NYSE · Financial Services

BlackRock, Inc.

BLK · Asset Management

$1,052.26

▼ -9.42 (-0.89%)

Data cached · refreshes every 10 min

Mr. Market is currently offering BlackRock, Inc. at $1,052.26.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 46.7%

Operating Margin 32.7%

Net Income Margin 22.9%

Fin. Health A

Years to Pay Off Debt 2.7 yrs

Working Capital vs Long-Term Debt $12.9B

Working Capital $25.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.93x

Cash Flow A

Free Cash Flow $3.6B

CapEx % of Net Income 6.8%

Owner Earnings $7.1B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $163.5B

Enterprise Value $171.4B

P/E (TTM) 26.50

Dividend Yield 2.01%

Exchange NYSE

Key Margins

Gross Profit 46.7%

Operating Margin 32.7%

Net Margin 22.9%

Company Info

Sector Financial Services

Industry Asset Management

Employees 24900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering BlackRock, Inc. at $1,052.26.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $1,052.26, the stock trades at a 97% premium to its Graham Number of $534.59. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About BlackRock, Inc.

BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York, New York with additional offices in Atlanta, Georgia; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Denver, Colorado; Greenwich, Connecticut; Houston, Texas; Miami, Florida; Newport Beach, California; Palo Alto, California; Philadelphia, Pennsylvania; Princeton, New Jersey; San Francisco, California; Santa Monica, California; Seattle, Washington; Washington, DC; West Palm Beach, Florida; Wilmington, Delaware; Mexico; Canada; South Africa; Netherlands; Greece; Serbia; Belgium; Hungary; Denmark; Ireland; Scotland; Germany; Switzerland; England; Luxembourg; Spain; Italy; France; Sweden; Austria; India; China; Australia; Hong Kong; South Korea; Singapore; Taiwan; Japan; Colombia; Argentina; Peru; Chile; Brazil; UAE; Saudi Arabia; Israel.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	46.7% ▼	49.4%	48.1%	48.6%
Operating Margin %	32.7% ▼	36.9%	35.5%	36.2%
Net Income %	22.9% ▼	31.2%	30.8%	29.0%
Diluted EPS	35.31 ▼	42.01	36.51	33.97

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$170.0B	$138.6B	$123.2B	$117.6B
Total Debt	$15.0B ↑	$14.2B	$9.7B	$8.5B
Working Capital	$25.7B ▲	$23.6B	$18.1B	$16.9B
Years to Pay Debt	2.70	2.23	1.76	1.64

