A Business at a Glance
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Blackstone Inc.
BX
$101.4B
Mkt Cap
$130.00
+4.42%
Blackstone Inc. (BX) has a current P/E ratio of 33.6, compared to its historical median P/E of 21.3. The stock is currently considered Fair based on its historical valuation range.
Blackstone Inc. (BX) has a 5-year average return on invested capital (ROIC) of 17.1%. This indicates strong capital allocation and a potential competitive advantage.
Blackstone Inc. (BX) has a market capitalization of $97.7B. It is classified as a large-cap stock.
Yes, Blackstone Inc. (BX) pays a dividend with a trailing twelve-month yield of 6.22%.
Based on historical P/E analysis, Blackstone Inc. (BX) appears fair. The current P/E of 33.6 is 58% above its historical median of 21.3. The estimated fair value CAGR (P/E method) is 1.4%.
Blackstone Inc. (BX) operates in the Investment Advice industry, within the Financials sector.
Blackstone Inc. (BX) reported annual revenue of $14.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Blackstone is the world's largest alternative asset manager with over $1.3 trillion in total assets under management as of December 31, 2025, serving institutional investors including pension funds and insurance companies, as well as individual investors through private wealth vehicles. The firm operates four business segments—Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing—each employing specialized investment teams across global markets to generate risk-adjusted returns through a solutions-oriented approach. Blackstone's business model centers on earning management fees based on assets under management and performance-based revenues when fund investments appreciate or are realized, with a growing emphasis on perpetual capital vehicles that generate recurring fee streams without redemption requirements. The firm's competitive advantages include its scale, diversified portfolio of strategies spanning real estate, private equity, infrastructure, life sciences, credit, and hedge funds, a rigorous investment process, and strong long-term investment performance that has enabled continuous innovation into new asset classes and distribution channels. Blackstone operates globally with approximately 5,285 employees, including 268 senior managing directors, and maintains a capital-light business model that relies on raising third-party capital rather than leveraging its balance sheet, positioning it to serve as a trusted solutions provider to corporations, financial sponsors, and individual investors across multiple geographies and market conditions.
【Broad-based growth momentum】 Management expects 2026 to be the firm's busiest year yet in terms of product launches, with significant focus on multi-asset opportunities and continued expansion of perpetual capital strategies across real estate, private equity, credit, and infrastructure. Base management fees are expected to continue on a strong positive trajectory, underpinned by robust growth in private equity, credit and insurance, and multi-asset investing segments, with real estate management fees consistent with recent levels in the near term and contributions from the capital markets business. The firm anticipates strong fee-related performance revenues driven by drawdown fund business activity building through the year, particularly as new fundraisers move through fee holidays and into fee-earning periods by year-end, while net realizations are expected to accelerate as transaction activity and market conditions improve. Management is optimistic about the multi-year outlook given embedded value and realization potential, supported by secular tailwinds including AI infrastructure investment, energy transition, life sciences advancements, and the opening of the defined contribution market to alternatives, which should expand the universe of investors accessing Blackstone's capabilities.
No forward guidance provided.
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, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.8B | 14.5B | 13.2B | 8.0B | 8.5B | 22.6B |
| Net Income | 3.1B | 3.0B | 2.8B | 1.4B | 1.7B | 5.9B |
| EPS | $4.09 | $3.87 | $3.62 | $1.84 | $2.36 | $8.13 |
