Blackstone (BX)
Market Price (2/11/2026): $134.0 | Market Cap: $104.9 BilSector: Financials | Industry: Asset Management & Custody Banks
Blackstone (BX)
Market Price (2/11/2026): $134.0Market Cap: $104.9 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 7.8%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7% | Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -17% | Expensive valuation multiplesP/SPrice/Sales ratio is 9.2x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 39x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -6.9% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 3.8 Bil, FCF LTM is 3.7 Bil | Key risksBX key risks include [1] challenges to its extensive real estate holdings and debt investments, Show more. | |
| Low stock price volatilityVol 12M is 39% | ||
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, E-commerce Logistics & Data Centers, Sustainable Finance, and Renewable Energy Transition. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 3.8 Bil, FCF LTM is 3.7 Bil |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, E-commerce Logistics & Data Centers, Sustainable Finance, and Renewable Energy Transition. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -17% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.2x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 39x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -6.9% |
| Key risksBX key risks include [1] challenges to its extensive real estate holdings and debt investments, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Blackstone (BX) stock has lost about 5% since 10/31/2025 because of the following key factors:
1. Mixed Q3 2025 Earnings Performance.
Blackstone's stock experienced an initial sell-off around November 3, 2025, following the announcement of its mixed third-quarter 2025 earnings. Despite year-over-year revenue growth, the company's results fell short of Wall Street's expectations, and operating margins were impacted by a less favorable mix of revenue streams and seasonal expenses, contributing to a 9.3% stock decline in the days leading up to November 3, 2025.
2. Lingering Concerns in the Real Estate Sector.
Despite overall strong financial performance reported for the full year and fourth quarter of 2025, Blackstone's real estate segment continued to show limited appreciation throughout 2025. Aggregate private real estate values lagged the S&P 500, indicating ongoing challenges in the sector. Specific areas of weakness, such as life-sciences office properties and UK student housing, were noted as potential constraints on near-term returns, and management acknowledged analysts' concerns regarding the pace of real estate recovery.
Show more
1. Mixed Q3 2025 Earnings Performance.
Blackstone's stock experienced an initial sell-off around November 3, 2025, following the announcement of its mixed third-quarter 2025 earnings. Despite year-over-year revenue growth, the company's results fell short of Wall Street's expectations, and operating margins were impacted by a less favorable mix of revenue streams and seasonal expenses, contributing to a 9.3% stock decline in the days leading up to November 3, 2025.
2. Lingering Concerns in the Real Estate Sector.
Despite overall strong financial performance reported for the full year and fourth quarter of 2025, Blackstone's real estate segment continued to show limited appreciation throughout 2025. Aggregate private real estate values lagged the S&P 500, indicating ongoing challenges in the sector. Specific areas of weakness, such as life-sciences office properties and UK student housing, were noted as potential constraints on near-term returns, and management acknowledged analysts' concerns regarding the pace of real estate recovery.
