A Business at a Glance
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BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $14.0 trillion of assets under management (“AUM”) at December 31, 2025. With approximately 24,900 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients worldwide. On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the "HPS Transaction" or "HPS"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. Concurrent with the acquisition, BlackRock Finance, Inc.
| Segment | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|
Revenue by Investment Style | $14.45B | $14.40B | $16.10B | $19.18B | 31% |
Revenue by Client Type | $14.45B | $14.40B | $16.10B | $19.18B | 31% |
Investment Advisory, Administration Fees and Securities Lending Revenue | $14.45B | $14.40B | $16.10B | $19.18B | 31% |
Technology Services and Subscription Revenue | — | $1.49B | $1.60B | $1.98B | 3% |
Investment Advisory Performance Fees | $514M | $554M | $1.21B | $1.42B | 2% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 24.2B | 24.2B | 20.4B | 17.9B | 17.9B |
| Net Income | 5.6B | 5.6B | 6.4B | 5.5B | 5.2B |
| EPS | $35.31 | $35.31 | $42.01 | $36.51 | $33.97 |
| Free Cash Flow | 3.6B | 3.6B | 4.7B | 3.8B | 4.4B |
| ROIC | 9.5% | 8.6% | 11.9% | 12.9% | - |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 0.23 | 0.23 | 0.26 | 0.20 | - |
| Dividends/Share | $0.00 | $20.84 | $20.40 | $20.00 | $19.52 |
| Operating Income | 7.0B | 7.0B | 7.6B | 6.3B | 6.4B |
| Operating Margin | 29.1% | 29.1% | 37.1% | 35.1% | 35.7% |
| ROE | 9.9% | 10.7% | 14.7% | 14.2% | - |
| Shares Outstanding | 157M | 157M | 152M | 151M | 152M |
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 17.9B | 17.9B | 20.4B | 24.2B | 24.2B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.1B | 2.1B | 2.3B | 2.7B | 2.7B |
| EBIT | 6.4B | 6.3B | 7.6B | 7.0B | 7.0B |
| Op. Margin | 35.7% | 35.1% | 37.1% | 29.1% | 29.1% |
| Net Income | 5.2B | 5.5B | 6.4B | 5.6B | 5.6B |
| Net Margin | 29.0% | 30.8% | 31.2% | 22.9% | 22.9% |
| Non-Recurring | 91M | 61M | 0 | 39M | 39M |
| Returns on Capital | |||||
| ROIC | N/A | 12.9% | 11.9% | 8.6% | 9.5% |
| ROE | N/A | 14.2% | 14.7% | 10.7% | 9.9% |
| ROA | N/A | 8.9% | 4.9% | 3.6% | 3.3% |
| Cash Flow | |||||
| Op. Cash Flow | 5.0B | 4.2B | 5.0B | 3.9B | 3.9B |
| Free Cash Flow | 4.4B | 3.8B | 4.7B | 3.6B | 3.6B |
| Owner Earnings | 4.0B | 3.3B | 3.9B | 2.3B | 2.3B |
| CapEx | 533M | 344M | 255M | 375M | 375M |
| Maint. CapEx | 251M | 263M | 270M | 297M | 297M |
| Growth CapEx | 282M | 81M | 0 | 78M | 78M |
| D&A | 251M | 263M | 270M | 297M | 297M |
| CapEx/OCF | N/A | 8.3% | 5.1% | 9.5% | 9.5% |
| Capital Allocation | |||||
| Dividends Paid | 3.0B | 3.0B | 3.1B | 0 | 0 |
| Dividend Yield | N/A | 3.1% | 2.4% | N/A | N/A |
| Share Buybacks | 2.3B | 1.9B | 1.9B | 0 | 0 |
| Buyback Yield | 0.0% | 1.6% | N/A | N/A | 0.0% |
| Stock-Based Comp | 708M | 630M | 753M | 1.3B | 1.3B |
| Debt Repayment | 750M | 0 | 1.0B | 796M | 796M |
| Balance Sheet | |||||
| Net Debt | -7.4B | -818M | -448M | 1.3B | 1.3B |
| Cash & Equiv. | 7.4B | 8.7B | 12.8B | 11.5B | 11.5B |
| Long-Term Debt | 0 | 7.9B | 12.3B | 12.8B | 12.8B |
| Debt/Equity | N/A | 0.20 | 0.26 | 0.23 | 0.23 |
