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Blackstone Inc.

NYSE · Financial Services
Blackstone Inc.
BX · Asset Management
$123.46
▼ -1.73 (-1.38%)
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Mr. Market is currently offering Blackstone Inc. at $123.46.
The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.
Overall Grade
C
Defensive
B
Enterprising
Profitability A
Net Income Margin 24.3%
Fin. Health D
Years to Pay Off Debt 4.4 yrs
Valuation F
Margin of Safety 0.0%
Price-to-Book 10.57x
Cash Flow A
Free Cash Flow $4.5B
CapEx % of Net Income 3.8%
Owner Earnings $3.2B
4/6
Graham Score
Enterprising
Defensive — Graham's strict criteria (P/B, P/E, dividends, stability)  ·  Enterprising — Profitability & cash flow focused, accepts higher valuations for quality
Metric Explanations
What each dimension measures and where the thresholds come from.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
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.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
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
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
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.
Market Data
Market Cap $150.9B
Enterprise Value $124.0B
P/E (TTM) 31.66
Dividend Yield 3.97%
Exchange NYSE
Key Margins
Gross Profit N/A
Operating Margin N/A
Net Margin 24.3%
Company Info
Sector Financial Services
Industry Asset Management
Employees 5285
Country United States
Visit website
📖
Full Graham Analysis

Mr. Market is currently offering Blackstone Inc. at $123.46.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $123.46, the stock trades at a 287% premium to its Graham Number of $31.89. 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.

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

About Blackstone Inc.

Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. Within fund of fund investments, it seeks to invest in private equity funds, venture capital funds, mezzanine funds, distressed debt/turnaround funds, secondary investment funds & real estate funds. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, recapitalization, special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, cargo, data processing, oil & gas production, oil & gas refining, oil & gas storage, building products, home entertainment, B2B, consumer electronics, home supply store, lodging, commercial services & supplies, metal & mineral mining machinery, coal, hazardous waste collection, solid waste collection, waste water treatment, renewable electricity, equity REITs, power generation by nuclear & fossil fuels, personal loan services, chemicals, other specialty retail, biotech, pharmaceuticals, metal, aerospace, healthcare, cable, entertainment services, infrastructure services, transportation infrastructure, exhaust, life sciences, alternative carriers, infrastructure, system software, manufacturing services, enterprise tech and consumer, enterprise software & application, as well as consumer technologies. The firm considers investment in Asia, Latin America, Japan, Australia, South Korea, Singapore, Hong Kong, Africa, Middle East, Beijing, Shanghai, India, Belgium, France, Ireland, Luxembourg, Monaco, Netherlands, United Kingdom, North America and South America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It makes equity investments up to $300 million through fund of fund investments. It has a three year investment period. The firm prefers to take majority and minority stakes. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. through its subsidiary South City Projects (Kolkata) Limited offers residential and commercial real estate development services that include development of township, residential towers, malls, IT parks, stadiums, resorts, hospitals, and schools. Blackstone Inc. was founded in 1985 and is based in New York, New York with additional offices across Asia, Europe, North America and Central America.

