Financials · Asset Management & Custody Banks · US stock · price as of 16 Oct 2026
Key indicators
Price
$1,134.38
52-week range
$907.59 – $1,184.58
Market cap
$186.8B
P/E (trailing)
28.3×
Dividend yield
2.0%
Revenue (last 12 months)
$27.3B
Revenue growth (3y a year)
10.7%
Price / book
3.2×
Return on equity
11.4%
Fair value
Blended fair value$506.75 book-value models
Versus priceOvervalued−55% to fair value
Excess-return model (banks, insurers)
$408.79
Price / book vs return on equity
$653.68
Model uncertainty
Medium
X-Ray Score
33/ 100 · Medium confidence · ahead of 3% of sector peers
Valuation13
Growth54
Profitability44
Financial health29
Dividends19
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Index and actively managed strategies form the core of BlackRock, a global investment manager that offers them through exchange-traded funds, mutual funds and institutional mandates. Its iShares range of exchange-traded funds is one of its major product lines. It also provides Aladdin, a technology platform for portfolio management and risk analysis. Clients include pension funds, insurers, sovereign investors, financial advisers and individual savers around the world.
Advisory fees charged as a share of assets under management are the main source of revenue, along with technology services and performance fees. Revenue was $27.3 billion over the last twelve months, having grown at 10.7% a year across the last three years. The operating margin is 32.6%, and the business earns 11% on the capital invested in it.
StocksXray gives BlackRock, Inc. an X-Ray Score of 33 out of 100 (medium confidence), ahead of 3% of the S&P 500 stocks in its sector. Its strongest lens is growth (54) and its weakest is valuation (13).
Our fair value blend is $506.75. At $1,134.38 the stock trades 124% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
BlackRock, Inc. (BLK)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$814.72
$648.54
$764.39
$988.29
$1,053.05
$1,134.38
Market cap
–
$98.9B
$115.2B
$149.8B
$169.4B
$186.8B
P/E
–
19.1×
20.9×
23.5×
29.8×
28.3×
Price / book
–
2.6×
2.9×
3.2×
3.0×
3.2×
Dividend yield
–
3.01%
2.62%
2.06%
1.98%
1.97%
Fundamentals checklist ● 1 Good · ● 3 Average · ● 3 Bad · each check graded against the sector
Risk models
Piotroski F-Score3 of 9Bad
Growth
EPS growth (3y)1.3%Bad
Revenue growth (3y)10.7%Average
Growth consistency100%Good
Valuation
Fair value vs price0.4×Bad
Profitability
Return on invested capital11.1%Average
Operating margin32.6%Average
Red flags
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
BlackRock, Inc. (BLK)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
–
17,873
17,859
20,407
24,216
27,299
Net income
5,901
5,178
5,502
6,369
5,553
6,576
Diluted EPS ($)
–
33.97
36.51
42.01
35.31
40.12
Net margin
–
29.0%
30.8%
31.2%
22.9%
24.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
–
–
123,211
138,615
169,998
175,875
Cash
9,340
7,433
8,736
12,762
11,468
10,492
Total debt
–
–
7,918
12,314
12,768
12,744
Equity
37,806
37,876
39,347
47,495
55,888
57,613
Dividend per share ($)
–
19.52
20.00
20.40
20.84
21.88
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.