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$3.6B ▼	$4.7B	$3.8B	$4.4B
Owner Earnings	$7.1B	$7.2B	$6.3B	$6.1B
CapEx % of Net Income	6.8%	4.0%	6.3%	10.3%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-26,633	113,493	134,620	-25,200
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	9,480,000	8,834,000	7,239,000	7,046,000
Total Unusual Items	-121,000	528,000	635,000	-126,000
Total Unusual Items Excluding Goodwill	-121,000	528,000	635,000	-126,000
Net Income From Continuing Operation Net Minority Interest	5,553,000	6,369,000	5,502,000	5,178,000
Reconciled Depreciation	1,126,000	529,000	427,000	418,000
Reconciled Cost Of Revenue	12,555,000	10,083,000	9,001,000	8,922,000
EBITDA	9,359,000	9,362,000	7,874,000	6,920,000
EBIT	8,233,000	8,833,000	7,447,000	6,502,000
Net Interest Income	-60,000	229,000	181,000	-60,000
Interest Expense	614,000	538,000	292,000	212,000
Interest Income	554,000	767,000	473,000	152,000
Normalized Income	5,647,367	5,954,493	5,001,620	5,278,800
Net Income From Continuing And Discontinued Operation	5,553,000	6,369,000	5,502,000	5,178,000
Total Expenses	16,307,000	12,869,000	11,520,000	11,397,000
Rent Expense Supplemental	521,000	421,000	418,000	403,000
Total Operating Income As Reported	7,045,000	7,574,000	6,275,000	6,385,000
Diluted Average Shares	160,900	151,600	150,700	152,440
Basic Average Shares	155,000	150,000	149,300	150,921
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,680,000	6,369,000	5,502,000	5,178,000
Average Dilution Earnings	127,000	0	0
Net Income Common Stockholders	5,553,000	6,369,000	5,502,000	5,178,000
Net Income	5,553,000	6,369,000	5,502,000	5,178,000
Minority Interests	-389,000	-143,000	-174,000	184,000
Net Income Including Noncontrolling Interests	5,942,000	6,512,000	5,676,000	4,994,000
Net Income Continuous Operations	5,942,000	6,512,000	5,676,000	4,994,000
Tax Provision	1,677,000	1,783,000	1,479,000	1,296,000
Pretax Income	7,619,000	8,295,000	7,155,000	6,290,000
Other Income Expense	-230,000	528,000	635,000	-126,000
Other Non Operating Income Expenses	-109,000
Special Income Charges	-759,000	36,000	-64,000	-91,000
Other Special Charges	109,000
Restructuring And Mergern Acquisition	759,000	-36,000	64,000	91,000
Gain On Sale Of Security	638,000	492,000	699,000	-35,000
Net Non Operating Interest Income Expense	-60,000	229,000	181,000	-60,000
Interest Expense Non Operating	614,000	538,000	292,000	212,000
Interest Income Non Operating	554,000	767,000	473,000	152,000
Operating Income	7,909,000	7,538,000	6,339,000	6,476,000
Operating Expense	3,401,000	2,548,000	2,243,000	2,208,000
Depreciation Amortization Depletion Income Statement	775,000	291,000	151,000	151,000
Depreciation And Amortization In Income Statement	775,000	291,000	151,000	151,000
Amortization	775,000	291,000	151,000	151,000
Amortization Of Intangibles Income Statement	775,000	291,000	151,000	151,000
Selling General And Administration	2,626,000	2,257,000	2,092,000	2,057,000
Selling And Marketing Expense	373,000	314,000	344,000	331,000
General And Administrative Expense	2,253,000	1,943,000	2,092,000	2,057,000
Other Gand A	1,732,000	1,522,000	2,092,000	2,057,000
Rent And Landing Fees	521,000	421,000	418,000	403,000
Gross Profit	11,310,000	10,086,000	8,582,000	8,684,000
Cost Of Revenue	12,906,000	10,321,000	9,277,000	9,189,000
Total Revenue	24,216,000	20,407,000	17,859,000	17,873,000
Operating Revenue	24,216,000	20,407,000	17,859,000	17,873,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	1,207	370	23,575	22,319
Ordinary Shares Number	155,069	154,948	148,500	149,756
Share Issued	156,276	155,318	172,075	172,075
Net Debt	1,300,000
Total Debt	14,996,000	14,222,000	9,702,000	8,489,000
Tangible Book Value	-7,363,000	803,000	5,565,000	4,101,000
Invested Capital	68,656,000	59,809,000	47,265,000	44,398,000
Working Capital	25,684,000	23,578,000	18,138,000	16,927,000
Net Tangible Assets	-7,363,000	803,000	5,565,000	4,101,000
Capital Lease Obligations	2,228,000	1,908,000	1,784,000	1,835,000
Common Stock Equity	55,888,000	47,495,000	39,347,000	37,744,000
Total Capitalization	68,656,000	59,809,000	47,265,000	44,398,000
Total Equity Gross Minority Interest	61,542,000	49,355,000	41,240,000	38,785,000
Minority Interest	5,654,000	1,860,000	1,893,000	1,041,000
Stockholders Equity	55,888,000	47,495,000	39,347,000	37,744,000
Gains Losses Not Affecting Retained Earnings	-545,000	-1,178,000	-840,000	-1,101,000
Other Equity Adjustments	-545,000	-1,178,000	-840,000	-1,101,000
Treasury Stock	1,216,000	386,000	11,991,000	10,805,000
Retained Earnings	37,899,000	35,611,000	32,343,000	29,876,000
Additional Paid In Capital	19,748,000	13,446,000	19,833,000	19,772,000
Capital Stock	2,000	2,000	2,000	2,000
Common Stock	2,000	2,000	2,000	2,000
Total Liabilities Net Minority Interest	108,456,000	89,260,000	81,971,000	78,843,000
Total Non Current Liabilities Net Minority Interest	106,716,000	87,724,000	80,731,000	77,549,000
Other Non Current Liabilities	83,272,000	67,204,000	65,130,000	63,407,000
Employee Benefits	3,830,000	2,964,000	2,393,000	2,272,000
Non Current Deferred Liabilities	4,618,000	3,334,000	3,506,000	3,381,000
Non Current Deferred Taxes Liabilities	4,618,000	3,334,000	3,506,000	3,381,000
Long Term Debt And Capital Lease Obligation	14,996,000	14,222,000	9,702,000	8,489,000
Long Term Capital Lease Obligation	2,228,000	1,908,000	1,784,000	1,835,000
Long Term Debt	12,768,000	12,314,000	7,918,000	6,654,000
