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BlackRock
(NYSE:BLK)
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Rating:79Outperform
Price Target:
$1,088.00
▲(3.41% Upside)
Action:Reiterated
Date:05/23/26
BLK scores well primarily on strong financial performance and a positive earnings-call readthrough (robust organic fee growth, record ETF inflows, and margin expansion with reiterated targets). Valuation is supportive at a moderate P/E with a ~2% yield. The main limiter is a mixed technical picture (near/below the 200DMA and softer near-term momentum signals), alongside monitoring margin normalization and more variable cash-flow coverage.
Positive Factors
ETF / AUM Scale
Large AUM and record iShares inflows create durable fee incumbency and distribution advantages. Scale lowers per-client servicing costs, supports broad product distribution, and makes BlackRock a default partner for large institutional mandates, underpinning steady base-fee revenue over time.
Negative Factors
Rising operating expenses
Sustained expense growth from incentives, headcount and acquisitions can erode margin upside unless offset by persistent revenue mix improvement. Higher fixed costs raise the revenue hurdle for margin targets and amplify sensitivity to any slowdown in fee growth or inflows.
Read all positive and negative factors
Positive Factors
Negative Factors
ETF / AUM Scale
Large AUM and record iShares inflows create durable fee incumbency and distribution advantages. Scale lowers per-client servicing costs, supports broad product distribution, and makes BlackRock a default partner for large institutional mandates, underpinning steady base-fee revenue over time.
Read all positive factors
BlackRock Key Performance Indicators (KPIs)
Any
Assets Under Management
Reflects the total value of assets managed, indicating the scale of operations and investor trust, which are key to revenue generation and market influence.
Reflects the total value of assets managed, indicating the scale of operations and investor trust, which are key to revenue generation and market influence.
Data provided by:
The Fly
The FlyBlackRock (BLK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$161.03B
Dividend Yield1.92%
Average Volume (3M)802.75K
Price to Earnings (P/E)24.5
Beta (1Y)1.11
Revenue Growth22.84%
EPS Growth-3.04%
CountryUS
Employees24,900
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)40.34
Shares Outstanding154,995,390
10 Day Avg. Volume866,588
30 Day Avg. Volume802,754
Financial Highlights & Ratios
PEG Ratio-1.92
Price to Book (P/B)2.97
Price to Sales (P/S)6.86
P/FCF Ratio46.74
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue6.60
Enterprise Value/Gross Profit14.11
Enterprise Value/Ebitda15.98
Forecast
1Y Price Target
$1,242.73Price Target Upside18.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)53.82
Revenue Forecast (FY)$28.29B
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-pa...
How the Company Makes Money
BlackRock primarily makes money by charging fees tied to the assets it manages, along with revenue from technology and advisory services.
1) Investment advisory and administration fees (asset management fees): The largest portion of BlackRock’s r...
BlackRock Earnings Call Summary
Earnings Call Date:Apr 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong operating metrics — double-digit revenue and operating income growth, margin expansion, robust organic base fee growth (8% Q1, 10% LTM), and record ETF inflows ($132B) — supported by successful acquisitions (HPS, Preqin) and technology services growth. Notable challenges include sizeable institutional index outflows ($35B), cash management redemptions, higher expenses tied to acquisitions and incentives, market volatility and geopolitical uncertainty, and potential moderation in some private-credit retail channels. On balance, the positive growth, broad-based inflows, margin expansion, and strategic private markets and technology momentum materially outweigh the noted headwinds.Positive Updates
Strong Top-Line and Profit Growth
First-quarter revenue of $6.7 billion, up 27% year-over-year; operating income of $2.7 billion, up 31% year-over-year; as-adjusted EPS of $12.53, up 11% year-over-year.
Negative Updates
Index and Cash Outflows
Institutional index net outflows of $35 billion concentrated in low-fee index equities; cash management platform saw $6 billion of net outflows driven by seasonal redemptions from U.S. government funds.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line and Profit Growth
First-quarter revenue of $6.7 billion, up 27% year-over-year; operating income of $2.7 billion, up 31% year-over-year; as-adjusted EPS of $12.53, up 11% year-over-year.
