BlackRock, Inc.BLK
NYSE•Financial Services•Asset Management
BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York, New York with additional offices in Atlanta, Georgia; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Denver, Colorado; Greenwich, Connecticut; Houston, Texas; Miami, Florida; Newport Beach, California; Palo Alto, California; Philadelphia, Pennsylvania; Princeton, New Jersey; San Francisco, California; Santa Monica, California; Seattle, Washington; Washington, DC; West Palm Beach, Florida; Wilmington, Delaware; Mexico; Canada; South Africa; Netherlands; Greece; Serbia; Belgium; Hungary; Denmark; Ireland; Scotland; Germany; Switzerland; England; Luxembourg; Spain; Italy; France; Sweden; Austria; India; China; Australia; Hong Kong; South Korea; Singapore; Taiwan; Japan; Colombia; Argentina; Peru; Chile; Brazil; UAE; Saudi Arabia; Israel.
BlackRock, Inc. (BLK) reported trailing twelve months revenue of $25.64B as of March 2026, a 22.3% increase year-over-year. Quarterly revenue reached $6.70B, reflecting continued top-line momentum.
BlackRock, Inc. generated $6.25B in TTM net income, with quarterly EBITDA of $2.81B. The operating margin expanded from 32.2% to 42.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (42.0%) and net margin (33.0%) indicates moderate non-operating costs. Net margin has improved from 28.6% a year ago, signaling stronger bottom-line efficiency.
BLK trades at a P/E of 23.2x (in line with broad market averages) and a P/S of 5.7x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company reported negative free cash flow of $-1.09B, indicating cash consumption over the period. The balance sheet shows $170.24B in total assets with $12.75B in long-term debt against $56.69B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~34.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.7% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~37.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 0.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding rose 4.6% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation