BLK Financial Services

BlackRock, Inc.

$1,161.32-0.50%

Price as of close on Nov 3, 2026 · Financials updated Nov 1, 2026

Basics

Sector: Financial Services
Industry: Asset Management
Country: United States
Market cap: 188.7B USD
Enterprise value: 178.1B USD
Full-time employees: 24,900

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: growing faster than most peersgrowing faster than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.42 vs a peer median of 0.70)higher risk: bigger price swings (beta 1.42 vs peers 0.70)

Ranks #159 of 232 financial services companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Operating margin at a 4-year low. 29% in 2025, the weakest of the last 4 years.
BlackRock's operating margin fell to 29% in 2025, its lowest in the 4 years of filings we have.
Sales growing faster than profits. Since 2022: revenue +35%, operating profit +10%.
Since 2022, BlackRock's revenue changed +35% but operating profit only +10%: costs are rising faster than sales.
More volatile share price. Beta 1.42: tends to move more than the market.
BlackRock's shares have swung more with the market than most peers' (beta 1.42, above the market's 1.0).

StockQuotient Score

45/ 100▼ 3 since Oct 27 close

Oct 5 48 → Nov 4 45 (-3)

Valuation

Is the price right?

28/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.56Sector median: 0.0571 · MAD: 0.0371

EBITDA yield5.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.39Sector median: 0.0689 · MAD: 0.0428

Free cash flow yield2.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.69Sector median: 0.0613 · MAD: 0.0605

Other data (not scored)

Book yield32.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Growth

Is it growing?

61/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 6.5%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth2.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0999 · MAD: 0.2773

3-year revenue growth10.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 0.08Sector median: 0.0999 · MAD: 0.0858

Revenue growth26.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.29Sector median: 0.0742 · MAD: 0.1477

Profitability

Does it earn well?

64/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin32.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.62Sector median: 0.2353 · MAD: 0.1462

Return on assets3.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.51Sector median: 0.0256 · MAD: 0.0233

Return on invested capital11.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.05Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross margin48.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity11.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Higher

Higher relative risk▲ 1 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 37 → 27

Company's reported figures updated-37
Peer companies moved+27

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.42

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.31Sector median: 0.7010 · MAD: 0.3115

Current ratioUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 2.0250 · MAD: 1.2470

Debt / equity0.22×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.65Sector median: 0.5734 · MAD: 0.5454

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about BlackRock

Is BlackRock getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is 45/100, down 3 since Oct 28, 2026.
How is BlackRock valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 28/100 against 432 financial services peers. Free cash flow yield 2.0% vs a peer median of 6.1% (weaker than 73% of peers).Free cash flow yield 2.0% vs peers 6.1% (weaker than 73% of peers).
Is BlackRock growing?: Yes, faster than most of its peers. Growth scores 61/100 against 432 financial services peers. Revenue growth 26.5% vs a peer median of 7.4% (stronger than 77% of peers).Revenue growth 26.5% vs peers 7.4% (stronger than 77% of peers). Earnings per share growth 2.5% vs a peer median of 10.0% (weaker than 61% of peers).Earnings per share growth 2.5% vs peers 10.0% (weaker than 61% of peers).
How profitable is BlackRock?: More profitable than most of its peers. Profitability scores 64/100 against 432 financial services peers. Return on invested capital 11.7% vs a peer median of 6.3% (stronger than 71% of peers).Return on invested capital 11.7% vs peers 6.3% (stronger than 71% of peers).
How risky is BlackRock?: Higher risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Debt / equity 0.22× vs a peer median of 0.57× (stronger than 69% of peers).Debt / equity 0.22× vs peers 0.57× (stronger than 69% of peers). Beta 1.42 vs a peer median of 0.70 (weaker than 91% of peers).Beta 1.42 vs peers 0.70 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	25.6B USD	27.3B USD	+6.5%
Net income (12 months)	6.3B USD	6.6B USD	+5.1%
Operating margin	31.8%	32.6%	+0.7 pts
Free cash flow (12 months)	3.7B USD	3.5B USD	−4.3%
Debt	12.7B USD	12.7B USD	−0.0%
Cash	9.8B USD	10.5B USD	+6.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Asset Management · 43 companies

Valuations in Asset Management are near the top of their range since 2016.

