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 (ZARE) Financials

ZARE

Trailing 12 months to June 30, 2026

Revenue $560.5M +24.6% YoY

Net Income -$62.4M -28.9% YoY

EPS (Diluted) -$0.31 -14.8% YoY

Operating Cash Flow $62.0M +136.9% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 12, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZARE SEC filings page.

Ares Real Estate (ZARE) reported $560.5M in revenue over the twelve months to Jun 30, 2026, up 24.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI ZARE FY2025 2026-08-29

The business is expanding its asset base through leverage, but high financing costs prevent operating earnings from becoming net profit.

Across FY2021-FY2025, operating margin stayed broadly stable while ROA remained negative; the core earnings rate therefore did not translate into returns on the enlarged asset base. In FY2025, interest expense reached $142M alongside a net loss of $68M, showing that below-operating costs absorb the operating result.

By FY2025, total assets had reached $7.3B against revenue of $498.8M, making the balance sheet much larger than the annual sales base. Debt-to-equity rose from 2.5x in FY2023 to 4.5x in FY2025, indicating that expansion increasingly rests on creditor capital relative to book equity.

Operating cash flow swung from -$169M in FY2024 to $254M in FY2025, marking a sharp cash-generation recovery. That recovery did not fund the full investment program internally: investing outflows reached $1.6B while financing supplied $1.4B, linking expansion to external funding.

Financial Health Signals

Financial health score not available

Ares Real Estate does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Ares Real Estate passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

N/A

Ares Real Estate reported a net loss of $68.0M while generating $253.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage Adequate

2.33x

Ares Real Estate earns $2.33 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

$151.2M

YoY+27.8%

QoQ+4.2%

5Y CAGR+24.3%

10Y CAGR+11.1%

Ares Real Estate generated $151.2M in revenue in Q2 2026. This represents an increase of 27.8% from the same quarter a year earlier. Against the prior quarter it is up 4.2%.

EBITDA

$165.6M

YoY+32.5%

QoQ+4.5%

5Y CAGR+27.6%

Ares Real Estate's EBITDA was $165.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.5% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.

Net Income

-$13.7M

YoY+39.5%

QoQ+35.9%

Ares Real Estate reported -$13.7M in net income in Q2 2026. This represents an increase of 39.5% from the same quarter a year earlier. Against the prior quarter it is up 35.9%.

EPS (Diluted)

-$0.06

YoY+53.8%

QoQ+40.0%

Ares Real Estate earned -$0.06 per diluted share (EPS) in Q2 2026. This represents an increase of 53.8% from the same quarter a year earlier. Against the prior quarter it is up 40.0%.

Cash & Balance Sheet

Cash & Debt

$41.1M

YoY+2.8%

QoQ-19.2%

5Y CAGR+28.4%

10Y CAGR+9.2%

Ares Real Estate held $41.1M in cash against $2.5B in long-term debt as of Q2 2026.

Dividends Per Share

$0.10

YoY+3.5%

QoQ0.0%

5Y CAGR+2.0%

10Y CAGR+1.4%

Ares Real Estate paid $0.10 per share in dividends in Q2 2026. This represents an increase of 3.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

Diluted avg 437M

Ares Real Estate had a weighted average of 437M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

70.2%

YoY+4.1pp

QoQ+1.3pp

5Y CAGR+7.9pp

Ares Real Estate's operating margin was 70.2% in Q2 2026, reflecting core business profitability. This is up 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Net Margin

-9.0%

YoY+10.0pp

QoQ+5.7pp

5Y CAGR+9.7pp

10Y CAGR-9.3pp

Ares Real Estate's net profit margin was -9.0% in Q2 2026, showing the share of revenue converted to profit. This is up 10.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.7 percentage points.

Return on Equity

-1.8%

YoY+1.6pp

QoQ+1.3pp

5Y CAGR+0.3pp

10Y CAGR-1.8pp

Ares Real Estate's ROE was -1.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$26.2M

YoY-2.7%

QoQ+12.5%

5Y CAGR+7.3%

10Y CAGR-7.6%

Ares Real Estate spent $26.2M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 2.7% from the same quarter a year earlier. Against the prior quarter it is up 12.5%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

ZARE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ZARE quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$560.5M	$498.8M+19.5%	$417.5M+18.2%	$353.2M+18.0%	$299.2M+37.0%	$218.3M+17.0%	$186.6M+1.0%	$184.7M-3.0%	$190.3M-3.6%	$197.3M-8.7%	$216.2M-4.0%	$225.2M-2.8%	$231.6M+6.3%	$217.8M+0.7%	$216.3M-1.2%	$218.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$61.1M-1.0%	$61.7M-7.3%	$66.5M	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	$123.6M-3.9%	$128.7M-1.6%	$130.8M	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.2M	$13.7M+6.7%	$12.8M+8.3%	$11.8M+11.9%	$10.6M+20.2%	$8.8M+16.5%	$7.5M-4.4%	$7.9M-10.5%	$8.8M-4.5%	$9.2M-2.3%	$9.4M-11.8%	$10.7M-3.5%	$11.1M+13.6%	$9.8M+35.2%	$7.2M+5.9%	$6.8M
Operating Income	$382.9M	$331.6M+17.9%	$281.3M+20.0%	$234.4M+20.0%	$195.3M+31.4%	$148.6M+21.9%	$121.9M-1.2%	$123.4M-3.6%	$128.0M-1.6%	$130.0M-13.1%	$149.6M-5.7%	$158.7M	N/A	N/A	N/A	$12.1M
EBITDA	N/A	$528.4M+21.7%	$434.0M+12.9%	$384.4M+16.5%	$329.9M+47.9%	$223.0M+20.7%	$184.8M+2.3%	$180.7M-2.7%	$185.8M-6.2%	$198.1M-13.8%	$229.7M-5.0%	$241.8M	N/A	N/A	N/A	$105.5M
Interest Expense	$181.8M	$142.1M+21.6%	$116.9M-21.3%	$148.5M+5.8%	$140.4M+99.2%	$70.5M+20.0%	$58.7M+22.0%	$48.2M-0.4%	$48.4M+14.3%	$42.3M+3.7%	$40.8M-14.2%	$47.5M-23.3%	$61.9M-5.2%	$65.3M-6.5%	$69.8M-6.1%	$74.4M
Income Tax	$26.5M	$18.0M+51.6%	$11.8M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$62.4M	-$68.0M-83.1%	-$37.1M+40.5%	-$62.4M-56.1%	-$40.0M-230.0%	$30.8M+306.2%	-$14.9M-109.7%	$153.3M+11555.7%	-$1.3M-101.7%	$79.4M+44.2%	$55.0M-55.7%	$124.3M+325.6%	$29.2M-44.4%	$52.5M+335.7%	-$22.3M+61.4%	-$57.7M
EPS (Basic)	N/A	-$0.37-85.0%	-$0.20+35.5%	-$0.31-47.6%	-$0.21-205.0%	$0.20+300.0%	-$0.10-109.6%	$1.04+10500.0%	-$0.01-102.0%	$0.51+64.5%	$0.31-55.7%	$0.70	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.31	-$0.37-85.0%	-$0.20+35.5%	-$0.31-47.6%	-$0.21-205.0%	$0.20+300.0%	-$0.10-109.6%	$1.04+10500.0%	-$0.01-102.0%	$0.51+64.5%	$0.31-55.7%	$0.70	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	342M+12.2%	305M+14.1%	268M+14.7%	233M+33.8%	174M+13.2%	154M+4.6%	147M+5.5%	140M-9.4%	154M-10.4%	172M-8.9%	189M-1.2%	191M-0.5%	192M-2.7%	197M-0.1%	197M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$151.2M+27.8%	$145.1M+24.7%	$141.4M+31.0%	$122.7M+14.4%	$118.3M+15.0%	$116.4M+17.0%	$107.9M+15.0%	$107.3M+17.6%
SG&A Expenses	$3.5M+10.2%	$3.2M+8.6%	$4.1M+17.7%	$3.5M+26.0%	$3.1M-1.8%	$2.9M-12.9%	$3.5M+21.8%	$2.8M-5.4%
Operating Income	$106.1M+35.8%	$100.0M+30.5%	$97.5M+29.7%	$79.3M+12.4%	$78.1M+13.8%	$76.7M+14.5%	$75.2M+19.6%	$70.5M+16.4%
EBITDA	$165.6M+32.5%	$158.4M+29.3%	$152.3M+30.2%	$128.6M+17.1%	$125.0M+19.2%	$122.5M+19.7%	$117.0M+2.9%	$109.8M+18.4%
Interest Expense	$71.3M+107.9%	$37.6M+7.7%	$36.5M+163.2%	$36.4M+17.8%	$34.3M+22.9%	$34.9M-21.1%	$13.9M-64.6%	$30.9M-9.0%
Income Tax	$10.8M+553.9%	$4.0M-14.5%	$1.4M	$10.3M+117.4%	$1.7M-57.9%	$4.6M	N/A	$4.7M
Net Income	-$13.7M+39.5%	-$21.3M-18.2%	-$19.1M-246.4%	-$8.3M-264.5%	-$22.6M-57.4%	-$18.0M-20.2%	-$5.5M+76.3%	-$2.3M+84.2%
EPS (Basic)	-$0.06+53.8%	-$0.100.0%	-$0.10-233.3%	-$0.05-400.0%	-$0.13-62.5%	-$0.10-25.0%	-$0.03+75.0%	-$0.01+85.7%
EPS (Diluted)	-$0.06+53.8%	-$0.100.0%	-$0.10-233.3%	-$0.05-400.0%	-$0.13-62.5%	-$0.10-25.0%	-$0.03+75.0%	-$0.01+85.7%
Diluted Shares (Avg)	437M+30.3%	400M+18.5%	N/A	335M+5.5%	335M+15.9%	337M+19.9%	N/A	318M+19.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

ZARE Balance Sheet

ZARE quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$7.3B+26.8%	$5.7B+23.5%	$4.6B+11.1%	$4.2B+39.6%	$3.0B+41.6%	$2.1B+18.7%	$1.8B+12.5%	$1.6B-1.7%	$1.6B-9.8%	$1.8B-9.0%	$2.0B-8.7%	$2.1B-6.8%	$2.3B-13.3%	$2.7B-0.4%	$2.7B
Cash & Equivalents	$40.1M+104.9%	$19.6M+29.9%	$15.1M+12.9%	$13.3M+25.8%	$10.6M-5.9%	$11.3M-88.5%	$97.8M+876.9%	$10.0M-4.5%	$10.5M-24.4%	$13.9M-12.1%	$15.8M+9.0%	$14.5M-41.6%	$24.8M-32.8%	$36.9M-71.3%	$128.4M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$5.7B+33.1%	$4.3B+22.7%	$3.5B+18.7%	$3.0B+34.3%	$2.2B+37.0%	$1.6B+31.1%	$1.2B+4.9%	$1.2B+4.9%	$1.1B-5.1%	$1.2B-4.8%	$1.2B-10.8%	$1.4B-7.7%	$1.5B-17.5%	$1.8B+8.8%	$1.7B
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+14.0%	$846.6M-15.5%	$1.0B-1.1%	$1.0B-3.5%	$1.0B-4.5%	$1.1B	N/A	N/A	N/A	N/A
Total Equity	$655.4M-12.1%	$745.8M-6.2%	$795.3M-15.7%	$943.3M+62.7%	$579.7M+44.3%	$401.6M-14.3%	$468.6M+40.4%	$333.7M-17.8%	$405.9M-21.4%	$516.3M-17.9%	$628.8M-8.1%	$684.3M-4.0%	$713.1M-4.4%	$745.7M-15.2%	$879.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$7.7B+31.6%	$7.5B+33.9%	$7.3B+26.8%	$6.5B+29.1%	$5.8B+18.3%	$5.6B+19.3%	$5.7B+23.5%	$5.1B+12.8%
Cash & Equivalents	$41.1M+2.8%	$50.9M+49.8%	$40.1M+104.9%	$71.8M+241.6%	$40.0M+5.5%	$34.0M+116.0%	$19.6M+29.9%	$21.0M+44.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$5.6B+22.7%	$5.8B+36.4%	$5.7B+33.1%	$5.4B+41.1%	$4.6B+20.1%	$4.3B+19.9%	$4.3B+22.7%	$3.8B+12.1%
Long-Term Debt	$2.5B+3.8%	$2.8B+18.0%	$3.0B+10.0%	$2.6B+18.2%	$2.4B+14.7%	$2.4B+21.1%	$2.7B+37.7%	$2.2B+20.6%
Total Equity	$750.2M+15.1%	$691.6M0.0%	$655.4M-12.1%	$625.5M-14.8%	$651.8M-9.6%	$691.6M-9.8%	$745.8M-6.2%	$734.2M-11.6%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.

