Upside case
Bull case
$373+203.9%
BX would need investors to value it at roughly 62x earnings — about 42x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Blackstone Inc. (BX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
29
analysts
18 bullish · 1 bearish · 29 covering BX
Strong Buy
0
Buy
18
Hold
10
Sell
1
Strong Sell
0
Consensus Target
$156
+27.4% vs today
Scenario Range
$85 – $373
Model bear to bull value window
Coverage
29
Published analyst ratings
Valuation Context
20.6x
Forward P/E · Market cap $96.2B
BX price targets
Three scenarios for where BX stock could go
Current
~$123
Confidence
54 / 100
Updated
May 1, 2026
Where we are now
Current · $123
Bear
$85
Base
$205
Bull
$373
Market caseClosest to today
Base case
$205+67.1%
At 34x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$85-31.0%
If investor confidence fades or macro conditions deteriorate, a 6x multiple contraction could push BX down roughly 31% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Blackstone Inc.
BX · NYSEFinancial ServicesAsset ManagementDecember year-end
Blackstone is one of the world's largest alternative asset managers that invests client capital across private equity, real estate, credit, and hedge fund solutions. It generates fees primarily through management fees (typically 1-2% of assets) and performance fees (typically 20% of profits above certain thresholds) across its various investment funds. The firm's massive scale, global brand recognition, and deep industry relationships create a powerful network effect that attracts both institutional capital and proprietary deal flow.
Market Cap
$96.2B
Net Income TTM
$3.0B
BX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+7.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.21/$1.10
Revenue
$3.7B/$2.8B
Q4 2025
EPS
$1.52/$1.23
Revenue
$2.8B/$3.1B
Q1 2026
EPS
$1.75/$1.54
Revenue
$3.9B/$3.7B
Q2 2026
EPS
$1.36/$1.34
Revenue
$3.4B/$3.4B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.21/$1.10 | +10.0% | $3.7B/$2.8B | +33.2% |
| Q4 2025 | $1.52/$1.23 | +23.6% | $2.8B/$3.1B | -9.6% |
| Q1 2026 | $1.75/$1.54 | +13.6% | $3.9B/$3.7B | +7.1% |
| Q2 2026 | $1.36/$1.34 | +1.5% | $3.4B/$3.4B | +0.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$15.9B
+15.0% YoY
FY2
$19.8B
+24.4% YoY
EPS Outlook
FY1
$5.43
+40.4% YoY
FY2
$6.49
+19.5% YoY
Trailing FCF (TTM)$3.5B
Next Earnings
—
Expected EPS
—
Expected Revenue
—
BX beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
BX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $2.2B
Product Mix
Latest annual revenue by segment or product family
Private Equity Segment
77.3%
+19.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Private Equity Segment is the largest disclosed segment at 77.3% of FY 2025 revenue, up 19.9% YoY.
BX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $127 — implies +0.4% from today's price.
Upside to Fair Value
0.4%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BX
31.6x
vs
S&P 500
25.1x
+26% premium
vs Financial Services Trailing P/E
BX
31.6x
vs
Financial Services
13.3x
+137% premium
vs BX 5Y Avg P/E
Today
31.6x
vs
5Y Average
41.2x
23% discount
Forward PE
20.6x
S&P 500
19.1x
+8%
Financial Services
10.4x
+98%
5Y Avg
—
—
Trailing PE
31.6x
S&P 500
25.1x
+26%
Financial Services
13.3x
+137%
5Y Avg
41.2x
-23%
PEG Ratio
1.51x
S&P 500
1.72x
-12%
Financial Services
1.01x
+49%
5Y Avg
—
—
EV/EBITDA
14.8x
S&P 500
15.2x
-3%
Financial Services
11.4x
+30%
5Y Avg
20.3x
-27%
Price/FCF
55.1x
S&P 500
21.1x
+161%
Financial Services
10.6x
+422%
5Y Avg
33.2x
+66%
Price/Sales
7.0x
S&P 500
3.1x
+122%
Financial Services
2.2x
+212%
5Y Avg
9.3x
-25%
Dividend Yield
6.27%
S&P 500
1.87%
+236%
Financial Services
2.70%
+133%
5Y Avg
5.89%
+7%
| Metric | BX | S&P 500 | Financial Services | 5Y Avg BX |
|---|---|---|---|---|
| Forward PE | 20.6x | 19.1x | 10.4x+98% | — |
| Trailing PE | 31.6x | 25.1x+26% | 13.3x+137% | 41.2x-23% |
| PEG Ratio | 1.51x | 1.72x-12% | 1.01x+49% | — |
| EV/EBITDA | 14.8x | 15.2x | 11.4x+30% | 20.3x-27% |
| Price/FCF | 55.1x | 21.1x+161% | 10.6x+422% | 33.2x+66% |
| Price/Sales | 7.0x | 3.1x+122% | 2.2x+212% | 9.3x-25% |
| Dividend Yield | 6.27% | 1.87% | 2.70% | 5.89% |
BX trades above S&P 500 benchmarks on 3 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBX Financial Health
Verdict
Exceptional
BX generates 14.3% ROE and 6.5% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
—
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
—
Net Margin
Net income divided by revenue
—
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.87
ROE
Return on equity — the primary profitability signal for banks
14.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
16.1%
ROA
Return on assets, trailing twelve months
6.5%
Cash & Equivalents
Liquid assets on the balance sheet
$2.6B
Net Debt
Total debt minus cash
$10.7B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
14.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
6.6%
Dividend
6.3%
Buyback
0.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$312M
Dividend / Share
Annualized trailing dividend per share
$7.70
Payout Ratio
Share of earnings distributed as dividends
199.2%
Shares Outstanding
Declining as buybacks retire shares
784M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageBX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Interest Rate Sensitivity
Blackstone's stock is a yield play, making it highly sensitive to interest rate fluctuations. Prolonged higher rates can compress valuation multiples and pressure share price.