95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	35.7%	35.1%	37.1%	29.1%	▼ 8.0 pts
Net margin	29.0%	30.8%	31.2%	22.9%	▼ 8.3 pts
Return on assets (ROA)	—	4.5%	4.6%	3.3%	▼ 1.3 pts
Return on equity (ROE)	13.7%	14.0%	13.4%	9.9%	▼ 3.5 pts
Free cash flow margin	24.7%	21.4%	23.0%	14.7%	▼ 8.4 pts
Debt to equity	—	0.20×	0.26×	0.23×	▼ 12%
Interest coverage	30.12×	21.49×	14.08×	11.47×	▼ 18%

BLK price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

White Mountains Insurance Group, Ltd.WTM94/ 100

The Allstate CorporationALL93/ 100

PT Saratoga Investama Sedaya TbkSRTG.JK93/ 100

Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: growing faster than most peersgrowing faster than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.42 vs a peer median of 0.70)higher risk: bigger price swings (beta 1.42 vs peers 0.70)

Ranks #159 of 232 financial services companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Operating margin at a 4-year low. 29% in 2025, the weakest of the last 4 years.

BlackRock's operating margin fell to 29% in 2025, its lowest in the 4 years of filings we have.

Sales growing faster than profits. Since 2022: revenue +35%, operating profit +10%.

Since 2022, BlackRock's revenue changed +35% but operating profit only +10%: costs are rising faster than sales.

More volatile share price. Beta 1.42: tends to move more than the market.

BlackRock's shares have swung more with the market than most peers' (beta 1.42, above the market's 1.0).

Questions investors ask about BlackRock

Is BlackRock getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is 45/100, down 3 since Oct 28, 2026.

How is BlackRock valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 28/100 against 432 financial services peers. Free cash flow yield 2.0% vs a peer median of 6.1% (weaker than 73% of peers).Free cash flow yield 2.0% vs peers 6.1% (weaker than 73% of peers).

Is BlackRock growing?

Yes, faster than most of its peers. Growth scores 61/100 against 432 financial services peers. Revenue growth 26.5% vs a peer median of 7.4% (stronger than 77% of peers).Revenue growth 26.5% vs peers 7.4% (stronger than 77% of peers). Earnings per share growth 2.5% vs a peer median of 10.0% (weaker than 61% of peers).Earnings per share growth 2.5% vs peers 10.0% (weaker than 61% of peers).

How profitable is BlackRock?

More profitable than most of its peers. Profitability scores 64/100 against 432 financial services peers. Return on invested capital 11.7% vs a peer median of 6.3% (stronger than 71% of peers).Return on invested capital 11.7% vs peers 6.3% (stronger than 71% of peers).

How risky is BlackRock?

Higher risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Debt / equity 0.22× vs a peer median of 0.57× (stronger than 69% of peers).Debt / equity 0.22× vs peers 0.57× (stronger than 69% of peers). Beta 1.42 vs a peer median of 0.70 (weaker than 91% of peers).Beta 1.42 vs peers 0.70 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

25.6B USD

27.3B USD

+6.5%

Net income (12 months)

6.3B USD

6.6B USD

+5.1%

Operating margin

31.8%

32.6%

+0.7 pts

Free cash flow (12 months)

3.7B USD

3.5B USD

−4.3%

Debt

12.7B USD

12.7B USD

−0.0%

Cash

9.8B USD

10.5B USD

+6.6%

Key ratios

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

35.7%

35.1%

37.1%

29.1%

▼ 8.0 pts

Net margin

29.0%

30.8%

31.2%

22.9%

▼ 8.3 pts

Return on assets (ROA)

—

4.5%

4.6%

3.3%

▼ 1.3 pts

Return on equity (ROE)

13.7%

14.0%

13.4%

9.9%

▼ 3.5 pts

Free cash flow margin

24.7%

21.4%

23.0%

14.7%

▼ 8.4 pts

Debt to equity

—

0.20×

0.26×

0.23×

▼ 12%

Interest coverage

30.12×

21.49×

14.08×

11.47×

▼ 18%