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BXBlackstone Inc.
$119.50$94.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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BX logo

Blackstone Inc.

BX
NYSE · Asset Managers & Custodians
$119.50
At close - USD
Market Cap$94.14B
P/E30.8x
52W High$165.14
Volume6.32M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Fee Engine Powers Volatile GAAP Earnings

Blackstone's outlook appears anchored by fee income, which exceeded 100% of total revenue in all ten reported quarters and peaked at $4.6B in 2026Q2 on roughly $70B of inflows, suggesting alternative-asset management performance and carry remain the singular earnings engine.

GrowthExpanding
ProfitabilityStrong
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

BX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+56% Peers

P/E is 56% above peer median

03

Market leadership

RS 54 · Avg

Average momentum (RS Rating: 54)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Jan 22
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Non-interest income contributed 104.5% of total revenue in 2026Q3 as EPS growth of 3.8% followed the $1.57 outlier print in 2026Q2, underscoring that fee timing rather than spread income drives reported results.

Analyst Consensus+20.0% target
Buy(30 analysts)
19 Buy10 Hold1 Sell

The Bull Case

Upside Catalysts

Record Earnings & Resilient Fundamentals

Blackstone reported record earnings in 2025, underscoring its robust financial health. Despite market volatility, the firm maintains resilient fundamentals, positioning it to capture upside in a recovering economy.

Diversified AUM & Fee Generation

The firm’s assets under management span credit & insurance, private equity, and real estate, creating non‑correlated growth. This diversification fuels robust fee generation and cushions the business against sector‑specific downturns.

Private Wealth Growth Surge

Private wealth AUM grew 16% year‑over‑year, and Blackstone commands an estimated 50% share of private‑wealth revenue among major alternative firms. This positions the firm to capture expanding wealth‑management demand.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
BX-21.56%
S&P 500 (^GSPC)+7.63%
1-Year Return
BX-13.16%
S&P 500 (^GSPC)+9.69%
3-Year Return
BX+34.95%
S&P 500 (^GSPC)+68.39%
5-Year Return
BX-0.71%
S&P 500 (^GSPC)+56.48%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
26.9x
Forward P/EExpansion
20.4x
EV/EBITDA20th %ile
12.3x
FCF YieldCash Flow
5.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
26.9x
39.7x
20th· Low
EV/EBITDA
12.3x
18.2x
20th· Low
Price/FCF
19.8x
25.8x
20th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$54.46-54.4%
Base (Fair)$83.79-29.9%
Bull$69.38-41.9%
$54.46 Bear$83.79 Base$69.38 Bull
Current Market Price: $119.50
Trades at a 42.6% premium to Base DCF ($83.79)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$13.32B+21.9% YoY
Net income FY25
$3.02B+8.7% YoY
Free cash flow FY25
$1.74B-49.0% YoY
Operating margin FY25
53.9%-5.2 pts YoY
ROIC (FY25)16.1%
Avg ROIC 5Y-
ROE (FY25)14.6%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 22, 2026
$1.32+4.8%
vs $1.26
$3.2B-1.6%
vs $3.3B
Q3 2026
Jul 23, 2026
$1.52+13.4%
vs $1.34
$3.8B+11.1%
vs $3.4B
Q2 2026
Apr 23, 2026
$1.36+1.5%
vs $1.34
$3.4B+0.7%
vs $3.4B
Q1 2026
Jan 29, 2026
$1.75+13.6%
vs $1.54
$3.9B+7.1%
vs $3.7B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
PRNewsWire·1d ago
Aon and funds managed by Blackstone launch Cortina, a new Lloyd's syndicate offering efficient, long-term capital to reinsurance clients

Participating Aon clients benefit from the efficient structure through a client dividend Operating within Lloyd's, with QBE as Managing Agent, Cortina is expected to begin underwriting from 1 January 2027 DUBLIN, Nov. 6, 2026 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, and funds managed by Blackstone (NYSE: BX), the world's largest alternative asset manager, today announced the launch of Cortina syndicate 1956, a new Lloyd's syndicate that will provide dedicated, multi-year reinsurance capacity, broaden the capital available to clients and support the continued growth and resilience of the reinsurance marketplace. Cortina received Lloyd's Council's "in principle" approval on 16 October 2026 and is continuing to work with Lloyd's to complete the necessary "Making It Happen" actions in advance of granting of permission to underwrite from 1 January 2027.

CNBC·4d ago
Blackstone president calls for more equity to fund AI buildout as debt risks mount

Blackstone President Jon Gray said AI infrastructure investment will require more equity financing as debt investors face concentration risks. Pimco CEO Emmanuel Roman warned that scale could strain markets, citing an estimate of about $10 trillion in capital expenditure over five years.

Reuters·4d ago
Blackstone president says more tech sector fundraising ahead to keep up with AI industry growth

Blackstone president says more tech sector fundraising ahead to keep up with AI industry growth

Business Wire·5d ago
Blackstone Life Sciences Announces $455 Million Collaboration to Co-Fund Development of Boston Scientific VITALYST™ Heart Pump for Patients with Cardiogenic Shock

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Blackstone Life Sciences (“BXLS”) today announced a $455 million collaboration with Boston Scientific Corporation (NYSE: BSX) to co-fund the development of the VITALYST™ Temporary Percutaneous Transvalvular Circulatory Support System program. The VITALYST system is a next-generation, miniature heart pump intended to increase cardiac output and improve blood flow from the heart to the brain and other vital organs. It is designed to treat acute myocardial infarc.

Filtered for Blackstone Inc.More Headlines
04

Compare before deciding

Benchmark BX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Blackstone Inc. (BX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BX logoBXBlackstone Inc.Current
$119.50$94.14B30.8021.87%22.67%14.59%6.44%
KKR logoKKRKKR & Co. Inc.
$96.48$86.63B41.23-7.47%18%3.96%0.83%
APO logoAPOApollo Global Management, Inc.
$116.75$67.24B16.0815.78%8.54%7.06%1.83%
CG logoCGThe Carlyle Group Inc.
$39.70$14.29B18.2140.31%10%5.11%3.43%
ARES logoARESAres Management Corporation
$133.98$44B68.3696.21%9.97%7.43%6.03%
TPG logoTPGTPG Inc.
$46.50$17.83B38.4379.63%5.3%5.95%6.94%

Compare BX vs Peers

Blackstone Inc. (BX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs KKR

Most directly comparable listed peer for BX.

Scale Benchmark

vs MS

Larger-name benchmark to compare BX against a more recognizable public peer.

Peer Set

Compare Top 5

vs KKR, APO, CG, ARES

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

BX SEC Filings & Documents

Blackstone Inc. (BX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 22, 2026·SEC

Material company update

Oct 15, 2026·SEC

Material company update

Sep 22, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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BX Frequently Asked Questions

Blackstone Inc. (BX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Blackstone Inc. growing?

Blackstone Inc. (BX) grew revenue by 21.9% in fiscal year 2025, compared with the prior fiscal year.

Is BX profitable?

Yes. Blackstone Inc. (BX) earned $3.56B in net income over the trailing twelve months (a 22.6% net margin).

Dividend & Returns
Does BX pay dividends?

Yes. Blackstone Inc. (BX) pays a dividend that yields 6.44% at the current price, a high yield.

What is BX's return on equity?

Blackstone Inc. (BX) had a return on equity (ROE) of 14.6% in fiscal year 2025. That is in line with the market's typical 10-15%.

Industry Metrics
What is Blackstone Inc.'s net interest margin?

Blackstone Inc. (BX) has a net interest margin (NIM) of -0.2%. NIM has been under pressure due to interest rate environment.

What is Blackstone Inc.'s efficiency ratio?

Blackstone Inc. (BX) has an efficiency ratio of 35.4%. This is excellent, indicating strong cost control.

What if you invested $1,000 in BX back in 1999?

Total return calculator · dividends reinvested · 27+ years of data

See returns →