Blackstone (BX)
Financials · $155B market cap · SEC CIK 0001393818
fundamentals score out of 100
Next reports on Oct 15, 2026, before the open, with analysts expecting $1.40 in earnings per share.
The case for BX
- Earns 41% back on shareholder equity.
- 22% of revenue drops through to net profit.
- Revenue growing 17.2% year over year.
- Pays a 3.1% dividend while you wait.
- Has compounded revenue at 18.8% a year over five years.
- Gross margin of 83% absorbs cost shocks.
The case against
- Pricey at 43.9× earnings, against a long-run market average nearer 20×.
- Down 32.6% over the past year.
- Swings harder than the market (beta 1.54).
- Dividend takes 181% of earnings, leaving little cushion.
- Price/sales of 9.6× is higher than 92% 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 | 18 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 83 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 85 |
| Momentumhow the price has behaved lately | 31 |
| Stabilityhow violently it moves, what it owes and what it pays you | 32 |
- 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 | 43.9× |
|---|---|
| Price / book | 15.50× |
| Price / sales | 9.6× |
| Revenue growth (YoY) | +17.2% |
| EPS growth (YoY) | +20.3% |
| Gross margin | 83% |
| Operating margin | 47% |
| Net margin | 22% |
| Return on equity | 41% |
| Debt / equity | 1.46× |
| Current ratio | 0.68 |
| Dividend yield | 3.10% |
| Beta | 1.54 |
| 52-week range | $101.73 – $189.88 |
| Position in that range | 25% of the way up |
| 3-month return | +2.1% |
| 1-year return | -32.6% |
Five years of financials, as filed
Pulled from Blackstone's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $14.5B | $13.2B | $8.0B | $8.5B | $22.6B |
| Net income | $3.0B | $2.8B | $1.4B | $1.7B | $5.9B |
| Operating cash flow | $4.7B | $3.5B | $4.1B | $6.3B | $4.0B |
| Capital expenditure | $116M | $61.4M | $224M | $235M | $64.3M |
| Total assets | $47.7B | $43.5B | $40.3B | $42.5B | $41.2B |
| Total liabilities | $25.8B | $24.0B | $22.2B | $22.8B | $19.5B |
| Shareholder equity | $8.7B | $8.2B | $6.8B | $7.7B | $9.4B |
| Cash | $2.6B | $2.0B | $3.0B | $4.3B | $2.1B |
| Long-term debt | $12.6B | $11.5B | $11.6B | $12.5B | $7.9B |
| Free cash flow | $4.5B | $3.4B | $3.8B | $6.1B | $3.9B |
| Net margin | 20.9% | 21.0% | 17.3% | 20.5% | 25.9% |
| Diluted shares | 780M | 767M | 755M | 741M | 720M |
Share count is up 8.3% over 4 years. Mild issuance.
What Blackstone says it does
— Fee Structure/Incentive Arrangements." The following discussion is intended to provide supplemental information about how the application of revenue recognition principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment. Management and Advisory Fees, Net — Blackstone earns base management fees from its customers at a fixed percentage of a calculation base. The range of management fee rates and the calculation base from which they are earned, generally, are as follows: For vehicles within the Real Estate segment: • 0.35% to 1.50% of committed capital or invested capital during the investment period, invested capital subsequent to the investment period, or gross asset value for certain drawdown vehicles and co-investment vehicles, • 0.40% to 1.25% of net asset value for certain separately managed accounts, perpetual capital vehicles, drawdown…
Risk factors BX lists in its 10-K
- Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
- Share Repurchases in the Fourth Quarter of 2025
- Management’s Discussion and Analysis of Financial Condition and Results of Operations
- The following discussion and analysis should be read in conjunction with Blackstone Inc.’s consolidated financial statements and the related notes included within this Annual Report on Form 10-K
- Key Financial Measures and Indicators
- Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization
- Invested Performance Eligible Assets Under Management
- Net Income (Loss) Attributable to Redeemable Non-Controlling
- Net Income Attributable to Non-Controlling Interests in Consolidated Entities
- Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
- Net Income Attributable to Blackstone Inc
- Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
-  Beginning Date / Ending Date) (a)
- (Dollars/Euros in Thousands, Except Where Noted)