Blackstone Group (BX)
NYSE:BX
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Blackstone Group
(NYSE:BX)
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Rating:69Neutral
Price Target:
$118.00
▲(5.13% Upside)
Action:ReiteratedDate:03/25/26
The score is driven primarily by strong underlying financial performance (high margins, improving 2025 revenue growth, solid free-cash-flow conversion) and a constructive earnings-call outlook for continued fee and realization momentum. These positives are tempered by weak technicals (price below key moving averages and negative MACD), a demanding P/E valuation despite a solid dividend yield, and balance-sheet leverage that remains a key watch item.
Positive Factors
High Profitability & Margins
Very high operating and net margins reflect durable fee economics and scale across private equity, credit and real estate strategies. Such margin structure supports internal reinvestment, competitive fee pricing, strong ROE and resilience to revenue softness, sustaining cash available for distributions and strategic investments over the medium term.
Negative Factors
Elevated Leverage
Leverage materially above pre‑2022 levels increases financial risk and sensitivity to rate increases or macro stress. Higher debt constrains capital allocation, elevates refinancing risk and could force deleveraging actions in downturns, limiting flexibility for buybacks, M&A or opportunistic investments over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
Very high operating and net margins reflect durable fee economics and scale across private equity, credit and real estate strategies. Such margin structure supports internal reinvestment, competitive fee pricing, strong ROE and resilience to revenue softness, sustaining cash available for distributions and strategic investments over the medium term.
Read all positive factors
Blackstone Group (BX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$138.18B
Dividend Yield3.02%
Average Volume (3M)11.08M
Price to Earnings (P/E)39.9
Beta (1Y)1.22
Revenue Growth33.12%
EPS Growth19.86%
CountryUS
Employees4,895
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.75
Shares Outstanding742,180,700
10 Day Avg. Volume12,171,023
30 Day Avg. Volume11,084,165
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 Cap1.05
Enterprise Value/Revenue10.52
Enterprise Value/Gross Profit12.23
Enterprise Value/Ebitda20.17
Forecast
1Y Price Target
$153.82Price Target Upside37.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)6.27
Revenue Forecast (FY)$15.63B
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 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 Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call emphasized record financial results, strong fundraising, significant AUM growth, robust investment performance across credit, infrastructure, and private equity, and accelerating deal activity and realizations. Management acknowledged real estate's slow recovery, some sector-specific headwinds, retail redemption sensitivity in certain credit vehicles, and dependence on a few one-time monetizations. On balance, the firm presented multiple structural tailwinds (AI infrastructure, private markets adoption, and institutional demand), clear momentum in fee growth and inflows, and a constructive outlook for 2026–2027.Positive Updates
Record Distributable Earnings and Strong Quarterly Results
GAAP net income of $2.0 billion in Q4; distributable earnings (DE) of $2.2 billion in Q4 ($1.75 per common share). Full-year DE grew ~20% to $7.1 billion, or $5.57 per share — the best year in the firm's history.
Negative Updates
Real Estate Recovery Is Slow and Values Still Below Prior Cycle
Since the start of the interest-rate cycle (~4 years), private real estate values remain down ~16% while the S&P 500 rose ~75%. Real estate funds saw limited appreciation in 2025 (overall RE appreciated ~1% in Q4 and ~1.5% for the year).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Distributable Earnings and Strong Quarterly Results
GAAP net income of $2.0 billion in Q4; distributable earnings (DE) of $2.2 billion in Q4 ($1.75 per common share). Full-year DE grew ~20% to $7.1 billion, or $5.57 per share — the best year in the firm's history.
