Blackstone Inc.
$120.19
+1.65 (+1.39%) · delayed · Nov 13, 2026
Five-year price
52w $101.73 to $165.14
- Market cap
- $90.3B
- Enterprise value
- $100.2B
- P/E
- 31.1×
- 38.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 5.0%
- ROIC
- —
- Debt / equity
- 1.45
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 34.8%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 193% (5y avg)
- ●Growing revenueRevenue CAGR 5y 18.8%
- ○Shrinking share countDiluted shares 11.9% over 5y
Value
0
- ○P/E below 15P/E 31.1
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 5.0%
- ○Price below Graham NumberGraham Number $31.70
- ○P/B below 3P/B 10.4
Safety
33
- ○Debt / equity below 0.5D/E 1.45
- ●Debt payable in < 4 yrs of earningsNet debt $9.9B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $14.5B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 55%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 38.6
- ○P/E × P/B ≤ 22.5Product 402.6
Valuation lab
What do you have to believe?
At $120.19, the market is pricing in about 6.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $9.9B · 751M shares · 5y revenue CAGR 18.8%
Intrinsic value
$317.68
Price
$120.19
Margin of safety
62%
What the price implies
The market is paying for 6.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
69% 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 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,146 | 7,145 | 6,833 | 7,338 | 6,102 | 22,577 | 8,518 | 8,023 | 13,230 | 14,450 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 2,382 | 4,118 | 3,513 | 3,818 | 2,618 | 13,559 | 3,462 | 2,958 | 6,459 | 7,172 |
| Income tax | 132 | 743 | 249 | (48) | 356 | 1,184 | 473 | 513 | 1,022 | 1,125 |
| Net income | 1,039 | 1,471 | 1,542 | 2,050 | 1,045 | 5,857 | 1,748 | 1,391 | 2,777 | 3,019 |
| EPS (diluted) | 1.56 | 2.21 | 2.26 | 3.03 | 1.50 | 8.13 | 2.36 | 1.84 | 3.62 | 3.87 |
| Diluted shares | 1,195 | 666 | 1,207 | 676 | 697 | 720 | 741 | 755 | 767 | 780 |
Who owns it