BlackRock, Inc.
- Open
- 1118.71
- Day high
- 1132.99
- Day low
- 1113.50
- Prev close
- 1107.08
- Volume
- 54K
- Mkt cap
- $173.0B
- P/E (TTM)
- 26.4
- EPS (TTM)
- $42.39
- P/B
- 3.0
- P/S
- 6.3
- Yield
- 1.96%
- Per share
- $21.88
- ▼Insiders net selling -$22.0M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
BlackRock, Inc. (BLK) is a Financial Services company listed on NYSE. The stock is up 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 4 published research articles covering BLK.
BlackRock, Inc. (BLK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BLK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 15, 2026 | $12.69 | $13.91 | +9.6% | $7.1B | +5.3% |
| Apr 14, 2026 | $11.68 | $12.53 | +7.3% | $6.7B | +2.2% |
| Jan 21, 2026 | $12.55 | $11.93 | -4.9% | $7.0B | — |
| Oct 14, 2025 | $11.36 | $11.55 | +1.7% | $6.5B | +2.8% |
| Jul 15, 2025 | $10.78 | $12.05 | +11.8% | $5.4B | -0.5% |
| Apr 11, 2025 | $10.08 | $11.30 | +12.1% | $5.3B | -0.3% |
| Oct 11, 2024 | $10.37 | $11.46 | +10.5% | $5.2B | +3.4% |
| Jul 15, 2024 | $9.95 | $10.36 | +4.1% | $4.8B | -0.8% |
| Apr 12, 2024 | $9.33 | $9.81 | +5.1% | $4.7B | +2.0% |
| Feb 23, 2024 | — | $9.15 | — | $4.6B | — |
| Oct 13, 2023 | $8.27 | $10.91 | +31.9% | $4.5B | +1.1% |
| Jul 14, 2023 | $8.41 | $9.28 | +10.4% | $4.5B | +0.4% |
BLK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 17, 2026 | Meade Christopher J.officer: General Counsel and CLO | Option | 18,095 | $513.50 |
| Jul 17, 2026 | Meade Christopher J.officer: General Counsel and CLO | Sell | 2,200 | $1102.80 |
| Jul 17, 2026 | FINK LAURENCEdirector, officer: Chairman and CEO | Sell | 1,905 | $1080.57 |
| Jul 17, 2026 | Meade Christopher J.officer: General Counsel and CLO | Sell | 15,895 | $1101.99 |
| Jul 2, 2026 | FORD WILLIAM Edirector | Grant | 37 | — |
| Jul 2, 2026 | Robbins Charlesdirector | Grant | 30 | — |
| Jul 2, 2026 | Nixon Gordon M.director | Grant | 37 | — |
| Jul 2, 2026 | Johnson Margaret Ldirector | Grant | 36 | — |
| Jul 2, 2026 | Vestberg Hans Erikdirector | Grant | 36 | — |
| Jul 2, 2026 | LEMKAU GREGGdirector | Grant | 30 | — |
| Jul 2, 2026 | Murphy Kathleendirector | Grant | 41 | — |
| Jul 2, 2026 | Nasser Amin H.director | Grant | 30 | — |
| Jul 2, 2026 | Daley Pameladirector | Grant | 30 | — |
| Jul 2, 2026 | Freda Fabriziodirector | Grant | 21 | — |
| Jul 2, 2026 | PECK KRISTIN Cdirector | Grant | 34 | — |
Source: BLK SEC Form 4 filings, latest Jul 17, 2026. For informational purposes only — not investment advice.
See the full BLK insider & 13F page →BLK research & analysis
[BLK] BlackRock Thesis 2026: Private Markets Pivot Tests Largest Strategic Transformation in 37-Year History
BlackRock FY2025 revenue ~$22.5B (+14% YoY) with adj. operating margin ~43% and AUM reaching ~$12T+ (record high). FY2024-2025 strategic transformation deployed ~$28B+ M&A capital on private markets buildout: Global Infrastructure Partners ($12.5B Oct 2024, +$116B AUM), Preqin ($3.2B Jun 2024, private markets data), HPS Investment Partners ($12B announced Dec 2024, private credit, +$148B AUM expected close 2025). iShares ETF franchise sustained $300-400B annual net inflows. Aladdin technology platform serving 250+ institutional clients globally growing 10-12%. FY2026 thesis: private markets fee economics (4-6x management fee per AUM dollar vs passive) drives revenue mix shift; iShares continues market leadership; Aladdin extension into private markets via Preqin integration; key risks: institutional LP fee compression on private markets funds, Vanguard/State Street ETF pricing pressure, equity market correction.