Show more
Stock Movement Drivers
Fundamental Drivers
The -6.9% change in BX stock from 10/31/2025 to 2/10/2026 was primarily driven by a -3.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2102026 | Change |
|---|---|---|---|
| Stock Price ($) | 143.68 | 133.82 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,577 | 11,376 | -1.7% |
| Net Income Margin (%) | 24.7% | 23.8% | -3.8% |
| P/E Multiple | 39.3 | 38.7 | -1.5% |
| Shares Outstanding (Mil) | 782 | 783 | 0.0% |
| Cumulative Contribution | -6.9% |
Market Drivers
10/31/2025 to 2/10/2026| Return | Correlation | |
|---|---|---|
| BX | -6.9% | |
| Market (SPY) | 1.5% | 51.5% |
| Sector (XLF) | 2.3% | 53.3% |
Fundamental Drivers
The -20.6% change in BX stock from 7/31/2025 to 2/10/2026 was primarily driven by a -24.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2102026 | Change |
|---|---|---|---|
| Stock Price ($) | 168.44 | 133.82 | -20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,709 | 11,376 | 6.2% |
| Net Income Margin (%) | 23.8% | 23.8% | 0.2% |
| P/E Multiple | 51.1 | 38.7 | -24.3% |
| Shares Outstanding (Mil) | 772 | 783 | -1.4% |
| Cumulative Contribution | -20.6% |
Market Drivers
7/31/2025 to 2/10/2026| Return | Correlation | |
|---|---|---|
| BX | -20.6% | |
| Market (SPY) | 9.8% | 51.4% |
| Sector (XLF) | 2.6% | 57.7% |
Fundamental Drivers
The -21.2% change in BX stock from 1/31/2025 to 2/10/2026 was primarily driven by a -34.1% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2102026 | Change |
|---|---|---|---|
| Stock Price ($) | 169.83 | 133.82 | -21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,334 | 11,376 | 21.9% |
| Net Income Margin (%) | 23.8% | 23.8% | -0.1% |
| P/E Multiple | 58.7 | 38.7 | -34.1% |
| Shares Outstanding (Mil) | 768 | 783 | -1.8% |
| Cumulative Contribution | -21.2% |
Market Drivers
1/31/2025 to 2/10/2026| Return | Correlation | |
|---|---|---|
| BX | -21.2% | |
| Market (SPY) | 16.0% | 76.7% |
| Sector (XLF) | 5.1% | 75.8% |
Fundamental Drivers
The 54.5% change in BX stock from 1/31/2023 to 2/10/2026 was primarily driven by a 55.7% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2102026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.63 | 133.82 | 54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,849 | 11,376 | 15.5% |
| Net Income Margin (%) | 26.3% | 23.8% | -9.4% |
| P/E Multiple | 24.8 | 38.7 | 55.7% |
| Shares Outstanding (Mil) | 742 | 783 | -5.1% |
| Cumulative Contribution | 54.5% |
Market Drivers
1/31/2023 to 2/10/2026| Return | Correlation | |
|---|---|---|
| BX | 54.5% | |
| Market (SPY) | 76.6% | 69.5% |
| Sector (XLF) | 53.2% | 67.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BX Return | 107% | -40% | 83% | 35% | -8% | -14% | 144% |
| Peers Return | 74% | -23% | 60% | 56% | -2% | -8% | 200% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| BX Win Rate | 83% | 42% | 67% | 75% | 50% | 0% | |
| Peers Win Rate | 69% | 33% | 67% | 72% | 48% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| BX Max Drawdown | -5% | -42% | 0% | -11% | -30% | -17% | |
| Peers Max Drawdown | -5% | -36% | -5% | -4% | -31% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KKR, APO, CG, ARES, BAM. See BX 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 2/10/2026 (YTD)
How Low Can It Go
| Event | BX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -51.5% | -25.4% |
| % Gain to Breakeven | 106.3% | 34.1% |
| Time to Breakeven | 625 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.0% | -33.9% |
| % Gain to Breakeven | 78.7% | 51.3% |
| Time to Breakeven | 267 days | 148 days |
| 2018 Correction | ||
| % Loss | -30.5% | -19.8% |
| % Gain to Breakeven | 43.8% | 24.7% |
| Time to Breakeven | 125 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -89.0% | -56.8% |
| % Gain to Breakeven | 805.9% | 131.3% |
| Time to Breakeven | 1,838 days | 1,480 days |
Compare to KKR, APO, CG, ARES, BAM
In The Past
Blackstone's stock fell -51.5% during the 2022 Inflation Shock from a high on 11/29/2021. A -51.5% loss requires a 106.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Blackstone (BX)
Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-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. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,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, healthcare, life sciences, enterprise tech and consumer, as well as consumer technologies. The fund considers investment in Asia and Latin America. It has a three year investment period. 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. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe and North America.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Blackstone (BX):
- Berkshire Hathaway for private companies and real estate.
- BlackRock or Vanguard for private equity and real estate.