| Interest Coverage | 30.1 | 21.5 | 14.1 | 11.5 | 11.5 |
| Equity | N/A | 39.3B | 47.5B | 55.9B | 55.9B |
| Total Assets | N/A | 123.2B | 138.6B | 170.0B | 170.0B |
| Total Liabilities | N/A | 82.0B | 89.3B | 108.5B | 108.5B |
| Intangibles | N/A | 18.3B | 20.7B | 28.0B | 28.0B |
| Retained Earnings | N/A | 32.3B | 35.6B | 37.9B | 37.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||
| EPS | 33.97 | 36.51 | 42.01 | 35.31 | 35.31 |
| Owner EPS | 26.22 | 21.71 | 25.94 | 14.77 | 14.77 |
| Book Value | N/A | 261.10 | 313.28 | 355.38 | 355.38 |
| Cash Flow/Share | 32.51 | 27.64 | 32.69 | 24.97 | 37.20 |
| Dividends/Share | 19.52 | 20.00 | 20.40 | 20.84 | 0.00 |
| Shares Out. | 152.4M | 150.7M | 151.6M | 157.3M | 157.3M |
| Valuation | |||||
| P/E Ratio | N/A | 21.3 | 24.4 | 30.8 | 29.0 |
| P/FCF | N/A | 30.7 | 33.0 | 48.2 | 45.3 |
| EV/EBIT | N/A | 17.2 | 42.3 | 49.0 | 23.0 |
| Price/Book | N/A | 3.0 | 7.0 | 6.4 | 2.9 |
| Price/Sales | N/A | 5.5 | 13.4 | 13.8 | 6.6 |
| FCF Yield | N/A | 3.3% | 1.4% | 1.0% | 2.2% |
| Market Cap | 0 | 117.5B | 333.9B | 355.1B | 161.0B |
| Avg. Price | 0.00 | 652.44 | 838.10 | 1,024.16 | 1,023.65 |
| Year-End Price | 0.00 | 779.44 | 1,023.21 | 1,088.11 | 1,023.65 |
BlackRock, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
BlackRock, Inc. trades at 29.0x trailing earnings, compared to its 15-year median P/E of 24.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 44.8x vs a median of 33.0x. The company's 5-year average ROIC is 11.2%. Total shareholder yield (dividends) is 2.0%. At current prices, the estimated annualized return to fair value is -3.0%.
BlackRock, Inc. (BLK) has a current P/E ratio of 29.0, compared to its historical median P/E of 24.4. The stock is currently considered Expensive based on its historical valuation range.
BlackRock, Inc. (BLK) has a 5-year average return on invested capital (ROIC) of 11.2%. This indicates solid capital allocation.
BlackRock, Inc. (BLK) has a market capitalization of $161.0B. It is classified as a large-cap stock.
Yes, BlackRock, Inc. (BLK) pays a dividend with a trailing twelve-month yield of 2.04%.
Based on historical P/E analysis, BlackRock, Inc. (BLK) appears expensive. The current P/E of 29.0 is 19% above its historical median of 24.4. The estimated fair value CAGR (P/E method) is 3.0%.
BlackRock, Inc. (BLK) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
BlackRock, Inc. (BLK) reported annual revenue of $24.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
BlackRock, Inc. (BLK) has a net profit margin of 22.9%. This is a strong margin indicating high profitability.
BlackRock, Inc. (BLK) generated $3.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BlackRock, Inc. (BLK) has a debt-to-equity ratio of 0.23. This indicates a conservatively financed balance sheet.
BlackRock, Inc. (BLK) reported earnings per share (EPS) of $35.31 in its most recent fiscal year.
BlackRock, Inc. (BLK) has a return on equity (ROE) of 10.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 4 years of financial data for BlackRock, Inc. (BLK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BlackRock, Inc. (BLK) has a book value per share of $355.38, based on its most recent annual SEC filing.