BlackRock (BLK)
Financials · $177B market cap · SEC CIK 0002012383
$1,067
▼-2.17% on the day
close of Sep 22, 2026
52
Mixed
fundamentals score out of 100
fundamentals score out of 100
Next reports on Oct 9, 2026, with analysts expecting $14.42 in earnings per share.
The case for BLK
- Revenue up 26.5% on the year.
- 24% of revenue drops through to net profit.
- Pays a 2.7% dividend while you wait.
- Gross margin of 82% absorbs cost shocks.
The case against
- Priced at 26.9× earnings while earnings per share are shrinking (-3.7%).
- Price/sales of 6.5× is higher than 85% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 37 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 47 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 73 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 50 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 26.9× |
|---|---|
| Price / book | 2.72× |
| Price / sales | 6.5× |
| Revenue growth (YoY) | +26.5% |
| EPS growth (YoY) | -3.7% |
| Gross margin | 82% |
| Operating margin | 33% |
| Net margin | 24% |
| Return on equity | 12% |
| Debt / equity | 0.22× |
| Current ratio | 2.39 |
| Dividend yield | 2.74% |
| Beta | 1.41 |
| 52-week range | $917.39 – $1,220 |
| Position in that range | 49% of the way up |
| 3-month return | +3.8% |
| 1-year return | -4.6% |
Five years of financials, as filed
Pulled from BlackRock's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $24.2B | $20.4B | $17.9B | $17.9B | — |
| Operating income | $7.0B | $7.6B | $6.3B | $6.4B | — |
| Net income | $5.6B | $6.4B | $5.5B | $5.2B | $5.9B |
| Operating cash flow | $3.9B | $5.0B | $4.2B | $5.0B | — |
| Capital expenditure | $375M | $255M | $344M | $533M | — |
| Total assets | $170B | $139B | $123B | — | — |
| Total liabilities | $108B | $89.3B | $82.0B | — | — |
| Shareholder equity | $55.9B | $47.5B | $39.3B | — | — |
| Cash | $11.5B | $12.8B | $8.7B | $7.4B | $9.3B |
| Long-term debt | $12.8B | $12.3B | $7.9B | — | — |
| Free cash flow | $3.6B | $4.7B | $3.8B | $4.4B | — |
| Operating margin | 29.1% | 37.1% | 35.1% | 35.7% | — |
| Net margin | 22.9% | 31.2% | 30.8% | 29.0% | — |
| Diluted shares | 161M | 152M | 151M | 152M | — |
Share count is up 5.5% over 3 years. Mild issuance.
Risk factors BLK lists in its 10-K
- Changes in interest or foreign exchange rates and/or global markets may impact BlackRock’s AUM, base fees as well as net income and operating cash flows
- BlackRock’s investment advisory contracts may be terminated or may not be renewed by clients and fund boards on favorable terms and the liquidation of certain funds may be accelerated at the option of investors
- The failure or negative performance of products offered by competitors may cause AUM in similar BlackRock products to decline irrespective of BlackRock’s performance
- Increased competition may cause BlackRock’s AUM, revenue and earnings to decline
- Failure to maintain Aladdin’s competitive position in a dynamic market could lead to a loss of clients and could impede BlackRock’s productivity and growth
- BlackRock may be unable to develop new products and services and the development of new products and services may expose BlackRock to reputational harm, additional costs or operational risk
- Changes in the value of seed and co-investments that BlackRock owns could affect its income and could increase the volatility of its earnings
- Management’s Discussion and Analysis of Financial Condition and Results of Operations – Investments
- BlackRock indemnifies certain securities lending clients for specified losses as a result of a borrower default
- BlackRock’s decision on whether to provide support to particular investment products from time to time, or the inability to provide support, may cause AUM, revenue and earnings to decline
- Climate-related risks could adversely affect BlackRock’s business, products, operations and clients, which may cause BlackRock’s AUM, revenue and earnings to decline
- Poor investment performance could lead to the loss of clients and may cause AUM, revenue and earnings to decline
- Performance fees may increase volatility of both revenue and earnings
- Failure to identify errors in the quantitative models BlackRock utilizes to manage its business could adversely affect product performance and client relationships