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BlackRock Inc BLK

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Stock XNYS Rating as of
$772.03 +10.17 (1.33%)
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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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BLK is trading at a 14% premium.
Price
$772.03
Fair Value
$189.00
Uncertainty
High
1-Star Price
$9,987.70
5-Star Price
$675.00
Economic Moat
Gwzyn
Capital Allocation
Dqsntrjdc

Bulls Say, Bears Say

Bulls

BlackRock is the largest asset manager in the world, with $10.473 trillion in AUM at the end of March 2024 and clients in more than 100 countries.

Bears

The sheer size and scale of BlackRock's operations could end up being the biggest impediment to the firm's long-term growth.

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News

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Trading Information

Previous Close Price
$761.86
Day Range
$762.08–774.29
52-Week Range
$596.18–845.00
Bid/Ask
$772.28 / $775.00
Market Cap
$114.72 Bil
Volume/Avg
1.6 Mil / 622,713

Key Statistics

Price/Earnings (Normalized)
19.47
Price/Sales
6.33
Dividend Yield (Trailing)
2.60%
Dividend Yield (Forward)
2.64%
Total Yield
4.17%

Company Profile

BlackRock is the largest asset manager in the world, with $10.008 trillion in assets under management at the end of December 2023. Its product mix is fairly diverse, with 52% of managed assets in equity strategies, 28% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Large Core
Total Number of Employees
19,300
Website
https://www.blackrock.com

Competitors

Valuation

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Metric
BLK
BEN
TROW
Price/Earnings (Normalized)
 19.478.6114.22
Price/Book Value
 2.890.942.69
Price/Sales
 6.331.423.97
Price/Cash Flow
 26.908.1221.56
Price/Earnings
BLK
BEN
TROW

Financial Strength

Metric
BLK
BEN
TROW
Quick Ratio
 10.393.386.07
Current Ratio
 13.223.386.07
Interest Coverage
 22.5013.52—
Quick Ratio
BLK
BEN
TROW

Profitability

Metric
BLK
BEN
TROW
Return on Assets (Normalized)
 4.89%4.56%15.28%
Return on Equity (Normalized)
 15.40%11.46%20.31%
Return on Invested Capital (Normalized)
 11.52%5.16%17.10%
Return on Assets
BLK
BEN
TROW
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Morningstar Rating for Stocks
Capital Allocation
Economic Moat
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BK
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AMP
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TROW
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STT
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NTRS
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CG
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BEN
Franklin Resources IncXmjhrgqzlQxlkcmy$12.4 Bil

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