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.
Financial Health
F
Years to Pay Off Debt21.8 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.
Valuation
F
Margin of Safety0.0%
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-Book10.98x
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 like software and consumer brands.
Cash Flow
A
Free Cash Flow$958M
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 Income5.1%
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$692M
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.
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.
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.
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 like software and consumer brands.
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.
Mr. Market is currently offering Blackstone Inc. at $123.79.
The business passes only 2 of 5 of Graham's defensive criteria — well below his required standard.
At $123.79, the stock trades at a 753% premium to its Graham Number of $14.51. 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: 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
Q1 2026
Q4 2025
Gross Profit %
N/A•
N/A
Operating Margin %
N/A•
N/A
Net Income %
21.6%▼
27.2%
Diluted EPS
0.83▼
1.30
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Total Assets
$48.3B
$47.7B
Total Debt
$14.2B▲
$13.3B
Working Capital
N/A•
N/A
Years to Pay Debt
21.80
13.11
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$958M▼
$1.0B•
N/A
Owner Earnings
$692M
$1.0B
N/A
CapEx % of Net Income
5.1%
2.2%
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Net Income From Continuing Operation Net Minority Interest
649,729
1,015,201
Reconciled Depreciation
9,035
9,099
Net Interest Income
-29,113
-17,343
Interest Expense
137,053
128,089
Interest Income
107,940
110,746
Normalized Income
649,729
1,015,201
Net Income From Continuing And Discontinued Operation
649,729
1,015,201
Diluted Average Shares
786,296
783,193
Basic Average Shares
785,332
783,106
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
649,729
1,015,201
Net Income Common Stockholders
649,729
1,015,201
Net Income
649,729
1,015,201
Minority Interests
-608,178
-959,590
Net Income Including Noncontrolling Interests
1,257,907
1,974,791
Net Income Continuous Operations
1,257,907
1,974,791
Tax Provision
197,150
382,045
Pretax Income
1,455,057
2,356,836
Gain On Sale Of Security
1,345,948
1,650,202
Operating Expense
1,547,722
1,379,619
Selling General And Administration
380,825
460,396
General And Administrative Expense
380,825
460,396
Total Revenue
3,002,779
3,736,455
Operating Revenue
3,002,779
3,736,455
Balance Sheet
2026
2025
Ordinary Shares Number
1,230,170
783,183
Share Issued
1,230,170
783,183
Net Debt
10,831,800
9,813,903
Total Debt
14,161,851
13,306,165
Tangible Book Value
6,358,244
6,643,965
Invested Capital
21,651,055
21,110,670
Net Tangible Assets
6,358,244
6,643,965
Common Stock Equity
8,370,770
8,665,526
Total Capitalization
21,651,055
21,110,670
Total Equity Gross Minority Interest
21,416,711
21,881,172
Minority Interest
13,045,941
13,215,646
Stockholders Equity
8,370,770
8,665,526
Retained Earnings
-323,733
191,641
Additional Paid In Capital
8,710,266
8,479,886
Capital Stock
7
7
Common Stock
7
7
Total Liabilities Net Minority Interest
26,910,271
25,827,803
Long Term Debt And Capital Lease Obligation
14,161,851
13,306,165
Payables
3,244,627
3,224,432
Other Payable
3,244,627
3,224,432
Total Assets
48,326,982
47,708,975
Investments And Advances
32,904,257
32,346,668
Investmentin Financial Assets
13,288,766
12,820,122
Available For Sale Securities
13,132,128
12,672,785
Long Term Equity Investment
19,615,491
19,526,546
Goodwill And Other Intangible Assets
2,012,526
2,021,561
Other Intangible Assets
122,324
131,359
Goodwill
1,890,202
1,890,202
Net PPE
1,317,098
1,278,648
Accumulated Depreciation
-456,764
-431,394
Gross PPE
1,773,862
1,710,042
Prepaid Assets
292,507
315,338