High Risk
Real Estate Exposure
Blackstone's real estate portfolio is concentrated in logistics and data centers. A broader downturn in commercial property valuations or increased interest rate volatility could negatively impact its real estate investment trust (BREIT).
High Risk
Regulatory & Policy Risks
Blackstone operates in a complex regulatory environment with heightened SEC transparency requirements and potential antitrust scrutiny. These regulatory changes could increase compliance costs and limit strategic flexibility.
High Risk
Market & Economic Volatility
The alternative asset model makes Blackstone vulnerable to market fluctuations. Economic downturns can erode investment returns and fee generation, impacting overall profitability.
Medium
Dividend Sustainability
Blackstone is a significant dividend payer, but its payout ratio is high, raising concerns about sustainability if earnings decline. A reduction in dividends could affect investor sentiment and share price.
Medium
Redemption Risk
Retail-focused funds like BREIT and BCRED limit monthly or quarterly redemptions. This restriction could create liquidity concerns for investors during market stress.
Medium
Revenue Momentum
Quarterly revenue has been contracting, signaling potential challenges in fee generation and investment realizations. Slower revenue growth could pressure Blackstone's earnings trajectory.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
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.
Record Investment Deployment
Blackstone deployed a record $138 billion in 2025, with strong momentum expected into 2026, especially in public‑to‑private deals and credit. The scale of deployment underpins fee growth and market influence.
AI & Infrastructure Dominance
Blackstone is a primary financier and landlord for AI build‑out, with its QTS data‑center platform a significant player in the global market. This exposure aligns the firm with high‑growth digital infrastructure trends.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$122.72
52W Range Position
24%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$101.73
+20.6% from the low
52-Week High
$190.09
-35.4% from the high
1 Month
+9.34%
3 Month
-3.24%
YTD
-22.7%
1 Year
-9.8%
3Y CAGR
+14.3%
5Y CAGR
+6.9%
10Y CAGR
+16.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.6x
vs 16.5x median
+25% above peer median
Revenue Growth
+15.0%
vs +17.9% median
-16% below peer median
Net Margin
—
vs — median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BX BX Blackstone Inc. | $96.2B | 20.6x | +15.0% | — | Buy | +27.4% |
KKR KKR KKR & Co. Inc. | $90.9B | 16.7x | +4.5% | — | Buy | +40.2% |
APO APO Apollo Global Management, Inc. | $74.0B | 14.7x | -17.3% | — | Buy | +20.7% |
CG CG The Carlyle Group Inc. | $18.5B | 11.9x | +28.2% | — | Buy | +31.3% |
ARE ARES Ares Management Corporation | $40.4B | 20.2x | +17.9% | — | Buy | +44.3% |
TPG TPG TPG Inc. | $17.5B | 16.5x | +23.6% | — | Buy | +42.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BX Dividend and Capital Return
BX returns 6.6% total yield, led by a 6.27% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
6.6%
Dividend + buyback return per year
Buyback Yield
0.3%
Dividend Yield
6.27%
Payout Ratio
2.0%
How BX Splits Its Return
Div 6.27%
Dividend 6.27%Buybacks 0.3%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$7.70
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
-1.7%
5Y Div CAGR
19.7%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$312M
Estimated Shares Retired
3M
Approx. Share Reduction
0.3%
Shares Outstanding
Current diluted share count from the screening snapshot
784M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $2.65 | — | — | — |
| 2025 | $4.69 | +35.9% | 0.3% | 5.3% |
| 2024 | $3.45 | +3.9% | 0.5% | 3.8% |
| 2023 | $3.32 | -32.8% | 0.4% | 4.7% |
| 2022 | $4.94 | +38.4% | 0.8% | 12.7% |
FAQ
7 questionsBX Investor Questions
Common questions answered from live analyst data and company financials.
01Is Blackstone Inc. (BX) stock a buy or sell in 2026?
Blackstone Inc. (BX) is rated Buy by Wall Street analysts as of 2026. Of 29 analysts covering the stock, 18 rate it Buy or Strong Buy, 10 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $156, implying +27.4% from the current price of $123. The bear case scenario is $85 and the bull case is $373.
02What is the BX stock price target for 2026?
The Wall Street consensus price target for BX is $156 based on 29 analyst estimates. The high-end target is $184 (+49.9% from today), and the low-end target is $130 (+5.9%). The base case model target is $205.
03Is Blackstone Inc. (BX) stock overvalued in 2026?
BX trades at 20.6x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Blackstone Inc. (BX) stock in 2026?
The primary risks for BX in 2026 are: (1) Interest Rate Sensitivity — Blackstone's stock is a yield play, making it highly sensitive to interest rate fluctuations. (2) Real Estate Exposure — Blackstone's real estate portfolio is concentrated in logistics and data centers. (3) Regulatory & Policy Risks — Blackstone operates in a complex regulatory environment with heightened SEC transparency requirements and potential antitrust scrutiny. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Blackstone Inc.'s revenue and earnings forecast?
Analyst consensus estimates BX will report consensus revenue of $15.9B (+15.0% year-over-year) and EPS of $5.43 (+40.4% year-over-year) for the upcoming fiscal year. The following year, analysts project $19.8B in revenue.
06When does Blackstone Inc. (BX) report its next earnings?
A confirmed upcoming earnings date for BX is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Blackstone Inc. generate?
Blackstone Inc. (BX) generated $3.5B in free cash flow over the trailing twelve months. BX returns capital to shareholders through dividends (6.3% yield) and share repurchases ($312M TTM).