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1. Company Snapshot

1.a. Company Description

BlackRock, Inc.is a publicly owned investment manager.The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.


It also provides global risk management and advisory services.The firm manages separate client-focused equity, fixed income, and balanced portfolios.It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds.


The firm launches equity, fixed income, balanced, and real estate mutual funds.It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds.The firm also launches and manages hedge funds.


It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe.The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies.It also invests in dividend-paying equity securities.


The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities.It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments.The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments.


In real estate sector, it seeks to invest in Poland and Germany.The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices.BlackRock, Inc.


was founded in 1988 and is based in New York City with additional offices in Boston, Massachusetts; London, United Kingdom; Gurgaon, India; Hong Kong; Greenwich, Connecticut; Princeton, New Jersey; Edinburgh, United Kingdom; Sydney, Australia; Taipei, Taiwan; Singapore; Sao Paulo, Brazil; Philadelphia, Pennsylvania; Washington, District of Columbia; Toronto, Canada; Wilmington, Delaware; and San Francisco, California.

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1.b. Last Insights on BLK

BlackRock's recent performance was driven by strong Q4 earnings, with revenue surging and Assets Under Management (AUM) hitting a record high. The company's full-year revenue reached $24 billion, up 19% year-over-year, and operating income was $9.6 billion, up 18%. BlackRock reported record net inflows, accelerating organic base fee growth, and continued expansion in technology services. The company's strategic expansions and strong financials position it for growth in 2026 with a fully integrated platform.

1.c. Company Highlights

2. BlackRock's Strong 2025 Earnings: A Testament to its Diversified Platform

BlackRock's financial performance in 2025 was impressive, with revenue reaching $24 billion, up 19% year-over-year, driven by the acquisitions of HPS and Preqin, organic base fee growth, and the positive impact of market movements on average AUM. The company's operating income was $9.6 billion, up 18%, and earnings per share were $48.09, up 10%. In the fourth quarter, revenue was $7 billion, up 23% year-over-year, with base fees and securities lending revenue of $5.3 billion, up 19% year-over-year. The operating margin in the quarter was 45%, and excluding performance fees and related comp, the margin would have been 45.5%, up 30 basis points.

Publication Date: Jan -16

📋 Highlights
  • Strong Revenue and Profit Growth:: Full-year 2025 revenue reached $24 billion (+19% YoY), with operating income at $9.6 billion (+18%) and EPS of $48.09 (+10%).
  • Record Net New Assets:: Added nearly $700 billion in net new assets, driven by iShares ETFs ($527B inflows) and private markets growth.
  • Shareholder Returns:: Returned $5 billion to shareholders in 2025, including a 10% dividend increase and $1.8 billion in 2026 share repurchases.
  • Private Markets Expansion:: Raised $25 billion for General Investment Platform V and targets $400 billion in private markets by 2030, with high-growth markets expected to generate $500 million in revenue by 2030.
  • Operating Margin Stability:: 45% operating margin in Q4 2025, with adjusted margin of 45.5% excluding performance fees, reflecting efficient cost management.

Growth Prospects

BlackRock has a strong pipeline of business, with excellent fundraising activity and a broadened platform across products and regions. The company is building leading franchises in high-growth markets, including private markets, insurance, and digital assets, which are expected to be $500 million revenue generators in the next five years. BlackRock is optimistic about its growth prospects, citing a base fees run rate that's approximately 35% higher than in 2024 and 50% higher than in 2023. Analysts estimate next year's revenue growth at 11.5%, indicating a continued upward trajectory.

Valuation

To understand what's priced into BlackRock's stock, we can look at some key valuation metrics. The company's P/E Ratio is 27.17, P/B Ratio is 3.23, and P/S Ratio is 7.41. The EV/EBITDA ratio is 21.77, and the Dividend Yield is 1.8%. For a financial sector company like BlackRock, the Price-to-Book Ratio is particularly relevant. A P/B ratio of 3.23 suggests that investors are willing to pay a premium for the company's book value, reflecting its strong brand and profitability. The ROE of 13.19% also indicates a high level of profitability.

Business Highlights

Some key business highlights from the earnings report include the company's strong performance in fixed income, with over $45 billion of net inflows in 2025, and the success of its iShares ETFs, with a record year and $527 billion of net inflows. BlackRock's systematic equity franchise also raised over $50 billion in 2025. The company's Aladdin technology continues to power and unite its platform, driving growth and profitability.

