BlackRock is an investment management firm that managed $14.0 trillion of assets for clients at the end of 2025. It runs active, index, private markets and cash management strategies across asset classes including equities, fixed income, private markets, liquid alternatives, digital assets, currencies, commodities and money market instruments, offered through vehicles such as mutual funds, iShares exchange-traded funds and separate accounts. It also provides technology and subscription services, including the Aladdin risk and investment platform, Aladdin Wealth, eFront, Preqin and Cachematrix.
The firm earns management fees typically charged as a percentage of assets, plus performance fees, securities lending revenue and fees for its technology and advisory services. Clients span institutional and retail investors, among them pension plans, charities, endowments, central banks, sovereign wealth funds, insurers and retail intermediaries.
Business is organised by client region across the Americas, EMEA and Asia-Pacific, with around 24,900 employees in more than 30 countries serving clients in over 100 countries. In July 2025 it completed its acquisition of HPS Investment Partners.
Based on BlackRock's 10-K filed February 25, 2026.
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~$610
Valuation models combined (4)
Base case. Range ~$550–$690. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, price-to-book vs peers), the forward price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 48% below it.
Price used: $1167.15, November 2, 2026
BlackRock valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $27.3bn, up 95.6% on a year earlier, faster than 92.2% a quarter earlier. That growth ranks 1 of 12 among the asset management & custody banks companies we cover. The diluted share count is up 6.6% on a year earlier, which dilutes existing holders. Our valuation models combined value is $664 a share, against a share price of $1,134.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
BlackRock's trailing-twelve-month revenue grew 95.6% year on year, with a free-cash-flow margin of 12.9%. Where it stands out: revenue growth of 95.6% ranks 5 of 43 asset management & custody banks companies we cover. Where it lags: change in share count of 6.6% ranks 29 of 33 asset management & custody banks companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 95.6% (+3.4pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
BlackRock reported third quarter 2026 diluted earnings per share of $10.57. The company said adjusted diluted EPS was $15.93 for the period. No other financial details were provided in the release.
BlackRock reported third-quarter 2026 results on October 14, with diluted EPS of $10.57 and adjusted EPS of $15.93. The company said assets under management reached $15.5 trillion, driven by $205 billion in net inflows during the quarter. Revenue rose 19% year-over-year, while the firm repurchased $550 million of shares.
We value BlackRock as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$590 ~$490–$740 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$620 ~$460–$860 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$690 ~$590–$830 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$550 ~$570–$1600 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$610 ~$550–$690 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BlackRock with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: January 14, 2027, before the open. Analysts expect revenue of $7.9bn and EPS of $15.47 (range $14.88 to $16.05) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $57.86 | +20% | $29.5bn | +22% |
| Next | $64.83 | +12% | $32.8bn | +11% |
Next year's EPS estimate has moved +1.1% in 90 days, across 18 analysts.
The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 3 analysts raised BlackRock's forecast and 8 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $56.23 | $64.11 |
| 60 days ago | $56.28 | $64.31 |
| 30 days ago | $56.29 | $64.31 |
| 7 days ago | $57.86 | $64.66 |
| Now | $57.86 | $64.83 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $14.30 | $15.93 | +11.4% |
| Jun 2026 | $12.69 | $13.91 | +9.6% |
| Mar 2026 | $11.46 | $12.53 | +9.3% |
| Dec 2025 | $12.19 | $13.16 | +7.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +10.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $14.0bn | $27.3bn | +95.6% |
| Net margin | 45.9% | 24.1% | −47.5% |
| P/E multiple | 25.6x | 29.3x | +14.3% |
| Share count | 155m | 165m | −6.2% |
Biggest factor: revenue.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BLK | +29% | −20% | +18% | +29% | +7% | +11% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BLK | 58% | 42% | 50% | 83% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BLK | −13% | −41% | −21% | −11% | −24% | −20% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 44% from November 12, 2021 to October 12, 2022. Getting back needed a 78% gain, reached on September 17, 2024, 706 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 14, 2026 | +5.1% | −0.8% | +7.8% | — |
| July 15, 2026 | +6.0% | −0.1% | +3.0% | +15.3% |
| April 14, 2026 | +2.4% | +2.0% | +1.9% | +6.9% |
| January 15, 2026 | +6.5% | +0.2% | +3.5% | −1.8% |
How BlackRock’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $1,200 call expiring November 27, 2026 (25 days) for $17.50 a share — $1,750 per contract.
