Blackstone Group (BX)
NYSE:BX
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Blackstone Group
(NYSE:BX)
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Rating:70Outperform
Price Target:
$136.00
â–²(5.36% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by strong underlying financial performance (high profitability and solid cash conversion) and a constructive earnings-call outlook showing accelerating fee-related momentum and AUM/inflow strength. These positives are tempered by leverage and cyclicality, a mixed technical trend (below longer-term averages), and a relatively high P/E despite a supportive dividend yield.
Positive Factors
High profitability & cash conversion
Blackstone shows durable operating profitability and cash conversion: TTM net margin (~20.4%) and free cash flow of ~$3.35B with FCF roughly 0.97x net income. Strong cash generation supports fee reinvestment, distributions and long-term capital deployment even through cycles.
Negative Factors
Meaningful leverage on balance sheet
Debt materially above equity reduces financial flexibility and raises interest‑rate and refinancing risk. Elevated leverage constrains the firm's ability to opportunistically deploy capital or weather prolonged valuation drawdowns, making earnings more sensitive to macro shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability & cash conversion
Blackstone shows durable operating profitability and cash conversion: TTM net margin (~20.4%) and free cash flow of ~$3.35B with FCF roughly 0.97x net income. Strong cash generation supports fee reinvestment, distributions and long-term capital deployment even through cycles.
Read all positive factors
Blackstone Group Key Performance Indicators (KPIs)
Any
Assets Under Management
Indicates the total value of assets that Blackstone Group manages on behalf of clients, reflecting the scale of its operations and potential for fee-based revenue growth.
Indicates the total value of assets that Blackstone Group manages on behalf of clients, reflecting the scale of its operations and potential for fee-based revenue growth.
Data provided by:
The Fly
The FlyBlackstone Group (BX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$144.00B
Dividend Yield3.02%
Average Volume (3M)9.21M
Price to Earnings (P/E)34.7
Beta (1Y)1.24
Revenue Growth17.79%
EPS Growth17.92%
CountryUS
Employees4,895
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.91
Shares Outstanding742,879,800
10 Day Avg. Volume6,658,557
30 Day Avg. Volume9,206,235
Financial Highlights & Ratios
PEG Ratio5.55
Price to Book (P/B)13.89
Price to Sales (P/S)8.70
P/FCF Ratio68.98
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue10.16
Enterprise Value/Gross Profit11.61
Enterprise Value/Ebitda20.67
Forecast
1Y Price Target
$144.92Price Target Upside12.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)5.96
Revenue Forecast (FY)$14.82B
Blackstone Group Business Overview & Revenue Model
Company Description
Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in ear...
How the Company Makes Money
Blackstone primarily makes money by earning fees and investment income tied to the assets it manages and the performance of its investment funds and vehicles. Its core revenue streams include: (1) Management fees (often called base fees): recurrin...
Blackstone Group Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call highlights broad-based strength across earnings, fee growth, fundraising and AUM expansion, led by infrastructure, data centers and diversified credit and wealth momentum. Management acknowledged near-term headwinds from geopolitical volatility, slower realization activity, concentrated software valuation pressures and retail redemptions in some credit retail vehicles (BCRED). On balance, the firm's scale, recordable embedded performance revenue, strong institutional demand, fundraising successes and positioning in AI-related infrastructure outweigh the near-term execution and market headwinds.Positive Updates
Strong Earnings and Dividend
GAAP net income of $1.3 billion; distributable earnings of $1.8 billion ($1.36 per common share), up 25% year-over-year; declared dividend of $1.16 per share.
Negative Updates
Market Volatility and Geopolitical Headwinds
Operating backdrop marked by geopolitical turbulence (Middle East conflict/Iran) and AI disruption fears; largest quarterly increase in oil prices in over 35 years contributed to market volatility and pushed exit pipelines out.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings and Dividend
GAAP net income of $1.3 billion; distributable earnings of $1.8 billion ($1.36 per common share), up 25% year-over-year; declared dividend of $1.16 per share.