Future Plans

BlackRock is focused on driving profitable growth, with plans to raise a cumulative $400 billion in private markets by 2030. The company is also targeting a 45% or greater adjusted operating margin profile, with a focus on recurring fee-related earnings. With its strong financial performance, diversified platform, and growth prospects, BlackRock is well-positioned for continued success in the years to come.

3. NewsRoom

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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of BlackRock TCP Capital Corp. - TCPC

19:04

Source: globenewswire.com

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BlackRock's Martin S. Small to Present at the 2026 Bank of America Securities Financial Services Conference on February 10th

Feb -02

Source: businesswire.com

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Atlantic Union Bankshares Corp Purchases 2,862 Shares of BlackRock $BLK

Feb -02

Source: defenseworld.net

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2 Bitcoin ETFs to Avoid—and 1 to Watch in 2026

Jan -31

Source: marketbeat.com

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How a BlackRock Loss Reignited Worries About What Is Hiding in Private-Credit

Jan -29

Source: wsj.com

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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of BlackRock TCP Capital Corp. - TCPC

Jan -29

Source: prnewswire.com

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BlackRock TCP Capital Corp. to Report Fourth Quarter Ended December 31, 2025 Financial Results on February 27, 2026

Jan -29

Source: businesswire.com

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BlackRock and Partners Group Launch First-of-Its-Kind Private Markets SMA for Wealth Platforms

Jan -29

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.50%)

6. Segments

Asset Management Business

Expected Growth: 12.5%

BlackRock's asset management business is expected to grow driven by increasing adoption of ETFs, expanding presence in non-US markets and leveraging technology to enhance investment capabilities.

7. Detailed Products

Index Funds

A type of investment vehicle that tracks a particular market index, such as the S&P 500, to provide broad diversification and low fees.

Active Equity Funds

Actively managed funds that aim to beat the market by selecting stocks that are undervalued or have strong growth potential.

Fixed Income Funds

Investment vehicles that generate income through bonds, loans, and other debt securities.

Multi-Asset Funds

Funds that combine different asset classes, such as stocks, bonds, and commodities, to provide a diversified portfolio.

Exchange-Traded Funds (ETFs)

Traded on an exchange like stocks, ETFs track a particular index, sector, or commodity, offering flexibility and diversification.

Alternative Investments

Investments that don't fit into traditional asset classes, such as private equity, real estate, and hedge funds.

iShares ETFs

A range of ETFs that track various market indexes, sectors, and commodities, offering diversification and flexibility.

Aladdin Platform

A comprehensive investment and risk management platform for institutional investors and wealth managers.

8. BlackRock, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

BlackRock's investment products and services are highly diversified, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

BlackRock's customers, including institutional investors and individual investors, have some bargaining power due to the availability of alternative investment options.

Bargaining Power Of Suppliers

BlackRock's suppliers, including technology providers and service providers, have limited bargaining power due to the company's large scale and diversified operations.

Threat Of New Entrants

The asset management industry has high barriers to entry, including regulatory hurdles and the need for significant capital investment, making it difficult for new entrants to emerge.

Intensity Of Rivalry

The asset management industry is highly competitive, with many established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.75%
Debt Cost 3.95%
Equity Weight 83.25%
Equity Cost 10.85%
WACC 9.70%
Leverage 20.12%

11. Quality Control: BlackRock, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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BNY Mellon

A-Score: 6.7/10

Value: 4.6

Growth: 6.4

Quality: 5.7

Yield: 5.0

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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BlackRock

A-Score: 5.7/10

Value: 2.2

Growth: 5.3

Quality: 7.9

Yield: 4.0

Momentum: 6.0

Volatility: 9.0

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Ameriprise Financial

A-Score: 5.7/10

Value: 4.4

Growth: 8.0

Quality: 7.6

Yield: 2.0

Momentum: 3.5

Volatility: 8.7

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Ares Management

A-Score: 4.8/10

Value: 1.1

Growth: 5.7

Quality: 5.5

Yield: 6.0

Momentum: 4.5

Volatility: 6.3

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Blackstone

A-Score: 4.8/10

Value: 0.3

Growth: 4.1

Quality: 7.4

Yield: 7.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

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KKR

A-Score: 4.5/10

Value: 2.9

Growth: 6.6

Quality: 6.3

Yield: 2.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1055.1$

Current Price

1055.1$

Potential

-0.00%

Expected Cash-Flows