp	-8.9%+8.8pp	-17.7%-4.3pp	-13.4%-27.4pp	14.1%+22.1pp	-8.0%
Return on Equity	-10.4%-5.4pp	-5.0%+2.9pp	-7.8%-3.6pp	-4.2%-9.5pp	5.3%+9.0pp	-3.7%
Return on Assets	-0.9%-0.3pp	-0.7%+0.7pp	-1.4%-0.4pp	-1.0%-2.0pp	1.0%+1.7pp	-0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.53+0.9	3.62+1.2	2.47+0.8	1.71-0.6	2.35-0.1	2.40
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	69.0%+4.4pp	64.6%-1.5pp	66.0%+0.2pp	65.9%-3.8pp	69.7%+3.9pp	65.7%-1.0pp	66.7%-0.6pp	67.3%
Net Margin	-13.5%-6.8pp	-6.8%+12.3pp	-19.1%-3.6pp	-15.5%-10.4pp	-5.1%-3.0pp	-2.1%+11.8pp	-14.0%+1.1pp	-15.1%
Return on Equity	-2.9%-1.6pp	-1.3%+2.1pp	-3.5%-0.8pp	-2.6%-1.9pp	-0.7%-0.4pp	-0.3%+1.7pp	-2.0%-0.0pp	-2.0%
Return on Assets	-0.3%-0.1pp	-0.1%+0.3pp	-0.4%-0.1pp	-0.3%-0.2pp	-0.1%-0.1pp	-0.0%+0.2pp	-0.3%+0.0pp	-0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.53+0.4	4.09+0.3	3.76+0.3	3.42-0.2	3.62+0.7	2.94-0.0	2.96+0.4	2.54
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Ares Real Estate's annual revenue?

Ares Real Estate (ZARE) reported $498.8M in total revenue for fiscal year 2025. This represents a 19.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ares Real Estate's revenue growing?

Ares Real Estate (ZARE) revenue grew by 19.5% year-over-year, from $417.5M to $498.8M in fiscal year 2025.

Is Ares Real Estate profitable?

No, Ares Real Estate (ZARE) reported a net income of -$68.0M in fiscal year 2025, with a net profit margin of -13.6%.

What is Ares Real Estate's EBITDA?

Ares Real Estate (ZARE) had EBITDA of $528.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ares Real Estate have?

As of fiscal year 2025, Ares Real Estate (ZARE) had $40.1M in cash and equivalents against $3.0B in long-term debt.

What is Ares Real Estate's operating margin?

Ares Real Estate (ZARE) had an operating margin of 66.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ares Real Estate's net profit margin?

Ares Real Estate (ZARE) had a net profit margin of -13.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Ares Real Estate pay dividends?

Yes, Ares Real Estate (ZARE) paid $0.41 per share in dividends during fiscal year 2025.

What is Ares Real Estate's return on equity (ROE)?

Ares Real Estate (ZARE) has a return on equity of -10.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ares Real Estate's operating cash flow?

Ares Real Estate (ZARE) generated $253.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ares Real Estate's total assets?

Ares Real Estate (ZARE) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Ares Real Estate buy back shares?

Yes, Ares Real Estate (ZARE) spent $122.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Ares Real Estate's debt-to-equity ratio?

Ares Real Estate (ZARE) had a debt-to-equity ratio of 4.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ares Real Estate's return on assets (ROA)?

Ares Real Estate (ZARE) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ares Real Estate's Piotroski F-Score?

Ares Real Estate (ZARE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ares Real Estate's earnings high quality?

Ares Real Estate (ZARE) has an earnings quality ratio of -3.73x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ares Real Estate cover its interest payments?

Ares Real Estate (ZARE) has an interest coverage ratio of 2.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ares Real Estate?

Ares Real Estate (ZARE) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.