Latest Ratios: P/E Ratio 30.0x · EV/EBITDA 18.6x · 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 | $164.4B | $177.0B | $155.4B | $122.3B | $108.0B | $141.4B | $111.7B | $79.2B | $63.9B | $84.8B | $63.6B |
| Enterprise Value | $168.0B | $180.6B | $156.9B | $123.3B | $109.1B | $141.4B | $111.1B | $79.3B | $62.4B | $82.8B | $62.4B |
| P/E Ratio → | 29.95 | 30.22 | 24.40 | 22.24 | 20.86 | 23.95 | 22.65 | 17.68 | 14.83 | 17.12 | 20.09 |
| P/S Ratio | 6.99 | 7.53 | 7.82 | 6.96 | 6.12 | 7.37 | 6.98 | 5.52 | 4.56 | 6.33 | 5.28 |
| P/B Ratio | 2.85 | 2.88 | 3.15 | 2.97 | 2.79 | 3.63 | 2.97 | 2.27 | 1.90 | 2.63 | 2.17 |
| P/FCF | 46.29 | 49.84 | 33.06 | 32.02 | 24.42 | 30.71 | 31.48 | 30.10 | 22.25 | 23.09 | 31.28 |
| P/OCF | 41.87 | 45.08 | 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 | — | 7.68 | 7.90 | 7.02 | 6.18 | 7.37 | 6.94 | 5.53 | 4.45 | 6.18 | 5.17 |
| EV / EBITDA | 18.59 | 19.98 | 19.36 | 18.40 | 16.04 | 17.97 | 18.35 | 13.56 | 10.99 | 15.07 | 12.91 |
| EV / EBIT | 21.24 | 21.93 | 20.43 | 19.43 | 16.84 | 18.89 | 19.43 | 14.15 | 11.17 | 15.73 | 13.45 |
| EV / FCF | — | 50.83 | 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 | 46.7% | 46.7% | 49.4% | 48.1% | 48.6% | 50.7% | 51.0% | 50.9% | 50.7% | 49.9% | 49.1% |
| Operating Margin | 32.7% | 32.7% | 37.1% | 35.1% | 35.7% | 38.5% | 35.1% | 38.2% | 38.4% | 38.6% | 37.3% |
| Net Profit Margin | 22.9% | 22.9% | 31.2% | 30.8% | 29.0% | 30.5% | 30.4% | 30.8% | 30.3% | 36.4% | 25.9% |
| 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 | 8.5% | 8.5% | 9.9% | 9.6% | 10.0% | 11.9% | 10.0% | 10.6% | 10.8% | 11.0% | 10.0% |
| ROCE | 5.2% | 5.2% | 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 | 1.66 | 1.66 | 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 | 0.39 | 0.39 | 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 | 11.66 | 11.66 | 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 | 0.15 | 0.14 | 0.15 | 0.13 | 0.09 | 0.09 | 0.09 | 0.06 | 0.06 |
| 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 | 1.9% | 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 | 3.3% | 3.3% | 4.1% | 4.5% | 4.8% | 4.2% | 4.4% | 5.7% | 6.7% | 5.8% | 5.0% |
| FCF Yield | 2.2% | 2.0% | 3.0% | 3.1% | 4.1% | 3.3% | 3.2% | 3.3% | 4.5% | 4.3% | 3.2% |
| Buyback Yield | 1.2% | 1.1% | 1.2% | 1.5% | 2.2% | 1.1% | 1.6% | 2.4% | 3.3% | 1.7% | 2.2% |
| Total Shareholder Yield | 3.1% | 3.0% | 3.2% | 4.0% | 4.9% | 2.9% | 3.6% | 5.1% | 6.3% | 3.6% | 4.6% |
| Shares Outstanding | — | $165M | $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 30.0x. The historical average is 23.3x. This places it at the 78th percentile of its historical range.
BlackRock, Inc.'s current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
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 30.0x. This is at the 78th 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 1.91% with a payout ratio of 60.3%.
BlackRock, Inc. has 46.7% gross margin and 32.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BlackRock, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory and ESG scrutiny
Metrics are mathematically derived from official filings.
Complexity Premium Drives Valuation Multiples
Based on current market data, BlackRock trades at a P/E of 27.24, which reflects a significant premium over traditional asset managers like T. Rowe Price, suggesting investors are pricing the firm as a diversified financial technology platform rather than a legacy investment management entity.
The forward P/E of 18.11 indicates that the market anticipates meaningful earnings growth, likely driven by the integration of Aladdin and private market expansion. This valuation gap relative to peers suggests that the market assigns a 'platform premium' to the firm's recurring technology revenue, which is less sensitive to market volatility than pure advisory fees.
Capital Efficiency Constrained by Intangibles
As reported in recent financial statements, BlackRock's ROIC has remained in a narrow range between 1.6% and 2.7% over the last ten quarters, indicating that the firm's aggressive acquisition strategy has significantly expanded the capital base, thereby diluting the immediate return on invested capital.
While the firm demonstrates strong operational margins, the persistent pressure on ROIC suggests that the integration of large-scale acquisitions requires substantial time to yield accretive returns. Investors should monitor whether the recent GIP acquisition can improve these returns or if the growing goodwill balance will continue to weigh on capital efficiency metrics.
Working Capital Volatility Impacts Efficiency
According to the provided quarterly data, the firm's asset turnover remains consistently low at 0.04, which is characteristic of an asset-light business model, yet the variability in DSO suggests that institutional client settlement cycles introduce periodic friction into the firm's overall working capital efficiency.
The lack of clear DIO and DPO data reflects the firm's service-oriented nature, where the primary efficiency driver is the scalability of the Aladdin platform. The observed fluctuations in DSO warrant further investigation into whether these are driven by shifts in client mix or changes in the timing of performance fee realizations.
Conservative Leverage Supports Financial Flexibility
Based on reported figures, BlackRock maintains a stable debt-to-equity ratio of 0.24 as of 2026Q1, which, when compared to the higher leverage profiles of peers like State Street, highlights a fortress balance sheet that provides significant capacity for future strategic investments or capital returns.
The firm's interest coverage ratio, which has remained robust despite market volatility, suggests that debt service is well-covered by operating income. This conservative capital structure appears to be a deliberate strategy to maintain a high credit profile, allowing the firm to navigate cyclical downturns without compromising its operational or technological investment priorities.
Misapplication of AUM-Based Valuation Metrics
The most commonly misapplied metric for BlackRock is the simple Price-to-AUM ratio, which fails to account for the divergent fee structures between passive iShares products, active management, and the high-margin, recurring revenue generated by the Aladdin technology platform.
Using AUM as a proxy for value obscures the firm's shift toward private markets and technology services, which carry different risk and margin profiles than traditional advisory assets. Analysts should instead focus on Net New Fee Revenue and the growth of technology-related contract values to better capture the firm's true underlying earning power.