Latest Ratios: P/E Ratio 28.1x · EV/EBITDA 18.3x · ROE 10.0%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $182.7B | $172.2B | $155.4B | $122.3B | $108.0B | $141.4B | $111.7B | $79.2B | $63.9B | $84.8B | $63.6B |
| Enterprise Value | $186.2B | $175.7B | $156.9B | $123.3B | $109.1B | $141.4B | $111.1B | $79.3B | $62.4B | $82.8B | $62.4B |
| P/E Ratio → | 28.06 | 30.31 | 24.40 | 22.24 | 20.86 | 23.95 | 22.65 | 17.68 | 14.83 | 17.12 | 20.09 |
| P/S Ratio | 6.43 | 7.33 | 7.82 | 6.96 | 6.12 | 7.37 | 6.98 | 5.52 | 4.56 | 6.33 | 5.28 |
| P/B Ratio | 3.08 | 2.80 | 3.15 | 2.97 | 2.79 | 3.63 | 2.97 | 2.27 | 1.90 | 2.63 | 2.17 |
| P/FCF | 50.90 | 48.48 | 33.06 | 32.02 | 24.42 | 30.71 | 31.48 | 30.10 | 22.25 | 23.09 | 31.28 |
| P/OCF | 46.53 | 43.85 | 31.36 | 29.37 | 21.80 | 28.59 | 29.85 | 27.45 | 20.77 | 22.15 | 29.55 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.48 | 7.90 | 7.02 | 6.18 | 7.37 | 6.94 | 5.53 | 4.45 | 6.18 | 5.17 |
| EV / EBITDA | 18.28 | 21.51 | 19.36 | 18.40 | 16.04 | 17.97 | 18.35 | 13.56 | 10.99 | 15.07 | 12.91 |
| EV / EBIT | 26.44 | 25.17 | 20.43 | 19.43 | 16.84 | 18.89 | 19.43 | 14.15 | 11.17 | 15.73 | 13.45 |
| EV / FCF | — | 49.48 | 33.37 | 32.27 | 24.67 | 30.71 | 31.30 | 30.14 | 21.72 | 22.54 | 30.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.1% | 48.1% | 50.8% | 48.9% | 49.2% | 51.2% | 51.7% | 51.7% | 51.4% | 50.7% | 49.9% |
| Operating Margin | 30.0% | 30.0% | 38.1% | 35.7% | 36.2% | 38.9% | 35.6% | 38.7% | 38.9% | 39.2% | 37.9% |
| Net Profit Margin | 23.6% | 23.6% | 32.1% | 31.3% | 29.3% | 30.8% | 30.8% | 31.2% | 30.7% | 37.0% | 26.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 14.1% | 13.8% | 13.3% | 15.4% | 13.6% | 13.1% | 13.1% | 16.1% | 10.9% |
| ROA | 3.6% | 3.6% | 4.9% | 4.6% | 3.8% | 3.6% | 2.9% | 2.7% | 2.3% | 2.2% | 1.4% |
| ROIC | 7.5% | 7.5% | 9.9% | 9.6% | 10.0% | 11.9% | 10.0% | 10.6% | 10.8% | 11.0% | 10.0% |
| ROCE | 4.6% | 4.6% | 5.8% | 5.3% | 4.8% | 4.6% | 3.3% | 3.4% | 2.9% | 2.4% | 2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.29 | 0.24 | 0.22 | 0.24 | 0.21 | 0.14 | 0.15 | 0.16 | 0.17 |
| Debt / EBITDA | 1.84 | 1.84 | 1.76 | 1.45 | 1.25 | 1.18 | 1.32 | 0.85 | 0.88 | 0.91 | 1.02 |
| Net Debt / Equity | — | 0.06 | 0.03 | 0.02 | 0.03 | -0.00 | -0.02 | 0.00 | -0.04 | -0.06 | -0.04 |
| Net Debt / EBITDA | 0.43 | 0.43 | 0.18 | 0.14 | 0.16 | -0.00 | -0.11 | 0.02 | -0.27 | -0.37 | -0.26 |
| Debt / FCF | — | 0.99 | 0.31 | 0.25 | 0.24 | -0.00 | -0.18 | 0.05 | -0.53 | -0.55 | -0.62 |
| Interest Coverage | 9.89 | 9.89 | 14.27 | 21.73 | 30.56 | 36.51 | 27.89 | 27.61 | 30.34 | 25.67 | 22.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.76 | 15.76 | 16.40 | 15.63 | 14.08 | 14.45 | 27.92 | 20.11 | 23.07 | 30.51 | 42.15 |
| Quick Ratio | 15.76 | 15.76 | 16.40 | 15.63 | 14.08 | 14.45 | 27.92 | 20.11 | 23.07 | 30.51 | 42.15 |
| Cash Ratio | 6.59 | 6.59 | 8.31 | 7.05 | 5.73 | 6.67 | 8.43 | 4.14 | 5.02 | 6.06 | 7.02 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.15 | 0.13 | 0.09 | 0.09 | 0.09 | 0.06 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.9% | 2.0% | 2.5% | 2.8% | 1.8% | 2.0% | 2.6% | 3.1% | 2.0% | 2.4% |
| Payout Ratio | 60.3% | 60.3% | 48.7% | 55.2% | 57.7% | 43.2% | 45.8% | 46.8% | 45.7% | 33.6% | 48.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 3.3% | 4.1% | 4.5% | 4.8% | 4.2% | 4.4% | 5.7% | 6.7% | 5.8% | 5.0% |
| FCF Yield | 2.0% | 2.1% | 3.0% | 3.1% | 4.1% | 3.3% | 3.2% | 3.3% | 4.5% | 4.3% | 3.2% |
| Buyback Yield | 1.1% | 1.1% | 1.2% | 1.5% | 2.2% | 1.1% | 1.6% | 2.4% | 3.3% | 1.7% | 2.2% |
| Total Shareholder Yield | 2.8% | 3.1% | 3.2% | 4.0% | 4.9% | 2.9% | 3.6% | 5.1% | 6.3% | 3.6% | 4.6% |
| Shares Outstanding | — | $161M | $152M | $151M | $152M | $154M | $155M | $157M | $163M | $165M | $167M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying BLK stock.