| Free Cash Flow | 4.4B | 4.5B | 3.4B | 3.8B | 6.1B | 3.9B |
| ROIC | -0.6% | 14.8% | 14.6% | 7.2% | 9.3% | 39.5% |
| Gross Margin | - | 61.7% | 63.1% | 58.9% | 59.8% | 63.5% |
| Debt/Equity | 1.60 | 2.90 | 2.79 | 3.41 | 3.26 | 1.67 |
| Dividends/Share | $8.08 | $7.71 | $5.77 | $5.65 | $8.80 | $6.39 |
| Operating Income | -146M | -271M | 6.5B | -93M | 185M | 13.6B |
| Operating Margin | -1.0% | -1.9% | 48.8% | -1.2% | 2.2% | 60.1% |
| ROE | 36.5% | 35.8% | 36.9% | 19.2% | 20.5% | 72.9% |
| Shares Outstanding | 752M | 780M | 767M | 756M | 741M | 720M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.5B | 4.6B | 5.1B | 7.1B | 6.8B | 7.3B | 6.1B | 22.6B | 8.5B | 8.0B | 13.2B | 14.5B | 14.8B |
| Gross Margin | 59.2% | 51.7% | 58.4% | 58.1% | 60.9% | 59.3% | 59.1% | 63.5% | 59.8% | 58.9% | 63.1% | 61.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 549M | 576M | 542M | 489M | 595M | 679M | 712M | 918M | 1.1B | 1.1B | 1.4B | 1.5B | 1.6B |
| EBIT | 4.0B | 1.8B | 55M | -133M | 672M | 3.8B | -253M | 13.6B | 185M | -93M | 6.5B | -271M | -146M |
| Op. Margin | 53.3% | 39.1% | 1.1% | -1.9% | 9.8% | 52.0% | -4.1% | 60.1% | 2.2% | -1.2% | 48.8% | -1.9% | -1.0% |
| Net Income | 1.6B | 710M | 1.0B | 1.5B | 1.5B | 2.0B | 1.0B | 5.9B | 1.7B | 1.4B | 2.8B | 3.0B | 3.1B |
| Net Margin | 21.2% | 15.3% | 20.2% | 20.6% | 22.6% | 27.9% | 17.1% | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% | 20.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 10.9% | 4.8% | 7.3% | 7.9% | 8.0% | 11.6% | 6.8% | 39.5% | 9.3% | 7.2% | 14.6% | 14.8% | -0.6% |
| ROE | 16.3% | 10.6% | 16.3% | 22.5% | 23.7% | 30.6% | 15.3% | 72.9% | 20.5% | 19.2% | 36.9% | 35.8% | 36.5% |
| ROA | 5.2% | 2.6% | 4.2% | 4.8% | 4.9% | 6.7% | 3.6% | 17.4% | 4.2% | 3.4% | 6.6% | 6.6% | 6.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7B | 2.4B | -89M | -1.6B | 46M | 2.0B | 1.9B | 4.0B | 6.3B | 4.1B | 3.5B | 4.7B | 4.5B |
| Free Cash Flow | 1.6B | 2.3B | -110M | -1.7B | 27M | 1.9B | 1.8B | 3.9B | 6.1B | 3.8B | 3.4B | 4.5B | 4.4B |
| Owner Earnings | 790M | 1.6B | -527M | -2.0B | -404M | 1.4B | 1.4B | 3.2B | 5.4B | 2.9B | 2.2B | 3.1B | 2.6B |
| CapEx | 30M | 59M | 22M | 24M | 18M | 60M | 112M | 64M | 235M | 224M | 61M | 116M | 120M |
| Maint. CapEx | 131M | 127M | 115M | 72M | 83M | 97M | 106M | 127M | 136M | 134M | 135M | 134M | 385M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M | 0 | 99M | 90M | 0 | 0 | 0 |
| D&A | 131M | 127M | 115M | 72M | 83M | 97M | 106M | 127M | 136M | 134M | 135M | 134M | 385M |
| CapEx/OCF | 1.8% | 2.5% | N/A | N/A | 40.2% | 3.1% | 5.8% | 1.6% | 3.7% | 5.5% | 1.8% | 2.5% | 2.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 2.8B | 3.0B | 2.4B | 2.4B | 4.6B | 6.5B | 4.3B | 4.4B | 6.0B | 6.1B |
| Dividend Yield | N/A | N/A | N/A | 19.4% | 17.8% | 10.3% | 7.6% | 7.4% | 9.6% | 6.4% | 4.3% | 5.1% | 6.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 542M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 735M | 630M | 324M | 339M | 367M | 417M | 438M | 637M | 846M | 988M | 1.2B | 1.4B | 1.5B |
| Debt Repayment | 1.8B | 518M | 421M | 1.8B | 1.0B | 403M | 1.9M | 0 | 281M | 502M | 103M | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 17.5B | 11.6B | 16.0B | 28.3B | 18.6B | 20.9B | 9.5B | 13.6B | 20.7B | 20.3B | 20.9B | 22.5B | 11.0B |
| Cash & Equiv. | 1.4B | 1.8B | 1.8B | 2.0B | 2.2B | 2.2B | 2.0B | 2.1B | 4.3B | 3.0B | 2.0B | 2.6B | 2.4B |
| Long-Term Debt | 9.5B | 6.7B | 8.9B | 15.2B | 10.4B | 11.5B | 5.7B | 7.9B | 12.5B | 11.6B | 11.5B | 12.6B | 13.4B |
| Debt/Equity | 2.68 | 2.15 | 2.77 | 4.57 | 3.26 | 3.29 | 1.72 | 1.67 | 3.26 | 3.41 | 2.79 | 2.90 | 1.60 |
| Interest Coverage | 32.8 | 12.6 | 0.4 | -0.7 | 4.1 | 19.1 | -1.5 | 68.4 | 0.6 | -0.2 | 14.6 | -0.5 | -0.5 |
| Equity | 7.1B | 6.3B | 6.5B | 6.6B | 6.4B | 7.0B | 6.7B | 9.4B | 7.7B | 6.8B | 8.2B | 8.7B | 8.4B |
| Total Assets | 31.5B | 22.5B | 26.4B | 34.4B | 28.9B | 32.6B | 26.3B | 41.2B | 42.5B | 40.3B | 43.5B | 47.7B | 48.3B |
| Total Liabilities | 14.2B | 10.3B | 13.9B | 20.7B | 15.2B | 17.5B | 11.7B | 19.5B | 22.8B | 22.2B | 24.0B | 25.8B | 26.9B |
| Intangibles | 459M | 346M | 263M | 410M | 469M | 398M | 348M | 284M | 217M | 201M | 165M | 131M | 122M |
