Blackstone Inc. (BX)
Financials · Asset Management & Custody Banks · US stock · S&P 500 component
$118.75
▲ +9.18 (8.38%)
Fair valueFair
$124 +4.8% to fair value
$62fair band $106–$151$187
Day's range
$105.50 – $118.93
52-week range
$101.73 – $165.14
About Blackstone Inc.
Blackstone is an alternative asset manager that invests money on behalf of pension funds, insurers, sovereign wealth funds and individual investors. Its funds are organised into private equity, real estate, credit and insurance, and multi-asset investing businesses. It acquires and manages companies, property and loans, and raises capital through funds that investors commit to for several years.
The company earns management fees on the assets it looks after, performance fees when its funds exceed agreed return hurdles, and gains on its own investments. Revenue was $16.1 billion over the last twelve months, with growth of 19.3% a year across the last three years. The operating margin is 53.4%, and the business earns a profit of 35% on the capital invested in it. The dividend yield is 4.4%. On the site's X-Ray Score it receives 53 out of 100.
Price chart
52-wk range $101.73 – $165.14Volume 11,846,527Daily, split-adjusted
Vitals
Market cap$95.0B
52-week range$101.73 – $165.14
Volume (last day)11,846,527
P/E (TTM)26.6
EBIT / EV yield8.1%
Free-cash-flow yield5.8%
Dividend yield4.4%
Revenue (TTM)$16.1B
Net income (TTM)$3.5B
Operating margin53.4%
Return on capital35.2%
Debt incl. leases$14.2B
Cash & securities$2.5B
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
$124middle half of models $122 – $128
Fair
+4.8% 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 $119
Undervalued < $106Fair $106 – $151Overvalued > $151
P/E multiple
$128
P/B multiple
$118
P/S multiple
$127
Dividend discount, multi-stage · not used
$639
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
Average 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
47/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield8.1%
Free-cash-flow yield5.8%
Fair value vs price1.0×
Growth
Fair
53/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)19.3%
EPS growth (3y)17.9%
Growth consistency70%
Profitability
Strong
77/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital35.2%
Operating margin53.4%
Financial health
Weak
39/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.4×
Interest cover16.0×
Dividends
Weak
33/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield4.4%
Dividends vs free cash flow76%
Dividend growth-2.7%
Quarterly results: last 6 quarters
-10.8%
Mar '25
+32.7%
Jun '25
-15.7%
Sep '25
+41.4%
Dec '25
+10.0%
Mar '26
+35.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.0B, diluted EPS $1.54.
Compare with peers
AMP Ameriprise Financial I...67 APO Apollo Global Manageme...60 STT State Street Corp50 TROW Price T Rowe Group Inc45Other Asset Management & Custody Banks companies by X-Ray Score.
SWOT analysis: Blackstone Inc.
Strengthsinside the company
- Return on invested capital is 35.2%, against a median of 14.4% for industry peers.
- Operating margin of 53.4% is well above the 27.3% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 19.3% a year over three years (median 6.1% for industry peers).
- Earnings per share have compounded at 17.9% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Revenue growth slowed to 9.2% last year from 19.3% a year over three years.
- Trades at 27.0x earnings, 82% above the 14.8x median of industry peers, so the price already assumes better results.
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 BX 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): BLK 34, BNY 44, APO 60, STT 50, AMP 67, NTRS 41.
| Metric | BX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 53 | 44 | 50 |
| Valuation | 47 | 41 | 52 |
| Growth | 53 | 49 | 54 |
| Profitability | 77 | 44 | 48 |
| Financial health | 39 | 50 | 51 |
| Dividends | 33 | 45 | 54 |
Sector leaders: highest X-Ray Score in Financials
BX ranks #30 of 71 in Financials and #3 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 BX
Each factor is rated by where BX 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: 4 Good · 1 Average · 3 Bad of 8
Growth: 3 · 0 · 0
Profitability: 1 · 1 · 0
Valuation: 0 · 0 · 3
| Factor | BX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +19.3% | Good beats 90% | +8.3% | – | – |
| Revenue growth, last year | +9.2% | Good beats 69% | +6.9% | +9.2% | ≈ In line |
| EPS growth, 3 years a year | +17.9% | Good beats 69% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 21.8% | Average beats 50% | 21.8% | 20.9% | ≈ In line |
| Return on equity | 39.0% | Good beats 91% | 15.7% | 33.8% | ▲ Better |
| Valuation | |||||
| P/E ratio | 27.0x | Bad beats 17% | 13.8x | 39.8x | ▲ Better |
| Price / book | 10.5x | Bad beats 4% | 2.2x | 13.9x | ▲ Better |
| Price / sales | 5.9x | Bad beats 27% | 3.1x | 8.3x | ▲ Better |
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
● 5 Good · ● 6 Average · ● 2 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyBad
Balance sheet
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $22.6B | $8.5B | $8.0B | $13.2B | $14.5B |
| Operating income | $13.8B | $3.8B | $3.4B | $6.9B | $7.7B |
| Net income | $5.9B | $1.7B | $1.4B | $2.8B | $3.0B |
| Operating cash flow | $4.0B | $6.3B | $4.1B | $3.5B | $4.7B |
| Operating margin | 60.9% | 44.4% | 42.2% | 52.2% | 53.1% |
| Free cash flow | $3.9B | $6.1B | $3.8B | $3.4B | $4.5B |
| Diluted EPS | $8.13 | $2.36 | $1.84 | $3.62 | $3.87 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 2 neutral · 9 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 110.7 | Bullish |
| EMA 10 | 111.6 | Bullish |
| SMA 20 | 112.0 | Bullish |
| EMA 20 | 113.7 | Bullish |
| SMA 50 | 125.7 | Bearish |
| EMA 50 | 120.1 | Bearish |
| SMA 100 | 124.8 | Bearish |
| EMA 100 | 123.2 | Bearish |
| SMA 200 | 123.7 | Bearish |
| EMA 200 | 126.8 | Bearish |
Oscillators (daily)
| RSI (14) | 54.80 | Neutral |
| MACD (12, 26) | -3.55 | Bearish |
| Momentum (12) | 4.75 | Bullish |
| Stochastic %K (14) | 98.67 | Bearish |
| Williams %R (14) | -1.33 | Bearish |
| CCI (20) | 73.52 | Neutral |
Pivot points (classic, last session)
S3 96.43 | S2 101.0 | S1 109.9 | Pivot 114.4 | R1 123.3 | R2 127.8 | R3 136.7 |
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
5.23 USD
Yield on today's price
4.40%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.2900 | |
| 1.1600 | |
| 1.4900 | |
| 1.2900 | |
| 1.0300 | |
| 0.9300 | |
| 1.4400 | |
| 0.8600 | |
| 0.8200 | |
| 0.8300 | |
| 0.9400 | |
| 0.8000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BX
| ETF | Share of the fund |
|---|---|
| FDL First Trust Morningstar Dividend Leade... | 2.31% |
| SCHD Schwab U.S. Dividend Equity | 2.20% |
| HDV iShares Core High Dividend | 1.74% |
| IYF iShares U.S. Financials | 1.45% |
| FDVV Fidelity High Dividend | 1.28% |
| MOAT VanEck Morningstar Wide Moat | 1.28% |
| XLF Financial Select Sector SPDR | 1.15% |
| VFH Vanguard Financials | 1.04% |
The eight funds with the largest weight in BX 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.
BX SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
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.