Financials · Asset Management & Custody Banks · US stock · price as of 23 Oct 2026
Key indicators
Price
$1,118.25
52-week range
$917.39 – $1,187.17
Market cap
$184.1B
P/E (trailing)
27.9×
Dividend yield
2.0%
Revenue (last 12 months)
$27.3B
Revenue growth (3y a year)
10.7%
Price / book
3.2×
Return on equity
11.4%
Fair value
Fair value (average of valid models)$1,078.01 middle half of models $1,059 – $1,108
Versus priceFair−4% to fair value
P/E multiple
$1,099.60
P/B multiple
$1,116.52
P/S multiple
$1,017.92
Model uncertainty
Medium
X-Ray Score
34/ 100 · Medium confidence · ahead of 7% of sector peers
Valuation16
Growth54
Profitability44
Financial health29
Dividends21
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives BlackRock, Inc. an X-Ray Score of 34 out of 100 (medium confidence), ahead of 7% of the S&P 500 stocks in its sector. Its strongest lens is growth (54) and its weakest is valuation (16).
Our fair value (the average of the valid models) is $1,078.01 (range $1,058.76 to $1,108.06). At $1,118.25 the stock trades 4% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
BlackRock, Inc. (BLK)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$814.72
$648.54
$764.39
$988.29
$1,053.05
$1,118.25
Market cap
–
$98.9B
$115.2B
$149.8B
$169.4B
$184.1B
P/E
–
19.1×
20.9×
23.5×
29.8×
27.9×
Price / book
–
2.6×
2.9×
3.2×
3.0×
3.2×
Dividend yield
–
3.01%
2.62%
2.06%
1.98%
2.00%
Fundamentals checklist ● 1 Good · ● 3 Average · ● 3 Bad · each check graded against the sector
Risk models
Piotroski F-Score3 of 9Bad
Growth
EPS growth (3y)1.3%Bad
Revenue growth (3y)10.7%Average
Growth consistency100%Good
Valuation
Fair value vs price1.0×Bad
Profitability
Return on invested capital11.1%Average
Operating margin32.6%Average
Red flags
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
BlackRock, Inc. (BLK)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
–
17,873
17,859
20,407
24,216
27,299
Net income
5,901
5,178
5,502
6,369
5,553
6,576
Diluted EPS ($)
–
33.97
36.51
42.01
35.31
40.12
Net margin
–
29.0%
30.8%
31.2%
22.9%
24.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
–
–
123,211
138,615
169,998
175,875
Cash
9,340
7,433
8,736
12,762
11,468
10,492
Total debt
–
–
7,918
12,314
12,768
12,744
Equity
37,806
37,876
39,347
47,495
55,888
57,613
Dividend per share ($)
–
19.52
20.00
20.40
20.84
21.88
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
