NYSE · Financial Services

BlackRock, Inc.

BLK · Asset Management

$1,126.63

▲ 36.24 (3.32%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

B⤢

Years to Pay Off Debt 6.8 yrs

Working Capital vs Long-Term Debt $10.2B

Working Capital $22.9B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.86x

Cash Flow

C⤢

Free Cash Flow -$1.1B

CapEx % of Net Income 4.8%

Owner Earnings $2.7B

Financial Health

Years to Pay Off Debt 6.8 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $10.2B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $22.9B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow -$1.1B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 4.8%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $2.7B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap N/A

Enterprise Value $177.5B

P/E (TTM) 26.98

Dividend Yield 2.01%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

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 $1,126.63.

The business passes only 2 of 5 of Graham's defensive criteria — well below his required standard.

At $1,126.63, the stock trades at a 243% premium to its Graham Number of $328.67. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025
Gross Profit %	N/A•	45.6%
Operating Margin %	N/A•	31.8%
Net Income %	N/A•	16.1%
Diluted EPS	12.19▲	7.16

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$170.2B	$170.0B	N/A
Total Debt	$15.0B▼	$15.0B•	N/A
Working Capital	$22.9B▼	$25.7B•	N/A
Years to Pay Debt	6.77	13.31	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$1.1B▼	$2.1B•	N/A
Owner Earnings	$2.7B	$1.6B	N/A
CapEx % of Net Income	4.8%	11.5%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items		-114,818
Tax Rate For Calcs		0
Normalized EBITDA		2,612,000
Total Unusual Items		-496,000
Total Unusual Items Excluding Goodwill		-496,000
Net Income From Continuing Operation Net Minority Interest		1,127,000
Reconciled Depreciation		369,000
Reconciled Cost Of Revenue		3,709,000
EBITDA		2,116,000
EBIT		1,747,000
Net Interest Income		-16,000
Interest Expense		140,000
Interest Income		124,000
Normalized Income		1,508,182
Net Income From Continuing And Discontinued Operation		1,127,000
Total Expenses		4,780,000
Rent Expense Supplemental		150,000
Total Operating Income As Reported		1,661,000
Diluted Average Shares	164,600	165,400
Basic Average Shares	155,200	155,100
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		1,184,000
Average Dilution Earnings		57,000
Net Income Common Stockholders		1,127,000
Net Income		1,127,000
Minority Interests		-108,000
Net Income Including Noncontrolling Interests		1,235,000
Net Income Continuous Operations		1,235,000
Tax Provision		372,000
Pretax Income		1,607,000
Other Income Expense		-605,000
Special Income Charges		-455,000
Restructuring And Mergern Acquisition		455,000
Gain On Sale Of Security		-41,000
Net Non Operating Interest Income Expense		-16,000
Interest Expense Non Operating		140,000
Interest Income Non Operating		124,000
Operating Income		2,228,000
Operating Expense		970,000
Depreciation Amortization Depletion Income Statement		268,000
Depreciation And Amortization In Income Statement		268,000
Amortization		268,000
Amortization Of Intangibles Income Statement		268,000
Selling General And Administration		702,000
Selling And Marketing Expense		101,000
General And Administrative Expense		601,000
Other Gand A		451,000
Rent And Landing Fees		150,000
Gross Profit		3,198,000
Cost Of Revenue		3,810,000
Total Revenue		7,008,000
Operating Revenue		7,008,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	911	1,207
Ordinary Shares Number	155,365	155,069
Share Issued	156,276	156,276
Net Debt	2,908,000	1,300,000
Total Debt	14,965,000	14,996,000
Tangible Book Value	-6,299,000	-7,363,000
Invested Capital	69,437,000	68,656,000
Working Capital	22,924,000	25,684,000
Net Tangible Assets	-6,299,000	-7,363,000
Capital Lease Obligations	2,216,000	2,228,000
Common Stock Equity	56,688,000	55,888,000
Total Capitalization	69,437,000	68,656,000
Total Equity Gross Minority Interest	63,316,000	61,542,000
Minority Interest	6,628,000	5,654,000
Stockholders Equity	56,688,000	55,888,000
Gains Losses Not Affecting Retained Earnings	-678,000	-545,000
Other Equity Adjustments	-678,000	-545,000
Treasury Stock	964,000	1,216,000
Retained Earnings	39,182,000	37,899,000
