One-glance verdict
Within fair range
$85.58 our estimate vs market $118.42
Wall Street consensus: $144.38 (68.7% higher than our fair-value estimate)
38% above our estimate
Fundamentals snapshot
Blackstone Inc.
BX · NYQ · Financial Services · Asset Management
Current price
$118.42
52-week range
$101.73 - $177.23
Market cap
$141.55B
Balance sheet
Stretched
— Coverage unavailable
Net debt $12.64B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 11.5% last year.
- Reward Returns 31.4% on equity, ahead of 83% of its peers.
- Risk Insider ownership is only 1.0% (peer median: 23.0%).
- Risk Net debt grew 17.1% over 3 years.
What this company does
Blackstone Inc.
Blackstone is a massive investment firm that manages money for large clients, like pension funds, by investing in things not typically available to the public, such as entire private companies and large real estate holdings. The company makes money from management fees (a set percentage of the money it oversees for clients) and by taking a share of the profits when those investments perform well. This model is important because Blackstone's success is directly tied to its ability to find and grow the value of these major, long-term assets for its clients.
How the company got here
Blackstone was started in 1985 by two founders, Stephen Schwarzman and Peter Peterson, with just $400,000. They originally focused on advising other companies on mergers and acquisitions (when one company combines with another). They soon expanded into private equity (the business of buying companies, helping them grow, and then selling them for a profit). Over the years, Blackstone grew by adding new investment areas, becoming a major force in real estate in the 1990s and later expanding into lending and other complex investments. A key moment was its 2007 initial public offering (going public on the stock market), which allowed it to raise more money and grow even larger.
What it actually does
Blackstone is an 'alternative asset manager,' which means it invests money for large clients, like pension funds and wealthy individuals, in things other than the public stock market. Think of them as a highly specialized investment manager that buys and improves entire companies, large real estate properties like warehouses and apartment buildings, or provides loans to other businesses. For managing these investments, Blackstone earns fees from its clients, which is its main source of revenue. The company's goal is to grow its clients' money by investing in these 'alternative' areas that are typically not available to the average investor.
Real Estate
This is one of Blackstone's largest and most well-known businesses. The company uses money from its clients to buy large-scale properties, such as logistics warehouses, office buildings, hotels, and rental housing. They aim to improve these properties and then sell them later for a profit, or hold onto them to generate rental income. This segment is a huge part of the company and has made Blackstone one of the largest commercial real estate owners in the world.
Private Equity
This is the original heart of Blackstone's business, where it buys entire companies. Using a mix of investor money and borrowed funds, they take ownership of businesses in various industries, from technology to healthcare. The goal is to help these companies operate more efficiently and grow, and then sell them years later for a higher price. This segment focuses on large, established companies and is a major contributor to Blackstone's overall business.
Credit & Insurance
Instead of buying companies or buildings, this part of Blackstone lends money directly to businesses, much like a bank but often for more complex situations. This is known as private credit (lending that doesn't happen through traditional banks). They also create specialized investment products for insurance companies, helping them manage their large pools of money. This has become a significant and growing business for Blackstone as more companies seek flexible borrowing options outside of public markets.
Hedge Fund Solutions
This segment acts as an investment manager for clients who want to invest in hedge funds (investment pools that use complex strategies to try and earn high returns). Instead of running just one fund, Blackstone creates and manages a variety of hedge fund strategies for its clients. This offers their clients a way to diversify their investments across many different hedge fund approaches. This is a smaller part of Blackstone's business compared to Real Estate and Private Equity.