Previous session · Bid $17.50, ask $23.20, quoted Mon 2 Nov, 17:16 New York time with BLK at $1,165.72. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $1,140 put and sell the $1,200 call, both expiring November 27, 2026 (25 days).
Offered because the shares trade at or above our fair value of $610: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $11.8B |
| FY24 Q3 | $12.5B |
| FY24 Q4 | $12.8B |
| FY25 Q1 | $13.3B |
| FY25 Q2 | $14B |
| FY25 Q3 | $15.3B |
| FY25 Q4 | $24.2B |
| FY26 Q1 | $25.6B |
| FY26 Q2 | $27.3B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY25 Q2 | 17.9% |
| FY25 Q3 | 22.0% |
| FY25 Q4 | 89.3% |
| FY26 Q1 | 92.2% |
| FY26 Q2 | 95.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | 56.7% |
| FY24 Q3 | 56.6% |
| FY24 Q4 | 59.2% |
| FY25 Q1 | 56.8% |
| FY25 Q2 | 53.8% |
| FY25 Q3 | 48.8% |
| FY25 Q4 | 29.1% |
| FY26 Q1 | 31.8% |
| FY26 Q2 | 32.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q3 | 32.3% |
| FY24 Q4 | 36.7% |
| FY25 Q1 | 29.7% |
| FY25 Q2 | 27.8% |
| FY25 Q3 | 25.8% |
| FY25 Q4 | 14.7% |
| FY26 Q1 | 14.3% |
| FY26 Q2 | 12.9% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 11.1 | 11.0 | 12.8 | 24.2 | 27.3 |
| EBITDA | 6.8 | 6.7 | 8.1 | 8.2 | 10.4 |
| Operating income | 6.4 | 6.3 | 7.6 | 7.0 | 8.9 |
| Net income | 5.2 | 5.5 | 6.4 | 5.6 | 6.6 |
| Diluted EPS | $33.97 | $36.51 | $42.01 | $35.31 | $39.84 |
| Growth (year on year) | |||||
| Revenue | — | −0.4% | +16.2% | +89.3% | +95.6% |
| EBITDA | — | −1.5% | +20.9% | +0.8% | +26.0% |
| Operating income | — | −1.7% | +20.7% | −7.0% | +18.4% |
| Net income | — | +6.3% | +15.8% | −12.8% | +2.7% |
| Diluted EPS | — | +7.5% | +15.1% | −15.9% | −3.6% |
| Margins | |||||
| EBITDA margin | 61.5% | 60.9% | 63.3% | 33.7% | 38.0% |
| Operating margin | 57.7% | 57.0% | 59.2% | 29.1% | 32.6% |
| Net margin | 46.8% | 50.0% | 49.8% | 22.9% | 24.1% |
| Free-cash-flow margin | 40.0% | 34.7% | 36.7% | 14.7% | 12.9% |
| Cash flow | |||||
| Cash from operations | 5.0 | 4.2 | 5.0 | 3.9 | 3.9 |
| Capital spending | 0.5 | 0.3 | 0.3 | 0.4 | 0.4 |
| Free cash flow | 4.4 | 3.8 | 4.7 | 3.6 | 3.5 |
| Stock-based pay | 0.7 | 0.6 | 0.8 | 1.3 | 1.5 |
| Free cash flow after stock pay | 3.7 | 3.2 | 3.9 | 2.2 | 2.1 |
| Balance sheet | |||||
| Cash | 7.4 | 8.7 | 12.8 | 11.5 | 10.5 |
| Total debt | 0.0 | 7.9 | 12.3 | 12.8 | 12.7 |
| Net debt (negative = net cash) | −7.4 | −0.8 | −0.4 | 1.3 | 2.3 |
| Diluted shares | 152m | 151m | 152m | 161m | 165m |
| Returned to shareholders | |||||
| Dividends | 3.0 | 3.0 | 3.1 | — | — |
| Buybacks | 2.3 | 1.9 | 1.9 | — | — |
| Total returned | 5.3 | 4.9 | 5.0 | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 5,197 | −1,936 | 5,276 | 5,423 | 6,509 | 7,008 | 6,698 | 7,084 |
| EBITDA | 2,116 | 2,275 | 1,892 | 1,948 | 2,301 | 2,030 | 3,194 | 2,846 |
