Blackstone Inc. (BX) Financial Ratios
27 years of historical data (1999–2025) · Financial Services · Asset Management
EV/EBITDA
↑
14.77
↓-27% vs avg
5yr avg: 20.34
30Y Low6.8·High36.1
P/FCF
↑
54.93
↑+65% vs avg
5yr avg: 33.24
30Y Low0.9·High69.0
P/B Ratio
↑
4.37
↓-12% vs avg
5yr avg: 4.97
30Y Low0.3·High6.8
ROE
↓
14.6%
-6% vs avg
5yr avg: 15.5%
30Y Low-14%·High32%
Debt/EBITDA
↑
1.84
↓-25% vs avg
5yr avg: 2.45
30Y Low0.6·High11.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Blackstone Inc. trades at 31.5x earnings, 23% below its 5-year average of 41.2x, sitting at the 67th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a premium of 140%. On a free-cash-flow basis, the stock trades at 54.9x P/FCF, 65% above the 5-year average of 33.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $95.8B | $120.4B | $132.2B | $98.9B | $55.0B | $93.2B | $45.2B | $37.8B | $18.0B | $21.3B | $16.2B |
| Enterprise Value | $106.5B | $131.0B | $142.5B | $108.2B | $64.1B | $99.8B | $49.5B | $47.4B | $26.0B | $34.3B | $23.3B |
| P/E Ratio → | 31.53 | 39.73 | 47.63 | 71.15 | 31.44 | 15.92 | 43.21 | 18.46 | 13.19 | 14.49 | 17.33 |
| P/S Ratio | 6.93 | 8.70 | 11.62 | 13.30 | 7.38 | 5.53 | 8.37 | 5.93 | 3.02 | 3.57 | 3.62 |
| P/B Ratio | 4.37 | 5.50 | 6.78 | 5.47 | 2.79 | 4.29 | 3.10 | 2.50 | 1.31 | 1.55 | 1.29 |
| P/FCF | 54.93 | 68.98 | 38.65 | 25.80 | 9.01 | 23.76 | 24.77 | 19.88 | 657.40 | — | — |
| P/OCF | 51.51 | 64.70 | 37.97 | 24.38 | 8.68 | 23.38 | 23.34 | 19.27 | 393.29 | — | — |
P/E links to full P/E history page with 30-year chart
BX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Blackstone Inc.'s enterprise value stands at 14.8x EBITDA, 27% below its 5-year average of 20.3x. The Financial Services sector median is 11.5x, placing the stock at a 29% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.48 | 12.53 | 14.55 | 8.60 | 5.92 | 9.17 | 7.44 | 4.35 | 5.74 | 5.21 |
| EV / EBITDA | 14.77 | 18.17 | 21.94 | 36.11 | 18.16 | 7.32 | 18.42 | 12.20 | 7.27 | 8.23 | 9.44 |
| EV / EBIT | 14.84 | 18.26 | 22.06 | 36.60 | 18.51 | 7.36 | 18.92 | 12.42 | 7.39 | 8.32 | 9.77 |
| EV / FCF | — | 75.10 | 41.66 | 28.24 | 10.51 | 25.44 | 27.15 | 24.93 | 948.51 | — | — |
BX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Blackstone Inc. earns an operating margin of 51.9%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 39.8% to 51.9% over the past 3 years, signaling improving operational efficiency. ROE of 14.6% is modest. ROIC of 16.1% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
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 | 86.0% | 86.0% | 96.1% | 94.2% | 95.7% | 98.8% | 96.9% | 96.9% | 97.2% | 96.7% | 96.6% |
| Operating Margin | 51.9% | 51.9% | 56.8% | 39.8% | 46.5% | 80.5% | 48.5% | 59.9% | 58.9% | 68.9% | 53.4% |
| Net Profit Margin | 21.8% | 21.8% | 24.4% | 18.7% | 23.5% | 34.8% | 19.4% | 32.2% | 25.9% | 24.6% | 23.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 14.8% | 7.4% | 8.4% | 32.3% | 7.0% | 14.2% | 11.2% | 11.2% | 8.4% |
| ROA | 6.6% | 6.6% | 6.6% | 3.4% | 4.2% | 17.4% | 3.6% | 6.7% | 4.9% | 4.8% | 4.2% |
| ROIC | 16.1% | 16.1% | 15.6% | 7.0% | 8.2% | 39.6% | 8.2% | 11.3% | 10.0% | 12.3% | 9.0% |
| ROCE | 16.9% | 16.9% | 16.4% | 7.6% | 8.7% | 41.8% | 9.1% | 12.8% | 11.6% | 14.3% | 10.1% |
BX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Blackstone Inc. carries a Debt/EBITDA ratio of 1.8x, which is manageable (55% below the sector average of 4.1x). Net debt stands at $10.7B ($13.3B total debt minus $2.6B cash). Interest coverage of 14.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.63 | 0.68 | 0.68 | 0.40 | 0.43 | 0.78 | 0.74 | 1.09 | 0.71 |
| Debt / EBITDA | 1.84 | 1.84 | 1.89 | 4.10 | 3.79 | 0.64 | 2.36 | 3.03 | 2.85 | 3.59 | 3.63 |
| Net Debt / Equity | — | 0.49 | 0.53 | 0.52 | 0.46 | 0.30 | 0.30 | 0.64 | 0.58 | 0.94 | 0.57 |
