olivLaw · US equity research
Blackstone Inc. BX
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Blackstone Inc. (BX) is the world's largest alternative asset manager, with over $1.3 trillion in total assets under management as of December 31, 2025. As of the third quarter 2026, total assets under management reached $1,368.3 billion, and inflows were $63.3 billion in the quarter. Performance-based revenue dependence can make quarterly results more volatile.
At the close of 04 Nov 2026, Blackstone Inc. (BX) stock was 125.57 USD (+6.24% on the day), with market capitalisation 94.3 bn USD, P/E 28.1 on diluted EPS of 4.47 USD over the last 12 months, dividend yield 3.96%, beta 1.53, 52-week range 102.12–163.50 USD. Latest reported quarter (Q2 2026): revenue of 5.0 bn USD (+35.9% YoY), net income of 1.2 bn USD (+60.8% YoY), diluted EPS 1.54 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)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 104.06 – 125.27
- above the upper band · %B 1.01 · band width 18.5%
- SMA 50 / 200
- 121.31 / 123.57
- mixed trend
- MACD (12, 26, 9)
- 0.71 / -0.98
- 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 | +12.5% | −1.1% | +13.6 pp | — |
| 3 months | −7.7% | −0.5% | −7.2 pp | — |
| 6 months | +0.7% | +4.4% | −3.7 pp | — |
| Year to date | −18.5% | +12.3% | −30.9 pp | — |
| 1 year | −12.1% | +13.5% | −25.6 pp | +10.0% |
| 3 years | +24.4% | +76.4% | −52.0 pp | +33.6% |
| 5 years | −11.9% | +63.7% | −75.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 3.1 bn | 3.3 bn | 3.7 bn | 3.1 bn | 4.4 bn | 3.6 bn | 5.0 bn |
| Interest expense | 111.3 m | 115.5 m | 118.1 m | 135.8 m | 126.3 m | 128.1 m | 137.1 m | 145.0 m |
| Pre-tax income | 1.8 bn | 1.6 bn | 1.5 bn | 1.9 bn | 1.4 bn | 2.4 bn | 1.5 bn | 2.8 bn |
| Income tax | 245.3 m | 232.5 m | 243.8 m | 289.5 m | 209.7 m | 382.0 m | 197.2 m | 452.4 m |
| Net income | 780.8 m | 703.9 m | 614.9 m | 764.2 m | 624.9 m | 1.0 bn | 649.7 m | 1.2 bn |
| Diluted EPS | 1.02 | 0.92 ≈ | 0.80 | 0.98 | 0.80 | 1.30 ≈ | 0.83 | 1.54 |
| Operating cash flow | 1.2 bn ≈ | 161.4 m | 1.1 bn | 888.5 m ≈ | 1.6 bn ≈ | 1.1 bn | 991.0 m | 1.9 bn ≈ |
| Capex | 19.4 m ≈ | 11.9 m | 29.3 m | 40.1 m ≈ | 23.9 m ≈ | 22.4 m | 33.4 m | 32.0 m ≈ |
| Dividends paid | 1.1 bn ≈ | 1.1 bn | 1.9 bn | 1.2 bn ≈ | 1.3 bn ≈ | 1.6 bn | 1.9 bn | 1.5 bn ≈ |
≈ 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 53 percentile of its own 43-quarter history (min 12.3, median 26.3, max 107.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.8 bn | 7.3 bn | 6.1 bn | 22.6 bn | 8.5 bn | 8.0 bn | 13.2 bn | 14.5 bn |
| Revenue YoY | −4.4% | +7.4% | −16.8% | +270.0% | −62.3% | −5.8% | +64.9% | +9.2% |
| Net income | 1.5 bn | 2.0 bn | 1.0 bn | 5.9 bn | 1.7 bn | 1.4 bn | 2.8 bn | 3.0 bn |
| Net income YoY | +4.8% | +32.9% | −49.0% | +460.3% | −70.2% | −20.4% | +99.6% | +8.7% |
| Diluted EPS | 2.26 | 3.03 | 1.50 | 8.13 | 2.36 | 1.84 | 3.62 | 3.87 |
| Diluted EPS YoY | +2.3% | +34.1% | −50.5% | +442.0% | −71.0% | −22.0% | +96.7% | +6.9% |
| net % | 22.6% | 27.9% | 17.1% | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% |
| Free cash flow | 27.4 m | 1.9 bn | 1.8 bn | 3.9 bn | 6.1 bn | 3.8 bn | 3.4 bn | 4.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 bn USD
- Financial debt
- 12.6 bn USD
- Net debt
- 9.9 bn USD
- Equity
- 20.5 bn USD
- Total assets
- 47.7 bn USD
- Debt / equity
- 0.61x
- Current ratio
- unavailable
- ROE
- 15.4%
- ROA
- 6.6%
- FCF margin
- 31.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.1 bn | 22.6 bn | 8.5 bn | 8.0 bn | 13.2 bn | 14.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 166.2 m | 198.3 m | 317.2 m | 431.9 m | 443.7 m | 508.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 2.6 bn | 13.6 bn | 3.5 bn | 3.0 bn | 6.5 bn | 7.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 356.0 m | 1.2 bn | 472.9 m | 513.5 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 1.0 bn | 5.9 bn | 1.7 bn | 1.4 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.50 | 8.13 | 2.36 | 1.84 | 3.62 | 3.87 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 697.3 m | 720.1 m | 740.9 m | 755.4 m | 766.6 m | 780.