Blackstone Inc. key statistics and ratios
In fiscal 2025, Blackstone Inc. had return on equity of 35.8%, a net margin of 20.9% and debt equal to 145.1% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | −134.8% | −11.9% | −5.2% | 5.4% | 17.7% | 21.2% | 15.3% | 20.2% | 20.6% | 22.6% | 27.9% | 17.1% | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% | 21.8% |
| Free-cash-flow margin | 21.9% | −13.7% | 32.7% | 13.6% | 53.3% | 21.7% | 50.3% | −2.1% | −23.1% | 0.4% | 25.9% | 29.9% | 17.4% | 71.6% | 47.8% | 25.9% | 31.5% | 34.1% |
| Return on equity | — | — | — | — | — | — | — | — | — | 24.2% | 30.6% | 15.3% | 72.9% | 20.5% | 19.2% | 36.9% | 35.8% | 39.8% |
| Return on assets | −25.4% | −2.6% | −0.8% | 0.9% | 4.0% | 5.2% | 2.6% | 4.2% | 4.8% | 4.9% | 6.7% | 3.6% | 17.4% | 4.2% | 3.4% | 6.6% | 6.6% | 7.2% |
| Asset turnover | 0.19 | 0.22 | 0.16 | 0.16 | 0.23 | 0.24 | 0.17 | 0.21 | 0.23 | 0.22 | 0.24 | 0.21 | 0.67 | 0.20 | 0.19 | 0.32 | 0.32 | 0.33 |
| Debt to equity | — | — | — | — | — | — | — | — | — | 163.0% | 164.6% | 86.2% | 83.4% | 163.2% | 170.3% | 139.5% | 145.1% | 147.7% |
| Effective tax rate | — | — | — | 18.2% | 8.1% | 7.3% | 10.5% | 5.6% | 18.0% | 7.1% | −1.3% | 13.6% | 8.7% | 13.7% | 17.4% | 15.8% | 15.7% | 15.4% |
| Capital spending as % of revenue | 1.3% | 1.7% | 1.1% | 0.9% | 0.4% | 0.4% | 1.3% | 0.4% | 0.3% | 0.3% | 0.8% | 1.8% | 0.3% | 2.8% | 2.8% | 0.5% | 0.8% | 0.7% |
| Free cash flow ÷ net income | — | — | — | 249.8% | 300.7% | 102.5% | 329.4% | −10.6% | −112.2% | 1.8% | 92.8% | 174.5% | 67.0% | 349.1% | 275.6% | 123.2% | 150.6% | 155.9% |
| Dividends ÷ net income | — | — | — | — | — | — | — | — | 193.2% | 197.6% | 116.9% | 228.2% | 78.6% | 373.0% | 306.9% | 159.3% | 199.2% | 181.5% |
| Dividends and buybacks ÷ free cash flow | — | — | — | — | — | — | — | — | — | >999% | 126.0% | 130.8% | 117.4% | 106.9% | 111.4% | 129.4% | 132.2% | 116.4% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | 21.3% | 22.8% | 18.7% | 20.6% | 20.2% | 23.3% | 18.0% | 24.4% |
| Free-cash-flow margin | 32.8% | 4.9% | 32.8% | 22.9% | 51.0% | 24.0% | 26.5% | 37.9% |
| Debt to equity | 155.3% | 139.5% | 157.7% | 145.3% | 144.5% | 145.1% | 160.2% | 147.7% |
Moat
Strong moat
How hard Blackstone's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 20 / 20
Net income has been a median 5.4% of total assets over 10 years.
- Durability 17 / 20
Net margin has been a median 22.0%; its worst year was 17.9%.
- Discipline 12 / 20
The diluted share count fell 34.2% over five years; stock-based pay has been a median 8.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).
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