BlackRock, Inc.'s current P/E ratio is 28.1x. The historical average is 23.3x. This places it at the 74th percentile of its historical range.
BlackRock, Inc.'s current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
BlackRock, Inc.'s return on equity (ROE) is 10.0%. The historical average is 15.3%.
Based on historical data, BlackRock, Inc. is trading at a P/E of 28.1x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BlackRock, Inc.'s current dividend yield is 1.76% with a payout ratio of 60.3%.
BlackRock, Inc. has 48.1% gross margin and 30.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BlackRock, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Fee revenue sensitivity to markets
Metrics are mathematically derived from official filings.
Premium Multiple Rests on Fee Durability
Based on reported figures, BLK trades at a trailing P/E of 33.05 and a P/B of 3.15, roughly double peer medians, suggesting the market prices the firm as a premium franchise rather than a commodity balance sheet.
The P/B of 3.15 sits well above STT at 1.72 and TROW at 2.02, which is consistent with the market assigning a durable fee-franchise premium to BLK's asset management base. The trailing P/E of 33.05 compresses toward 20.27 on a forward basis, implying that the market expects earnings to recover from the volatile reported quarters. Investors should monitor whether that expected recovery holds, since the PEG of 15.39 indicates little margin of safety if fee growth slows.
ROE Driven by Fees, Not Leverage
As reported in financial statements, BLK's ROE ranged from 1.8% to 3.8% over the ten quarters, while non-interest income stayed near 100% of revenue, meaning profitability depends on fee generation rather than balance sheet leverage.
Because the equity-to-assets ratio held in a narrow 0.33 to 0.38 band, leverage contributes little to the ROE trend, and the DuPont decomposition is effectively a fee-margin story. The ROE trough in 2025Q4 at 1.8% coincides with the reported EPS dip, which suggests timing-sensitive items may be influencing quarterly returns. The reported figures do not isolate recurring fee margins, so the quarterly ROE swings warrant further investigation before being treated as a durable trend.
Efficiency Ratio Deteriorates Sharply
Based on BLK's reported figures, the efficiency ratio climbed from roughly 12% in early 2024 to 52% in the latest quarter, a sharp rise that may indicate operating costs growing faster than revenue.
NIM is effectively zero across the period, so lending spread is not a relevant driver and the efficiency ratio carries the operating-leverage read. The move from about 12% to 52% is a large shift that the reported figures alone cannot attribute to a single cause. Investors should monitor whether this reflects one-time charges or a structural rise in the cost base.
Equity Cushion Stable, Regulatory Ratios Unavailable
Based on reported figures, the equity-to-assets ratio held between 0.33 and 0.38, but CET1, Tier 1, and total capital ratios are not supplied, limiting assessment of regulatory capital capacity.
The stable equity-to-assets band suggests a consistent capital cushion relative to the reported balance sheet. Data for CET1, Tier 1, and total capital ratios is unavailable, so no conclusion about regulatory headroom or capacity for capital return can be drawn from these figures. Investors should consult regulatory filings for these ratios before assessing capital adequacy.
Lagging Peers on Return, Leading on Scale
According to peer data, BLK's reported ROE of roughly 3% trails AMG at 19.7% and TROW at 18.0%, indicating a substantial profitability gap despite BLK's larger reported market valuation.
BLK's trailing returns sit far below the best-in-class asset managers, while its P/B of 3.15 exceeds both AMG at 2.62 and TROW at 2.02, creating a valuation premium not supported by current ROE. This gap may be partly cyclical given the quarterly ROE volatility, but the persistent divergence from AMG and TROW warrants further investigation. Investors should monitor whether BLK's returns converge toward peer levels or the valuation premium compresses.
P/E Misleads on Earnings Volatility
Based on reported figures, the trailing P/E of 33.05 may overstate the true earnings multiple, since quarterly EPS swung from 7.16 to 14.06 within a single reporting window.
Applying P/E to a volatile earnings base can produce misleading multiples, so the trailing 33.05 may not represent a normalized earnings power. A more reliable anchor is a normalized or multi-year average EPS, combined with P/B against tangible book, which avoids the timing distortions visible in the reported quarters. Investors should treat the forward P/E of 20.27 with caution until the earnings base stabilizes.