What management is betting on now
Blackstone's leadership is focused on growing what they call 'perpetual capital,' which means managing money for clients that is designed to be invested for the very long term, providing a steady stream of management fees. They are also heavily focused on expanding their reach to individual investors, not just large institutions, through partnerships with financial advisors. Additionally, the company is making big bets on high-growth areas like digital infrastructure (like data centers), logistics, and the global transition to renewable energy.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$1.20B
FY2024 Q4
$-784.31M
FY2025 Q1
$1.08B
FY2025 Q2
$848.36M
FY2025 Q3
$1.57B
FY2025 Q4
$1.05B
FY2026 Q1
$957.64M
FY2026 Q2
$1.91B
Revenue
$5.04B
Net income
$1.23B
Diluted EPS
1.54
Operating cash flow
$1.94B
Free cash flow
$1.91B
Fetching…
Sources
Revenue
$3.62B
Net income
$649.73M
Diluted EPS
0.83
Operating cash flow
$991.05M
Free cash flow
$957.64M
Fetching…
Sources
Revenue
$4.36B
Net income
$1.02B
Diluted EPS
1.29
Operating cash flow
$1.07B
Free cash flow
$1.05B
Fetching…
Sources
Revenue
$3.09B
Net income
$624.92M
Diluted EPS
0.80
Operating cash flow
$1.60B
Free cash flow
$1.57B
Fetching…
Sources
Revenue
$3.71B
Net income
$764.24M
Diluted EPS
0.98
Operating cash flow
$888.50M
Free cash flow
$848.36M
Fetching…
Sources
Revenue
$3.29B
Net income
$614.85M
Diluted EPS
0.80
Operating cash flow
$1.11B
Free cash flow
$1.08B
Fetching…
Sources
Revenue
$3.08B
Net income
$703.87M
Diluted EPS
0.91
Operating cash flow
$-778.44M
Free cash flow
$-784.31M
Fetching…
Sources
Revenue
$3.66B
Net income
$780.84M
Diluted EPS
1.02
Operating cash flow
$1.22B
Free cash flow
$1.20B
Fetching…
Sources
Is it cheap or expensive?
Fair value $85.58 vs current price $118.42
Wall Street consensus is the average analyst price target: $144.38 (68.7% higher than our fair-value estimate).
Our most-likely fair value is $85.58 a share — about 27.7% away from today's price of $118.42, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $12.6B. Interest coverage unavailable.
Net debt
$12.64B
Interest coverage
—
Blackstone Inc. is healthier than 2 of 6 peers on balance-sheet leverage.
Stretched
Worse cushion
Baseline
Better cushion
BX
BASELINE
Blackstone Inc.
Total debt $15.30B Interest coverage — This is the baseline the peer rows are being compared against.
Total debt $56.16B Interest coverage 0.16x This peer's profit covers its interest bill about 0.2 times over.
Total debt $41.88B Interest coverage 22.32x This peer's profit covers its interest bill about 22.3 times over.
Total debt $14.87B Interest coverage 1.16x This peer's profit covers its interest bill about 1.2 times over.
Total debt $4.09B Interest coverage 11.24x This peer's profit covers its interest bill about 11.2 times over.
What you should know
The case for and against BX
3 Rewards
2 Risks
Rewards
-
Revenue grew 11.5% last year.
-
Returns 31.4% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 8/10 years.
Risks
-
Insider ownership is only 1.0% (peer median: 23.0%).
-
Net debt grew 17.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
26.55x
Forward P/E
15.82x
P/B
10.51x
P/S
9.14x
EV/EBITDA
—
PEG ratio
1.08x
Profitability
How much profit each dollar creates
Gross margin
100.0%
Operating margin
54.4%
Net margin
22.7%
ROE
31.4%
ROA
14.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.68x
Current ratio
0.87x
Quick ratio
0.83x
Total debt
$15.30B
Total cash
$2.66B
Growth
How the business has been compounding
Revenue TTM
$16.11B
Revenue 5Y CAGR
-10.6%
EPS TTM
4.46
EPS 5Y CAGR
17.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$5.60B
Free CF TTM
$4.55B
FCF margin
28.2%
Dividend
Shareholder payout
Yield
4.4%
Payout ratio
111.2%
Last ex-div date
2026-08-03