- Goldman Sachs, but focused on owning and managing private companies and vast real estate portfolios.
AI Analysis | Feedback
- Private Equity: Managing funds that acquire and invest in private companies across various sectors, aiming to enhance value and generate returns.
- Real Estate: Investing in and managing a broad spectrum of property types globally, including logistics, residential, and office assets.
- Credit & Insurance: Providing diverse credit financing solutions and managing capital for insurance companies across various liquid and illiquid strategies.
- Hedge Fund Solutions: Offering multi-manager hedge fund portfolios and bespoke solutions for institutional and high-net-worth investors.
- Infrastructure: Investing in and developing essential infrastructure assets, such as transportation, energy, and digital infrastructure.
- Growth Equity: Investing in fast-growing companies, particularly in the technology, healthcare, and consumer sectors, to fuel their expansion.
AI Analysis | Feedback
Blackstone (BX) is an alternative asset manager whose business model involves managing investment funds for a diverse base of clients who commit capital to its strategies. These clients are primarily institutional investors and sophisticated individual investors, rather than a few specific "customer companies" purchasing products or services in a traditional vendor-client relationship.
Given the nature of its business, identifying a concise list of "major customer companies" with stock symbols is not representative of Blackstone's broad client base, which consists of thousands of limited partners globally. Instead, Blackstone's clients are best described by the following categories of investors:
- Institutional Investors: This is the largest segment of Blackstone's client base by assets under management. These institutions, many of which are corporate or governmental entities, commit significant capital to Blackstone's private equity, real estate, credit, and hedge fund solutions. This category includes:
- Public and Corporate Pension Funds (e.g., large state pension funds, corporate retirement plans)
- Sovereign Wealth Funds (e.g., national investment funds managed by governments)
- Endowments and Foundations (e.g., university endowments, charitable foundations)
- Insurance Companies (e.g., firms like MetLife MET, Prudential Financial PRU, which allocate portions of their investment portfolios to managers like Blackstone)
- High-Net-Worth Individuals (HNWIs) and Family Offices: These are sophisticated individual investors and private wealth management entities who allocate substantial capital to Blackstone's funds, often seeking access to alternative investment strategies typically reserved for institutions.
- Private Wealth Channel: This is a growing focus for Blackstone, aiming to broaden access to its alternative investment products for accredited individual investors. These investors typically access Blackstone's offerings through financial advisors and wealth management platforms, representing a more democratized approach to alternative investments.
AI Analysis | Feedback
- Deloitte & Touche LLP
AI Analysis | Feedback
```html
Stephen A. Schwarzman, Chairman, CEO and Co-Founder
Stephen A. Schwarzman co-founded Blackstone in 1985 with Peter G. Peterson. Prior to establishing Blackstone, Mr. Schwarzman was a Managing Director at Lehman Brothers, where he served as the head of the firm's global mergers and acquisitions business. Under his leadership, Blackstone has grown to become one of the world's largest alternative investment firms. He has been involved in all phases of the firm's development since its inception.
Stephen A. Schwarzman co-founded Blackstone in 1985 with Peter G. Peterson. Prior to establishing Blackstone, Mr. Schwarzman was a Managing Director at Lehman Brothers, where he served as the head of the firm's global mergers and acquisitions business. Under his leadership, Blackstone has grown to become one of the world's largest alternative investment firms. He has been involved in all phases of the firm's development since its inception.
Jonathan Gray, President & Chief Operating Officer
Jonathan Gray joined Blackstone in 1992, beginning his career in the mergers and acquisitions and private equity areas directly after graduating from college. He previously led Blackstone's Real Estate business, which he developed into the largest commercial real estate platform globally. Mr. Gray notably orchestrated the $26 billion buyout of Hilton Hotels in 2007, a deal considered one of the most profitable private equity real estate transactions, generating $14 billion for the firm's investors. He currently serves as Chairman of the Board of Hilton Worldwide. He also oversaw the creation of Invitation Homes and the sale of Logicor for $14 billion.
