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Blackstone Inc BX

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Stock XNYS Rating as of
$117.62 −1.55 (1.30%)
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As of Delayed Price Pre-Open: $117.49 −0.13
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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BX is trading at a 535% premium.
Price
$117.62
Fair Value
$537.00
Uncertainty
High
1-Star Price
$113.58
5-Star Price
$87.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Blackstone, with $726.6 billion in fee-earning AUM at the end of 2023, is a go-to firm for institutional and high-net-worth investors looking for exposure to alternatives.

Bears

Downturns in the equity and credit markets could leave potential investors in Blackstone's funds with limited liquidity and large commitments to other funds, making it more difficult for the firm to raise new capital.

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News

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Trading Information

Previous Close Price
$119.17
Day Range
$116.00–119.08
52-Week Range
$86.17–133.56
Bid/Ask
$116.50 / $119.76
Market Cap
$88.40 Bil
Volume/Avg
55 / 3.6 Mil

Key Statistics

Price/Earnings (Normalized)
40.39
Price/Sales
8.76
Dividend Yield (Trailing)
2.86%
Dividend Yield (Forward)
2.86%
Total Yield
3.36%

Company Profile

Blackstone is the world's largest alternative-asset manager with $1.040 trillion in total asset under management, including $762.6 billion in fee-earning assets under management, at the end of 2023. The company has four core business segments: private equity (22% of fee-earning AUM and 28% of base management fees), real estate (39% and 43%), credit and insurance (29% and 21%), and hedge fund solutions (10% and 8%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Large Growth
Total Number of Employees
4,735
Website
https://www.blackstone.com

Competitors

Valuation

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Metric
BX
KKR
BLK
Price/Earnings (Normalized)
 40.3927.5919.38
Price/Book Value
 12.844.052.88
Price/Sales
 8.764.336.30
Price/Cash Flow
 17.59393.2626.79
Price/Earnings
BX
KKR
BLK

Financial Strength

Metric
BX
KKR
BLK
Quick Ratio
 —1.4910.39
Current Ratio
 —1.5113.22
Interest Coverage
 —2.0822.50
Quick Ratio
BX
KKR
BLK

Profitability

Metric
BX
KKR
BLK
Return on Assets (Normalized)
 9.37%2.34%4.89%
Return on Equity (Normalized)
 54.37%34.72%15.40%
Return on Invested Capital (Normalized)
 —5.65%11.52%
Return on Assets
BX
KKR
BLK
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Asset Management Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
BlackRock Inc
BLK
JvthzxsgHkr$114.2 Bil
 KKR & Co Inc Ordinary Shares
KKR
FrctmbqvNbtrv$87.0 Bil
 Bank of New York Mellon Corp
BK
BvxnkkdSphs$45.1 Bil
 Ameriprise Financial Inc
AMP
ZbjtldccXprcqv$42.4 Bil
 T. Rowe Price Group Inc
TROW
XgtywytkNwbkx$25.8 Bil
 State Street Corporation
STT
QqkddjqlmKlbt$22.5 Bil
 Northern Trust Corp
NTRS
PllvhgpxhhYsfh$16.8 Bil
 The Carlyle Group Inc
CG
MgbltgjxMfcxyqf$14.6 Bil
 Franklin Resources Inc
BEN
NpltqzmjSnzcht$12.0 Bil

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