Private Credit Faces Loan-Spread Widening
Non-traded fund redemptions of 10-38% pulled bidders out of large sponsor loans; KBDC printed SOFR+566 and FSK saw spreads up to 75bp wider.
APOBCSFBXWhich ETF issuers benefit most from custody fee compression as servicing competition intensifies?
Custody fee compression driven by intensifying competition among ETF servicers — including Northern Trust's entry into the ICE ETF Hub — creates a tailwind for large ETF issuers. Invesco (IVZ) and BlackRock (BLK) benefit most from their scale and operating leverage, while custodians BNY Mellon (BK) and State Street (STT) face margin pressure offset partly by productivity gains and innovation.
IVZNTRSSTTWhich Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?
Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.
NTRSBKSTT
BlackRock, Inc. company profile
Overview
BlackRock, Inc. (NYSE:BLK) is the world's largest asset management company, founded in 1988 by Larry Fink and seven partners in New York City. What began as a fixed-income boutique has evolved into a global financial powerhouse managing over $11.6 trillion in assets under management as of 2024. The company went public in 1999 and has since grown through strategic acquisitions and organic expansion to become a dominant force in investment management, serving institutional investors, financial advisors, and individual clients across more than 30 countries worldwide.
Business
BlackRock operates as a comprehensive investment management and financial technology company in the asset management industry. The company's business spans multiple interconnected segments that collectively serve the global investment ecosystem. The core business revolves around investment management services, where BlackRock creates and manages investment products for clients ranging from individual retirement savers to sovereign wealth funds. These products include traditional mutual funds, exchange-traded funds (ETFs), separate accounts, and alternative investment vehicles. ETFs represent a particularly significant portion of the business, with BlackRock's iShares brand being the world's largest ETF provider. ETFs are investment funds that trade on stock exchanges like individual stocks but hold diversified portfolios of assets, offering investors low-cost access to broad market exposure. Private markets constitute another major growth area, encompassing investments in infrastructure, private equity, private credit, and real estate. These are typically illiquid investments not traded on public exchanges, often requiring longer investment horizons but potentially offering higher returns. BlackRock has significantly expanded this segment through acquisitions like Global Infrastructure Partners (GIP) and the planned acquisition of HPS Investment Partners. The company's Aladdin technology platform represents a unique competitive advantage, serving as both an internal investment management system and an external technology service. Aladdin provides risk management, portfolio construction, and operational tools to over 130,000 users globally, including competitors and other financial institutions. This platform-as-a-service model generates recurring revenue while positioning BlackRock at the center of the global investment ecosystem. Cash management services round out the offerings, providing short-term investment solutions for institutional clients seeking to optimize their liquidity management. Based on recent financial reports, investment management fees constitute approximately 80-85% of total revenue, with technology services contributing 10-15%, and the remainder coming from performance fees and other services.
Revenue model
BlackRock generates revenue through multiple complementary business models that create a diversified income stream. The primary revenue source is management fees, which are typically calculated as a percentage of assets under management (AUM). These fees vary by product type, with passive ETF products charging lower fees (often 0.03-0.20% annually) while active strategies and private markets command higher fees (0.50-2.00% or more annually). This creates a scalable business model where revenue grows with both asset appreciation and net new client investments. Performance fees represent another revenue stream, particularly in private markets and certain active strategies, where BlackRock receives additional compensation when investments exceed predetermined benchmarks. The company also generates securities lending revenue by lending securities from client portfolios to other market participants, earning a spread on the lending fees. The Aladdin technology platform operates on a software-as-a-service model, generating recurring annual contract value (ACV) from clients who license the platform for their own investment operations. This creates a stable, growing revenue stream with high margins, as the platform benefits from network effects and economies of scale. Several factors influence BlackRock's profitability margins. Market performance directly impacts AUM levels and therefore fee revenue, with bull markets driving organic growth while bear markets can pressure revenues. Asset mix significantly affects margins, as higher-fee alternative investments and active strategies generate more revenue per dollar of AUM than passive index products. Interest rates influence cash management revenues and the relative attractiveness of different asset classes. Regulatory changes can impact fee structures and product accessibility, while competitive pressure from low-cost providers continues to drive fee compression, particularly in passive strategies. The company's ability to maintain margins depends on its success in shifting toward higher-fee products, leveraging technology for operational efficiency, and maintaining its scale advantages in a competitive marketplace.
