Blackstone Inc.

Finance
Investment Managers
www.blackstone.com

Earnings Score
Moat Score
Safety Score

Market Cap $99.11B
PE 39
Debt $12.58B
Cash $3.40B
EV $108.29B
FCF $3.58B

Earnings

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Sales & Net Margins

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Earnings	$2.54B
EBIT	$6.03B
ROE	14%
ROA	13%
FCF	$3.58B
Equity	$18.48B
Growth Stability	48%
PE	38.96
PEG	1.39
PB	5.36
P/FCF	27.7
P/S	7.72
Price/Cash	0.03
Debt/Equity	0.68
Debt/FCF	3.52
Net Margins	19%
Op. Margins	47%
Earnings CAGR	12%
Sales Growth YoY	-11%
Sales Growth QoQ	7%
Sales CAGR	11%
FCF CAGR	19%
Equity CAGR	16%
Earnings Stability	0.07
Earnings Growth YoY	-27%
Earnings Growth QoQ	-13%

Earnings CAGR 5Y	28%
Sales CAGR 5Y	6%
FCF CAGR 5Y	7%
Equity CAGR 5Y	4%
Earnings CAGR 3Y	6%
Sales CAGR 3Y	6%
FCF CAGR 3Y	-11%
Equity CAGR 3Y	-0%
Market Cap	$99.11B
Revenue	$12.83B
Dividend Yield	5%
Payout Ratio	201%
Assets	$45.26B
Total Debt	$12.58B
Cash	$3.40B
Shares Outstanding	737.93M
EV	108.29B
Earnings Score	7%
Moat Score	94%
Safety Score	64%
Final Score	55%
Shares Growth 3y	2%
Equity Growth QoQ	-1%
Equity Growth YoY	5%

Assets & ROA

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Stockholders Equity & ROE

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Blackstone is one of the world's largest alternative asset managers with $940.8 billion in total asset under management, including $683.8 billion in fee-earning asset under management, at the end of June 2022. The company has four core business segments: private equity (24% of fee-earning AUM and 29% of base management fees); real estate (37% and 41%); credit & insurance (29% and 20%); and hedge fund solutions (10% and 10%). While the firm primarily serves institutional investors (87% of AUM), it does serve clients in the high-net-worth channel (13%). Blackstone operates through 25 offices located in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

SEC Filings

Direct access to Blackstone Inc. (BX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Blackstone Inc. compare to its competitors?

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Peter Lynch's Chart

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

CAGR 12%

Stability 7%

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Blackstone Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Blackstone Inc..

Years

Calculation mode

= $132B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.6B	$4.2B	$5B	$6B	$7.1B	$8.4B	$10B	$12B	$14B	$17B	$20B	$199B
DCF		$3.9B	$4.2B	$4.5B	$4.9B	$5.2B	$5.7B	$6.1B	$6.6B	$7.1B	$7.7B	$77B
Value	$132B

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	15%	20%	21%	23%	28%	17%	26%	21%	17%	21%	19%
ROA	-	9%	12%	12%	12%	10%	33%	8%	7%	15%	13%
ROE	-	16%	22%	11%	14%	7%	27%	10%	8%	15%	14%

Good Net Margins (18.69%)

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-80.98	-9.19	379.88	6.07	3.14	2	2.05	3.03	3.35	3.52
Debt over Equity	1.07	1.38	2.29	0.76	0.77	0.39	0.36	0.7	0.69	0.61	0.68
Growth Stability	-	-	-	100%	100%	62%	100%	59%	48%	93%	48%

Neutral Debt/FCF ratio (3.52)

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 (0.68)

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

Bad Graham’s Stability (48%)

The company has a bad stability in its earnings, which is a sign of a bad 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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	10%	39%	-4%	7%	-17%	270%	-62%	-6%	65%	6%
Earnings YoY growth	-	46%	42%	5%	33%	-49%	460%	-70%	-20%	100%	28%
Equity YoY growth	-	3%	3%	105%	10%	-3%	49%	-17%	-6%	11%	4%
FCF YoY growth	-	-105%	1K%	-102%	7K%	-4%	115%	56%	-37%	-11%	7%