BlackRock (BLK) AI Stock Analysis

• Market Cap: $150.58B
• Dividend Yield: 1.92%
• Average Volume (3M): 852.57K
• Price to Earnings (P/E): 29.9
• Beta (1Y): 1.10
• Revenue Growth: 15.79%
• EPS Growth: -3.85%
• Country: US
• Employees: 22,600
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 13.16
• Shares Outstanding: 155,541,530
• 10 Day Avg. Volume: 1,038,785
• 30 Day Avg. Volume: 852,567
• PEG Ratio: -1.92
• Price to Book (P/B): 2.97
• Price to Sales (P/S): 6.86
• P/FCF Ratio: 44.28
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 6.08
• Enterprise Value/Gross Profit: 12.05
• Enterprise Value/Ebitda: 16.49
• 1Y Price Target: $1,350.30
• Price Target Upside: 46.31% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 54.32
• Revenue Forecast (FY): $28.47B

• Rating: 72 Outperform
• Price Target: $1,061.00 ▲(14.96% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

BLK scores well on underlying business momentum and shareholder returns from the latest earnings call, supported by strong profitability and a conservative balance sheet. The biggest drags are the reported TTM cash flow figures (0 operating and free cash flow) and weak technicals with the stock in a pronounced downtrend; valuation is also on the higher side despite a moderate dividend yield.

Positive Factors

Scale & AUM Growth

Record net inflows ($698B) and $14T AUM materially strengthen BlackRock’s durable fee-earning base. Large scale lowers unit costs, supports cross-selling across products and geographies, and makes base fees more predictable, underpinning multi-year revenue resilience and market leadership.

Technology & Recurring ACV Expansion

Rapid ACV and subscription growth shows Aladdin and related tech services are becoming a larger, high-margin recurring revenue stream. Platform stickiness with institutional clients creates durable competitive advantage, diversifies revenue away from pure asset-fee cyclicality, and supports margin expansion over time.

Private Markets & Alternatives Momentum

Strong inflows and scale in private markets and alternatives deepen higher-fee, sticky revenue streams. A large alternatives base (> $675B) and ambitious fundraising targets meaningfully diversify fee mix, improve margins over the medium term, and position BlackRock to capture structural demand for illiquid solutions.

Negative Factors

Cash-Conversion Red Flag

Reported TTM operating and free cash flow at zero breaks a prior history of strong cash conversion and raises structural concerns about earnings quality or reporting/timing issues. Persistent cash-generation weakness would constrain buybacks, dividends and reinvestment, undermining financial flexibility.

Institutional Index Outflows

Large institutional index redemptions reflect vulnerability in low-fee passive segments. Continued outflows would erode AUM and compress average fee yield, making revenue more dependent on higher-margin but slower-growing businesses and increasing sensitivity to flows over time.

Rising Expense Base

Expense growth outpacing some revenue components creates structural margin risk. Higher incentive pay, integration costs from acquisitions and elevated tech/G&A investments could persist, pressuring reported margins unless recurring fee growth and operating leverage sustainably offset these costs.

BlackRock Business Overview & Revenue Model

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.

How the Company Makes Money

BlackRock generates revenue primarily through its asset management fees, which are charged as a percentage of assets under management (AUM). The company earns management fees from a variety of investment products, including mutual funds, exchange-traded funds (ETFs), and separate accounts. Additionally, BlackRock earns performance fees based on the investment performance of certain funds. The firm has a significant revenue stream from its iShares ETFs, which have become one of the leading ETF providers globally. Aside from management and performance fees, BlackRock also generates revenue from technology services provided through its Aladdin platform, which is used by other financial institutions for risk management and investment analysis. Strategic partnerships with various financial institutions and a strong global distribution network further contribute to BlackRock's earnings.

BlackRock Financial Statement Overview

Summary

Profitability and balance sheet strength are clear positives (strong margins, improving TTM revenue growth, very low leverage), but the reported TTM operating cash flow and free cash flow at 0 create a major cash-conversion red flag that meaningfully drags the score until clarified/normalized.

Income Statement

BLK shows strong and consistent profitability with healthy margins (TTM (Trailing-Twelve-Months) net margin ~23% and EBIT margin ~32%). Revenue has resumed growth (TTM revenue up ~5.7% vs. flat-to-down in 2022–2023), signaling improving momentum. The main weakness is margin compression versus 2024 (TTM net margin and EBITDA margin are notably lower than 2024), indicating some mix/expense pressure even as topline improves.

Balance Sheet

The balance sheet looks very conservative in TTM (Trailing-Twelve-Months), with low leverage (debt-to-equity ~0.04) and substantial equity base, which supports resilience through market cycles. Returns remain solid (TTM return on equity ~11%), though down from the mid-teens levels seen in 2021–2024, suggesting profitability on capital has moderated. Overall, leverage risk appears limited based on the provided debt and equity figures.