| Net Debt / EBITDA | 1.48 | 1.48 | 1.59 | 3.11 | 2.58 | 0.48 | 1.62 | 2.47 | 2.23 | 3.11 | 2.88 |
| Debt / FCF | — | 6.12 | 3.02 | 2.44 | 1.49 | 1.68 | 2.38 | 5.05 | 291.11 | — | — |
| Interest Coverage | 14.12 | 14.12 | 14.56 | 6.85 | 10.91 | 68.39 | 15.75 | 19.12 | 21.42 | 20.85 | 15.60 |
BX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.91x is below 1.0, meaning current liabilities exceed current assets — though the company's $2.6B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 1.32x to 0.91x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.77 | 1.32 | 2.09 | 1.16 | 8.64 | 7.32 | 5.65 | 2.43 | 3.84 |
| Quick Ratio | 0.91 | 0.91 | 0.77 | 1.32 | 2.09 | 1.16 | 8.64 | 7.32 | 5.65 | 2.43 | 3.84 |
| Cash Ratio | 0.82 | 0.82 | 0.70 | 1.24 | 2.01 | 1.11 | 2.79 | 2.69 | 2.52 | 0.98 | 1.70 |
| Asset Turnover | — | 0.29 | 0.26 | 0.18 | 0.18 | 0.41 | 0.21 | 0.20 | 0.21 | 0.17 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Blackstone Inc. returns 6.6% to shareholders annually — split between a 6.3% dividend yield and 0.3% buyback yield. The payout ratio exceeds 100% at 199.2%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 6.3% | 5.0% | 3.3% | 4.3% | 11.9% | 4.9% | 5.3% | 6.3% | 16.9% | 13.3% | 12.5% |
| Payout Ratio | 199.2% | 199.2% | 159.3% | 306.9% | 373.0% | 78.6% | 228.2% | 116.9% | 197.6% | 193.2% | 194.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.5% | 2.1% | 1.4% | 3.2% | 6.3% | 2.3% | 5.4% | 7.6% | 6.9% | 5.8% |
| FCF Yield | 1.8% | 1.4% | 2.6% | 3.9% | 11.1% | 4.2% | 4.0% | 5.0% | 0.2% | — | — |
| Buyback Yield | 0.3% | 0.3% | 0.5% | 0.4% | 0.8% | 1.4% | 1.1% | 1.5% | 3.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 6.6% | 5.3% | 3.8% | 4.7% | 12.7% | 6.3% | 6.4% | 7.9% | 20.1% | 13.5% | 12.7% |
| Shares Outstanding | — | $781M | $767M | $755M | $741M | $720M | $697M | $676M | $603M | $666M | $598M |
Peer Comparison
Compare BX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BXYou | $96B | 31.5 | 14.8 | 54.9 | 86.0% | 51.9% | 14.6% | 16.1% | 1.8 |
 KKR | $89B | 42.9 | 20.2 | 9.4 | 41.8% | 2.4% | 3.3% | 0.3% | 7.7 |
 APO | $74B | 17.6 | 5.9 | 9.9 | 88.5% | 34.4% | 12.2% | 16.0% | 1.2 |
 CG | $18B | 22.5 | 21.2 | 13.0 | 65.9% | 26.2% | 12.1% | 5.2% | 10.4 |
 ARES | $40B | 62.8 | 26.9 | 26.2 | 74.8% | 27.2% | 6.8% | 6.1% | 7.4 |
 TPG | $17B | 36.8 | 21.8 | 17.0 | 96.9% | 14.7% | 4.8% | 9.3% | 2.1 |
 BAM | $82B | 38.1 | 29.6 | 130.6 | 71.0% | 69.4% | 80.9% | 71.0% | 0.1 |
 BN | $104B | 9999.0 | 8.5 | — | 40.0% | 39.9% | 0.8% | 5.6% | 6.4 |
 OWL | $16B | 86.2 | 19.6 | 13.5 | 55.4% | 21.9% | 1.3% | 5.0% | 3.8 |
 HLNE | $4B | 16.4 | 13.3 | 13.6 | 70.8% | 44.4% | 27.2% | 21.2% | 1.1 |
 STEP | $2B | -21.5 | — | 35.3 | -7.6% | -21.3% | -9.8% | -8.7% | — |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonBX — Frequently Asked Questions
Quick answers to the most common questions about buying BX stock.
What is Blackstone Inc.'s P/E ratio?
Blackstone Inc.'s current P/E ratio is 31.5x. The historical average is 27.3x. This places it at the 67th percentile of its historical range.
What is Blackstone Inc.'s EV/EBITDA?
Blackstone Inc.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
What is Blackstone Inc.'s ROE?
Blackstone Inc.'s return on equity (ROE) is 14.6%. The historical average is 7.4%.
Is BX stock overvalued?
Based on historical data, Blackstone Inc. is trading at a P/E of 31.5x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Blackstone Inc.'s dividend yield?
Blackstone Inc.'s current dividend yield is 6.30% with a payout ratio of 199.2%.
What are Blackstone Inc.'s profit margins?
Blackstone Inc. has 86.0% gross margin and 51.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Blackstone Inc. have?
Blackstone Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.