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.91 | 3.57 | 4.94 | 3.32 | 3.45 | 4.69 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.0 bn | 2.1 bn | 4.3 bn | 3.0 bn | 2.0 bn | 2.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 231.8 m | 244.6 m | 411.7 m | 542.8 m | 506.3 m | 521.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 348.0 m | 284.4 m | 217.3 m | 201.2 m | 165.2 m | 131.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 26.3 bn | 41.2 bn | 42.5 bn | 40.3 bn | 43.5 bn | 47.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 5.7 bn | 7.9 bn | 12.5 bn | 11.6 bn | 11.5 bn | 12.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 11.7 bn | 19.5 bn | 22.8 bn | 22.2 bn | 24.0 bn | 25.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 14.5 bn | 21.6 bn | 18.0 bn | 16.9 bn | 18.7 bn | 20.5 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 4.0 bn | 6.3 bn | 4.1 bn | 3.5 bn | 4.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 111.7 m | 64.3 m | 235.5 m | 224.2 m | 61.4 m | 115.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.8 bn ≈ | 3.9 bn ≈ | 6.1 bn ≈ | 3.8 bn ≈ | 3.4 bn ≈ | 4.5 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -166.8 m | -64.3 m | -235.5 m | -229.7 m | -61.4 m | -115.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -2.2 bn | -3.8 bn | -3.8 bn | -5.1 bn | -4.5 bn | -3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 2.4 bn | 4.6 bn | 6.5 bn | 4.3 bn | 4.4 bn | 6.0 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ 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 weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 94.3 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
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: 52.97 – 206.29 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)124.89 – 206.29 (Mid 155.92)WACC 8.8% · starting FCFF 5.9 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.0%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E52.97 – 128.90 (Mid 101.64)5 companies used · median multiple 22.8x · quartiles 11.9x – 28.9xAMP, APO, BEN, KKR, TROW
- Dividend discount (DDM)61.63 – 82.88 (Mid 70.69)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.8% | 80 (vs peers) | 11% |
| FCF conversion · Quality | 155.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 19.3% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 17.9% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 28.1x | 40 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.8% | 73 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 116.4% | 5 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation55/100 · 2/3 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
Blackstone Inc. (BX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 14.5 bn USD in 2025; YoY growth 9.2%; net margin 21.8%; ROE 40.5%.
The estimated value range is 61.63–128.90 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 101.64 USD, the price of 125.57 USD leaves a potential of -19.1% (value / price − 1) and a margin of safety of -23.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.8%
- FCF conversion: 155.9%
- Revenue CAGR 3Y: 19.3%
- EPS CAGR 3Y: 17.9%
- FCF yield: 5.8%
- Shareholder yield (distributions): 6.8%
What contradicts it
- Payout ratio (FCF): 116.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 11.1 bn and 713.1 bn (within 8× of the company's); 36 of the vertical were left out.
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 | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −12% / +24% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
1- and 3-year price returns: for BX 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.
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 | 86.13 Total return -28% · Per year -28% | 151.58 Total return 25% · Per year 25% | 227.37 Total return 86% · Per year 86% |
| 3 years | 102.17 Total return -8% · Per year -3% | 200.47 Total return 75% · Per year 20% | 327.41 Total return 179% · Per year 41% |
| 5 years | 121.19 Total return 16% · Per year 3% | 265.12 Total return 140% · Per year 19% | 471.48 Total return 314% · Per year 33% |
- Exit P/E± 50.12
- Net margin± 35.08
- Annual revenue growth± 26.16
- Annual dilution± 2.95
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.
