BlackRock vs Blackstone
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The short version
- BlackRock is the larger business, with $24.2B of revenue in fiscal 2025 against $14.5B for Blackstone, about 1.7 times as much.
- BlackRock grew revenue faster (18.7%, against 9.2%).
- Blackstone turned more of its sales into free cash flow (31.5% FCF margin, against 14.7%).
- Blackstone earned a higher return on the capital invested in it (22.1%, against 10.5%).
- Investors pay more for each dollar of BlackRock’s earnings: a P/E of 26.8x against 26.4x for Blackstone.
| Latest fiscal year | BLK · FY25 | BX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $184.1B | $94.4B |
| Revenue | $24.2B | $14.5B |
| Free cash flow | $3.6B | $4.5B |
| Net income | $5.6B | $3.0B |
| Growth | ||
| Revenue growth | 18.7% | 9.2% |
| 5-year growth | 8.4% | 18.8% |
| Share count change | 6.1% | 1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 29.1% | — |
| Net margin | 22.9% | 20.9% |
| FCF margin | 14.7% | 31.5% |
| Return on capital | 10.5% | 22.1% |
| Return on equity | 10.7% | 35.8% |
| Balance sheet | ||
| Net debt | $1.3B | $9.9B |
| Net debt / EBITDA | 0.2x | 1.3x |
| Dividends and buybacks | $0.0M | $6.0B |
| Valuation & quality | ||
| P/E | 26.8x | 26.4x |
| Piotroski F-score | — | — |
Revenue
FY16
BLK $12.3B
BX $5.1B
FY17
BLK $13.6B
BX $7.1B
FY18
BLK $14.2B
BX $6.8B
FY19
BLK $14.5B
BX $7.3B
FY20
BLK $16.2B
BX $6.1B
FY21
BLK $19.4B
BX $22.6B
FY22
BLK $17.9B
BX $8.5B
FY23
BLK $17.9B
BX $8.0B
FY24
BLK $20.4B
BX $13.2B
FY25
BLK $24.2B
BX $14.5B
BLK
BX
Operating margin
FY16
BLK 37.2%
BX —
FY17
BLK 38.6%
BX —
FY18
BLK 38.4%
BX —
FY19
BLK 38.2%
BX —
FY20
BLK 35.1%
BX —
FY21
BLK 38.5%
BX —
FY22
BLK 35.7%
BX —
FY23
BLK 35.1%
BX —
FY24
BLK 37.1%
BX —
FY25
BLK 29.1%
BX —
BLK
BX
Free cash flow
FY16
BLK $2.2B
BX −$110M
FY17
BLK $3.8B
BX −$1.7B
FY18
BLK $2.9B
BX $27.4M
FY19
BLK $2.6B
BX $1.9B
FY20
BLK $3.5B
BX $1.8B
FY21
BLK $4.6B
BX $3.9B
FY22
BLK $4.4B
BX $6.1B
FY23
BLK $3.8B
BX $3.8B
FY24
BLK $4.7B
BX $3.4B
FY25
BLK $3.6B
BX $4.5B
BLK
BX
Return on capital
FY16
BLK 11.7%
BX 13.2%
FY17
BLK 17.2%
BX 15.3%
FY18
BLK 14.3%
BX 14.1%
FY19
BLK 13.4%
BX 17.4%
FY20
BLK 13.6%
BX 11.3%
FY21
BLK 16.2%
BX 55.0%
FY22
BLK 13.9%
BX 12.2%
FY23
BLK 13.1%
BX 10.8%
FY24
BLK 13.8%
BX 21.6%
FY25
BLK 10.5%
BX 22.1%
BLK
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.