| Operating income | 2,006 | 2,075 | 1,698 | 1,731 | 1,955 | 1,661 | 2,814 | 2,461 |
| Net income | 1,631 | 1,670 | 1,510 | 1,593 | 1,323 | 1,127 | 2,212 | 1,914 |
| Diluted EPS | $10.90 | $10.64 | $9.64 | $10.19 | $8.43 | $7.10 | $14.06 | $12.19 |
| Growth (year on year) | ||||||||
| Revenue | +14.9% | — | +11.6% | +12.9% | +25.2% | — | +27.0% | +30.6% |
| EBITDA | — | +34.1% | +4.9% | +2.1% | +8.7% | −10.8% | +68.8% | +46.1% |
| Operating income | +22.5% | +30.9% | +0.3% | −3.8% | −2.5% | −20.0% | +65.7% | +42.2% |
| Net income | +1.7% | +21.5% | −4.0% | +6.6% | −18.9% | −32.5% | +46.5% | +20.2% |
| Diluted EPS | +2.3% | +16.3% | −8.0% | +2.0% | −22.7% | −33.3% | +45.9% | +19.6% |
| Margins | ||||||||
| EBITDA margin | 40.7% | −117.5% | 35.9% | 35.9% | 35.4% | 29.0% | 47.7% | 40.2% |
| Operating margin | 38.6% | −107.2% | 32.2% | 31.9% | 30.0% | 23.7% | 42.0% | 34.7% |
| Net margin | 31.4% | −86.3% | 28.6% | 29.4% | 20.3% | 16.1% | 33.0% | 27.0% |
| Free-cash-flow margin | 24.8% | −130.6% | −22.9% | 23.5% | 20.5% | 30.6% | −16.2% | 15.8% |
| Cash flow | ||||||||
| Cash from operations | 1,381 | 2,618 | −1,128 | 1,364 | 1,414 | 2,277 | −980 | 1,227 |
| Capital spending | 94 | 90 | 78 | 89 | 78 | 130 | 106 | 109 |
| Free cash flow | 1,287 | 2,528 | −1,206 | 1,275 | 1,336 | 2,147 | −1,086 | 1,118 |
| Stock-based pay | 156 | 242 | 241 | 226 | 419 | 421 | 319 | 302 |
| Free cash flow after stock pay | 1,131 | 2,286 | −1,447 | 1,049 | 917 | 1,726 | −1,405 | 816 |
| Last 12 months unless stated | BLK | BNY | KKR | APO | AMP | BX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $27.3bn | $22.0bn | $21.3bn | $35.9bn | $20.1bn | $16.1bn | $858m |
| Revenue growth, last 12 months | 95.6% | 11.2% | 31.1% | 41.2% | 8.8% | 17.2% | 17.2% |
| Revenue growth, 3-year average | — | 8.4% | 24.2% | 10.2% | 8.9% | 32.3% | 10.2% |
| Revenue growth, latest quarter | 30.6% | 11.7% | 12.5% | 63.7% | 6.1% | 35.9% | 14.4% |
| Net margin | 24.1% | 29.8% | 14.8% | 5.2% | 20.7% | 21.8% | 15.2% |
| Cash from operations / revenue | 14.4% | 42.7% | 11.7% | 26.4% | 37.2% | 34.7% | 26.4% |
| Free-cash-flow margin | 12.9% | 32.5% | 12.6% | 21.9% | 36.4% | 34.1% | 21.9% |
| Free-cash-flow margin, 3-year average | — | 5.7% | 26.6% | 13.8% | 38.5% | 32.1% | 17.6% |
| Stock pay / revenue | 5.4% | 0.0% | 3.6% | 2.7% | 1.0% | 9.8% | 3.7% |
| Change in share count | 6.6% | −3.8% | — | −0.3% | −5.8% | 1.9% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 95.6% | 17.2% | 5 of 43 |
| Change in growth rate Growth | +3.4pp | +1.0pp | 16 of 43 |
| Operating margin Profitability | 32.6% | 23.7% | 5 of 27 |
| Net margin Profitability | 24.1% | 15.2% | 12 of 43 |
| Stock pay as % of revenue Cash generation | 5.4% | 4.3% | 22 of 40 |
