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BlackRock Inc BLK

Morningstar Rating
$809.96 +0.30 (0.04%)
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Company Report

US-Based Asset Managers: Equity Market Rally Erased Margin of Safety Needed to Consider the Group

All the US-based asset managers we cover have reported their December-quarter earnings, and in some cases revealed assets under management, or AUM, data for January 2024. We now have a better sense of how recent market activity has been affecting results. In our third-quarter earnings wrap, we had assumed that the malaise that had crept into the markets during August-October 2023 might continue through the rest of the year.

Price vs Fair Value

BLK is trading at a 2% discount.
Price
$809.66
Fair Value
$937.00
Uncertainty
High
1-Star Price
$5,431.90
5-Star Price
$391.00
Economic Moat
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Capital Allocation
Whtcpglpn

Bulls Say, Bears Say

Bulls

BlackRock is the largest asset manager in the world, with $10.008 trillion in AUM at the end of December 2023 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

Trading Information

Previous Close Price
$809.66
Day Range
$807.76813.25
52-Week Range
$596.24823.41
Bid/Ask
$809.59 / $811.54
Market Cap
$120.50 Bil
Volume/Avg
54,706 / 642,656

Key Statistics

Price/Earnings (Normalized)
21.43
Price/Sales
6.83
Dividend Yield (Trailing)
2.47%
Dividend Yield (Forward)
2.52%
Total Yield
4.03%

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
19,800

Competitors

Valuation

Metric
BLK
IVZ
TROW
Price/Earnings (Normalized)
21.4310.1314.78
Price/Book Value
3.060.652.65
Price/Sales
6.831.223.91
Price/Cash Flow
27.054.7324.63
Price/Earnings
BLK
IVZ
TROW

Financial Strength

Metric
BLK
IVZ
TROW
Quick Ratio
11.712.306.04
Current Ratio
15.462.306.04
Interest Coverage
23.88−3.05
Quick Ratio
BLK
IVZ
TROW

Profitability

Metric
BLK
IVZ
TROW
Return on Assets (Normalized)
4.72%2.34%14.28%
Return on Equity (Normalized)
14.85%6.19%19.00%
Return on Invested Capital (Normalized)
11.29%2.82%15.96%
Return on Assets
BLK
IVZ
TROW
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Asset Management Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
BX
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KKR
KKR & Co Inc Ordinary SharesLwqzk$84.8 Bil
BK
Bank of New York Mellon CorpQgpz$42.2 Bil
AMP
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TROW
T. Rowe Price Group IncFvqml$25.1 Bil
STT
State Street CorporationJxj$22.2 Bil
NTRS
Northern Trust CorpLnyh$16.7 Bil
CG
The Carlyle Group IncRzhhnq$16.3 Bil
BEN
Franklin Resources IncBmsxbd$14.2 Bil

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