BlackRock vs Blackstone
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KIRA’s take AI analyst
I put BlackRock and Blackstone side by side, using each one’s latest annual report. Here is what stands out:
- 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 27.0x against 26.6x for Blackstone.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
BlackRock
BLK
3/8
Revenue growthNet marginNet debt / EBITDA
Blackstone
BX
5/8
5-year growthFCF marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | BLK FY25 | BX FY25 |
|---|---|---|
| Size | ||
| Market cap | $185.6B | $95.2B |
| 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 | 27.0x | 26.6x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.