Blackstone Inc. (BX) 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

-64.8%

$42.56

vs $121.05 price

Levered DCF

$76.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.83

Safe zone

Rating

Overall 3 / 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	39.73×	47.63×	69.71×	31.44×	15.9×	43.21×	18.46×	13.13×
P/B	13.89×	16.09×	14.21×	7.18×	9.88×	6.79×	5.39×	2.82×
P/S	8.7×	11.62×	13.02×	7.38×	5.53×	8.37×	5.93×	3.02×
EV / EBITDA	27.06×	32.79×	52.66×	26.46×	10.96×	27.38×	17.38×	9.95×
Gross margin	86.0%	96.1%	94.2%	95.7%	98.8%	96.9%	96.9%	97.2%
Operating margin	51.9%	56.8%	39.8%	46.5%	80.5%	48.5%	59.9%	58.9%
Net margin	21.8%	24.4%	18.7%	23.5%	34.8%	19.4%	32.2%	25.9%
Current ratio	0.91×	0.77×	1.32×	2.09×	1.16×	8.64×	7.32×	5.65×
Debt / equity	1.54×	1.5×	1.8×	1.75×	0.92×	0.95×	1.68×	1.59×
Interest coverage	14.12×	14.56×	6.85×	10.91×	68.39×	15.75×	19.12×	21.42×
Dividend yield	5.0%	3.3%	4.4%	11.9%	4.9%	5.3%	6.3%	16.9%
Payout ratio	199.2%	159.3%	306.9%	373.0%	78.6%	228.2%	116.9%	197.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.8%	33.8%	20.4%	22.8%	62.2%	15.7%	29.2%	24.2%
Return on invested capital	13.6%	13.4%	6.5%	7.4%	31.5%	8.9%	12.0%	11.6%
Return on assets	6.3%	6.4%	3.5%	4.1%	14.2%	4.0%	6.3%	5.3%
Free cash flow yield	1.4%	2.6%	4.0%	11.1%	4.2%	4.0%	5.0%	0.2%
Earnings yield	2.5%	2.1%	1.4%	3.2%	6.3%	2.3%	5.4%	8.6%
Enterprise value	$195.3B	$213B	$157.9B	$93.4B	$149.4B	$73.6B	$67.6B	$35.6B
Net debt / EBITDA	1.48×	1.59×	3.11×	2.58×	0.48×	1.62×	2.47×	2.23×
Cash conversion cycle (days)	0	0	-1,925	-1,440	-1,725	-1,299	-1,269	-1,789