BlackRock, Inc.
$1,222.91
+6.30 (+0.52%) · delayed · Nov 13, 2026
Five-year price
52w $917.39 to $1,242.12
- Market cap
- $189.5B
- Enterprise value
- $190.8B
- P/E
- 34.6×
- 32.2× on 3y avg EPS
- EV / EBIT
- 27.1×
- FCF yield
- 1.9%
- ROIC
- 9.6%
- Debt / equity
- 0.23
- Piotroski F
- 3/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 13.0%
- ○ROE > 15% (5y avg)5y avg ROE 12.7%
- ●Stable operating marginsMargin volatility 3.1% (σ, 5y)
- ○Earnings convert to cashFCF / net income 73% (5y avg)
- –Growing revenueRevenue CAGR 5y n/a
- –Shrinking share countDiluted shares n/a over 5y
Value
0
- ○P/E below 15P/E 34.6
- ○EV/EBIT below 12EV/EBIT 27.1
- ○FCF yield above 6%FCF yield 1.9%
- ○Price below Graham NumberGraham Number $535.35
- ○P/B below 3P/B 3.4
Safety
75
- ●Debt / equity below 0.5D/E 0.23
- ●Debt payable in < 4 yrs of earningsNet debt $1.3B
- ●Interest coverage > 8xCoverage 11.5x
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 3/9
Graham Defensive
n/a
- ●Adequate size (revenue > $2B)Revenue $24.2B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- –Earnings stability (no loss, 10y)4 years of data
- –Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 1%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 32.2
- ○P/E × P/B ≤ 22.5Product 109.3
Valuation lab
What do you have to believe?
At $1,222.91, the market is pricing in about 18.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.3B · 155M shares
Intrinsic value
$462.38
Price
$1,222.91
Premium paid
164%
What the price implies
The market is paying for 18.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 17,873 | 17,859 | 20,407 | 24,216 |
| Gross profit | — | — | — | — |
| Operating income | 6,385 | 6,275 | 7,574 | 7,045 |
| Operating margin | 35.7% | 35.1% | 37.1% | 29.1% |
| Pre-tax income | 6,290 | 7,155 | 8,295 | 7,619 |
| Income tax | 1,296 | 1,479 | 1,783 | 1,677 |
| Net income | 5,178 | 5,502 | 6,369 | 5,553 |
| EPS (diluted) | 33.97 | 36.51 | 42.01 | 35.31 |
| Diluted shares | 152 | 151 | 152 | 161 |
Who owns it