Blackrock, Inc.

Finance
Investment Bankers/Brokers/Service
www.blackrock.com

Moat Score
Safety Score

Market Cap $137.77B
PE 22
Debt $12.31B
Cash $12.78B
EV $137.30B
FCF $4.70B

Earnings

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Sales & Net Margins

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Earnings	$6.37B
EBIT	$8.30B
ROE	13%
ROA	6%
FCF	$4.70B
Equity	$47.66B
Growth Stability	1
PE	21.63
PB	2.89
P/FCF	29.31
P/S	10.77
Price/Cash	0.09
Debt/Equity	0.26
Debt/FCF	2.62
Net Margins	50%
Op. Margins	65%
Sales Growth QoQ	-152%
Equity CAGR	23%

Earnings Growth QoQ	-308%
Equity CAGR 5Y	23%
Equity CAGR 3Y	23%
Market Cap	$137.77B
Revenue	$12.79B
Dividend Yield	2%
Payout Ratio	49%
Assets	$138.62B
Total Debt	$12.31B
Cash	$12.78B
Shares Outstanding	150.04M
EV	137.3B
Moat Score	88%
Safety Score	93%
Shares Growth 3y	2%
Equity Growth QoQ	15%
Equity Growth YoY	26%

Assets & ROA

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Stockholders Equity & ROE

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BlackRock is the largest asset manager in the world, with $8.487 trillion in AUM at the end of June 2022. Product mix is fairly diverse, with 51% of the firm's managed assets in equity strategies, 29% in fixed income, 8% in multi-asset class, 9% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's iShares ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is also geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the U.S. and Canada.

SEC Filings

Direct access to Blackrock, Inc. (BLK) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30

Sector Comparison

How does Blackrock, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Blackrock, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Blackrock, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Blackrock, Inc..

Years

Calculation mode

= $47B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	$47B
DCF		$4.3B	$3.9B	$3.5B	$3.2B	$2.9B	$2.7B	$2.4B	$2.2B	$2B	$1.8B	$18B
Value	$47B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2022	12/2023	12/2024	TTM
Net Margins	45%	50%	50%	50%
ROA	-	-	6%	6%
ROE	-	-	13%	13%

Good Net Margins (49.78%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	2.62	2.62
Debt over Equity	-	0.2	0.26	0.26
Growth Stability	-	-	-	1

Neutral Debt/FCF ratio (2.62)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.26)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-0%	16%	-
Earnings YoY growth	-	10%	16%	-
Equity YoY growth	-	4%	21%	23%
FCF YoY growth	-	-14%	23%	-