Read all positive updates
Company Guidance
BlackRock reiterated several forward-looking targets: it plans to repurchase at least $450 million of shares per quarter for the balance of 2026; expects a ~25% tax run‑rate for the remainder of 2026 (Q1 as‑adjusted ~23%, including $57 million of discrete benefits); remains committed to low‑ to mid‑teens long‑term ACV growth; targets an adjusted operating margin of 45%+ (Q1 was 44.5%, and adjusted recurring‑FRE margin excluding performance fees was 45.6% with scope to trend toward >50% over time); pursues a 2030 objective of 5%+ organic base fee growth (saying it can consistently deliver 6–8% and 6–7% from structural growers in normal markets); and reiterated that active ETFs can be a $500 million+ revenue stream by 2030, already “more than halfway there.”BlackRock Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.64B | 24.22B | 20.41B | 17.86B | 17.87B | 19.37B |
| Gross Profit | 12.00B | 11.31B | 10.09B | 8.58B | 8.68B | 9.82B |
| EBITDA | 10.59B | 9.36B | 8.21B | 6.77B | 6.90B | 7.90B |
| Net Income | 6.25B | 5.55B | 6.37B | 5.50B | 5.18B | 5.90B |
Balance Sheet | ||||||
| Total Assets | 170.24B | 170.00B | 138.62B | 123.21B | 117.63B | 152.65B |
| Cash, Cash Equivalents and Short-Term Investments | 9.84B | 14.26B | 14.59B | 10.61B | 8.75B | 9.32B |
| Total Debt | 14.96B | 15.00B | 14.22B | 9.70B | 8.49B | 9.32B |
| Total Liabilities | 106.92B | 108.46B | 89.26B | 81.97B | 78.84B | 113.75B |
| Stockholders Equity | 56.69B | 55.89B | 47.49B | 39.35B | 37.74B | 37.69B |
Cash Flow | ||||||
| Free Cash Flow | 3.56B | 3.55B | 4.70B | 3.82B | 4.42B | 4.60B |
| Operating Cash Flow | 3.97B | 3.93B | 4.96B | 4.17B | 4.96B | 4.94B |
| Investing Cash Flow | -1.25B | -4.42B | -3.00B | -959.00M | -1.13B | -1.94B |
| Financing Cash Flow | -770.00M | -1.13B | 2.24B | -1.99B | -5.44B | -2.29B |
BlackRock Technical Analysis
Negative
1052.14
Price Trends
1032.84
Negative
1018.61
Negative
1051.95
Negative
Market Momentum
-11.35
Negative
44.82
Neutral
69.66
Neutral
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 1052.14 is above the 20-day moving average (MA) of 1007.95, above the 50-day MA of 1032.84, and above the 200-day MA of 1051.95, indicating a bearish trend. The MACD of -11.35 indicates Negative momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 69.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLK.
BlackRock Risk Analysis
BlackRock disclosed 46 risk factors in its most recent earnings report. BlackRock reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackRock Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $161.03B | 24.55 | 11.52% | 1.92% | 22.84% | -3.04% | |
72 Outperform | $144.90B | 30.33 | 36.16% | 3.02% | 17.79% | 17.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $38.92B | 52.18 | 14.54% | 2.65% | 46.89% | 21.89% | |
62 Neutral | $83.77B | 29.62 | 9.92% | 0.56% | 35.81% | 27.22% | |
54 Neutral | $15.50B | 28.29 | 9.65% | 2.30% | -26.37% | -49.86% |
* Financial Sector Average
BLK
BlackRock
990.34
-76.06
-7.13%
KKR
KKR & Co
93.30
-45.00
-32.54%
BX
Blackstone Group
118.62
-34.50
-22.53%
CG
Carlyle Group
43.07
-12.34
-22.27%
ARES
Ares Management
118.00
-52.67
-30.86%
BlackRock Corporate Events
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
BlackRock Registers Shares for HPS Deal Consideration
Neutral
Jun 30, 2026
On June 30, 2026, BlackRock filed a prospectus supplement with the U.S. Securities and Exchange Commission to register up to 12,035,866 shares of common stock for issuance to holders of Class B-2 membership units in BlackRock Saturn Subco, LLC. Th...
Executive/Board ChangesShareholder Meetings
BlackRock Shareholders Approve Directors, Pay and Governance Changes
Positive
May 22, 2026
On May 20, 2026, BlackRock shareholders elected all 19 director nominees at the company’s 2026 annual meeting, reinforcing continuity in the board’s oversight of the asset manager’s global operations. Investors also approved, on ...
Business Operations and StrategyDividendsFinancial Disclosures
BlackRock Posts Strong Q1 2026 Results, Boosts Dividend
Positive
Apr 14, 2026
BlackRock reported strong first-quarter 2026 results on April 14, 2026, with diluted EPS of $14.06, or $12.53 on an adjusted basis, as assets under management rose 20% year-on-year to $13.9 trillion and revenue climbed 27%. The firm drew $130 bill...
Business Operations and StrategyPrivate Placements and Financing
BlackRock Expands and Extends Revolving Credit Facility
Positive
Apr 3, 2026
On March 31, 2026, BlackRock, Inc. and certain subsidiaries executed a seventeenth amendment to their long-standing five-year revolving credit agreement with a syndicate of banks led by Wells Fargo Bank, N.A. The amendment raises total commitments...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.