Jonathan Gray joined Blackstone in 1992, beginning his career in the mergers and acquisitions and private equity areas directly after graduating from college. He previously led Blackstone's Real Estate business, which he developed into the largest commercial real estate platform globally. Mr. Gray notably orchestrated the $26 billion buyout of Hilton Hotels in 2007, a deal considered one of the most profitable private equity real estate transactions, generating $14 billion for the firm's investors. He currently serves as Chairman of the Board of Hilton Worldwide. He also oversaw the creation of Invitation Homes and the sale of Logicor for $14 billion.
Michael S. Chae, Vice Chairman and Chief Financial Officer
Michael S. Chae became Blackstone's Chief Financial Officer in 2015, and was named Vice Chairman in January 2025. He joined Blackstone in 1997 and has held various senior leadership roles, including Head of International Private Equity and Head of Private Equity for Asia/Pacific. Before joining Blackstone, he worked at investment firms Dillon, Read & Co. and The Carlyle Group. Mr. Chae played a central role in significant private equity investments, serving on the boards of many private and publicly traded portfolio companies, including Nielsen, Michaels Stores, The Weather Channel Companies, and Hilton Hotels. His career demonstrates a strong background in private equity investing and managing companies within that framework.
Michael S. Chae became Blackstone's Chief Financial Officer in 2015, and was named Vice Chairman in January 2025. He joined Blackstone in 1997 and has held various senior leadership roles, including Head of International Private Equity and Head of Private Equity for Asia/Pacific. Before joining Blackstone, he worked at investment firms Dillon, Read & Co. and The Carlyle Group. Mr. Chae played a central role in significant private equity investments, serving on the boards of many private and publicly traded portfolio companies, including Nielsen, Michaels Stores, The Weather Channel Companies, and Hilton Hotels. His career demonstrates a strong background in private equity investing and managing companies within that framework.
Joseph Baratta, Global Head of Private Equity
Joseph Baratta is the Global Head of Private Equity at Blackstone. He is a member of the firm's Management Committee and Board of Directors.
Joseph Baratta is the Global Head of Private Equity at Blackstone. He is a member of the firm's Management Committee and Board of Directors.
Kenneth Caplan, Global Co-Chief Investment Officer
Kenneth Caplan serves as a Global Co-Chief Investment Officer at Blackstone. He is also a member of the firm's Management Committee.
Kenneth Caplan serves as a Global Co-Chief Investment Officer at Blackstone. He is also a member of the firm's Management Committee.
AI Analysis | Feedback
Key Risks to Blackstone (BX):- Impact of Rising Interest Rates and Real Estate Market Downturn: Blackstone faces significant challenges from rising interest rates, which can lead to lower real estate valuations, increased borrowing costs for new acquisitions and refinancing, and reduced overall investment returns, especially affecting its extensive real estate holdings and debt-related investments. Concerns have been raised regarding the dividend sustainability of Blackstone Mortgage Trust (BXMT) due to underperforming loans, particularly those related to office properties.
- Market Volatility, Economic Cycles, and Investor Sentiment: The alternative asset management industry is highly cyclical, and Blackstone's financial performance is sensitive to broader market volatility, economic cycles, and shifting investor sentiment. Its revenue streams, including base management and performance fees, are tied to assets under management (AUM), capital gains, and investor behavior, making the company susceptible to significant fluctuations in earnings during periods of economic uncertainty or financial instability.
- Intense Competition and Regulatory Scrutiny: Blackstone operates within an intensely competitive asset management industry, facing pressure on fees and returns from other alternative asset managers. Additionally, as a prominent player, it is exposed to regulatory and legal risks. Adverse changes in regulations, unfavorable outcomes from legal proceedings, or increasing regulatory scrutiny on illiquid assets and commercial real estate exposures could negatively impact its operations, reputation, and profitability.