| Change in share count Balance sheet | 6.6% | -0.3% | 29 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Investment Advice | $19.2B | ▲ 19.1% |
| Revenue By Client Type | $19.2B | ▲ 19.1% |
| Revenue By Investment Style | $19.2B | ▲ 19.1% |
| Technology Services and Subscription Revenue | $2B | ▲ 23.6% |
| Investment Performance | $1.4B | ▲ 18.0% |
| Distribution and Shareholder Service | $1.4B | ▲ 6.4% |
| Other services | $277M | ▲ 23.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $16B | 65.9% | ▲ 19.0% |
| Europe | $7.2B | 29.6% | ▲ 16.8% |
| Asia Pacific | $1.1B | 4.5% | ▲ 27.4% |
From BlackRock's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $9.7B | 10.1M | 8.5% | 0.0% |
| Vanguard Capital Management LLC | $8.9B | 9.3M | 7.7% | ▲ 0.4% |
| State Street Corp | $6.2B | 6.4M | 5.3% | ▲ 2.2% |
| Temasek Holdings (Private) Ltd | $5B | 5.2M | 4.3% | ▼ 2.5% |
| Bank Of America Corp | $4.4B | 4.6M | 3.8% | ▼ 12.4% |
| Wellington Management Group LLP | $4.3B | 4.5M | 3.7% | ▲ 23.3% |
| Capital Research Global Investors | $4.3B | 4.5M | 3.7% | ▼ 3.3% |
| Vanguard Portfolio Management LLC | $3.5B | 3.6M | 3.0% | ▲ 2.7% |
| Morgan Stanley | $3.4B | 3.5M | 2.9% | ▲ 1.5% |
| Geode Capital Management, LLC | $3.1B | 3.3M | 2.7% | ▲ 0.9% |
| Norges Bank | $2.7B | 2.8M | 2.4% | — |
| Wells Fargo & Company | $2.4B | 2.5M | 2.1% | ▲ 1.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BlackRock's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Meade Christopher J. General Counsel and CLO | July 16, 2026 | Sell | 2,200 | $1102.80 | $2.4M |
| Meade Christopher J. General Counsel and CLO | July 16, 2026 | Sell | 15,895 | $1101.99 | $17.5M |
| Fink Laurence Chairman and CEO | July 16, 2026 | Sell | 1,905 | $1080.57 | $2.1M |
| Fink Laurence Chairman and CEO | April 28, 2026 | Sell | 2,126 | $1052.50 | $2.2M |
| Fink Laurence Chairman and CEO | April 28, 2026 | Sell | 8,225 | $1051.35 | $8.6M |
| Fink Laurence Chairman and CEO | April 28, 2026 | Sell | 13,834 | $1050.44 | $14.5M |
| Fink Laurence Chairman and CEO | April 28, 2026 | Sell | 9,715 | $1049.61 | $10.2M |
| Kapito Robert President | April 27, 2026 | Sell | 187 | $1057.60 | $197,772 |
| Kapito Robert President | April 27, 2026 | Sell | 5,364 | $1056.86 | $5.7M |
| Kapito Robert President | April 27, 2026 | Sell | 3,188 | $1056.10 | $3.4M |
| Kushel J. Richard Senior Managing Director | February 24, 2026 | Sell | 2,000 | $1083.05 | $2.2M |
| Kushel J. Richard Senior Managing Director | February 24, 2026 | Sell | 385 | $1084.91 | $417,690 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 2 members of Congress disclosed 2 purchases and 5 sales of BlackRock shares.
Next expected around January 14, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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