Franklin Resources vs Blackstone
Add, change or remove companies; up to four.
The short version
- Blackstone is the larger business, with $14.5B of revenue in fiscal 2025 against $8.8B for Franklin Resources, about 1.6 times as much.
- Blackstone grew revenue faster (9.2%, against 3.5%).
- Blackstone turned more of its sales into free cash flow (31.5% FCF margin, against 10.4%).
- Blackstone earned a higher return on the capital invested in it (22.1%, against 3.6%).
- Investors pay more for each dollar of Blackstone’s earnings: a P/E of 26.4x against 21.1x for Franklin Resources.
| Latest fiscal year | BEN · FY25 | BX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.0B | $94.4B |
| Revenue | $8.8B | $14.5B |
| Free cash flow | $912M | $4.5B |
| Net income | $525M | $3.0B |
| Growth | ||
| Revenue growth | 3.5% | 9.2% |
| 5-year growth | 9.5% | 18.8% |
| Share count change | 1.4% | 1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.9% | — |
| Net margin | 6.0% | 20.9% |
| FCF margin | 10.4% | 31.5% |
| Return on capital | 3.6% | 22.1% |
| Return on equity | 4.3% | 35.8% |
| Balance sheet | ||
| Net debt | −$1.2B | $9.9B |
| Net debt / EBITDA | −1.7x | 1.3x |
| Dividends and buybacks | $924M | $6.0B |
| Valuation & quality | ||
| P/E | 21.1x | 26.4x |
| Piotroski F-score | — | — |
Revenue
FY16
BEN $6.6B
BX $5.1B
FY17
BEN $6.4B
BX $7.1B
FY18
BEN $6.3B
BX $6.8B
FY19
BEN $5.8B
BX $7.3B
FY20
BEN $5.6B
BX $6.1B
FY21
BEN $8.4B
BX $22.6B
FY22
BEN $8.3B
BX $8.5B
FY23
BEN $7.8B
BX $8.0B
FY24
BEN $8.5B
BX $13.2B
FY25
BEN $8.8B
BX $14.5B
BEN
BX
Operating margin
FY16
BEN 35.8%
BX —
FY17
BEN 35.4%
BX —
FY18
BEN 32.1%
BX —
FY19
BEN 25.4%
BX —
FY20
BEN 18.8%
BX —
FY21
BEN 22.3%
BX —
FY22
BEN 21.4%
BX —
FY23
BEN 14.0%
BX —
FY24
BEN 4.8%
BX —
FY25
BEN 6.9%
BX —
BEN
BX
Free cash flow
FY16
BEN $1.6B
BX −$110M
FY17
BEN $1.1B
BX −$1.7B
FY18
BEN $2.1B
BX $27.4M
FY19
BEN $34.8M
BX $1.9B
FY20
BEN $980M
BX $1.8B
FY21
BEN $1.2B
BX $3.9B
FY22
BEN $1.9B
BX $6.1B
FY23
BEN $940M
BX $3.8B
FY24
BEN $794M
BX $3.4B
FY25
BEN $912M
BX $4.5B
BEN
BX
Return on capital
FY16
BEN 30.5%
BX 13.2%
FY17
BEN 29.8%
BX 15.3%
FY18
BEN 22.0%
BX 14.1%
FY19
BEN 23.8%
BX 17.4%
FY20
BEN 10.9%
BX 11.3%
FY21
BEN 15.7%
BX 55.0%
FY22
BEN 12.8%
BX 12.2%
FY23
BEN 7.7%
BX 10.8%
FY24
BEN 2.6%
BX 21.6%
FY25
BEN 3.6%
BX 22.1%
BEN
BX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.