Read all positive updates
Company Guidance
Management said it expects continued momentum and accelerating fee growth later in 2026 as fee‑holiday drawdown funds ramp and IPO/realization activity rebounds if the Middle East conflict abates (10‑Q filing expected in a few weeks). Q1 results cited as context included GAAP net income $1.3B, distributable earnings $1.8B ($1.36/share, +25% YoY), fee‑related earnings $1.5B ($1.26/share, +23% YoY), fee revenues $2.6B and management fees $2.1B, net realizations $448M (+26% YoY), gross performance revenues $780M (+70% YoY) and store value of $7B ($5.69/share) with performance‑eligible AUM $635B; overall AUM topped $1.3T (+12% YoY) with Q1 inflows $69B and ~ $250B LTM. They highlighted business‑level runways and fundraising wins—infrastructure $84B (+41% YoY), BXMA >$100B (+15% YoY; Q1 +1.7%, 24 consecutive positive quarters), credit $536B (+15% YoY; $130B investment‑grade, +23% YoY, $74B dry powder), private wealth $310B (+14% YoY)—but cautioned defaults may rise from historic lows even as they expect base rates to decline once the conflict is resolved.Blackstone Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.99B | 13.83B | 11.37B | 7.44B | 7.45B | 16.85B |
| Gross Profit | 13.12B | 11.90B | 10.93B | 7.01B | 7.13B | 16.65B |
| EBITDA | 7.37B | 7.21B | 6.50B | 3.00B | 3.53B | 13.63B |
| Net Income | 3.05B | 3.02B | 2.78B | 1.39B | 1.75B | 5.86B |
Balance Sheet | ||||||
| Total Assets | 48.33B | 47.71B | 43.47B | 40.29B | 42.52B | 41.20B |
| Cash, Cash Equivalents and Short-Term Investments | 2.45B | 2.63B | 1.97B | 2.96B | 4.25B | 2.12B |
| Total Debt | 14.16B | 13.31B | 12.29B | 12.29B | 13.37B | 8.71B |
| Total Liabilities | 26.91B | 25.83B | 23.97B | 22.21B | 22.84B | 19.49B |
| Stockholders Equity | 8.37B | 8.67B | 8.21B | 6.82B | 7.66B | 9.42B |
Cash Flow | ||||||
| Free Cash Flow | 3.35B | 1.74B | 3.42B | 3.83B | 6.10B | 3.92B |
| Operating Cash Flow | 3.47B | 1.86B | 3.48B | 4.06B | 6.34B | 3.99B |
| Investing Cash Flow | 1.14B | 5.28B | -61.41M | -229.65M | -235.50M | -64.32M |
| Financing Cash Flow | -5.30B | -6.40B | -4.50B | -5.05B | -3.79B | -3.78B |
Blackstone Group Technical Analysis
Neutral
129.08
Price Trends
117.40
Positive
133.67
Negative
147.42
Negative
Market Momentum
3.09
Negative
66.26
Neutral
85.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BX, the sentiment is Neutral. The current price of 129.08 is above the 20-day moving average (MA) of 115.89, above the 50-day MA of 117.40, and below the 200-day MA of 147.42, indicating a neutral trend. The MACD of 3.09 indicates Negative momentum. The RSI at 66.26 is Neutral, neither overbought nor oversold. The STOCH value of 85.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BX.
Blackstone Group Risk Analysis
Blackstone Group disclosed 59 risk factors in its most recent earnings report. Blackstone Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blackstone Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $176.18B | 16.88 | 11.52% | 1.92% | 22.84% | -3.04% | |
70 Outperform | $144.00B | 34.66 | 36.16% | 3.02% | 17.79% | 17.92% | |
69 Neutral | $40.71B | 42.85 | 14.54% | 2.65% | 46.89% | 21.89% | |
68 Neutral | $16.06B | -1,111.90 | 12.56% | 3.03% | 11.60% | 28307.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $87.07B | 50.85 | 9.92% | 0.56% | 35.81% | 27.22% | |
58 Neutral | $17.29B | -32.87 | 9.65% | 2.30% | -26.37% | -49.86% |
* Financial Sector Average
BX
Blackstone Group
117.89
-22.46
-16.00%
BLK
BlackRock
1,081.90
108.31
11.12%
KKR
KKR & Co
96.97
-27.69
-22.21%
CG
Carlyle Group
48.02
1.01
2.14%
ARES
Ares Management
123.41
-39.76
-24.37%
TPG
TPG
41.79
-6.89
-14.15%
Blackstone Group Corporate Events
Business Operations and StrategyFinancial Disclosures
Blackstone Issues Strong Q1 Intra-Quarter Realization Update
Positive
Mar 24, 2026
On March 24, 2026, Blackstone announced a preliminary estimate of revenue from realization activity for the period January 1 to March 24, 2026, indicating it expects to record more than $680 million in total Realized Performance Revenues and Reali...
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.