AI Analysis | Feedback
The increasing sophistication and in-house investment capabilities of institutional limited partners (LPs), including sovereign wealth funds, large pension funds, and prominent family offices, leading them to bypass traditional fund structures by making direct investments or demanding significantly larger co-investment stakes. This trend threatens to erode the traditional management fees and carried interest models for alternative asset managers like Blackstone by reducing the need for full fund commitments and enabling LPs to capture a larger share of investment economics.
AI Analysis | Feedback
Blackstone (BX) operates across several key alternative asset management segments, each with significant addressable markets globally and within specific regions.
Real Estate
The global real estate investment market was valued at approximately $9.16 trillion in 2023 and is projected to reach about $18.61 trillion by 2033, growing at a CAGR of 7.35%. Another estimate places the global real estate market size at $9.8 trillion in 2023, with a projection to reach $14.5 trillion by 2030, at a CAGR of 6% from 2024 to 2030. The private real estate opportunity set, which constitutes over 90% of commercial real estate, is several times larger than publicly traded real estate. North America is estimated to hold the largest share of the real estate investment market.
Private Equity
The global private equity market was approximately $5.3 trillion in 2023 and is expected to reach $6 trillion by the end of 2024. Other estimates for the global private equity market size include $787 billion in 2024, projected to reach $1,670.43 billion by 2033 at a CAGR of 8.73%. North America is the largest private equity market, with assets under management (AUM) of $3.4 trillion and holding over 33.8% of the global market in 2024. Global private equity investment reached $1.5 trillion for 2025 after three quarters, with the Americas (dominated by the U.S.) attracting over 60% of this deal value in Q3 2025.
Hedge Fund Solutions
The global hedge fund industry's assets under management (AUM) reached a record $4.74 trillion in the first half of 2025. The global hedge fund market is projected to reach $5.22 trillion in 2025 and is expected to surpass $6.00 trillion by 2029. North America accounts for a significant portion, representing approximately 70% to 81% of global hedge fund assets under management.
Credit & Insurance
The global private credit market reached $3 trillion in assets under management (AUM) as of November 2024 and is projected to expand to $3 trillion by 2028. North America accounts for around 70% of global private credit. The total addressable market for private credit in the U.S. alone could exceed $30 trillion. Blackstone also operates within the broader global insurance market, which is estimated to be a $40 trillion market.
AI Analysis | Feedback
Blackstone (BX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Perpetual Capital and Private Wealth Channels: Blackstone is strategically focused on expanding its perpetual capital vehicles, such as Blackstone Real Estate Income Trust (BREIT) and Blackstone Private Credit Fund (BCRED). These vehicles aim to provide more stable and recurring fee-related earnings. The firm is also targeting growth in private wealth channels and increasing retail fund inflows to diversify its capital sources.
- Growth in Credit and Insurance Business (BXCI): The Credit & Insurance division is highlighted as Blackstone's fastest-growing segment. This expansion is contributing significantly to assets under management (AUM) and fee-related earnings growth.
- Product Innovation and Expansion into New Markets/Channels: Management anticipates launching new products, particularly multi-asset offerings, to attract both institutional and retail investors. Furthermore, the firm is expanding its distribution into channels like defined contribution plans and increasing broader access to alternative investments.
- Strategic Investments in High-Conviction Secular Growth Sectors: Blackstone is targeting high-conviction secular growth areas, including digital infrastructure and life sciences, to create new avenues for value creation and sustainable long-term growth. An example of this is the agreement with Merck to fund the development of sacituzumab tirumotecan (sac-TMT), which will provide Blackstone with royalties upon regulatory approval.
AI Analysis | Feedback
Share Repurchases
- Blackstone's board authorized a share repurchase program of up to $2.0 billion in December 2021.
- This authorization was increased to $2.0 billion as of July 2024.
- As of December 31, 2024, approximately $1.8 billion of the buyback authorization remained available.
Share Issuance
- The number of common shares outstanding for Blackstone Inc. increased from approximately 683.9 million as of December 31, 2020, to about 712.8 million as of March 31, 2023.
