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Blackstone Group
(NYSE:BX)
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Rating:71Outperform
Price Target:
$121.00
▼(-15.63% Downside)
Action:Reiterated
Date:10/22/26
BX scores well primarily on strong profitability and cash generation, reinforced by upbeat earnings-call guidance around higher near-term realizations and a re-acceleration in base fee growth. Offsetting these positives are a notably weak technical setup (price below key moving averages with bearish MACD) and a valuation that is only moderately attractive given the ~24x P/E despite a supportive ~4.8% dividend yield.
Positive Factors
Scale and Fee Growth
Blackstone’s expanding AUM and fee revenues reinforce the scalability of its asset-management model. Growth in recurring base management fees, supported by a larger capital base, can strengthen earnings visibility and provide durable funding for continued platform expansion across multiple investment strategies.
Negative Factors
Moderate Balance-Sheet Leverage
Debt materially exceeds equity, leaving Blackstone with less financial flexibility if markets weaken or earnings become more volatile. Although the leverage is described as manageable for the business model, it can amplify downside pressure and constrain capital allocation during periods of stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and Fee Growth
Blackstone’s expanding AUM and fee revenues reinforce the scalability of its asset-management model. Growth in recurring base management fees, supported by a larger capital base, can strengthen earnings visibility and provide durable funding for continued platform expansion across multiple investment strategies.
Read all positive factors
Blackstone Group Key Performance Indicators (KPIs)
Any
Assets Under Management
Indicates the total value of assets that Blackstone Group manages on behalf of clients, reflecting the scale of its operations and potential for fee-based revenue growth.
Indicates the total value of assets that Blackstone Group manages on behalf of clients, reflecting the scale of its operations and potential for fee-based revenue growth.
Data provided by:
The Fly
The FlyBlackstone Group (BX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$145.56B
Dividend Yield4.43%
Average Volume (3M)5.26M
Price to Earnings (P/E)26.0
Beta (1Y)1.25
Revenue Growth8.78%
EPS Growth28.70%
CountryUS
Employees5,285
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.53
Shares Outstanding750,625,100
10 Day Avg. Volume6,308,344
30 Day Avg. Volume5,261,035
Financial Highlights & Ratios
PEG Ratio5.53
Price to Book (P/B)13.89
Price to Sales (P/S)8.70
P/FCF Ratio68.98
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue6.92
Enterprise Value/Gross Profit7.72
Enterprise Value/Ebitda13.07
Forecast
1Y Price Target
$137.19Price Target Upside-4.34% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)5.88
Revenue Forecast (FY)$14.66B
Blackstone Group Business Overview & Revenue Model
Company Description
Blackstone Inc. operates as a prominent alternative asset manager, specializing in a broad spectrum of investment strategies. Its expertise encompasses real estate, private equity, credit solutions, comprehensive hedge fund offerings, public debt ...
How the Company Makes Money
Blackstone primarily makes money by managing third-party capital in funds and other investment vehicles and earning fees tied to that activity. Its key revenue streams include: (1) Management fees: recurring fees earned for managing assets under m...
Blackstone Group Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Blackstone reported record AUM, robust fundraising, double-digit year-to-date growth in key earnings metrics, strong investment performance across most flagship strategies, and significant expansion opportunities in private wealth, insurance, infrastructure, AI, energy, credit, and multi-asset investing. The company also expects higher fourth-quarter realizations and double-digit base management fee growth in 2027. These strengths outweighed the acknowledged challenges, including market volatility, higher rates, lower third-quarter realizations, BCRED net outflows, muted transaction activity, and real estate valuation pressure.Positive Updates
Strong Quarterly Earnings and Dividend
Blackstone reported GAAP net income of $1.3 billion, distributable earnings of $1.7 billion, or $1.32 per common share, and declared a dividend of $1.12 per share.
Negative Updates
Challenging Macroeconomic and Market Environment
The quarter was characterized by an historic increase in global bond yields, U.S. Treasury yields at their highest level in decades, geopolitical turbulence, wars in the Middle East and Ukraine, inflation concerns, high oil prices, sovereign debt worries, and uncertainty over U.S. midterm elections. Management said these challenges continued after quarter-end.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Quarterly Earnings and Dividend
Blackstone reported GAAP net income of $1.3 billion, distributable earnings of $1.7 billion, or $1.32 per common share, and declared a dividend of $1.12 per share.