Read all positive updates
Company Guidance
Blackstone guided that momentum should continue into 2026, forecasting continued management fee growth and a strong FRE trajectory (after FY‑2025 FRE of $5.7B and management fees of $8.0B, with FRE margin +100 bps in 2025), plus net realizations should remain “strong” (FY realizations $2.1B; Q4 $957M) even without one‑time items; key balance‑sheet and fundraising metrics underpinning this view include Q4 inflows of $71B and FY inflows of ~ $240B, AUM up 13% to $1.275T, nearly $200B of dry powder, DE of $7.1B for 2025 (Q4 DE $2.2B, $1.75/sh), and record segment strength (credit AUM $520B, +15% YoY with >$140B inflows; private wealth AUM >$300B, +16% YoY with Q4 sales >$11B; infrastructure $77B, +40% YoY; BXMA AUM $96B, +14% YoY). Management highlighted fundraising and product rollouts — five new PE drawdown funds targeting >$50B aggregate and expected to be fee‑earning by year‑end, a growing investment‑grade private credit base ($130B, +30% YoY), and continued contributions from perpetual strategies — and characterized the 2026 starting position as one of fee stability with potential upside to FRE margin and strong realization and transaction activity as the deal cycle accelerates.Blackstone Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.83B | 11.37B | 7.44B | 7.45B | 16.85B |
| Gross Profit | 11.90B | 10.93B | 7.01B | 7.13B | 16.65B |
| EBITDA | 7.21B | 6.50B | 3.00B | 3.53B | 13.63B |
| Net Income | 3.02B | 2.78B | 1.39B | 1.75B | 5.86B |
Balance Sheet | |||||
| Total Assets | 47.71B | 43.47B | 40.29B | 42.52B | 41.20B |
| Cash, Cash Equivalents and Short-Term Investments | 2.63B | 1.97B | 2.96B | 4.25B | 2.12B |
| Total Debt | 13.31B | 12.29B | 12.29B | 13.37B | 8.71B |
| Total Liabilities | 25.83B | 23.97B | 22.21B | 22.84B | 19.49B |
| Stockholders Equity | 8.67B | 8.21B | 6.82B | 7.66B | 9.42B |
Cash Flow | |||||
| Free Cash Flow | 1.74B | 3.42B | 3.83B | 6.10B | 3.92B |
| Operating Cash Flow | 1.86B | 3.48B | 4.06B | 6.34B | 3.99B |
| Investing Cash Flow | 5.28B | -61.41M | -229.65M | -235.50M | -64.32M |
| Financing Cash Flow | -6.40B | -4.50B | -5.05B | -3.79B | -3.78B |
Blackstone Group Technical Analysis
Negative
112.24
Price Trends
120.96
Negative
135.21
Negative
148.28
Negative
Market Momentum
-2.08
Negative
46.60
Neutral
68.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BX, the sentiment is Negative. The current price of 112.24 is above the 20-day moving average (MA) of 110.15, below the 50-day MA of 120.96, and below the 200-day MA of 148.28, indicating a neutral trend. The MACD of -2.08 indicates Negative momentum. The RSI at 46.60 is Neutral, neither overbought nor oversold. The STOCH value of 68.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $157.70B | 29.90 | 10.65% | 1.92% | 15.79% | -3.85% | |
69 Neutral | $138.18B | 39.87 | 36.17% | 3.02% | 33.12% | 19.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $33.75B | 66.62 | 12.01% | 2.65% | 50.70% | 7.32% | |
60 Neutral | $16.81B | 26.29 | 14.18% | 2.30% | -24.62% | 437.16% | |
59 Neutral | $14.79B | 31.80 | 16.10% | 3.03% | 25.02% | 235.70% | |
57 Neutral | $81.34B | 24.79 | 8.15% | 0.56% | -33.80% | -24.81% |
* Financial Sector Average
BX
Blackstone Group
113.05
-7.50
-6.22%
BLK
BlackRock
966.56
165.57
20.67%
KKR
KKR & Co
91.23
-5.70
-5.88%
CG
Carlyle Group
46.55
10.58
29.41%
ARES
Ares Management
102.43
-18.25
-15.12%
TPG
TPG
38.49
-2.08
-5.12%
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.