Current Liabilities	1,740,000	1,536,000	1,240,000	1,294,000
Payables And Accrued Expenses	1,740,000	1,536,000	1,240,000	1,294,000
Total Assets	169,998,000	138,615,000	123,211,000	117,628,000
Total Non Current Assets	142,574,000	113,501,000	103,833,000	99,407,000
Other Non Current Assets	65,798,000	56,407,000	59,946,000	57,527,000
Investments And Advances	10,395,000	7,780,000	7,572,000	5,690,000
Other Investments	4,905,000	2,428,000	2,614,000	2,040,000
Investmentin Financial Assets	3,357,000	2,569,000	2,202,000	1,755,000
Held To Maturity Securities	507,000	547,000	617,000	544,000
Available For Sale Securities	568,000	72,000	1,975,000	1,550,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	2,282,000	1,950,000	1,585,000	1,211,000
Long Term Equity Investment	2,133,000	2,783,000	2,756,000	1,895,000
Goodwill And Other Intangible Assets	63,251,000	46,692,000	33,782,000	33,643,000
Other Intangible Assets	27,968,000	20,743,000	18,258,000	18,302,000
Goodwill	35,283,000	25,949,000	15,524,000	15,341,000
Net PPE	3,130,000	2,622,000	2,533,000	2,547,000
Accumulated Depreciation	-1,692,000	-1,553,000	-1,439,000	-1,390,000
Gross PPE	4,822,000	4,175,000	3,972,000	3,937,000
Leases	1,256,000	1,048,000	1,036,000	613,000
Construction In Progress	66,000	102,000	66,000	417,000
Other Properties	1,874,000	1,519,000	1,421,000	1,516,000
Machinery Furniture Equipment	1,553,000	1,435,000	1,379,000	1,321,000
Buildings And Improvements	67,000	65,000	64,000	64,000
Land And Improvements	6,000	6,000	6,000	6,000
Current Assets	27,424,000	25,114,000	19,378,000	18,221,000
Restricted Cash	8,009,000	6,152,000	4,650,000	5,856,000
Receivables	5,158,000	4,449,000	4,121,000	3,618,000
Loans Receivable	0	145,000	205,000	354,000
Cash Cash Equivalents And Short Term Investments	14,257,000	14,513,000	10,607,000	8,747,000
Other Short Term Investments	2,789,000	1,751,000	1,871,000	1,331,000
Cash And Cash Equivalents	11,468,000	12,762,000	8,736,000	7,416,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	3,552,000	4,701,000	3,821,000	4,423,000
Repurchase Of Capital Stock	-1,951,000	-1,930,000	-1,884,000	-2,332,000
Repayment Of Debt	-908,000	-1,058,000	-59,000	-776,000
Issuance Of Debt	1,080,000	5,474,000	1,238,000	0
Capital Expenditure	-375,000	-255,000	-344,000	-533,000
Interest Paid Supplemental Data	482,000	289,000	200,000	177,000
Income Tax Paid Supplemental Data	2,298,000	1,699,000	1,392,000	1,067,000
End Cash Position	11,490,000	12,779,000	8,753,000	7,433,000
Beginning Cash Position	12,779,000	8,753,000	7,433,000	9,340,000
Effect Of Exchange Rate Changes	329,000	-162,000	106,000	-291,000
Changes In Cash	-1,618,000	4,188,000	1,214,000	-1,616,000
Financing Cash Flow	-1,127,000	2,236,000	-1,992,000	-5,442,000
Cash Flow From Continuing Financing Activities	-1,127,000	2,236,000	-1,992,000	-5,442,000
Net Other Financing Charges	3,832,000	2,387,000	1,653,000	645,000
Proceeds From Stock Option Exercised	167,000	464,000	95,000	11,000
Cash Dividends Paid	-3,347,000	-3,101,000	-3,035,000	-2,990,000
Common Stock Dividend Paid	-3,347,000	-3,101,000	-3,035,000	-2,990,000
Net Common Stock Issuance	-1,951,000	-1,930,000	-1,884,000	-2,332,000
Common Stock Payments	-1,951,000	-1,930,000	-1,884,000	-2,332,000
Net Issuance Payments Of Debt	172,000	4,416,000	1,179,000	-776,000
Net Long Term Debt Issuance	172,000	4,416,000	1,179,000	-776,000
Long Term Debt Payments	-908,000	-1,058,000	-59,000	-776,000
Long Term Debt Issuance	1,080,000	5,474,000	1,238,000	0
Investing Cash Flow	-4,418,000	-3,004,000	-959,000	-1,130,000
Cash Flow From Continuing Investing Activities	-4,418,000	-3,004,000	-959,000	-1,130,000
Dividends Received Cfi	390,000	366,000	46,000	70,000
Net Investment Purchase And Sale	-937,000	-179,000	-472,000	-667,000
Sale Of Investment	544,000	766,000	400,000	242,000
Purchase Of Investment	-1,481,000	-945,000	-872,000	-909,000
Net Business Purchase And Sale	-3,496,000	-2,936,000	-189,000	0
Purchase Of Business	-3,496,000	-2,936,000	-189,000	0
Net PPE Purchase And Sale	-375,000	-255,000	-344,000	-533,000
Purchase Of PPE	-375,000	-255,000	-344,000	-533,000
Operating Cash Flow	3,927,000	4,956,000	4,165,000	4,956,000
Cash Flow From Continuing Operating Activities	3,927,000	4,956,000	4,165,000	4,956,000
Dividend Received Cfo	429,000	57,000	49,000	50,000
Change In Working Capital	-189,000	176,000	-346,000	-897,000
Change In Other Working Capital	659,000	367,000	145,000	-711,000
Change In Other Current Liabilities	225,000	-382,000	375,000	-481,000
Change In Other Current Assets	-529,000	375,000	-254,000	30,000
Change In Payables And Accrued Expense	75,000	259,000	-26,000	-151,000
Change In Receivables	-619,000	-443,000	-586,000	416,000
Changes In Account Receivables	-619,000	-443,000	-586,000	416,000
Other Non Cash Items	-3,237,000	-2,579,000	-1,637,000	-1,022,000
Stock Based Compensation	1,307,000	753,000	630,000	708,000
Asset Impairment Charge	0	50,000	0	0
Deferred Tax	-631,000	-106,000	124,000	602,000
Deferred Income Tax	-631,000	-106,000	124,000	602,000
Depreciation Amortization Depletion	1,126,000	529,000	427,000	418,000
Depreciation And Amortization	1,126,000	529,000	427,000	418,000
Operating Gains Losses	-820,000	-436,000	-758,000	103,000
Earnings Losses From Equity Investments	-51,000	-41,000	-378,000	-29,000
Gain Loss On Investment Securities	-769,000	-395,000	-380,000	132,000
Net Income From Continuing Operations	5,942,000	6,512,000	5,676,000	4,994,000