Receivables
6,967,997
6,649,220
Cash And Cash Equivalents
2,448,485
2,631,241
Cash Cash Equivalents And Federal Funds Sold
2,710,440
2,854,682
Cash Flow
2026
2025
2024
Free Cash Flow
957,637
1,045,445
Repurchase Of Capital Stock
-66,347
-51,067
Repayment Of Debt
-47,686
-906,696
Issuance Of Debt
900,000
1,587,007
Capital Expenditure
-33,409
-22,350
End Cash Position
2,710,440
2,854,682
Beginning Cash Position
2,854,682
2,832,248
Effect Of Exchange Rate Changes
-7,938
-3,413
Changes In Cash
-136,304
25,847
Financing Cash Flow
-1,093,941
-1,019,598
Net Other Financing Charges
38,020
-51,289
Cash Dividends Paid
-1,917,928
-1,597,553
Common Stock Dividend Paid
-1,917,928
-1,597,553
Net Common Stock Issuance
-66,347
-51,067
Common Stock Payments
-66,347
-51,067
Net Issuance Payments Of Debt
852,314
680,311
Net Long Term Debt Issuance
852,314
680,311
Long Term Debt Payments
-47,686
-906,696
Long Term Debt Issuance
900,000
1,587,007
Investing Cash Flow
-33,409
-22,350
Net PPE Purchase And Sale
-33,409
-22,350
Purchase Of PPE
-33,409
-22,350
Operating Cash Flow
991,046
1,067,795
Change In Working Capital
-530,361
-868,554
Change In Other Current Assets
155,578
-251,182
Change In Accrued Expense
-709,726
-679,278
Change In Payable
152,365
71,119
Change In Receivables
-128,578
-9,213
Other Non Cash Items
653,698
658,670
Depreciation And Amortization
9,035
9,099
Amortization Cash Flow
9,035
9,099
Gain Loss On Investment Securities
-399,233
-706,211
Net Income From Continuing Operations
1,257,907
1,974,791
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.8B▲ $3.0B+6.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Net Margin
Prior year: 21.8%▲ 21.6%-0.1pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$3.0B/qtr (≈$12.0B ann.)
vs > $1.5B annualised revenue
✅ 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.
$958M
vs Positive
Operating Cash Flow
$991M
Latest quarter · Buffett's cash reality check
ROIC
N/A
Based on latest annual operating income
Market Cap / Net Assets
4.3x
Net Assets: $21.4B
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.
"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
1.08%
Low — management has little skin in the game
Return on Equity (ROE)
7.8%
Weak — poor returns on equity
Return on Assets (ROA)
1.3%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$312M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+6.4% YoY
Debt is roughly stable
Leadership Team
Stephen Allen Schwarzman ,
Co-Founder, Chairman & CEO
Age 78
Pay: $125,641,824
19.338% of net income
Jonathan Gray CIMA
President, COO & Director
Age 56
Pay: $59,274,602
9.123% of net income
Michael Chae
CFO & Vice Chairman
Age 57
Pay: $8,436,779
1.299% of net income
Robert Christopher Heady
Senior MD - Hong Kong, Head of Asia Real Estate & Chairman of Asia Pacific
Pay: $4,932,575
0.759% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
7.09%
52,702,690
Vanguard Capital Management LLC
6.50%
48,309,794
Morgan Stanley
4.37%
32,494,438
State Street Corporation
4.31%
32,027,701
Charles Schwab Investment Management, Inc.
2.88%
21,359,609
Geode Capital Management, LLC
2.47%
18,317,778
Vanguard Portfolio Management LLC
2.16%
16,037,998
JPMORGAN CHASE & CO
2.14%
15,928,310
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
1.58
High volatility — moves more than the market
Short Interest
2.7% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.72x
Conservative balance sheet — low financial risk
Current Ratio
0.90x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $101.73Current: $123.79High: $190.09
Currently at 25% of 52-week range
Blackstone Inc. (BX) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $14.51. Margin of safety: 0%. Gross profit margin: N/A. Operating margin: N/A. Net margin: 21.6%. Market cap: $151.3B. Sector: Financial Services. Industry: Asset Management. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
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