BlackRock (BLK) AI Stock Analysis

• Market Cap: $176.36B
• Dividend Yield: 1.92%
• Average Volume (3M): 769.14K
• Price to Earnings (P/E): 30.6
• Beta (1Y): 1.06
• 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: 155,150,910
• 10 Day Avg. Volume: 710,968
• 30 Day Avg. Volume: 769,136
• PEG Ratio: -1.92
• Price to Book (P/B): 2.97
• Price to Sales (P/S): 6.86
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 6.64
• Enterprise Value/Gross Profit: 10.87
• Enterprise Value/Ebitda: 19.02
• 1Y Price Target: $1,354.30
• Price Target Upside: 23.82% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 54.37
• Revenue Forecast (FY): $28.47B

• Rating: 71 Outperform
• Price Target: $1,209.00 ▲(10.53% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

BLK scores well on profitability and balance sheet strength, and the earnings call reinforced strong business momentum and shareholder returns. The overall score is held back primarily by the reported TTM cash flow/FCF collapsing to zero, alongside only mixed technical momentum and a relatively high P/E with a modest yield.

Positive Factors

Scale & Market Position

BlackRock's $14 trillion AUM and $698B of annual net inflows create durable scale advantages: stable base fee revenue, superior distribution, and bargaining power with partners. Scale supports cross-selling, product leadership in iShares, and resilience in fee generation over several years.

Technology & ACV Growth

Rapid growth in technology ACV and subscription revenue diversifies recurring fees beyond asset management. Aladdin and data offerings increase client stickiness, margin leverage, and cross-sell opportunities, making revenue less sensitive to market returns and more stable over multi-year horizons.

Conservative Balance Sheet

Very low leverage and a strong equity base give BlackRock high financial resilience through market cycles, reducing refinancing and solvency risk. This supports consistent capital returns, acquisitive optionality, and the ability to absorb temporary investment losses without threatening core operations.

Negative Factors

Cash Flow Quality

Reported TTM operating and free cash flow of zero is a material concern if persistent, signaling timing, reporting or operational stress. Weak cash conversion undermines the sustainability of dividends, buybacks, and organic investment funding, increasing reliance on nonoperating items or balance-sheet moves.

Rising Expenses & Margin Pressure

Sustained expense growth from acquisitions, onboarding and higher incentive pay can compress reported margins. If revenue growth slows or performance fees normalize, elevated fixed and compensation costs may erode operating leverage and reduce durable recurring margin expansion.

Institutional Index Outflows

Large institutional index outflows highlight vulnerability in low-fee passive mandates to client rebalancing and competitiveness. Persistent outflows could lower fee yields, alter AUM mix toward lower-margin products, and force greater dependence on alternatives and technology for growth.

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

Strong profitability and improving revenue growth (TTM revenue ~+5.7%) supported by a very conservative balance sheet (debt-to-equity ~0.04). The major offset is cash generation quality: TTM operating cash flow and free cash flow are reported as 0 (FCF growth -100%), which is a material red flag despite historically strong cash conversion.

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	2.23B	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	0.00	4.70B	3.82B	4.42B	4.60B
Operating Cash Flow	0.00	4.96B	4.17B	4.96B	4.94B
Investing Cash Flow	0.00	-3.00B	-959.00M	-1.13B	-1.94B
Financing Cash Flow	0.00	2.24B	-1.99B	-5.44B	-2.29B

BlackRock Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1093.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLK, the sentiment is Positive. The current price of 1093.78 is above the 20-day moving average (MA) of 1085.44, above the 50-day MA of 1092.47, and above the 200-day MA of 1076.75, indicating a bullish trend. The MACD of -3.90 indicates Negative momentum. The RSI at 51.67 is Neutral, neither overbought nor oversold. The STOCH value of 70.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BLK.

BlackRock Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BK	78 Outperform	$80.21B	15.75	12.96%	1.71%	4.22%	51.01%
BLK	71 Outperform	$176.36B	30.62	―	1.92%	15.79%	-3.85%
BX	70 Outperform	$143.04B	30.08	35.78%	3.02%	33.12%	19.86%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
KKR	67 Neutral	$85.33B	40.91	9.12%	0.56%	-33.80%	-24.81%
ARES	64 Neutral	$38.30B	59.76	―	2.65%	50.70%	7.32%
CG	59 Neutral	$18.34B	23.34	12.77%	2.30%	-24.62%	437.16%

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.