In brief
Blackstone Inc. (BX) is the world's largest alternative asset manager, with over $1.3 trillion in total assets under management as of December 31, 2025 1. As of the third quarter 2026, total assets under management reached $1,368.3 billion, and inflows were $63.3 billion in the quarter 3. Performance-based revenue dependence can make quarterly results more volatile 1.
SWOT
Strengths
Weaknesses
- Performance revenues can vary widely from quarter to quarter, making steady earnings growth difficult 1.
- Exposure to the office sector and to properties with long-term leases has faced valuation pressure 1.
- Concentrated public equity positions can make mark-to-market valuations sensitive to sharp price moves 1.
Opportunities
- If interest rates fall and capital markets stay active, the pace of investment and realizations could increase 1.
- Infrastructure linked to artificial intelligence and energy is a growth theme cited in recent results 3.
- Expanding products for high-net-worth and mass affluent investors could bring new capital inflows 1.
Risks
- Difficult market conditionshigh
A market decline or economic slowdown could reduce revenue, earnings and cash flow 1.
- High interest rateshigh
Interest rates that stay elevated could reduce asset values and make financing harder for funds 1.
- Volatility of performance revenuesmedium
Performance revenues depend on realizations and return thresholds, which can cause large swings in results 1.
- Regulatory restrictionsmedium
Limits on investments in certain sectors or jurisdictions could slow the deployment of capital 1.
- Pressured real estate valuationsmedium
Office and oversupplied residential sectors may continue to lose value, affecting real estate fund performance 1.
Investment thesis
What would need to be true (bull case)
- If capital deployment and realizations recover, performance revenues could support higher earnings 13.
- Global scale, a large asset base and growing perpetual capital could provide a stable base of recurring revenue 13.
- Initiatives in infrastructure and in strategies tied to artificial intelligence and energy could open new growth avenues 3.
What would break the thesis
- If interest rates stay high or geopolitical uncertainty increases, fund valuations and realizations could decline 1.
- Reliance on performance revenues can produce quarterly results that are volatile and hard to predict 12.
- Regulatory limits and pressure on the real estate sector could restrict investment opportunities 1.
What to watch
- Path of US interest rates and inflationQ4 2026
- Inflows from the private wealth channelQ1 2027
- Valuations of the real estate portfolio and infrastructure funds2027
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.
The business
Blackstone operates as an asset manager investing on behalf of institutional clients and individuals, earning revenue from management fees, performance-based fees and capital markets services 1. As of December 31, 2025, the company had approximately 5,285 employees 1. Its four business segments are Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing 1.
An important part of the model is perpetual capital, meaning assets with no fixed term, which has grown and generates recurring fees 1. The private wealth business, offering products to high-net-worth and mass affluent investors, has also become a larger part of the asset base 1. Performance revenues nevertheless remain tied to fund returns and the timing of realizations 2.
Segments
Real Estate
The Real Estate segment, with $319.3 billion of assets under management at December 31, 2025 1, includes opportunistic BREP funds, the Core+ strategy through perpetual vehicles and the BREDS real estate debt platform 1. Real estate valuations have been affected by high interest rates and by the office sector 1.
Market context
Trends
- Transaction recoverytailwind
The increase in IPO and merger activity in 2025 could support exits from investments and performance revenue realizations 1.
- High interest ratesheadwind
The high cost of capital has weighed on real estate values and acquisition financing, which could limit realizations 1.
- Private wealth capitalmixed
Attracting capital from high-net-worth individuals can expand the asset base but also brings higher redemption requests 1.
- Geopolitical uncertaintyheadwind
Trade tensions and armed conflicts can generate volatility in capital markets and affect portfolio valuations 1.
Competitive position
Blackstone describes its position as a global leader in alternative investments, particularly in real estate and private equity, where it competes with other large asset managers 1. Competition for investment opportunities and investor capital can influence the pace at which funds deploy capital 1.
The analyzed sources do not explicitly name competitors, so direct market share comparisons cannot be drawn from these documents 1. Blackstone does however emphasize that scale, diversification and client relationships are advantages in competition 1.
- Other alternative asset managers
Generic competitors referred to implicitly through competition for investment opportunities and capital 1.
- Private credit managers
Competition in direct lending and credit funds, where BXCI is among the largest players 1.
- Institutional real estate investors
Competition for real estate asset acquisitions, referred to as competition for transactions 1.
- Infrastructure investors
Competition for infrastructure assets, including energy and data centers 1.
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 news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Departure or appointment of officers
- Current report22 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Blackstone Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Blackstone Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Blackstone Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.