BlackRock, Inc. (BLK)
Financials · Asset Management & Custody Banks · US stock · S&P 500 component
$1,137.29
▼ -12.31 (1.07%)
Fair valueFair
$1,089 −4.3% to fair value
$544fair band $927–$1,320$1,633
Day's range
$1,134.38 – $1,159.99
52-week range
$917.39 – $1,187.17
Red flags⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk
About BlackRock, Inc.
Index and actively managed strategies form the core of BlackRock, a global investment manager that offers them through exchange-traded funds, mutual funds and institutional mandates. Its iShares range of exchange-traded funds is one of its major product lines. It also provides Aladdin, a technology platform for portfolio management and risk analysis. Clients include pension funds, insurers, sovereign investors, financial advisers and individual savers around the world.
Advisory fees charged as a share of assets under management are the main source of revenue, along with technology services and performance fees. Revenue was $27.3 billion over the last twelve months, having grown at 10.7% a year across the last three years. The operating margin is 32.6%, and the business earns 11% on the capital invested in it. On the site's X-Ray Score it receives 34 out of 100.
Price chart
52-wk range $917.39 – $1,187.17Volume 732,925Daily, split-adjusted
Vitals
Market cap$187.3B
52-week range$917.39 – $1,187.17
Volume (last day)732,925
P/E (TTM)28.3
EBIT / EV yield4.6%
Free-cash-flow yield1.9%
Dividend yield2.0%
Revenue (TTM)$27.3B
Net income (TTM)$6.6B
Operating margin32.6%
Return on capital11.1%
Debt incl. leases$15.0B
Cash & securities$10.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$1,089middle half of models $1,071 – $1,120
Fair
−4.3% to fair value
Average of the 3 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $1,137
Undervalued < $927Fair $927 – $1,320Overvalued > $1,320
P/E multiple
$1,116
P/B multiple
$1,125
P/S multiple
$1,026
Dividend discount, multi-stage · not used
$2,812
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
16/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield1.9%
Fair value vs price1.0×
Growth
Fair
54/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.7%
EPS growth (3y)1.3%
Growth consistency100%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital11.1%
Operating margin32.6%
Financial health
Weak
30/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score3 / 9
Net debt / EBITDA0.5×
Interest cover16.4×
Dividends
Weak
21/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.0%
Dividends vs free cash flow105%
Quarterly results: last 6 quarters
+11.6%
Mar '25
+12.9%
Jun '25
+25.2%
Sep '25
+23.4%
Dec '25
+27.0%
Mar '26
+30.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.1B, diluted EPS $12.19.
Compare with peers
AMP Ameriprise Financial I...67 APO Apollo Global Manageme...60 BX Blackstone Inc.53 STT State Street Corp50Other Asset Management & Custody Banks companies by X-Ray Score.
SWOT analysis: BlackRock, Inc.
Strengthsinside the company
- Revenue has grown 10.7% a year over three years (median 6.1% for industry peers).
- Net debt is only 0.5x EBITDA.
- Operating profit covers interest 16x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 11.1% is well below the 21.8% median of industry peers.
- Passes only 3 of the 9 Piotroski tests, which shows weak or worsening financial trends.
- Dividends (2.0% yield) are larger than free cash flow (payout 105% of it).
Opportunitiesvaluation and setting
- Revenue growth picked up to 18.7% last year from 10.7% a year over three years.
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 28.5x earnings, 92% above the 14.8x median of industry peers, so the price already assumes better results.
