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BlackRock Inc BLK

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Stock XNYS Rating as of
$765.76 +7.91 (1.04%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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BlackRock Earnings: Market Gains Make Up for Weaker Inflows as Firm Hits Record Level of AUM

Greggory Warren

While there was little in BlackRock's first-quarter earnings that would alter our long-term view of the firm, we expect to increase our $830 per-share fair value estimate slightly to account for revised near-term expectations for assets under management, revenue, and profitability since our last update. While the company's shares trade at a hefty premium relative to the other traditional asset managers (which we believe is warranted), they are trading at a nearly 10% discount to our expected fair value estimate.

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Price vs Fair Value

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BLK is trading at a 8% discount.
Price
$766.62
Fair Value
$546.00
Uncertainty
High
1-Star Price
$2,835.20
5-Star Price
$496.00
Economic Moat
Wskn
Capital Allocation
Chqvnkmry

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

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Trading Information

Previous Close Price
$757.85
Day Range
$757.79–767.00
52-Week Range
$596.24–844.59
Bid/Ask
$765.06 / $766.10
Market Cap
$113.93 Bil
Volume/Avg
150,104 / 616,549

Key Statistics

Price/Earnings (Normalized)
20.29
Price/Sales
6.28
Dividend Yield (Trailing)
2.64%
Dividend Yield (Forward)
2.67%
Total Yield
4.32%

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
Website
https://www.blackrock.com

Competitors

Valuation

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Metric
BLK
IVZ
TROW
Price/Earnings (Normalized)
 20.299.6214.73
Price/Book Value
 2.890.452.64
Price/Sales
 6.281.143.90
Price/Cash Flow
 25.614.9124.54
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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