A Business at a Glance
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BlackRock, Inc.
BLK
$166.0B
Mkt Cap
$1,055.67
+1.78%
BlackRock, Inc. (BLK) has a current P/E ratio of 29.9, 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 $164.0B. It is classified as a large-cap stock.
Yes, BlackRock, Inc. (BLK) pays a dividend with a trailing twelve-month yield of 1.97%.
Based on historical P/E analysis, BlackRock, Inc. (BLK) appears expensive. The current P/E of 29.9 is 23% above its historical median of 24.4. The estimated fair value CAGR (P/E method) is 2.7%.
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 is a leading global investment management firm with $14.0 trillion in assets under management, serving institutional and retail clients across more than 100 countries through approximately 24,900 employees in over 30 countries. The company operates a diversified platform offering alpha-seeking active, private markets, index, and cash management investment strategies across equities, fixed income, alternatives, digital assets, currencies, and commodities, distributed through mutual funds, exchange-traded funds (iShares), separate accounts, and collective trust vehicles. BlackRock generates revenue primarily through investment management fees calculated as a percentage of AUM, supplemented by performance fees on certain portfolios and securities lending revenue, while also offering proprietary technology and subscription services including Aladdin, Aladdin Wealth, eFront, Preqin, and Cachematrix to institutional and wealth management clients. The company's competitive differentiation rests on its model of client choice across index and active strategies, strong investment performance capabilities, research and data analytics infrastructure, global reach with approximately 60% of employees outside the US, fiduciary-focused client relationships, and continuous innovation in technology products and solutions. BlackRock serves a diverse client base including tax-exempt institutions (pension plans, foundations, endowments), official institutions (central banks, sovereign wealth funds), taxable institutions (insurance companies, financial institutions), and retail intermediaries, with approximately 35% of total AUM managed for clients domiciled outside the US. The company operates as an independent, publicly traded entity with no single majority shareholder and maintains a significant global sales and marketing presence focused on establishing and maintaining investment management and technology service relationships through direct marketing and third-party distribution channels.
【Private markets and technology scaling】 Management expects continued momentum in organic base fee growth, which has exceeded the 5% baseline target, with particular strength anticipated in private markets and technology services as the company integrates recent acquisitions including HPS Investment Partners and Preqin. The company targets $400 billion in gross private markets fundraising through 2030, powered by origination capabilities, investment performance, and client relationships, with infrastructure and private credit strategies leading growth. BlackRock anticipates margin expansion toward a 45% or greater adjusted operating margin profile, supported by operating leverage from organic revenue growth and disciplined expense management, with G&A expected to grow in the mid-single-digit percentage range in 2026 after annualizing for HPS and Preqin integration. The company is positioned to benefit from regulatory developments including the Department of Labor's proposed framework for including private assets in target-date funds, with plans to launch LifePath target-date funds incorporating private markets allocations. Management expects headcount to remain broadly flat in 2026 while continuing to invest in technology and automation to drive efficiency and scale benefits for clients and shareholders.
| Metric | Target | Period |
|---|---|---|
| Share repurchases | at least $450 million per quarter | remainder of 2026 |
| Share repurchases | $1.8 billion | full year 2026 |
| Adjusted operating margin | 45% or greater | ongoing target |
| Private markets fundraising | $400 billion | through 2030 |
| Headcount | broadly flat | 2026 |
Share repurchases (remainder of 2026): “At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $450 million of shares per quarter for the balance of the year, consistent with our January guidance.”
Share repurchases (full year 2026): “At present, based on capital spending plans for the year and subject to market and other conditions, we are targeting the purchase of $1.8 billion worth of shares during 2026.”
Adjusted operating margin (ongoing target): “As I laid out at 2025 Investor Day, we continue to target a 45% or greater adjusted operating margin with our margin on recurring fee-related earnings running higher.”
Private markets fundraising (through 2030): “We plan to raise a cumulative $400 billion in private markets by 2030.”