Inbound Investments
- No specific information is available regarding large strategic investments made in Blackstone (BX) by third-parties. The search results primarily detail capital inflows to Blackstone's managed funds.
Outbound Investments
- No specific information is available regarding strategic investments made by Blackstone (BX) as a corporate entity in other companies, distinct from the investment activities of its managed funds. The reported deployment figures reflect capital deployed by its various funds.
Capital Expenditures
- No specific information or dollar values for capital expenditures made by Blackstone Inc. are available in the provided search results.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 119.82 |
| Mkt Cap | 81.7 |
| Rev LTM | 8,366 |
| Op Inc LTM | 675 |
| FCF LTM | 3,112 |
| FCF 3Y Avg | 2,563 |
| CFO LTM | 3,165 |
| CFO 3Y Avg | 2,667 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | 17.6% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Mgn LTM | 23.2% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | 32.3% |
| CFO/Rev 3Y Avg | 15.9% |
| FCF/Rev LTM | 31.3% |
| FCF/Rev 3Y Avg | 15.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 81.7 |
| P/S | 6.3 |
| P/EBIT | 12.1 |
| P/E | 39.7 |
| P/CFO | 23.0 |
| Total Yield | 6.3% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.0% |
| 3M Rtn | -4.0% |
| 6M Rtn | -17.8% |
| 12M Rtn | -17.6% |
| 3Y Rtn | 79.6% |
| 1M Excs Rtn | -12.6% |
| 3M Excs Rtn | -6.6% |
| 6M Excs Rtn | -25.0% |
| 12M Excs Rtn | -33.1% |
| 3Y Excs Rtn | 7.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Private Equity | 3,428 | 3,159 | 4,402 | 2,219 | 1,624 |
| Real Estate | 3,390 | 6,835 | 5,064 | 2,789 | 2,575 |
| Credit & Insurance | 2,242 | 1,863 | 1,202 | 684 | 674 |
| Multi-Asset Investing | 635 | 733 | 996 | 822 | 708 |
| Interest and Dividend Revenue | 536 | 285 | 163 | 130 | 193 |
| Impact of Consolidation | 200 | 109 | 1,198 | 234 | 88 |
| Intersegment Eliminations | -3 | -3 | -4 | -6 | -10 |
| Transaction-Related and Non-Recurring Items | -26 | 25 | -1 | -30 | 168 |
| Net Gains from Fund Investment Activities | -57 | -105 | 462 | 31 | 283 |
| Other Revenue | -93 | 184 | 203 | -254 | 79 |
| Unrealized Principal Investment (Income) Loss | -593 | -1,236 | 680 | -102 | 113 |
| Unrealized Performance Revenues | -1,692 | -3,437 | 8,675 | -385 | 1,127 |
| Amortization of Intangibles | -2 | -2 | |||
| Total | 7,966 | 8,413 | 23,039 | 6,132 | 7,621 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Private Equity | 14,902 | 14,142 | 15,243 | 10,138 | 9,008 |
| Real Estate | 13,017 | 14,638 | 14,866 | 8,562 | 9,023 |
| Credit & Insurance | 6,706 | 6,346 | 6,522 | 3,722 | 4,009 |
| Impact of Consolidation | 3,844 | 4,576 | 1,773 | 1,374 | 8,307 |
| Multi-Asset Investing | 1,820 | 2,822 | 2,792 | 2,472 | 2,238 |
| Total | 40,288 | 42,524 | 41,196 | 26,269 | 32,586 |
Price Behavior
Price Behavior
| Market Price | $133.82 | |
| Market Cap ($ Bil) | 104.7 | |
| First Trading Date | 06/22/2007 | |
| Distance from 52W High | -27.6% | |
| 50 Days | 200 Days | |
| DMA Price | $149.15 | $152.14 |
| DMA Trend | up | up |
| Distance from DMA | -10.3% | -12.0% |
| 3M | 1YR | |