Additional Paid In Capital	19,146,000	19,748,000
Capital Stock	2,000	2,000
Common Stock	2,000	2,000
Total Liabilities Net Minority Interest	106,921,000	108,456,000
Total Non Current Liabilities Net Minority Interest	104,824,000	106,716,000
Other Non Current Liabilities	83,611,000	83,272,000
Employee Benefits	1,588,000	3,830,000
Non Current Deferred Liabilities	4,660,000	4,618,000
Non Current Deferred Taxes Liabilities	4,660,000	4,618,000
Long Term Debt And Capital Lease Obligation	14,965,000	14,996,000
Long Term Capital Lease Obligation	2,216,000	2,228,000
Long Term Debt	12,749,000	12,768,000
Current Liabilities	2,097,000	1,740,000
Payables And Accrued Expenses	2,097,000	1,740,000
Total Assets	170,237,000	169,998,000
Total Non Current Assets	145,216,000	142,574,000
Other Non Current Assets	67,918,000	65,798,000
Investments And Advances	11,183,000	10,395,000
Other Investments	5,214,000	4,905,000
Investmentin Financial Assets	3,644,000	3,357,000
Held To Maturity Securities	495,000	507,000
Available For Sale Securities	537,000	568,000	72,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	2,612,000	2,282,000
Long Term Equity Investment	2,325,000	2,133,000
Goodwill And Other Intangible Assets	62,987,000	63,251,000
Other Intangible Assets	27,691,000	27,968,000
Goodwill	35,296,000	35,283,000
Net PPE	3,128,000	3,130,000
Accumulated Depreciation	-1,766,000	-1,692,000
Gross PPE	4,894,000	4,822,000
Leases		1,256,000	1,048,000
Construction In Progress		66,000	102,000
Other Properties	4,894,000	1,874,000
Machinery Furniture Equipment		1,553,000	1,435,000
Buildings And Improvements		67,000	65,000
Land And Improvements		6,000	6,000
Current Assets	25,021,000	27,424,000
Restricted Cash	6,657,000	8,009,000
Receivables	5,219,000	5,158,000
Loans Receivable		0	145,000
Accounts Receivable	5,219,000	5,158,000
Cash Cash Equivalents And Short Term Investments	13,145,000	14,257,000
Other Short Term Investments	3,304,000	2,789,000
Cash And Cash Equivalents	9,841,000	11,468,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-1,086,000	2,147,000
Repurchase Of Capital Stock	-810,000	-514,000
Repayment Of Debt		-68,000	-33,000
Issuance Of Debt	193,000	0
Capital Expenditure	-106,000	-130,000
End Cash Position	9,863,000	11,490,000
Beginning Cash Position	11,490,000	10,001,000
Effect Of Exchange Rate Changes	-63,000	12,000
Changes In Cash	-1,564,000	1,477,000
Financing Cash Flow	-304,000	-588,000
Cash Flow From Continuing Financing Activities	-304,000	-588,000
Net Other Financing Charges	1,212,000	830,000
Proceeds From Stock Option Exercised	74,000	14,000
Cash Dividends Paid	-973,000	-850,000
Common Stock Dividend Paid	-973,000	-850,000
Net Common Stock Issuance	-810,000	-514,000
Common Stock Payments	-810,000	-514,000
Net Issuance Payments Of Debt	193,000	-68,000
Net Long Term Debt Issuance	193,000	-68,000
Long Term Debt Payments		-68,000	-33,000
Long Term Debt Issuance	193,000	0
Investing Cash Flow	-280,000	-212,000
Cash Flow From Continuing Investing Activities	-280,000	-212,000
Dividends Received Cfi	90,000	93,000
Net Investment Purchase And Sale	-249,000	-175,000
Sale Of Investment	69,000	77,000
Purchase Of Investment	-318,000	-252,000
Net Business Purchase And Sale	-15,000	0
Purchase Of Business	-15,000	0
Net PPE Purchase And Sale	-106,000	-130,000
Purchase Of PPE	-106,000	-130,000
Operating Cash Flow	-980,000	2,277,000
Cash Flow From Continuing Operating Activities	-980,000	2,277,000
Dividend Received Cfo	9,000	274,000
Change In Working Capital	-1,808,000	626,000
Change In Other Working Capital	-2,256,000	1,050,000
Change In Other Current Liabilities	3,474,000	-2,164,000
Change In Other Current Assets	-3,255,000	1,998,000
Change In Payables And Accrued Expense	340,000	96,000
Change In Receivables	-111,000	-354,000
Changes In Account Receivables	-111,000	-354,000
Other Non Cash Items	-2,175,000	-262,000
Stock Based Compensation	319,000	421,000
Deferred Tax	60,000	-393,000
Deferred Income Tax	60,000	-393,000
Depreciation Amortization Depletion	380,000	369,000
Depreciation And Amortization	380,000	369,000
Operating Gains Losses	-91,000	7,000
Earnings Losses From Equity Investments	-46,000	-3,000
Gain Loss On Investment Securities	-45,000	10,000
Net Income From Continuing Operations	2,326,000	1,235,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

