BlackRock, Inc. BLK

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 1,167.15 USD on Nov 2, 2026, +10.9% year to date

Quant rating

Quant rating B Rank 246 of 799 in Financials

Growth A 99 of 799
Valuation D 649 of 799
Quality C 442 of 799
Revisions B 155 of 799
Momentum B 250 of 799

Wall Street consensus Buy (1.90)Average target 1,338.58 USD +14.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 189.3B
Enterprise value: 198.5B
52-week range: 917.52 – 1,186.73
3-year range: 644.49 – 1,202.59
Dividend yield: 2.00%
Beta (5 years): 1.38
Shares outstanding: 162M
Next earnings: Jan 13, 2027

About the company

BlackRock, Inc. is an investment management company. The Company provides a range of investment management and technology and subscription services to institutional and retail clients. Its diverse platforms of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enable it to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives, and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds, separate accounts, collective investment funds and other pooled investment vehicles. It also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	24,216	20,407	17,859	17,873	19,374	–
Revenue growth	18.7%	14.3%	−0.1%	−7.7%	19.6%	8.4%
EPS (basic, normalized)	48.09	43.61	37.77	35.36	39.18	–
EPS growth	10.3%	15.5%	6.8%	−9.7%	–	–
Gross margin	81.6%	81.5%	81.1%	80.9%	81.9%	81.4%
Net margin	22.9%	31.2%	30.8%	29.0%	30.5%	28.9%
ROE	15.0%	15.2%	14.8%	14.3%	16.6%	15.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	24,216	+18.7%	8.2x	360.41	+27.0%	3.2x	48.09	+10.3%	24.3x
2026	29,503	+21.8%	6.7x	344.68	−4.4%	3.4x	57.93	+20.5%	20.1x
2027	32,617	+10.6%	6.1x	369.87	+7.3%	3.2x	65.07	+12.3%	17.9x
2028	36,178	+10.9%	5.5x	391.69	+5.9%	3.0x	74.72	+14.8%	15.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	29,503	+1.7%	+1.8%	+5.5%	57.93	+2.9%	+2.9%	+9.1%
2027	32,617	−0.7%	−0.6%	+3.9%	65.07	+0.9%	+1.1%	+7.3%
2028	36,178	−1.0%	−1.1%	+2.4%	74.72	−0.4%	0.0%	+5.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	4,805	5,197	5,677	5,276	5,423	6,509	7,008	6,698	7,084	7,752
Sales mean (mil)	4,849	5,007	5,557	5,342	5,458	6,321	6,685	6,463	6,716	7,520
Surprise	−0.9%	+3.8%	+2.2%	−1.2%	−0.6%	+3.0%	+4.8%	+3.6%	+5.5%	+3.1%
EPS reported	10.36	11.46	11.93	11.30	12.05	11.55	13.16	12.53	13.91	15.93
EPS mean	9.93	10.33	11.19	10.14	10.82	11.24	12.21	11.54	12.59	14.13
Surprise	+4.3%	+10.9%	+6.6%	+11.4%	+11.4%	+2.7%	+7.8%	+8.6%	+10.5%	+12.7%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BLK BlackRock, Inc.	189.3B	–	22.9%	3.14x	20.1x	17.9x	14.6x	12.9x
MS Morgan Stanley	290.7B	–	13.6%	2.51x	14.4x	13.6x	–	–
GS The Goldman Sachs Group, Inc.	261.7B	–	13.0%	2.09x	12.6x	12.1x	–	–
SCHW The Charles Schwab Corporation	153.4B	–	30.4%	3.06x	13.8x	11.3x	24.3x	20.7x
IBKR Interactive Brokers Group Inc	127.5B	9.69x	9.4%	5.46x	27.7x	22.5x	29.4x	24.1x
BX Blackstone Inc.	144.6B	2.66x	20.9%	10.33x	20.3x	16.4x	18.4x	14.8x
Mean		6.17x	18.4%	4.43x	18.2x	15.6x	21.7x	18.1x
Median		6.17x	17.2%	3.10x	17.3x	15.0x	21.4x	17.7x

Technical analysis

1M+10.1%
3M+7.6%
1Y+10.2%
3Y+93.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, BlackRock, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	24,216	20,407	17,859	17,873	19,374	16,205
Cost of revenue	4,460	3,775	3,382	3,405	3,513	2,898
Gross profit	19,756	16,632	14,477	14,468	15,861	13,307
Selling, general & administrative expenses	10,946	8,677	7,990	7,835	7,990	6,751
Research & development	–	–	–	–	–	–
Depreciation/amortization	775	241	151	151	147	106
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	270	140	61.0	97.0	274	755
Other operating expenses	720	0	0	0	0	0
Operating income	7,045	7,574	6,275	6,385	7,450	5,695
Net interest income (expense)	574	721	880	−95.0	723	829
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	7,619	8,295	7,155	6,290	8,173	6,524
Provision for taxes	1,677	1,783	1,479	1,296	1,968	1,238
Minority interest	−389	−143	−174	184	−304	−354
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,553	6,369	5,502	5,178	5,901	4,932
Extraordinary items	–	–	–	–	–	–
Net income	5,553	6,369	5,502	5,178	5,901	4,932
EBIT, normalized	8,053	7,862	6,360	6,506	7,724	6,450
EBITDA, normalized	9,179	8,391	6,787	6,908	8,120	6,808
Basic EPS, normalized	48.09	43.61	37.77	35.36	39.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, BlackRock, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	11,468	12,762	8,736	7,416	9,323	8,664
Receivables	5,158	4,304	3,916	3,264	3,789	3,535
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	3,130	2,622	2,533	2,547	2,383	1,330
Goodwill	35,283	25,949	15,524	15,341	15,351	14,551
Intangibles	27,968	20,743	18,258	18,302	18,453	18,263
Long-term investments	13,271	9,769	9,740	7,466	7,262	6,919
Note receivable	–	–	–	–	–	–
Other long-term assets	90,346	79,532	77,156	73,972	109,199	135,919
Total assets	169,998	138,615	123,211	117,628	152,648	176,982
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,740	1,536	1,240	1,294	1,397	1,028
Accrued expenses	6,058	4,872	4,177	4,107	4,823	3,254
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	12,768	12,314	7,918	6,654	7,446	7,264
Minority interest	5,654	1,860	1,893	1,041	1,200	2,373
Other liabilities	95,688	76,946	74,053	72,189	106,309	132,062
Total liabilities	114,110	91,120	83,864	79,884	114,955	141,699
Shareholders' equity
Preferred stock	–	–	–	–	–	0
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	19,748	13,446	19,833	19,772	19,640	19,293
Retained earnings (accumulated deficit)	37,899	35,611	32,343	29,876	27,688	24,334
Treasury stock	−1,216	−386	−11,991	−10,805	−9,087	−8,009
Other equity	−545	−1,178	−840	−1,101	−550	−337
Total equity	55,888	47,495	39,347	37,744	37,693	35,283
Total liabilities & shareholders' equity	169,998	138,615	123,211	117,628	152,648	176,982

Cash flow statement in millions of USD, fiscal years

Cash flow statement, BlackRock, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,942	6,512	5,676	4,994	6,205	5,286
Depreciation, depletion & amortization	1,126	529	427	418	415	358
Deferred taxes	−631	−106	124	602	−865	−157
Non-cash items	−2,321	−2,155	−1,716	−161	−1,469	−1,913
Changes in working capital	−189	176	−346	−897	658	169
Cash from operations	3,927	4,956	4,165	4,956	4,944	3,743
Investing activities
Capital expenditures	−375	−255	−344	−533	−341	−194
Other investing cash flows	−4,043	−2,749	−615	−597	−1,596	−60.0
Cash from investing	−4,418	−3,004	−959	−1,130	−1,937	−254
Financing activities
Financing cash flow items	3,832	2,387	1,653	645	1,472	2,017
Cash dividends paid	−3,347	−3,101	−3,035	−2,990	−2,547	−2,260
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,612	2,950	−610	−3,097	−1,212	487
Cash from financing	−1,127	2,236	−1,992	−5,442	−2,287	244
Foreign exchange effects	329	−162	106	−291	−61.0	102
Net change in cash	−1,289	4,026	1,320	−1,907	659	3,835
Free cash flow	3,552	4,701	3,821	4,423	4,603	3,549

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.