Read all positive updates
Company Guidance
Management anticipates “a significant step up in net realizations in the fourth quarter,” with carry realizations alone expected to “surpass the total net realization levels for the firm from the third quarter,” and expects “modest sequential growth quarter over quarter” in Q4 before acceleration into 2027; as it looks ahead to 2027, it expects to “return to double-digit year-over-year growth in base management fees,” with a further step up “in the middle of the year” as drawdown funds season in, while real estate base management fees are expected to remain “broadly stable through the year through year end and into 2027”; the company also expects its 5th asset based finance drawdown and credit fund to hit its $4.2 billion hard cap “soon,” and data center leasing is expected to reach 6 gigawatts this year, “which is 3x what we did last year.”Blackstone Group Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.29B | 13.83B | 11.37B | 7.44B | 7.45B | 16.85B |
| Gross Profit | 14.62B | 11.90B | 10.93B | 7.01B | 7.13B | 16.65B |
| EBITDA | 8.63B | 7.21B | 6.50B | 3.00B | 3.53B | 13.63B |
| Net Income | 3.56B | 3.02B | 2.78B | 1.39B | 1.75B | 5.86B |
Balance Sheet | ||||||
| Total Assets | 49.64B | 47.71B | 43.47B | 40.29B | 42.52B | 41.20B |
| Cash, Cash Equivalents and Short-Term Investments | 3.21B | 2.63B | 1.97B | 2.96B | 4.25B | 2.12B |
| Total Debt | 14.19B | 13.31B | 12.29B | 12.29B | 13.37B | 8.71B |
| Total Liabilities | 28.62B | 25.83B | 23.97B | 22.21B | 22.84B | 19.49B |
| Stockholders Equity | 8.84B | 8.67B | 8.21B | 6.82B | 7.66B | 9.42B |
Cash Flow | ||||||
| Free Cash Flow | 2.84B | 1.74B | 3.42B | 3.83B | 6.10B | 3.92B |
| Operating Cash Flow | 2.93B | 1.86B | 3.48B | 4.06B | 6.34B | 3.99B |
| Investing Cash Flow | 1.17B | 5.28B | -61.41M | -229.65M | -235.50M | -64.32M |
| Financing Cash Flow | -4.14B | -6.40B | -4.50B | -5.05B | -3.79B | -3.78B |
Blackstone Group Technical Analysis
Neutral
143.41
Price Trends
125.04
Negative
124.82
Negative
123.59
Negative
Market Momentum
-2.80
Negative
53.51
Neutral
77.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BX, the sentiment is Neutral. The current price of 143.41 is above the 20-day moving average (MA) of 111.95, above the 50-day MA of 125.04, and above the 200-day MA of 123.59, indicating a neutral trend. The MACD of -2.80 indicates Negative momentum. The RSI at 53.51 is Neutral, neither overbought nor oversold. The STOCH value of 77.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BX.
Blackstone Group Risk Analysis
Blackstone Group disclosed 60 risk factors in its most recent earnings report. Blackstone Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blackstone Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $66.63B | 24.42 | 8.58% | 1.90% | 39.52% | -48.06% | |
72 Outperform | $81.99B | 27.18 | 10.32% | 0.83% | 31.83% | 48.98% | |
71 Outperform | $145.56B | 26.04 | 40.77% | 4.43% | 8.78% | 28.70% | |
70 Outperform | $17.17B | 36.59 | 18.59% | 5.02% | 29.91% | 507.73% | |
68 Neutral | $40.32B | 53.31 | 15.20% | 4.23% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $13.75B | 38.11 | 6.07% | 3.63% | -44.06% | -71.02% |
* Financial Sector Average
BX
Blackstone Group
117.97
-29.88
-20.21%
APO
Apollo Global Management
112.83
-11.48
-9.24%
KKR
KKR & Co
91.34
-30.04
-24.75%
CG
Carlyle Group
38.59
-18.04
-31.86%
ARES
Ares Management
122.08
-22.89
-15.79%
TPG
TPG
44.64
-10.42
-18.93%
Blackstone Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Blackstone announces planned board reduction after director retirement
Neutral
Oct 15, 2026
Blackstone Inc. disclosed that Joseph Baratta, a director on its board, notified the company on October 9, 2026 of his intention to retire and resign his board seat effective December 31, 2026. The board plans to reduce its size from eight to seve...
Business Operations and StrategyFinancial Disclosures
Blackstone Issues Intra-Quarter Update on Realization Activity
Positive
Sep 22, 2026
On September 22, 2026, Blackstone announced a preliminary intra‑quarter update on realization activity for the period from July 1, 2026 to September 22, 2026. Based on information available at that time, the firm estimated that realized perf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.