olivLaw · US equity research
BlackRock, Inc. BLK
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
BlackRock is the world's largest asset manager, with assets under management rising to 14.0 trillion dollars at the end of 2025. The company combines index and active funds, private markets, the Aladdin technology platform and subscription services, and by the end of the third quarter of 2026 AUM reached about 15.5 trillion dollars after net inflows of 869 billion dollars over the previous twelve months.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BlackRock, Inc. (BLK) stock was 1,224.37 USD (+5.43% on the day), with market capitalisation 189.7 bn USD, P/E 28.1 on diluted EPS of 43.64 USD over the last 12 months, dividend yield 1.83%, beta 1.16, 52-week range 922.90–1,224.37 USD. Latest reported quarter (Q3 2026): revenue of 7.8 bn USD (+19.1% YoY), net income of 1.7 bn USD (+25.4% YoY), diluted EPS 10.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 1,050.38 – 1,207.96
- above the upper band · %B 1.10 · band width 14.0%
- SMA 50 / 200
- 1,104.74 / 1,064.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 25.00 / 17.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.8% | −1.1% | +15.9 pp | — |
| 3 months | +8.0% | −0.5% | +8.5 pp | — |
| 6 months | +14.0% | +4.4% | +9.7 pp | — |
| Year to date | +14.4% | +12.3% | +2.1 pp | — |
| 1 year | +15.5% | +13.5% | +2.0 pp | −16.4% |
| 3 years | +86.1% | +76.4% | +9.7 pp | +63.4% |
| 5 years | +28.2% | +63.7% | −35.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | -1.9 bn | 5.3 bn | 5.4 bn | 6.5 bn | 7.0 bn | 6.7 bn | 7.1 bn | 7.8 bn |
| Operating income | 2.1 bn | 1.7 bn | 1.7 bn | 2.0 bn | 1.7 bn | 2.8 bn | 2.5 bn | 2.3 bn |
| Depreciation & amortisation | -59.0 m | 194.0 m | 217.0 m ≈ | 346.0 m ≈ | -460.0 m | 380.0 m | 385.0 m ≈ | 386.0 m ≈ |
| Interest expense | 166.0 m | 166.0 m | 173.0 m | 135.0 m | 140.0 m | 134.0 m | 134.0 m | 134.0 m |
| Pre-tax income | 2.1 bn | 1.8 bn | 2.3 bn | 2.0 bn | 1.6 bn | 2.8 bn | 2.7 bn | 2.6 bn |
| Income tax | 442.0 m | 248.0 m | 587.0 m | 470.0 m | 372.0 m | 516.0 m | 677.0 m | 724.0 m |
| Net income | 1.7 bn | 1.5 bn | 1.6 bn | 1.3 bn | 1.1 bn | 2.2 bn | 1.9 bn | 1.7 bn |
| Diluted EPS | 10.63 ≈ | 9.64 | 10.19 | 8.43 | 6.82 ≈ | 14.06 | 12.19 | 10.57 |
| Operating cash flow | 2.6 bn | -1.1 bn | 1.4 bn ≈ | 1.4 bn ≈ | 2.3 bn | -980.0 m | 1.2 bn ≈ | 2.7 bn ≈ |
| Capex | 90.0 m | 78.0 m | 89.0 m ≈ | 78.0 m ≈ | 130.0 m | 106.0 m | 109.0 m ≈ | 101.0 m ≈ |
| Dividends paid | 791.0 m | 838.0 m | 808.0 m ≈ | — | — | — | — | — |
| Share repurchases | 386.0 m | 657.0 m | 396.0 m ≈ | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 10-quarter history (min 19.5, median 24.3, max 30.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 11.1 bn | 11.0 bn | 12.8 bn | 24.2 bn |
| Revenue YoY | unavailable | −0.4% | +16.2% | +89.3% |
| Net income | 5.2 bn | 5.5 bn | 6.4 bn | 5.6 bn |
| Net income YoY | unavailable | +6.3% | +15.8% | −12.8% |
| Diluted EPS | 33.97 | 36.51 | 42.01 | 35.31 |
| Diluted EPS YoY | unavailable | +7.5% | +15.1% | −15.9% |
| net % | 46.8% | 50.0% | 49.8% | 22.9% |
| Free cash flow | 4.4 bn | 3.8 bn | 4.7 bn | 3.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.5 bn USD
- Financial debt
- 12.8 bn USD
- Net debt
- 1.3 bn USD
- Equity
- 56.1 bn USD
- Total assets
- 170.0 bn USD
- Debt / equity
- 0.23x
- Current ratio
- unavailable
- ROE
- 10.7%
- ROA
- 3.6%
- FCF margin
- 14.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 11.1 bn | 11.0 bn | 12.8 bn | 24.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 6.4 bn | 6.3 bn | 7.6 bn | 7.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 251.0 m | 263.0 m | 270.0 m | 297.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 6.6 bn ≈ | 6.5 bn ≈ | 7.8 bn ≈ | 7.3 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 212.0 m | 292.0 m | 538.0 m | 614.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 6.3 bn | 7.2 bn | 8.3 bn | 7.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 1.3 bn | 1.5 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 5.2 bn | 5.5 bn | 6.4 bn | 5.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 33.97 | 36.51 | 42.01 | 35.31 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 152.4 m | 150.7 m | 151.6 m | 160.