ZARE Cash Flow Statement

ZARE quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$62.0M	$253.6M+249.6%	-$169.5M-1162.1%	$16.0M-74.5%	$62.5M+26.6%	$49.4M+20.1%	$41.1M-16.7%	$49.3M-26.9%	$67.5M+14.6%	$58.9M-32.6%	$87.4M-17.2%	$105.5M+21.0%	$87.2M+0.7%	$86.6M-8.4%	$94.5M+0.2%	$94.3M
Depreciation & Amortization	N/A	$196.8M+28.8%	$152.8M+1.9%	$150.0M+11.4%	$134.6M+80.9%	$74.4M+18.3%	$62.9M+9.7%	$57.3M-0.9%	$57.9M-15.0%	$68.1M-15.0%	$80.1M-3.6%	$83.1M-6.6%	$89.0M+2.1%	$87.2M-4.3%	$91.1M-2.4%	$93.4M
Investing Cash Flow	-$1.7B	-$1.6B-75.2%	-$919.1M-76.2%	-$521.6M+56.0%	-$1.2B-67.7%	-$706.7M-68.2%	-$420.3M-352.3%	-$92.9M-416.6%	-$18.0M-116.9%	$106.5M-6.0%	$113.2M+52.1%	$74.4M+592.8%	-$15.1M-120.7%	$72.8M+284.6%	-$39.5M-144.1%	$89.5M
Financing Cash Flow	$1.6B	$1.4B+25.4%	$1.1B+115.8%	$508.1M-54.8%	$1.1B+73.1%	$649.9M+121.8%	$293.1M+118.2%	$134.3M+360.7%	-$51.5M+69.2%	-$167.5M+21.6%	-$213.6M-19.6%	-$178.6M-116.7%	-$82.4M+51.9%	-$171.5M-17.0%	-$146.6M-5.5%	-$138.9M
Dividends Paid	$145.9M	$94.6M+20.8%	$78.3M+27.9%	$61.2M+23.4%	$49.6M+31.1%	$37.8M+10.1%	$34.3M+18.0%	$29.1M+1.3%	$28.7M-23.4%	$37.5M-0.3%	$37.6M-11.3%	$42.4M+2.9%	$41.2M+0.5%	$41.0M-28.0%	$57.0M-11.6%	$64.5M
Share Buybacks	$105.5M	$122.4M-36.1%	$191.6M-1.1%	$193.9M+164.2%	$73.4M+9.1%	$67.2M-36.3%	$105.6M-12.4%	$120.6M-29.5%	$170.9M-4.2%	$178.5M-16.2%	$212.9M-5.7%	$225.7M+175.3%	$82.0M+24.1%	$66.1M+22.5%	$53.9M-13.9%	$62.6M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$189.4M+990.7%	-$162.6M-180.9%	$162.9M+181.3%	-$127.6M-1652.0%	$17.4M+16.4%	$201.0M+2480.0%	-$200.4M-11204.4%	$8.2M-56.2%
Depreciation & Amortization	$59.5M+27.0%	$58.4M+27.2%	$54.7M+31.0%	$49.3M+25.6%	$46.9M+29.3%	$45.9M+29.3%	$41.8M-17.7%	$39.3M+22.2%
Investing Cash Flow	-$335.1M-31.5%	-$53.3M-21.0%	-$844.0M-96.7%	-$467.1M-159.7%	-$254.8M-3.1%	-$44.1M+30.0%	-$429.2M-114.9%	-$179.9M+15.3%
Financing Cash Flow	$141.8M-42.1%	$230.0M+263.3%	$647.1M+2.9%	$623.5M+301.6%	$244.7M-4.7%	-$140.8M-354.2%	$628.9M+210.5%	$155.2M-20.5%
Dividends Paid	$45.3M+34.9%	$28.6M+21.4%	$37.4M+12.8%	$34.7M+9.2%	$33.5M+15.9%	$23.5M+35.3%	$33.2M+20.3%	$31.8M+19.2%
Share Buybacks	$26.2M-2.7%	$23.3M-40.9%	$27.9M-27.3%	$28.1M-48.7%	$26.9M-55.2%	$39.4M+2.7%	$38.4M-19.9%	$54.8M+4.1%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