11.93x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$1.1B

vs Positive

Operating Cash Flow

-$980M

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

2.6x

Net Assets: $63.3B

Asset Context — Asset Management

For banks and financial companies, book value is the most meaningful valuation anchor because assets are primarily financial instruments with known market values. Price-to-Book below 1.0x historically signals stress or deep value in this sector.

Peers & Industry Comparison

Asset Management — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BLK	$1,126.63	N/A	26.98	N/A	N/A	N/A
MS Morgan Stanley	$211.22	$332.0B	17.1	87.6%	25.9%	$77.8B
GS Goldman Sachs Group, Inc. (The)	$1,027.06	N/A	15.9	82.1%	31.0%	$67.6B
SCHW Charles Schwab Corporation (The	$105.87	$184.1B	19.3	97.5%	38.8%	$26.0B
BX Blackstone Inc.	$134.68	$167.6B	30.1	100.0%	22.7%	$15.5B

"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

1.90%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$2.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Laurence Douglas Fink

Founder, CEO & Chairman

Age 73

Pay: $13,149,385

Robert Steven Kapito

President & Member of Board of Directors

Age 69

Pay: $8,642,500

Martin Small

Senior MD, CFO & Global Head of Corporate Strategy

Age 49

Pay: $5,774,350

Robert Lawrence Goldstein

Senior MD & COO

Age 51

Pay: $5,814,205

Adebayo Ogunlesi

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

Age 71

Pay: $4,038,215

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	6.54%	10,132,776
Vanguard Capital Management LLC	5.96%	9,240,600
State Street Corporation	4.05%	6,278,663
Temasek Holdings (Private) Ltd	3.44%	5,330,492
Bank of America Corporation	3.38%	5,232,973
Capital Research Global Investors	2.97%	4,610,418
Wellington Management Group, LLP	2.35%	3,644,668
Vanguard Portfolio Management LLC	2.28%	3,531,954

Risk Analysis

Beta (Market Risk)

1.43

Moderate volatility — moves slightly more than market

Short Interest

1.4% 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: $917.39 Current: $1,126.63 High: $1,219.94

Currently at 69% of 52-week range

BlackRock, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis