BlackRock (BLK)
Market Price (4/4/2026): $968.42 | Market Cap: $150.2 BilSector: Financials | Industry: Asset Management & Custody Banks
BlackRock (BLK)
Market Price (4/4/2026): $968.42Market Cap: $150.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, Dividend Yield is 2.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 3.9 Bil, FCF LTM is 3.6 Bil Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, Digital & Alternative Assets, and AI in Financial Services. Show more. | Weak multi-year price returns2Y Excs Rtn is -4.2%, 3Y Excs Rtn is -5.2% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 38x Key risksBLK key risks include [1] antitrust lawsuits and regulatory actions targeting its ESG initiatives, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, Dividend Yield is 2.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 3.9 Bil, FCF LTM is 3.6 Bil |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, Digital & Alternative Assets, and AI in Financial Services. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.2%, 3Y Excs Rtn is -5.2% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 38x |
| Key risksBLK key risks include [1] antitrust lawsuits and regulatory actions targeting its ESG initiatives, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. BlackRock's stock experienced a significant decline following its restriction of investor withdrawals from its $26 billion HPS Corporate Lending Fund (HLEND) in early March 2026. The company limited payouts to $620 million after receiving $1.2 billion in redemption requests, which represented approximately 9.3% of the fund's net asset value. This action, taken around March 6-7, 2026, triggered a sharp single-day stock drop of up to 7.2% and intensified investor concerns about liquidity within the broader $2 trillion private credit industry.
2. Broader macroeconomic headwinds and a market-wide sell-off contributed to BlackRock's stock underperformance. The stock drop in early March 2026 was also influenced by weaker-than-expected US jobs data and escalating geopolitical tensions, which led to a general market sell-off and a shift towards safer assets. Throughout Q1 2026, concerns about elevated asset valuations, tight credit spreads, and the risk of stagflation, including potential higher inflation and slowing growth, further impacted investor sentiment for asset managers like BlackRock.
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Stock Movement Drivers
Fundamental Drivers
The -9.0% change in BLK stock from 12/31/2025 to 4/4/2026 was primarily driven by a -13.9% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 1064.41 | 968.42 | -9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,885 | 24,216 | 5.8% |
| Net Income Margin (%) | 26.6% | 22.9% | -13.9% |
| P/E Multiple | 27.1 | 27.1 | 0.0% |
| Shares Outstanding (Mil) | 155 | 155 | -0.1% |
| Cumulative Contribution | -9.0% |
Market Drivers
12/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| BLK | -9.2% | |
| Market (SPY) | -5.4% | 62.1% |
| Sector (XLF) | -9.6% | 64.9% |
Fundamental Drivers
The -16.1% change in BLK stock from 9/30/2025 to 4/4/2026 was primarily driven by a -22.8% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 1153.80 | 968.42 | -16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,573 | 24,216 | 12.3% |
| Net Income Margin (%) | 29.7% | 22.9% | -22.8% |
| P/E Multiple | 27.9 | 27.1 | -3.1% |
| Shares Outstanding (Mil) | 155 | 155 | -0.2% |
| Cumulative Contribution | -16.1% |
Market Drivers
9/30/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| BLK | -16.2% | |
| Market (SPY) | -2.9% | 56.5% |
| Sector (XLF) | -7.7% | 68.6% |
Fundamental Drivers
The 4.4% change in BLK stock from 3/31/2025 to 4/4/2026 was primarily driven by a 19.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 927.37 | 968.42 | 4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,407 | 24,216 | 18.7% |
| Net Income Margin (%) | 31.2% | 22.9% | -26.5% |
| P/E Multiple | 22.6 | 27.1 | 19.9% |
| Shares Outstanding (Mil) | 155 | 155 | -0.1% |
| Cumulative Contribution | 4.4% |
Market Drivers
3/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| BLK | 4.2% | |
| Market (SPY) | 16.3% | 74.6% |
| Sector (XLF) | 0.5% | 80.9% |
Fundamental Drivers
The 55.3% change in BLK stock from 3/31/2023 to 4/4/2026 was primarily driven by a 49.7% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 623.48 | 968.42 | 55.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,873 | 24,216 | 35.5% |
| Net Income Margin (%) | 29.0% | 22.9% | -20.8% |
| P/E Multiple | 18.1 | 27.1 | 49.7% |
| Shares Outstanding (Mil) | 150 | 155 | -3.2% |
| Cumulative Contribution | 55.3% |
Market Drivers
3/31/2023 to 4/4/2026| Return | Correlation | |
|---|---|---|
| BLK | 55.0% | |
| Market (SPY) | 63.3% | 69.7% |
| Sector (XLF) | 60.9% | 74.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLK Return | 29% | -20% | 18% | 29% | 7% | -10% | 50% |
| Peers Return | 38% | -17% | 13% | 35% | 34% | -5% | 122% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| BLK Win Rate | 58% | 42% | 50% | 83% | 58% | 25% | |
| Peers Win Rate | 70% | 43% | 47% | 62% | 70% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BLK Max Drawdown | -5% | -41% | -14% | -7% | -20% | -13% | |
| Peers Max Drawdown | -2% | -33% | -14% | -5% | -20% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STT, JPM, MS, GS, TROW. See BLK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)
How Low Can It Go
| Event | BLK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.3% | -25.4% |
| % Gain to Breakeven | 82.9% | 34.1% |
| Time to Breakeven | 730 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.8% | -33.9% |
| % Gain to Breakeven | 74.8% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -39.0% | -19.8% |
| % Gain to Breakeven | 64.0% | 24.7% |
| Time to Breakeven | 612 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.7% | -56.8% |
| % Gain to Breakeven | 154.8% | 131.3% |
| Time to Breakeven | 231 days | 1,480 days |
Compare to STT, JPM, MS, GS, TROW
In The Past
BlackRock's stock fell -45.3% during the 2022 Inflation Shock from a high on 11/12/2021. A -45.3% loss requires a 82.9% gain to breakeven.
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About BlackRock (BLK)
AI Analysis | Feedback
Here are a few analogies to describe BlackRock (BLK):
- The Amazon of investment management.
- A super-sized Fidelity or Vanguard.
AI Analysis | Feedback
- Investment Management: BlackRock provides comprehensive investment management services, crafting tailored portfolios for institutional, intermediary, and individual clients across various asset classes.
- Mutual Funds: The firm offers a diverse range of mutual funds, including open-end and closed-end structures, focusing on equities, fixed income, balanced strategies, and real estate.
- Exchange Traded Funds (ETFs): BlackRock launches and manages various ETFs, covering equities, fixed income, balanced portfolios, currencies, commodities, and multi-asset strategies.
- Alternative Investment Vehicles: The company provides alternative investment options such as structured funds and hedge funds, catering to specialized investment strategies.
- Risk Management and Advisory Services: BlackRock delivers global risk management and advisory services to help clients identify, assess, and mitigate financial risks.
AI Analysis | Feedback
BlackRock (BLK) primarily provides its services to a wide array of institutional and intermediary investors, as well as individual investors. Based on the company description, its major customers are primarily other companies and large organizations. The specific names of customer companies are not provided; instead, categories of customers are listed. Therefore, the major customer categories are:
- Pension Plans: This includes corporate, public, union, and industry pension plans.
- Financial Institutions: Such as insurance companies, third-party mutual funds, banks, and sovereign wealth funds.
- Governmental & Non-Profit Entities: Including endowments, public institutions, governments, foundations, charities, corporations, and official institutions.
As the background description provides categories of customers rather than specific company names, no stock symbols can be provided for these general categories.
AI Analysis | Feedback
- FactSet Research Systems Inc. (FDS)
- S&P Global Inc. (SPGI)
- MSCI Inc. (MSCI)
- Microsoft Corp. (MSFT)
- Amazon.com Inc. (AMZN)
- London Stock Exchange Group plc (LSEG)
- The Bank of New York Mellon Corp. (BK)
- State Street Corp. (STT)
- JPMorgan Chase & Co. (JPM)
AI Analysis | Feedback
Larry Fink, Chairman and Chief Executive Officer
Larry Fink co-founded BlackRock in 1988 with seven partners. Prior to establishing BlackRock, he was a member of the management committee and a managing director at The First Boston Corporation, where he co-headed the Taxable Fixed Income Division. During his tenure at First Boston, his department experienced a significant loss due to an incorrect interest rate prediction, an experience that influenced his decision to build a company with robust risk management. BlackRock was initially formed under the corporate umbrella of The Blackstone Group, a private equity firm, before becoming an independent company.
Martin Small, Chief Financial Officer and Global Head of Corporate Strategy
Martin Small joined BlackRock in 2006 as a member of the Legal & Compliance Department. He assumed the role of Chief Financial Officer in 2023. Before becoming CFO, he served as Head of BlackRock's U.S. Wealth Advisory business from 2018 to 2022. His previous roles include Head of U.S. and Canada iShares from 2014 to 2018, and he helped establish and served in leadership roles for the firm's Financial Markets Advisory (FMA) group. Prior to joining BlackRock, Mr. Small was a corporate lawyer with Davis Polk & Wardwell in New York.
Rob Kapito, President
Robert S. Kapito is a co-founder of BlackRock and has served as its President since 2007. He co-founded BlackRock in 1988 alongside Laurence D. Fink and others, initially focusing on fixed-income assets and risk management. Before co-founding BlackRock, Mr. Kapito was a Vice President in the Mortgage Products Group at The First Boston Corporation, where he worked with Larry Fink, pioneering the mortgage-backed security market.
Philipp Hildebrand, Vice Chairman
Philipp Hildebrand joined BlackRock as Vice Chairman in 2012. In this role, he is responsible for strengthening global client and government relationships and driving business growth. Prior to joining BlackRock, he served as Chairman of the Governing Board of the Swiss National Bank (SNB) from 2010 to 2012. During his time at SNB, he was also a Director of the Bank for International Settlements (BIS), the Swiss Governor of the International Monetary Fund (IMF), and a member of the Financial Stability Board (FSB). Earlier in his career, he was Chief Investment Officer of a Swiss private bank and a partner at Moore Capital Management in London.
Susan Wagner, Co-founder, Director, and Retired Vice Chairman
Susan Wagner is one of the co-founders of BlackRock, which she helped establish in 1988. She served as vice chairman and chief operating officer, orchestrating major mergers and acquisitions for the firm, including those with Merrill Lynch Investment Management and Barclays Global Investors. Prior to co-founding BlackRock, Ms. Wagner was a vice president in the Mortgage Finance Group at Lehman Brothers. She retired from executive roles at BlackRock in 2012 but continues to serve on its board of directors.
AI Analysis | Feedback
Here are the key risks to BlackRock's business:- Liquidity and Valuation Concerns in Private Credit and Alternative Assets: BlackRock faces significant risk from liquidity and valuation concerns within its private credit and alternative investment offerings. Recent events, such as the firm capping withdrawals from its HPS Corporate Lending Fund due to redemption requests exceeding limits, highlight potential issues with liquidity and transparency in these less-liquid assets. This situation can lead to increased investor skepticism, reputational damage, and potential regulatory scrutiny across the sector.
- Regulatory and Antitrust Risks Related to ESG Initiatives: BlackRock is exposed to heightened regulatory and antitrust risks, particularly concerning its environmental, social, and governance (ESG) initiatives. The company, alongside other major institutional investors, has been subject to antitrust lawsuits alleging collusion to reduce coal production through ESG commitments. This scrutiny from federal and state antitrust enforcers could result in significant legal liabilities and impact BlackRock's ability to pursue sustainability objectives, especially when involving collaboration with competing investment companies.
- Intense Competition and Evolving Market Dynamics: BlackRock operates in a fiercely competitive global asset management sector. The firm faces pressure from established rivals like The Vanguard Group and State Street Global Advisors, as well as from innovative fintech startups. Key competitive dynamics include adapting to evolving client preferences, such as the growing demand for sustainable investing, and navigating shifts in the investment landscape, including the ongoing importance of data analytics and fee competitiveness. Failure to adapt to technological advancements, regulatory changes, and global economic shifts could impact its market position, assets under management (AUM), revenue, and earnings.
AI Analysis | Feedback
The rise of direct indexing solutions presents a clear emerging threat. Direct indexing allows investors to directly own the individual securities of an index, offering benefits such as greater tax efficiency and customized portfolio management. This approach directly competes with BlackRock's extensive suite of index-tracking exchange-traded funds (ETFs) and mutual funds. If direct indexing becomes more widespread and accessible across various investor segments, it could significantly erode demand for BlackRock's core index-based product offerings.
AI Analysis | Feedback
BlackRock, Inc. (BLK) operates within substantial addressable markets across its diverse range of investment products and services.
The estimated addressable markets for BlackRock's main products and services are as follows:
- Global Asset Management Market (Assets Under Management - AUM): The global asset management industry's total assets under management reached approximately $139.9 trillion at the end of 2024. Another estimate placed the global asset management industry at a record-breaking $128 trillion in AUM in 2024.
- U.S. Asset Management Market (Assets Under Management - AUM): The United States asset management market was valued at approximately $52.08 trillion in 2024 and is expected to reach $134.67 trillion by 2030. Another projection indicates the U.S. asset management market size is projected at $70.97 trillion in 2026, reaching $125.98 trillion by 2031.
- Global Exchange Traded Funds (ETFs) Market (Assets Under Management - AUM): The global ETF market concluded 2025 with approximately $19.8 trillion in total assets invested. As of September 2025, global ETF assets reached a record high of $18.81 trillion.
- U.S. Exchange Traded Funds (ETFs) Market (Assets Under Management - AUM): The U.S. ETF market totaled $13.4 trillion in assets as of January 2026. In September 2025, the U.S. ETF industry's assets surpassed $12.70 trillion.
- Global Mutual Funds Market (Assets Under Management - AUM): Worldwide open-end mutual fund assets were $69.0 trillion at the end of 2023. The global mutual fund assets market was approximately $67.48 trillion in 2022 and is predicted to grow to around $145.24 trillion by 2030.
- U.S. Mutual Funds Market (Assets Under Management - AUM): The U.S. mutual funds market was valued at $34.58 trillion in 2024 and is expected to reach $43.25 trillion by 2030. At the end of 2023, U.S. mutual fund assets were $38.8 trillion. The U.S. mutual fund market is expected to hold $31.68 trillion in assets in 2026 and is projected to climb to $40.98 trillion by 2031.
- Global Alternative Investments Market (Assets Under Management - AUM): The global alternative investments market is projected to exceed $33 trillion in 2025. The global alternatives market's assets under management are expected to reach $32 trillion by 2030. The global alternative industry reached $16.8 trillion at the end of 2023 and is estimated to exceed $30 trillion by 2030.
AI Analysis | Feedback
BlackRock (BLK) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Expansion into Private Markets: BlackRock is strategically expanding its presence in private markets, including infrastructure and private credit, through significant acquisitions such as Global Infrastructure Partners (GIP) and HPS Investment Partners. The firm aims for its private markets and technology businesses to contribute 30% or more of its total revenue by 2030, a substantial increase from 15% in 2024. BlackRock is targeting $400 billion in gross private markets fundraising from 2025 to 2030. This expansion capitalizes on higher fees generated by private assets compared to traditional public market offerings.
- Growth in Technology Services and AI: The proprietary Aladdin platform remains central to BlackRock's operations, significantly contributing to technology services and subscription revenue. The company is also actively investing in AI infrastructure and developing new AI-themed investment products, such as thematic exchange-traded funds (ETFs) focused on AI, which are expected to drive sustained expansion. Technology services and subscription revenue increased by 16% year-over-year in Q1 2025.
- Continued Assets Under Management (AUM) Growth, particularly through iShares ETFs: BlackRock continues to experience robust organic AUM growth, driven by substantial net inflows into its diverse product offerings, especially iShares ETFs. For example, iShares ETFs saw record net inflows of $85 billion in Q2 2025 and $527 billion in Q4 2025. The company anticipates an annual organic AUM growth rate of 3.4% for 2025, aligning with its long-term targets.
- Expansion into Transition Investing: BlackRock is reorienting its sustainability approach towards "transition investing," focusing on companies actively engaged in decarbonization and adapting to climate change. This strategic pivot aligns with evolving investor preferences and regulatory landscapes, positioning the firm to capture opportunities in this growing investment theme.
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Share Repurchases
- BlackRock's annual share buybacks were $1.93 billion in 2024.
- As of December 31, 2025, BlackRock's share buybacks totaled $1.95 billion.
- In the first and second quarters of 2025, share buybacks were $657 million and $396 million, respectively.
Share Issuance
- BlackRock's shares outstanding increased to 0.161 billion in 2025, a 6.13% increase from 2024.
- Shares outstanding in 2024 were 0.152 billion, a 0.6% increase from 2023.
Outbound Investments
- BlackRock made 43 acquisitions in total, with peak activity in 2024 (7 acquisitions) and 2022 (7 acquisitions).
- Significant acquisitions include Viridium Gruppe for $3.82 billion in March 2025, HPS Investment Partners for $12 billion in December 2024, and Global Infrastructure Partners for $12.5 billion in January 2024.
- Over the last five years (2020–2025), BlackRock averaged 5 acquisitions per year.
Capital Expenditures
- BlackRock's capital expenditures peaked at $533 million in December 2022.
- Capital expenditures decreased to $344 million in 2023 and further to $255 million in 2024.
- For the latest twelve months ending December 31, 2025, BlackRock did not report meaningful capital expenditures, with the most recent quarter showing -$130 million.
Latest Trefis Analyses
Trade Ideas
Select ideas related to BLK.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
| 06302022 | BLK | BlackRock | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.3% | 16.8% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 230.57 |
| Mkt Cap | 205.2 |
| Rev LTM | 41,250 |
| Op Inc LTM | 5,193 |
| FCF LTM | -9,654 |
| FCF 3Y Avg | -10,542 |
| CFO LTM | -8,068 |
| CFO 3Y Avg | -8,447 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 33.3% |
| Op Mgn 3Y Avg | 34.2% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | -5.5% |
| CFO/Rev 3Y Avg | -17.0% |
| FCF/Rev LTM | -8.4% |
| FCF/Rev 3Y Avg | -21.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 205.2 |
| P/S | 4.2 |
| P/EBIT | 13.1 |
| P/E | 14.8 |
| P/CFO | -1.2 |
| Total Yield | 6.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -6.7% |
| D/E | 0.7 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.4% |
| 3M Rtn | -8.5% |
| 6M Rtn | 1.4% |
| 12M Rtn | 56.6% |
| 3Y Rtn | 103.5% |
| 1M Excs Rtn | 3.5% |
| 3M Excs Rtn | -3.1% |
| 6M Excs Rtn | 3.4% |
| 12M Excs Rtn | 18.6% |
| 3Y Excs Rtn | 39.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Equity | 7,290 | 7,161 | 7,203 | 8,000 | 5,900 |
| Fixed income | 3,319 | 3,480 | 3,495 | 3,863 | 3,539 |
| Alternatives | 1,764 | 1,646 | 1,590 | 1,513 | 1,247 |
| Technology services and subscription revenue | 1,603 | 1,485 | 1,364 | 1,281 | 1,139 |
| Distribution fees | 1,273 | 1,262 | 1,381 | 1,521 | 1,131 |
| Active multi-asset | 1,248 | 1,203 | 1,299 | 1,414 | 1,163 |
| Investment Advisory Performance Fees | 1,207 | 554 | 514 | 1,143 | 1,104 |
| Non-exchange-traded fund (ETF) index | 1,183 | ||||
| Cash management | 1,049 | 909 | 864 | 470 | 790 |
| Digital assets, commodities and multi-asset exchange-traded fund (ETFs) | 247 | ||||
| Advisory and other revenue | 224 | 159 | 163 | 169 | 192 |
| Total | 20,407 | 17,859 | 17,873 | 19,374 | 16,205 |
Price Behavior
| Market Price | $966.56 | |
| Market Cap ($ Bil) | 149.9 | |
| First Trading Date | 10/01/1999 | |
| Distance from 52W High | -18.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1,030.56 | $1,073.35 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -6.2% | -9.9% |
| 3M | 1YR | |
| Volatility | 32.0% | 27.1% |
| Downside Capture | 0.99 | 0.80 |
| Upside Capture | 161.36 | 116.25 |
| Correlation (SPY) | 59.4% | 71.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.47 | 1.43 | 1.55 | 1.21 | 1.14 | 1.09 |
| Up Beta | 0.05 | -0.33 | -0.10 | 0.29 | 0.93 | 1.02 |
| Down Beta | 1.50 | 1.55 | 1.91 | 1.48 | 1.30 | 1.13 |
| Up Capture | 171% | 165% | 177% | 111% | 127% | 131% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 35 | 62 | 133 | 402 |
| Down Capture | 150% | 166% | 158% | 136% | 119% | 103% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 28 | 64 | 119 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLK | |
|---|---|---|---|---|
| BLK | 4.5% | 29.1% | 0.15 | - |
| Sector ETF (XLF) | 0.6% | 19.2% | -0.09 | 80.9% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 74.6% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 5.2% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 22.4% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 61.3% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 37.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLK | |
|---|---|---|---|---|
| BLK | 7.6% | 26.5% | 0.28 | - |
| Sector ETF (XLF) | 9.4% | 18.7% | 0.39 | 77.5% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 76.6% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 10.4% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 15.5% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 63.1% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 31.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLK | |
|---|---|---|---|---|
| BLK | 14.0% | 27.6% | 0.51 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 78.0% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 79.2% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 4.2% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 25.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 60.9% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 19.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/15/2026 | 5.9% | 4.4% | -1.9% |
| 10/14/2025 | 3.4% | 0.4% | -6.0% |
| 7/15/2025 | -5.9% | -1.7% | 4.3% |
| 4/11/2025 | 2.3% | 2.0% | 11.6% |
| 1/15/2025 | 5.2% | 4.5% | 1.8% |
| 10/11/2024 | 3.6% | 4.9% | 8.8% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 4 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 3.6% | 4.4% | 6.5% |
| Median Negative | -5.9% | -1.7% | -3.9% |
| Max Positive | 5.9% | 4.9% | 11.6% |
| Max Negative | -5.9% | -1.7% | -6.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Small, Martin | CFO & Senior Managing Director | Direct | Sell | 1212026 | 1171.14 | 27,047 | 31,675,813 | 12,364,207 | Form |
| 2 | Kushel, J. Richard | Senior Managing Director | Direct | Sell | 1232026 | 1125.00 | 20,000 | 22,500,000 | 69,631,132 | Form |
| 3 | Goldstein, Robert L | Chief Operating Officer | Direct | Sell | 2122026 | 1087.29 | 54,190 | 58,920,187 | 55,971,938 | Form |
| 4 | Goldstein, Robert L | Chief Operating Officer | Direct | Sell | 2122026 | 1084.22 | 5,293 | 5,738,790 | 50,075,292 | Form |
| 5 | Kushel, J. Richard | Senior Managing Director | The Kushel Family 2018 Trust | Sell | 2262026 | 1084.91 | 385 | 417,690 | 3,618,175 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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