ZARE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ZARE quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	66.9%-0.7pp	67.6%+1.3pp	66.3%	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%-1.5pp	66.8%-0.4pp	67.2%+1.4pp	65.9%-3.4pp	69.2%-1.2pp	70.5%	N/A	N/A	N/A	5.5%
Net Margin	-13.6%-4.7pp	-8.9%+8.8pp	-17.7%-4.3pp	-13.4%-27.4pp	14.1%+22.1pp	-8.0%-91.0pp	83.0%+83.7pp	-0.7%-40.9pp	40.2%+14.8pp	25.5%-29.7pp	55.2%+42.6pp	12.6%-11.5pp	24.1%+34.4pp	-10.3%+16.1pp	-26.4%
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%-36.4pp	32.7%+33.1pp	-0.4%-20.0pp	19.6%+8.9pp	10.7%-9.1pp	19.8%+15.5pp	4.3%-3.1pp	7.4%+10.3pp	-3.0%+3.6pp	-6.6%
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%-9.3pp	8.6%+8.7pp	-0.1%-5.0pp	4.9%+1.8pp	3.1%-3.3pp	6.3%+5.0pp	1.4%-0.9pp	2.3%+3.1pp	-0.8%+1.3pp	-2.2%
Debt-to-Equity	4.53+0.9x	3.62+1.2x	2.47+0.8x	1.71-0.6x	2.35-0.1x	2.40+0.6x	1.81-1.2x	3.00+0.5x	2.49+0.5x	2.03+0.3x	1.75-0.3x	2.02-0.1x	2.10-0.3x	2.44+0.5x	1.90
Asset Turnover	0.070.0x	0.070.0x	0.080.0x	0.070.0x	0.070.0x	0.090.0x	0.100.0x	0.120.0x	0.120.0x	0.120.0x	0.110.0x	0.110.0x	0.090.0x	0.080.0x	0.08

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	70.2%+4.1pp	68.9%+3.0pp	69.0%-0.7pp	64.6%-1.1pp	66.0%-0.7pp	65.9%-1.4pp	69.7%+2.7pp	65.7%-0.7pp
Net Margin	-9.0%+10.0pp	-14.7%+0.8pp	-13.5%-8.4pp	-6.8%-4.6pp	-19.1%-5.1pp	-15.5%-0.4pp	-5.1%+19.7pp	-2.1%+13.7pp
Return on Equity	-1.8%+1.6pp	-3.1%-0.5pp	-2.9%-2.2pp	-1.3%-1.0pp	-3.5%-1.5pp	-2.6%-0.7pp	-0.7%+2.2pp	-0.3%+1.4pp
Return on Assets	-0.2%+0.2pp	-0.3%0.0pp	-0.3%-0.2pp	-0.1%-0.1pp	-0.4%-0.1pp	-0.3%0.0pp	-0.1%+0.4pp	0.0%+0.3pp
Debt-to-Equity	3.39-0.4x	4.03+0.6x	4.53+0.9x	4.09+1.1x	3.76+0.8x	3.42+0.9x	3.62+1.2x	2.94+0.8x
Asset Turnover	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

Where Ares Real Estate Ranks

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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $68.0M while generating $253.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 2.33x, 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.