| Retained Earnings | 81M | N/A | N/A | N/A | N/A | 610M | 336M | 3.6B | 1.7B | 661M | 808M | 192M | -324M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.58 | 1.04 | 1.56 | 2.21 | 2.26 | 3.03 | 1.50 | 8.13 | 2.36 | 1.84 | 3.62 | 3.87 | 4.09 |
| Owner EPS | 1.29 | 2.40 | -0.79 | -3.06 | -0.59 | 2.14 | 2.00 | 4.47 | 7.23 | 3.88 | 2.84 | 3.95 | 3.49 |
| Book Value | 11.50 | 9.19 | 9.70 | 9.96 | 9.35 | 10.36 | 9.55 | 13.08 | 10.34 | 9.02 | 10.71 | 11.11 | 11.14 |
| Cash Flow/Share | 2.69 | 3.51 | -0.13 | -2.44 | 0.07 | 2.90 | 2.78 | 5.53 | 8.56 | 5.37 | 4.54 | 5.98 | 4.58 |
| Dividends/Share | 1.92 | 2.90 | 1.66 | 4.27 | 4.47 | 3.54 | 3.42 | 6.39 | 8.80 | 5.65 | 5.77 | 7.71 | 8.08 |
| Shares Out. | 614.2M | 682.5M | 666.0M | 665.8M | 682.2M | 676.5M | 696.9M | 720.5M | 740.5M | 755.9M | 767.0M | 780.2M | 751.5M |
| Valuation | |||||||||||||
| P/E Ratio | 7.5 | 18.3 | 11.7 | 10.4 | 10.2 | 14.9 | 35.9 | 13.9 | 27.6 | 67.6 | 46.1 | 39.7 | 31.8 |
| P/FCF | 7.3 | 5.5 | N/A | N/A | 576.9 | 16.1 | 20.5 | 20.8 | 7.9 | 24.5 | 37.4 | 26.4 | 22.1 |
| EV/EBIT | 13.7 | 21.2 | 479.4 | N/A | 47.2 | 22.2 | N/A | 12.9 | 349.9 | N/A | 34.6 | N/A | N/A |
| Price/Book | 1.7 | 2.1 | 1.9 | 2.3 | 2.5 | 4.4 | 5.6 | 8.7 | 6.3 | 13.8 | 15.6 | 13.8 | 11.7 |
| Price/Sales | 1.5 | 3.2 | 2.2 | 2.1 | 2.5 | 3.2 | 5.1 | 2.8 | 8.0 | 8.4 | 7.7 | 8.2 | 6.6 |
| FCF Yield | 13.7% | 18.0% | -0.9% | -10.7% | 0.2% | 6.2% | 4.9% | 4.8% | 12.6% | 4.1% | 2.7% | 3.8% | 4.5% |
| Market Cap | 11.8B | 13.0B | 12.1B | 15.4B | 15.8B | 30.6B | 37.5B | 81.7B | 48.2B | 94.1B | 128.0B | 119.9B | 97.7B |
| Avg. Price | 17.85 | 21.99 | 17.07 | 22.00 | 25.15 | 34.37 | 44.90 | 86.39 | 91.66 | 88.84 | 133.15 | 151.96 | 130.00 |
| Year-End Price | 19.28 | 18.99 | 18.18 | 23.08 | 23.14 | 45.17 | 53.79 | 113.36 | 65.15 | 124.47 | 166.86 | 153.62 | 130.00 |
Blackstone Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Blackstone Inc. trades at 33.6x trailing earnings, compared to its 15-year median P/E of 21.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.2x vs a median of 20.8x. The company's 5-year average ROIC is 17.1% with a gross margin of 61.4%. Total shareholder yield (dividends) is 6.2%. At current prices, the estimated annualized return to fair value is +21.6%.
Blackstone Inc. (BX) has a net profit margin of 20.9%. This is a strong margin indicating high profitability.
Blackstone Inc. (BX) generated $4.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Blackstone Inc. (BX) has a debt-to-equity ratio of 2.90. This indicates higher leverage, which may increase financial risk.
Blackstone Inc. (BX) reported earnings per share (EPS) of $3.87 in its most recent fiscal year.
Blackstone Inc. (BX) has a return on equity (ROE) of 35.8%. This indicates the company generates strong returns for shareholders.
Blackstone Inc. (BX) has a 5-year average gross margin of 61.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for Blackstone Inc. (BX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Blackstone Inc. (BX) has a book value per share of $11.11, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be the firm's busiest year yet in terms of product launches, with significant focus on multi-asset opportunities and continued expansion of perpetual capital strategies across real estate, private equity, credit, and infrastructure. Base management fees are expected to continue on a strong positive trajectory, underpinned by robust growth in private equity, credit and insurance, and multi-asset investing segments, with real estate management fees consistent with recent levels in the near term and contributions from the capital markets business. The firm anticipates strong fee-related performance revenues driven by drawdown fund business activity building through the year, particularly as new fundraisers move through fee holidays and into fee-earning periods by year-end, while net realizations are expected to accelerate as transaction activity and market conditions improve. Management is optimistic about the multi-year outlook given embedded value and realization potential, supported by secular tailwinds including AI infrastructure investment, energy transition, life sciences advancements, and the opening of the defined contribution market to alternatives, which should expand the universe of investors accessing Blackstone's capabilities.