BlackRock, Inc. (BLK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-54.0%

$540.07

vs $1,174.49 price

Levered DCF

$423.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.87×	24.15×	22.03×	20.65×	23.62×	22.46×	17.52×	14.68×
P/B	2.97×	3.24×	3.08×	2.83×	3.7×	3.14×	2.34×	1.95×
P/S	6.85×	7.54×	6.79×	5.98×	7.19×	6.83×	5.39×	4.45×
EV / EBITDA	20.89×	18.92×	18.04×	15.66×	17.64×	18.12×	13.31×	10.64×
Gross margin	46.7%	49.4%	48.1%	48.6%	50.7%	51.0%	50.9%	50.7%
Operating margin	29.1%	37.1%	35.1%	35.7%	38.5%	35.1%	38.2%	38.4%
Net margin	22.9%	31.2%	30.8%	29.0%	30.5%	30.4%	30.8%	30.3%
Current ratio	15.76×	16.4×	15.63×	14.08×	14.45×	27.92×	20.11×	23.07×
Debt / equity	0.27×	0.3×	0.25×	0.22×	0.25×	0.23×	0.15×	0.15×
Interest coverage	9.98×	14.08×	21.49×	30.12×	36.34×	27.78×	27.34×	29.66×
Dividend yield	2.0%	2.0%	2.5%	2.8%	1.8%	2.0%	2.7%	3.1%
Payout ratio	60.3%	48.7%	55.2%	57.7%	43.2%	45.8%	46.8%	45.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	13.4%	14.0%	13.7%	15.7%	14.0%	13.3%	13.3%
Return on invested capital	3.3%	4.3%	4.1%	4.4%	3.7%	2.6%	2.6%	2.8%
Return on assets	3.3%	4.6%	4.5%	4.4%	3.9%	2.8%	2.7%	2.7%
Free cash flow yield	2.1%	3.1%	3.2%	4.1%	3.3%	3.2%	3.4%	4.5%
Earnings yield	3.3%	4.1%	4.5%	4.8%	4.2%	4.5%	5.7%	6.8%
Enterprise value	$169.4B	$155.3B	$122.2B	$108B	$139.4B	$110.1B	$78.6B	$61.7B
Net debt / EBITDA	0.44×	0.18×	0.14×	0.16×	-0×	-0.11×	0.02×	-0.26×
Cash conversion cycle (days)	78	80	39	26	25	38	20	1