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 19.52 | 20.00 | 20.40 | 20.84 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 7.4 bn | 8.7 bn | 12.8 bn | 11.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | — | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 15.3 bn | 15.5 bn | 25.9 bn | 35.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 18.3 bn | 20.7 bn | 28.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | — | 123.2 bn | 138.6 bn | 170.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | — | 7.9 bn | 12.3 bn | 12.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | — | 82.0 bn | 89.3 bn | 108.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 37.9 bn | 39.5 bn | 47.7 bn | 56.1 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 5.0 bn | 4.2 bn | 5.0 bn | 3.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 533.0 m | 344.0 m | 255.0 m | 375.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 4.4 bn ≈ | 3.8 bn ≈ | 4.7 bn ≈ | 3.6 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -1.1 bn | -959.0 m | -3.0 bn | -4.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -5.4 bn | -2.0 bn | 2.2 bn | -1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 3.0 bn | 3.0 bn | 3.1 bn | — | SEC (XBRL)· 25 Feb 2025verified |
| Share repurchases | 2.3 bn | 1.9 bn | 1.9 bn | — | SEC (XBRL)· 25 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 189.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth54
- Valuation18
- Quality43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 273.86 – 893.97 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)574.55 – 893.97 (Mid 697.65)WACC 9.0% · starting FCFF 5.2 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA436.43 – 881.04 (Mid 852.07)3 companies used · median multiple 13.2x · quartiles 6.8x – 13.7xCOHN, MIAX, MKTX
- Peers: P/E436.44 – 766.25 (Mid 592.90)16 companies used · median multiple 13.6x · quartiles 10.0x – 17.6xCOHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
- Dividend discount (DDM)273.86 – 368.29 (Mid 314.13)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.6% | 20 (vs peers) | 12% |
| Net margin · Quality | 24.2% | 69 (vs peers) | 7% |
| FCF conversion · Quality | 69.2% | 56 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 29.8% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 1.3% | 9 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | -0.0x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 17.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 28.1x | 26 (vs peers) | 12% |
| EV/EBITDA · Valuation | 19.0x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 2.5% | 32 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality43/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation18/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BlackRock, Inc. (BLK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 24.2 bn USD in 2025; YoY growth 89.3%; net margin 24.2%; ROE 12.2%; net debt/EBITDA -0.0x.
The estimated value range is 436.44–823.65 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 645.28 USD, the price of 1,224.37 USD leaves a potential of -47.3% (value / price − 1) and a margin of safety of -89.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 29.8%
- Net debt / EBITDA: -0.0x
- Interest coverage: 17.1x
What contradicts it
- ROIC: 11.6%
- EPS CAGR 3Y: 1.3%
- P/E (TTM): 28.1x
- EV/EBITDA: 19.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Current ratio, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +16% / +86% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for BLK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 817.93 Total return -32% · Per year -32% | 1,439.43 Total return 20% · Per year 20% | 2,159.15 Total return 79% · Per year 79% |
| 3 years | 970.20 Total return -15% · Per year -5% | 1,903.65 Total return 63% · Per year 18% | 3,109.18 Total return 163% · Per year 38% |
| 5 years | 1,150.81 Total return 4% · Per year 1% | 2,517.58 Total return 120% · Per year 17% | 4,477.22 Total return 285% · Per year 31% |
- Exit P/E± 475.91
- Net margin± 333.14
- Annual revenue growth± 248.46
- Annual dilution± 27.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 10-Q (04 Nov 2026).