Headcount (2026): “Additionally, we would expect BlackRock's headcount to be broadly flat in 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| 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 | 25.6B | 24.2B | 20.4B | 17.9B | 17.9B |
| Net Income | 6.3B | 5.6B | 6.4B | 5.5B | 5.2B |
| EPS | $40.33 | $35.31 | $42.01 | $36.51 | $33.97 |
| Free Cash Flow | 3.7B | 3.6B | 4.7B | 3.8B | 4.4B |
| ROIC | 10.4% | 8.6% | 11.9% | 12.9% | - |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 0.22 | 0.23 | 0.26 | 0.20 | - |
| Dividends/Share | $0.00 | $20.84 | $20.40 | $20.00 | $19.52 |
| Operating Income | 8.2B | 7.0B | 7.6B | 6.3B | 6.4B |
| Operating Margin | 31.8% | 29.1% | 37.1% | 35.1% | 35.7% |
| ROE | 11.0% | 10.7% | 14.7% | 14.2% | - |
| Shares Outstanding | 155M | 157M | 152M | 151M | 152M |
| Metric | |||||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 17.9B | 17.9B | 20.4B | 24.2B | 25.6B |
| 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 | 8.2B |
| Op. Margin | 35.7% | 35.1% | 37.1% | 29.1% | 31.8% |
| Net Income | 5.2B | 5.5B | 6.4B | 5.6B | 6.3B |
| Net Margin | 29.0% | 30.8% | 31.2% | 22.9% | 24.4% |
| Non-Recurring | 91M | 61M | 0 | 39M | 39M |
| Returns on Capital | |||||
| ROIC | N/A | 12.9% | 11.9% | 8.6% | 10.4% |
| ROE | N/A | 14.2% | 14.7% | 10.7% | 11.0% |
| ROA | N/A | 8.9% | 4.9% | 3.6% | 3.7% |
| Cash Flow | |||||
| Op. Cash Flow | 5.0B | 4.2B | 5.0B | 3.9B | 4.1B |
| Free Cash Flow | 4.4B | 3.8B | 4.7B | 3.6B | 3.7B |
| Owner Earnings | 4.0B | 3.3B | 3.9B | 2.3B | 862M |
| CapEx | 533M | 344M | 255M | 375M | 403M |
| Maint. CapEx | 251M | 263M | 270M | 297M | 1.8B |
| Growth CapEx | 282M | 81M | 0 | 78M | 0 |
| D&A | 251M | 263M | 270M | 297M | 1.8B |
| CapEx/OCF | 10.8% | 8.3% | 5.1% | 9.5% | 9.9% |
| 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 | 1.4B |
| Debt Repayment | 750M | 0 | 1.0B | 796M | 796M |
| Balance Sheet | |||||
| Net Debt | -7.4B | -818M | -448M | 1.3B | 2.9B |
| Cash & Equiv. | 7.4B | 8.7B | 12.8B | 11.5B | 9.8B |
| Long-Term Debt | 0 | 7.9B | 12.3B | 12.8B | 12.7B |
| Debt/Equity | N/A | 0.20 | 0.26 | 0.23 | 0.22 |
| Interest Coverage | 30.1 | 21.5 | 14.1 | 11.5 | 14.0 |
| Equity | N/A | 39.3B | 47.5B | 55.9B | 56.7B |
| Total Assets | N/A | 123.2B | 138.6B | 170.0B | 170.2B |
| Total Liabilities | N/A | 82.0B | 89.3B | 108.5B | 106.9B |
| Intangibles | N/A | 18.3B | 20.7B | 28.0B | 27.7B |
| Retained Earnings | N/A | 32.3B | 35.6B | 37.9B | 39.2B |
| 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 | 40.33 |
| Owner EPS | 26.22 | 21.71 | 25.94 | 14.77 | 5.55 |
| Book Value | N/A | 261.10 | 313.28 | 355.38 | 364.87 |
| Cash Flow/Share | 32.51 | 27.64 | 32.69 | 24.97 | 52.03 |
| Dividends/Share | 19.52 | 20.00 | 20.40 | 20.84 | 0.00 |
| Shares Out. | 152.4M | 150.7M | 151.6M | 157.3M | 155.4M |
| Valuation | |||||
| P/E Ratio | N/A | 21.3 | 24.4 | 30.8 | 26.2 |
| P/FCF | N/A | 30.7 | 33.0 | 48.2 | 44.7 |
| EV/EBIT | N/A | 17.2 | 42.3 | 49.0 | 20.5 |
| Price/Book | N/A | 3.0 | 7.0 | 6.4 | 2.9 |
| Price/Sales | N/A | 5.5 | 13.4 | 13.8 | 6.4 |
| FCF Yield | N/A | 3.3% | 1.4% | 1.0% | 2.2% |
| Market Cap | 0 | 117.5B | 333.9B | 355.1B | 164.0B |
| Avg. Price | 0.00 | 652.44 | 838.10 | 1,024.16 | 1,055.67 |
| Year-End Price | N/A | 779.44 | 1,023.21 | 1,088.11 | 1,055.67 |
BlackRock, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
BlackRock, Inc. trades at 29.9x 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 46.2x 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 -2.8%.
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.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in organic base fee growth, which has exceeded the 5% baseline target, with particular strength anticipated in private markets and technology services as the company integrates recent acquisitions including HPS Investment Partners and Preqin. The company targets $400 billion in gross private markets fundraising through 2030, powered by origination capabilities, investment performance, and client relationships, with infrastructure and private credit strategies leading growth. BlackRock anticipates margin expansion toward a 45% or greater adjusted operating margin profile, supported by operating leverage from organic revenue growth and disciplined expense management, with G&A expected to grow in the mid-single-digit percentage range in 2026 after annualizing for HPS and Preqin integration. The company is positioned to benefit from regulatory developments including the Department of Labor's proposed framework for including private assets in target-date funds, with plans to launch LifePath target-date funds incorporating private markets allocations. Management expects headcount to remain broadly flat in 2026 while continuing to invest in technology and automation to drive efficiency and scale benefits for clients and shareholders.
Based on recent SEC filings and earnings calls, BlackRock, Inc. (BLK) has provided the following forward guidance: Share repurchases: at least $450 million per quarter (remainder of 2026); Share repurchases: $1.8 billion (full year 2026); Adjusted operating margin: 45% or greater (ongoing target); Private markets fundraising: $400 billion (through 2030); Headcount: broadly flat (2026).