| Volatility | 33.0% | 38.8% |
| Downside Capture | 157.28 | 173.44 |
| Upside Capture | 106.59 | 128.68 |
| Correlation (SPY) | 56.5% | 76.9% |
BX Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.24 | 1.53 | 1.15 | 1.26 | 1.52 | 1.55 |
| Up Beta | 2.07 | 1.62 | 0.36 | 1.38 | 1.45 | 1.38 |
| Down Beta | 2.73 | 2.22 | 1.83 | 1.63 | 1.67 | 1.72 |
| Up Capture | 75% | 83% | 89% | 60% | 146% | 402% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 19 | 28 | 53 | 108 | 386 |
| Down Capture | 308% | 135% | 115% | 141% | 134% | 110% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 22 | 33 | 72 | 143 | 365 |
[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 BX | |
|---|---|---|---|---|
| BX | -18.1% | 38.7% | -0.43 | - |
| Sector ETF (XLF) | 4.4% | 19.2% | 0.10 | 75.8% |
| Equity (SPY) | 16.3% | 19.3% | 0.65 | 76.8% |
| Gold (GLD) | 76.7% | 25.0% | 2.25 | -7.7% |
| Commodities (DBC) | 9.4% | 16.6% | 0.37 | 20.6% |
| Real Estate (VNQ) | 6.5% | 16.6% | 0.21 | 62.1% |
| Bitcoin (BTCUSD) | -27.3% | 44.7% | -0.58 | 36.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BX | |
|---|---|---|---|---|
| BX | 18.1% | 38.3% | 0.54 | - |
| Sector ETF (XLF) | 14.0% | 18.7% | 0.61 | 65.9% |
| Equity (SPY) | 14.1% | 17.0% | 0.66 | 72.7% |
| Gold (GLD) | 22.1% | 16.9% | 1.06 | 4.8% |
| Commodities (DBC) | 11.3% | 18.9% | 0.48 | 16.2% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.19 | 61.7% |
| Bitcoin (BTCUSD) | 13.4% | 57.9% | 0.45 | 33.4% |
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 BX | |
|---|---|---|---|---|
| BX | 23.3% | 35.6% | 0.69 | - |
| Sector ETF (XLF) | 14.2% | 22.2% | 0.59 | 66.0% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 72.3% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | 1.9% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 25.1% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.27 | 59.2% |
| Bitcoin (BTCUSD) | 68.8% | 66.7% | 1.08 | 21.7% |
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 |
| 1/29/2026 | -2.6% | ||
| 10/23/2025 | -4.2% | -7.1% | -13.6% |
| 7/24/2025 | 3.6% | 2.0% | -4.4% |
| 4/17/2025 | 0.8% | 4.0% | 14.2% |
| 1/30/2025 | -4.1% | -5.7% | -12.3% |
| 10/17/2024 | 6.3% | 4.5% | 14.0% |
| 7/18/2024 | 1.2% | 2.1% | 1.6% |
| 4/18/2024 | -2.3% | 0.5% | 4.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 16 |
| # Negative | 13 | 8 | 8 |
| Median Positive | 3.4% | 5.1% | 7.2% |
| Median Negative | -3.0% | -6.4% | -10.9% |
| Max Positive | 6.8% | 23.8% | 17.7% |
| Max Negative | -7.9% | -10.7% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 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 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Porat, Ruth | Direct | Buy | 11132025 | 146.92 | 324 | 47,632 | 5,741,338 | Form | |
| 2 | Porat, Ruth | See footnote | Buy | 11132025 | 143.40 | 78 | 11,204 | 1,256,642 | Form | |
| 3 | Breyer, James | Direct | Buy | 11052025 | 143.86 | 13,900 | 1,999,635 | 9,912,723 | Form | |
| 4 | Breyer, James | Direct | Buy | 10312025 | 151.23 | 13,170 | 1,991,699 | 8,318,557 | Form | |
| 5 | Baratta, Joseph | Direct | Sell | 9262025 | 175.69 | 113,000 | 19,853,483 | 122,240,703 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.