Blackstone Inc.

Finance
Investment Managers
www.blackstone.com

Earnings Score
Moat Score
Safety Score

Market Cap $135.22B
PE 61
Debt $10.89B
Cash $2.53B
EV $143.57B
FCF $4.14B

Earnings

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Sales & Net Margins

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Earnings	$2.22B
EBIT	$5.05B
ROE	12%
ROA	12%
FCF	$4.14B
Equity	$18.57B
Growth Stability	48%
PE	60.79
PEG	2.59
PB	7.28
P/FCF	32.7
P/S	11.83
Price/Cash	0.02
Debt/Equity	0.59
Debt/FCF	2.63
Net Margins	20%
Op. Margins	44%
Earnings CAGR	15%
Sales Growth YoY	44%
Sales Growth QoQ	31%
Sales CAGR	12%
FCF CAGR	15%
Equity CAGR	15%
Earnings Stability	0.1
Earnings Growth YoY	41%
Earnings Growth QoQ	76%

Earnings CAGR 5Y	23%
Sales CAGR 5Y	13%
FCF CAGR 5Y	14%
Equity CAGR 5Y	6%
Earnings CAGR 3Y	-25%
Sales CAGR 3Y	-25%
FCF CAGR 3Y	-5%
Equity CAGR 3Y	-7%
Market Cap	$135.22B
Revenue	$11.43B
Dividend Yield	3%
Payout Ratio	197%
Assets	$42.58B
Total Debt	$10.89B
Cash	$2.53B
Shares Outstanding	730.7M
EV	143.57B
Earnings Score	8%
Moat Score	93%
Safety Score	67%
Final Score	56%
Shares Growth 3y	1%
Equity Growth QoQ	4%
Equity Growth YoY	6%

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.

2024
- 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
2022
- 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 15%

Stability 10%

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Blackstone Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Blackstone Inc..

Years

Calculation mode

= $116B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$4.1B	$4.7B	$5.5B	$6.3B	$7.2B	$8.3B	$9.5B	$11B	$13B	$14B	$17B	$165B
DCF		$4.3B	$4.5B	$4.7B	$4.9B	$5.1B	$5.4B	$5.6B	$5.8B	$6.1B	$6.4B	$64B
Value	$116B

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	21%	15%	20%	21%	23%	28%	17%	26%	21%	17%	20%
ROA	-	8%	9%	12%	12%	12%	10%	33%	8%	7%	12%
ROE	-	11%	16%	22%	11%	14%	7%	27%	10%	8%	12%

Good Net Margins (20.43%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.88	-80.98	-9.19	379.88	6.07	3.14	2	2.05	3.03	2.63
Debt over Equity	0.64	1.07	1.38	2.29	0.76	0.77	0.39	0.36	0.7	0.69	0.59
Growth Stability	-	-	-	100%	100%	100%	62%	100%	59%	48%	48%

Neutral Debt/FCF ratio (2.63)

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 (0.59)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-38%	10%	39%	-4%	7%	-17%	270%	-62%	-6%	13%
Earnings YoY growth	-	-55%	46%	42%	5%	33%	-49%	460%	-70%	-20%	23%
Equity YoY growth	-	-58%	3%	3%	105%	10%	-3%	49%	-17%	-6%	6%
FCF YoY growth	-	44%	-105%	1K%	-102%	7K%	-4%	115%	56%	-37%	14%