- Our checks raised: Heavy dilution; Dividend may be at risk.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BLK with peers and sector
Medians of 9 Asset Management & Custody Banks peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): BNY 44, BX 53, APO 60, STT 50, AMP 67, NTRS 41.
| Metric | BLK | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 34 | 45 | 50 |
| Valuation | 15 | 47 | 52 |
| Growth | 54 | 49 | 54 |
| Profitability | 44 | 47 | 49 |
| Financial health | 29 | 50 | 51 |
| Dividends | 21 | 45 | 54 |
Sector leaders: highest X-Ray Score in Financials
BLK ranks #67 of 71 in Financials and #9 of 10 in Asset Management & Custody Banks by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BLK
Each factor is rated by where BLK stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 2 Good · 1 Average · 5 Bad of 8
Growth: 2 · 0 · 1
Profitability: 0 · 1 · 1
Valuation: 0 · 0 · 3
| Factor | BLK | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.7% | Good beats 67% | +8.3% | – | – |
| Revenue growth, last year | +18.7% | Good beats 87% | +6.9% | +14.3% | ▲ Better |
| EPS growth, 3 years a year | +1.3% | Bad beats 22% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 24.1% | Average beats 61% | 21.8% | 29.9% | ▼ Worse |
| Return on equity | 11.4% | Bad beats 31% | 15.7% | 13.7% | ▼ Worse |
| Valuation | |||||
| P/E ratio | 28.5x | Bad beats 14% | 13.8x | 23.3x | ▼ Worse |
| Price / book | 3.3x | Bad beats 29% | 2.2x | 3.1x | ≈ In line |
| Price / sales | 6.9x | Bad beats 21% | 3.1x | 7.0x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 1 Good · ● 5 Average · ● 7 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 34/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | – | $17.9B | $17.9B | $20.4B | $24.2B |
| Operating income | – | $6.4B | $6.3B | $7.6B | $7.0B |
| Net income | $5.9B | $5.2B | $5.5B | $6.4B | $5.6B |
| Operating cash flow | – | $5.0B | $4.2B | $5.0B | $3.9B |
| Operating margin | – | 35.7% | 35.1% | 37.1% | 29.1% |
| Free cash flow | – | $4.4B | $3.8B | $4.7B | $3.6B |
| Diluted EPS | – | $33.97 | $36.51 | $42.01 | $35.31 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 1,110.2 | Bullish |
| EMA 10 | 1,116.0 | Bullish |
| SMA 20 | 1,089.5 | Bullish |
| EMA 20 | 1,101.5 | Bullish |
| SMA 50 | 1,103.7 | Bullish |
| EMA 50 | 1,092.2 | Bullish |
| SMA 100 | 1,072.1 | Bullish |
| EMA 100 | 1,079.8 | Bullish |
| SMA 200 | 1,053.2 | Bullish |
| EMA 200 | 1,062.7 | Bullish |
Oscillators (daily)
| RSI (14) | 61.38 | Neutral |
| MACD (12, 26) | 13.40 | Bullish |
| Momentum (12) | 5.36 | Bullish |
| Stochastic %K (14) | 81.02 | Bearish |
| Williams %R (14) | -18.98 | Bearish |
| CCI (20) | 144.8 | Bearish |
Pivot points (classic, last session)
S3 1,102.2 | S2 1,118.3 | S1 1,127.8 | Pivot 1,143.9 | R1 1,153.4 | R2 1,169.5 | R3 1,179.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
22.40 USD
Yield on today's price
1.97%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 5.7300 | |
| 5.7300 | |
| 5.7300 | |
| 5.2100 | |
| 5.2100 | |
| 5.2100 | |
| 5.2100 | |
| 5.1000 | |
| 5.1000 | |
| 5.1000 | |
| 5.1000 | |
| 5.0000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BLK
| ETF | Share of the fund |
|---|---|
| IYF iShares U.S. Financials | 2.54% |
| VFH Vanguard Financials | 1.86% |
| XLF Financial Select Sector SPDR | 1.83% |
| CGUS Capital Group Core Equity | 1.56% |
| DGRO iShares Core Dividend Growth | 0.75% |
| MGV Vanguard Mega Cap Value | 0.70% |
| VIG Vanguard Dividend Appreciation | 0.68% |
| VYM Vanguard High Dividend Yield | 0.68% |
The eight funds with the largest weight in BLK among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BLK SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.