Showing Key Metrics
Income Highlights
Metric 2025 2024 2023 2022
Gross Profit % N/A • N/A N/A N/A
Operating Margin % N/A • N/A N/A N/A
Net Income % 24.3% ▼ 25.4% 19.9% 24.5%
Diluted EPS 3.87 ▲ 3.62 1.84 2.36
Balance Sheet Highlights
Metric 2025 2024 2023 2022 2021
Total Assets $47.7B $43.5B $40.3B $42.5B N/A
Total Debt $13.3B ↑ $12.3B $12.3B $13.4B N/A
Working Capital N/A • N/A N/A N/A N/A
Years to Pay Debt 4.41 4.43 8.84 7.65 N/A
Cash Flow Highlights
Metric 2025 2024 2023 2022
Free Cash Flow $4.5B ▲ $3.4B $3.8B $6.1B
Owner Earnings $3.2B $2.9B $1.7B $2.1B
CapEx % of Net Income 3.8% 2.2% 16.1% 13.5%
These metrics estimate what Blackstone 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
$31.89
Margin of Safety
0%
Market Cap ÷ Company Value
0.96
P/B Ratio
10.57
Warren's Owner Earnings
$3.2B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
4/6 — Enterprising Investor
✅ Adequate Size
$12.4B
vs > $1.5B revenue
✅ Earnings Stability
No loss years (4 yrs data)
vs No negative EPS years
✅ Dividend Record
3.97%
vs Uninterrupted dividends
✅ Earnings Growth
+64.0% EPS growth
vs > 33% EPS growth
❌ Moderate P/E Ratio
31.7x
vs P/E ≤ 15.0x
❌ Moderate Price-to-Book
10.57x P/B (P/E×P/B: 334.7)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
✅ Adequate Size — $12.4B vs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Earnings Stability — No loss years (4 yrs data) vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 3.97% vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
✅ Earnings Growth — +64.0% EPS growth vs > 33% EPS growth
EPS grew from $2.36 to $3.87 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 31.7x vs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
❌ Moderate Price-to-Book — 10.57x P/B (P/E×P/B: 334.7) vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric 2025 2024 2023 2022
Capital Expenditure % of Net Income 3.8% 2.2% 16.1% 13.5%
Repurchase of Capital Stock -$312M -$661M -$418M -$466M
Free Cash Flow $4.5B ▲ $3.4B ▼ $3.8B ▼ $6.1B •
Warren's Owner Earnings $3.2B $2.9B $1.7B $2.1B
Peers & Industry Comparison
Asset Management — Auto-detected peers
Company Price Market Cap P/E Gross Margin Net Margin Revenue
BX $123.46 $150.9B 31.66 N/A 24.3% $12.4B
BLK
BlackRock, Inc.		 $1,052.04 $163.5B 26.5 46.9% 24.4% $25.6B
MS
Morgan Stanley		 $187.69 $298.0B 17.0 87.4% 24.8% $73.2B
GS
Goldman Sachs Group, Inc. (The)		 $903.22 $268.0B 16.5 82.3% 29.4% $61.5B
SCHW
Charles Schwab Corporation (The		 $91.25 $159.9B 18.1 97.5% 38.0% $24.8B
"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
1.07%
Low — management has little skin in the game
Return on Equity (ROE)
34.8%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
6.3%
Strong — management uses assets efficiently
Share Buybacks (Latest Year)
$312M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+8.3% YoY
Debt is roughly stable
Leadership Team
Stephen Allen Schwarzman ,
Chairman, CEO & Co-Founder
Age 78
Pay: $125,641,824
4.161% of net income
Michael Chae
CFO & Vice Chairman
Age 57
Pay: $8,436,779
0.279% of net income
Jonathan Gray CIMA
President, COO, Senior Managing Director & Co-Head of Real Estate
Age 56
Pay: $59,274,602
1.963% of net income
Robert Christopher Heady
Senior MD - Hong Kong, Head of Asia Real Estate & Chairman of Asia Pacific
Pay: $4,932,575
0.163% of net income
Top Institutional Holders
Institution % Owned Shares
Vanguard Group Inc 9.66% 71,667,695
Blackrock Inc. 6.93% 51,428,728
Morgan Stanley 4.43% 32,862,165
State Street Corporation 4.25% 31,542,009
JPMORGAN CHASE & CO 2.69% 19,965,337
Geode Capital Management, LLC 2.33% 17,315,182
Capital World Investors 1.56% 11,558,378
Bank of America Corporation 1.50% 11,153,803
Risk Analysis
Beta (Market Risk)
1.63
High volatility — moves more than the market
Short Interest
2.6% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.66x
Conservative balance sheet — low financial risk
Current Ratio
1.02x
Adequate liquidity
52-Week Price Range
Low: $101.73 Current: $123.46 High: $190.09
Currently at 25% of 52-week range

Blackstone Inc. (BX) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's Fair Value: $31.89. Margin of safety: 0%. Gross profit margin: N/A. Operating margin: N/A. Net margin: 24.3%. Market cap: $150.9B. Sector: Financial Services. Industry: Asset Management. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.

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