In brief
BlackRock is the world's largest asset manager, with assets under management rising to 14.0 trillion dollars at the end of 2025 1. The company combines index and active funds, private markets, the Aladdin technology platform and subscription services, and by the end of the third quarter of 2026 AUM reached about 15.5 trillion dollars after net inflows of 869 billion dollars over the previous twelve months 3.
SWOT
Strengths
- A world-leading position in ETFs and a broad base of institutional and retail clients across many countries 1.
- The Aladdin technology platform, integrated with investment management, supports long-standing client relationships 1.
- Diversification by asset class, region and investment style, which can stabilise revenue across different market cycles 1.
Weaknesses
- Revenue depends heavily on the value of managed assets, so market declines reduce fees directly 1.
- Recent acquisitions bring integration costs and contingent consideration that can affect reported results 23.
- Lower-fee products such as ETFs can reduce average revenue per asset if their share of the mix grows 1.
Opportunities
- Growth in private markets and private credit could open new revenue sources after the recent acquisitions 12.
- Demand for outsourced portfolio solutions and digital wealth tools could support new mandates 12.
- Extending Aladdin and Preqin data to new clients could increase technology and subscription revenue 13.
Threats
- Strong competition and fee pressure could reduce margins across the main business lines 1.
- Clients could withdraw funds or end contracts if product performance falls, and fees could decline 1.
- Regulation and possible litigation over asset management activities could create costs and reputational risk 1.
Risks
- Dependence on asset valueshigh
Revenue is tied to the value of managed assets, so a fall in markets could reduce revenue and profits directly 1.
- Client redemptions and contract changesmedium
Clients may withdraw funds, seek lower fees or terminate management contracts, which would hurt revenue 1.
- Securities lending indemnitiesmedium
The company indemnifies some securities lending clients against borrower default, and simultaneous defaults could create large liabilities 1.
- Integration of acquisitionsmedium
Integrating HPS, Preqin and GIP could prove difficult, and contingent consideration can create volatile accounting effects 13.
- Technology and artificial intelligence riskslow
Operational errors, cyberattacks or misuse of artificial intelligence could harm the Aladdin platform and client trust 1.
Investment thesis
What would need to be true (bull case)
- Leadership in ETFs and strong net inflows could keep supporting growth in managed assets if clients remain attracted to the platform 13.
- The technology and subscription segment, led by Aladdin, could provide steadier recurring revenue if client relationships keep expanding 13.
- Acquisitions in private markets could make the company a central player in private finance and investment if integration succeeds 12.
What would break the thesis
What to watch
- Development of ETF net flows and iShares AUMQ4 2026
- Contribution of private markets and the HPS acquisition to revenue2027
- Trend in average fee rates and competitive pressureQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 10-Q (04 Nov 2026).
The business
In 2025 BlackRock expanded its platform through the HPS Investment Partners acquisition, a global credit manager completed on July 1, 2025, and Preqin, a provider of private markets data, completed in March 2025 12. The company describes these deals as a step toward an integrated private credit platform with shared data and technology 1.
Technology services and subscription revenue, led by the Aladdin platform, is a smaller but steadily growing part of the business, and management links this growth to new contracts and expanded client relationships 13. The company says its diversified platform could generate steadier revenue across market cycles, although results depend on market conditions and its ability to attract capital flows 1.
Segments
Market context
The asset management industry is dominated by large firms, and capital flows increasingly follow index products, ETFs and whole portfolio solutions 1. Management expects 2026 to be a dynamic investing environment in which artificial intelligence, financial technology and changes in debt financing reshape economies and demand for capital 1.
Private markets are becoming a more important part of capital markets, and combining public and private markets could prove decisive in capturing growth 12. The company says demand for outsourced portfolio solutions continues to grow among retail and institutional clients 2.
Trends
- Shift toward ETFsmixed
Clients are moving more capital into ETFs, which brings large net inflows to iShares, but lower-fee products could reduce average revenue per dollar of assets 1.
- Growth of private marketstailwind
Demand for infrastructure and private credit supports new flows into the integrated platform after the GIP and HPS acquisitions 12.
- Market volatility and trade policyheadwind
Tariffs, geopolitical tensions and interest rate changes could reduce the value of managed assets and fees if markets correct 1.
- Adoption of artificial intelligence and technologymixed
Demand for risk analytics and portfolio management tools could lift technology revenue, but it requires continuing investment and management of operational risk 13.
Competitive position
The asset management industry is highly competitive, and the company differentiates itself on performance, liquidity, technology and breadth of products, but fee pressure remains significant 1. Rivals include other investment managers, financial institutions and technology companies offering similar solutions 1.
In risk technology, Aladdin competes with specialised providers and with clients' in-house solutions, and losing clients could slow growth 1. The company says its edge lies in combining risk analytics with portfolio management on a single platform 1.
- Other asset management firms
Compete directly on investment products, index funds and active strategies, as described in the risk factors of the annual report 1.
- Financial technology companies
Offer risk analytics and investment management software that could replace the Aladdin platform for some clients 1.
- Traditional financial institutions
Compete through integrated offerings from banks, insurers and asset managers for institutional and retail clients 1.
- Private markets data and analytics providers
Compete with the data and analysis platforms the company has expanded through the Preqin acquisition 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- No EU appetite for Russian gas so far, as US and European negotiators discuss Ukraine peace dealEUobserver · 05 Nov 2026 · EN
- Kievul negociază la Bruxelles finanțarea războiului din 2027 și planul de reconstrucție a UcraineiMediafax · 04 Nov 2026 · RO
- Ukraine's foreign intelligence chief discusses Brussels meetings on Ukraine's recovery and 2027 fundingUkrainska Pravda (UA, EN) · 04 Nov 2026 · EN
- The great disaster divide: How the super-rich are profiting from global climate sufferingClimate Home News · 04 Nov 2026 · EN
- European tech weekly recap: Over €1.3B invested across 60+ dealsTech.eu · 02 Nov 2026 · EN
- Could Healthcare Become the Next Big Winner of the AI Revolution?Modern Diplomacy · 02 Nov 2026 · EN
- BlackRock Says Bonds Offer Compelling Income OpportunityBloomberg Markets · 30 Oct 2026 · EN
- Nvidia to make $1 bil. investment in Naver next weekKorea Times — Business · 30 Oct 2026 · EN
- Piața obligațiunilor din Japonia doboară recorduri: De ce contează randamentele JGB la nivel global - AdmiralsSurge — Google News · 29 Oct 2026 · RO
- AI has come for Arizona’s waterThe Verge · 29 Oct 2026 · EN
- Acțiunile Jio cresc cu 21% după IPO, devenind a doua cea mai valoroasă companie din India - Traders UnionSurge — Google News · 28 Oct 2026 · RO
- Acțiunile Reliance Jio urcă 21% la debut; brokerajele încep acoperirea cu recomandări Buy - InvezzSurge — Google News · 28 Oct 2026 · RO
- IBM Introduces Identity and Control for AI Agents , Securing Frontier Intelligence for the EnterpriseSurge — GDELT DOC · 27 Oct 2026 · RO
- BlackRock's Rieder on Global Bonds, AIBloomberg Markets · 27 Oct 2026 · EN
- The AI buildout is the largest bet in the history of capitalism.LessWrong · 27 Oct 2026 · EN
- Уолл-стрит закрылась в минусе в пятницу, Dow Jones потерял 1,2%Interfax Russia (RU) · 26 Oct 2026 · RU
- IPO GMP , subscription race : Reliance Jio Platforms vs Paras Healthcare - Grey market premium , QIB , NII , Retail detailsSurge — GDELT DOC · 25 Oct 2026 · RO
- Adobe Inc . $ADBE Shares Sold by Investment House LLCSurge — GDELT DOC · 23 Oct 2026 · RO
- BlackRock's Angara on ETF Product PipelineBloomberg Markets · 23 Oct 2026 · EN
- Saudi Attacks Push Oil Higher as Stocks Slide on Tech EarningsBloomberg Markets · 22 Oct 2026 · EN
SEC filings
- Quarterly report04 Nov 2026
- Current report14 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report15 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jun 2026Other events · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report14 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement10 Apr 2026
- Current report03 Apr 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BlackRock, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BlackRock, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BlackRock, Inc. · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.