These metrics estimate what BlackRock, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$534.59

Margin of Safety

Market Cap ÷ Company Value

1.12

P/B Ratio

2.93

Warren's Owner Earnings

$7.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$24.2B

vs > $1.5B revenue

✅ Strong Financial Condition

15.76x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.01%

vs Uninterrupted dividends

❌ Earnings Growth

+3.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

26.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.93x P/B (P/E×P/B: 77.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-521.56

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$565.62

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	6.8%	4.0%	6.3%	10.3%
Repurchase of Capital Stock	-$2.0B	-$1.9B	-$1.9B	-$2.3B
Free Cash Flow	$3.6B ▼	$4.7B ▲	$3.8B ▼	$4.4B •
Warren's Owner Earnings	$7.1B	$7.2B	$6.3B	$6.1B

Peers & Industry Comparison

Asset Management — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BLK	$1,052.26	$163.5B	26.50	46.7%	22.9%	$24.2B
MS Morgan Stanley	$187.63	$297.9B	17.0	87.4%	24.8%	$73.2B
GS Goldman Sachs Group, Inc. (The)	$902.78	$267.9B	16.5	82.3%	29.4%	$61.5B
SCHW Charles Schwab Corporation (The	$91.24	$159.9B	18.1	97.5%	38.0%	$24.8B
BX Blackstone Inc.	$123.47	$150.9B	31.7	100.0%	21.2%	$14.4B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.92%

Low — management has little skin in the game

Return on Equity (ROE)

9.9%

Adequate — returns are moderate

Return on Assets (ROA)

3.3%

Fair — average asset utilization

Share Buybacks (Latest Year)

$2.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+5.4% YoY

Debt is roughly stable

Leadership Team

Laurence Douglas Fink

Founder, CEO & Chairman

Age 73

Pay: $13,149,385

0.237% of net income

Robert Steven Kapito

President & Member of Board of Directors

Age 69

Pay: $8,642,500

0.156% of net income

Martin Small

Senior MD, CFO & Global Head of Corporate Strategy

Age 49

Pay: $5,774,350

0.104% of net income

Adebayo Ogunlesi

Chairman & CEO Global Infrastructure Partners, Senior MD & Member of Board of Director

Age 71

Pay: $4,038,215

0.073% of net income

Bennett Golub Ph.

Co-Founder

Age 67

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.05%	14,062,677
Blackrock Inc.	6.50%	10,093,082
State Street Corporation	4.03%	6,264,545
Bank of America Corporation	3.35%	5,197,904
Temasek Holdings (Private) Ltd	3.28%	5,092,825
Capital Research Global Investors	2.47%	3,838,937
Morgan Stanley	2.26%	3,508,220
Geode Capital Management, LLC	2.04%	3,167,460

Risk Analysis

Beta (Market Risk)

1.46

Moderate volatility — moves slightly more than market

Short Interest

1.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.24x

Conservative balance sheet — low financial risk

52-Week Price Range

Low: $906.57 Current: $1,052.26 High: $1,219.94

Currently at 46% of 52-week range

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