Cash Flow

Cash generation quality is the key concern in the latest period: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are reported as 0, and free cash flow growth is -100%, which breaks the otherwise strong history. In 2020–2024, operating cash flow was consistently robust (~$3.7B–$5.0B) and free cash flow tracked net income closely (roughly ~0.89–0.95 of net income), but the TTM figures introduce a major red flag (potentially volatility, timing, or data/reporting effects) that cannot be ignored.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	24.22B	20.41B	17.86B	17.87B	19.37B
Gross Profit	13.45B	10.09B	8.58B	8.68B	9.82B
EBITDA	8.47B	8.21B	6.77B	6.90B	7.90B
Net Income	5.55B	6.37B	5.50B	5.18B	5.90B
Balance Sheet
Total Assets	170.00B	138.62B	123.21B	117.63B	152.65B
Cash, Cash Equivalents and Short-Term Investments	11.47B	14.59B	10.61B	8.75B	9.32B
Total Debt	15.00B	14.22B	9.70B	8.49B	9.32B
Total Liabilities	108.46B	89.26B	81.97B	78.84B	113.75B
Stockholders Equity	55.89B	47.49B	39.35B	37.74B	37.69B
Cash Flow
Free Cash Flow	3.75B	4.70B	3.82B	4.42B	4.60B
Operating Cash Flow	4.12B	4.96B	4.17B	4.96B	4.94B
Investing Cash Flow	-4.62B	-3.00B	-959.00M	-1.13B	-1.94B
Financing Cash Flow	-1.13B	2.24B	-1.99B	-5.44B	-2.29B

BlackRock Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 922.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLK, the sentiment is Negative. The current price of 922.9 is below the 20-day moving average (MA) of 1036.85, below the 50-day MA of 1071.90, and below the 200-day MA of 1073.87, indicating a bearish trend. The MACD of -35.28 indicates Positive momentum. The RSI at 24.68 is Positive, neither overbought nor oversold. The STOCH value of 16.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLK.

BlackRock Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BLK	72 Outperform	$150.58B	29.90	10.65%	1.92%	15.79%	-3.85%
BK	69 Neutral	$80.45B	14.74	12.66%	1.71%	4.22%	51.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BX	65 Neutral	$124.82B	39.87	36.17%	3.02%	33.12%	19.86%
ARES	64 Neutral	$31.79B	66.62	12.01%	2.65%	50.70%	7.32%
CG	60 Neutral	$16.36B	26.29	14.18%	2.30%	-24.62%	437.16%
KKR	57 Neutral	$74.78B	24.79	8.15%	0.56%	-33.80%	-24.81%

BlackRock Corporate Events

BlackRock Adds Gregg Lemkau as Independent Board Director

On January 27, 2026, BlackRock’s Board of Directors elected Gregg R. Lemkau, Co-Chief Executive Officer of merchant bank BDT & MSD Partners and Chairman of DFO Management, as an independent director, expanding the Board to 19 members, 16 of whom are independent and including six new independent directors added since 2020. BlackRock highlighted Lemkau’s decades of experience in investment banking, capital markets, and advisory work at BDT & MSD and Goldman Sachs as an important addition to the Board’s deep industry expertise and diverse perspectives, underscoring the firm’s focus on governance and board composition to support its next phase of growth and long-term strategy.

The most recent analyst rating on (BLK) stock is a Buy with a $1324.00 price target. To see the full list of analyst forecasts on BlackRock stock, see the BLK Stock Forecast page.

BlackRock Launches Executive Carry Program for Senior Leaders

On January 13, 2026, BlackRock’s Management Development and Compensation Committee adopted an Executive Carry Program, a new carry-based incentive plan for selected senior executives, excluding the CEO, that ties a portion of their compensation to the performance of a pool of flagship private markets investment funds. The program is designed to align executives’ long-term incentives with fund-level performance, investor outcomes and shareholder value by providing at-risk, performance-based awards that have no value at grant and only pay out through future carry distributions if participating funds achieve specified returns over an extended period. Awards will be allocated through an aggregator partnership that holds carry rights in a subset of BlackRock’s large private markets funds across asset classes, will vest over five years with no vesting until the third year, and are subject to forfeiture upon most terminations as well as to clawback, holdback and restrictive covenant provisions. The move builds on BlackRock’s longstanding use of carry-based incentives, including a similar component introduced for the CEO in 2025, and is intended to strengthen the firm’s ability to attract, retain and motivate key senior talent in a competitive market while further aligning compensation with the growth and strategic importance of its private markets platform.

The most recent analyst rating on (BLK) stock is a Buy with a $1234.00 price target. To see the full list of analyst forecasts on BlackRock stock, see the BLK Stock Forecast page.

BlackRock Reports Record Inflows, Hikes Dividend and Buybacks

On January 15, 2026, BlackRock reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting record full-year net inflows of $698 billion, including $342 billion in the fourth quarter, driving assets under management to $14 trillion and 12% annualized organic base fee growth in the quarter. Full-year revenue rose 19%, supported by market appreciation, 9% organic base fee growth over the past twelve months, fees related to the GIP and HPS transactions, and higher technology and subscription revenues, while GAAP operating income and diluted EPS fell 7% and 16%, respectively, due to noncash acquisition-related expenses and a noncash charitable contribution, which were excluded from adjusted results. On an adjusted basis, operating income increased 18% and diluted EPS rose 10%, even as lower nonoperating income and a higher diluted share count weighed on earnings, and BlackRock returned $5 billion to shareholders in 2025, including $1.6 billion of share repurchases. Reflecting management’s confidence in the firm’s growth and margin trajectory and its expanding pipeline across public and private markets, technology, and wealth channels, the board approved a 10% increase in the quarterly dividend to $5.73 per share, effective with the March 24, 2026 payment, and authorized an additional 7 million shares for repurchase under the existing buyback program, underscoring a strategy focused on capital returns and long-term shareholder value.

The most recent analyst rating on (BLK) stock is a Hold with a $1209.00 price target. To see the full list of analyst forecasts on BlackRock stock, see the BLK Stock Forecast page.