Competitive moat
BlackRock possesses a formidable economic moat built on multiple reinforcing competitive advantages. The company's most significant moat is its massive scale, with over $11.6 trillion in AUM creating enormous barriers to entry. This scale generates powerful network effects through the Aladdin platform, where each additional user increases the system's value and data insights for all participants. The platform has become essential infrastructure for the global investment industry, creating high switching costs for clients who have integrated their operations with Aladdin's risk management and portfolio construction tools. The company benefits from strong brand recognition and trust, particularly crucial in asset management where clients entrust their financial futures to the firm. BlackRock's position as the world's largest asset manager provides credibility and confidence that attracts both institutional and retail clients. The firm's regulatory relationships and policy influence, stemming from its systemic importance and expertise, create additional competitive advantages. Distribution advantages represent another moat component, with BlackRock's global presence and established relationships with financial advisors, institutions, and platforms providing preferential access to clients. The company's comprehensive product suite allows it to serve as a one-stop solution for diverse investment needs, increasing client stickiness. However, the moat faces meaningful challenges. Fee compression continues across the industry, particularly in passive strategies where competition from Vanguard and other low-cost providers pressures margins. Regulatory scrutiny of large asset managers could potentially limit growth or force structural changes. The rise of direct indexing and technology-enabled investment platforms could disintermediate traditional asset managers. Additionally, passive investing criticism and concerns about market concentration could create headwinds. While BlackRock's moat remains strong due to its scale, technology platform, and market position, the company must continuously innovate and adapt to maintain its competitive advantages in an evolving industry landscape.
Risks & safety
BlackRock maintains a strong financial position with substantial margin of safety characteristics, though investors should note the asset-light nature of the business model. • Liquidity Position: Strong with $12.8 billion in cash and short-term investments and a current ratio of 16.4x, providing ample liquidity for operations and strategic investments • Debt Management: Conservative debt-to-equity ratio of 0.30x, indicating prudent leverage usage with manageable debt service obligations • Cash Generation: Robust free cash flow of $4.7 billion annually (2024), providing flexibility for dividends, share buybacks, and acquisitions • Valuation Metrics: Trading at 24.1x P/E ratio and 3.2x price-to-book, representing reasonable valuations for a dominant market leader with strong competitive positioning • Business Model Resilience: Asset-light model with high operating leverage means lower capital requirements but higher sensitivity to market fluctuations and AUM changes • Dividend Sustainability: Strong dividend coverage with consistent cash flow generation supporting regular dividend payments and share repurchase programs
Recent development
BlackRock has undergone significant strategic transformation over the past several years, positioning itself for long-term growth through major acquisitions and platform expansion. The company completed its acquisition of Global Infrastructure Partners (GIP) in 2024, dramatically expanding its private markets capabilities and adding expertise in infrastructure investing. This was followed by planned acquisitions of HPS Investment Partners and Preqin, which will further strengthen private credit capabilities and provide comprehensive private markets data analytics. The company has aggressively expanded its ETF innovation, launching digital asset ETFs including Bitcoin and Ethereum products that captured significant market share. These launches represent BlackRock's entry into the growing digital assets space and demonstrate its ability to quickly capitalize on new investment trends. Technology integration has been a major focus, with continued investment in the Aladdin platform and its expansion into private markets analytics. The Preqin acquisition will enhance BlackRock's ability to provide comprehensive data and analytics across both public and private markets, strengthening its technology services offering. The firm has also pursued global expansion initiatives, establishing presence in over 30 countries and launching products like Bitcoin ETFs in European markets. Strategic partnerships, including an AI infrastructure investment partnership with Microsoft, demonstrate BlackRock's commitment to staying at the forefront of technological innovation. Retirement solutions have emerged as another growth area, with the development of products like LifePath Paycheck and exploration of private markets integration into 401(k) plans, pending regulatory approval. These initiatives position BlackRock to capture the growing retirement savings market as demographics shift toward an aging population requiring income-generating investments.
BLK company profile · for informational purposes only — not investment advice.
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