Blackstone Inc. (BX) intrinsic value & 10-year financials
Blackstone Inc. (BX) has a Graham intrinsic value of $128.54 per share. At $106.61 on Oct 17, 2026, the stock trades 17% below that value. Over the last 10 fiscal years revenue grew 12.2% a year to $14.5B, with an average return on invested capital of 16.4%.
- Graham intrinsic value
- $128.54
- Share price (Oct 17, 2026)
- $106.61
- Price vs Graham value
- 17% below
- Market cap
- $83.2B
- Revenue (FY2025)
- $14.5B
- Revenue growth (10-yr CAGR)
- 12.2%
- ROIC (10-yr avg)
- 16.4%
- Free cash flow (FY2025)
- $4.5B
BX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.5B | $3.0B | $3.87 | $4.5B | — | 16.6% |
| FY2024 | $13.2B | $2.8B | $3.62 | $3.4B | — | 16.7% |
| FY2023 | $8.0B | $1.4B | $1.84 | $3.8B | — | 8.9% |
| FY2022 | $8.5B | $1.7B | $2.36 | $6.1B | — | 11.3% |
| FY2021 | $22.6B | $5.9B | $8.13 | $3.9B | — | 45.9% |
| FY2020 | $6.1B | $1.0B | $1.50 | $1.8B | — | 7.8% |
| FY2019 | $7.3B | $2.0B | $3.03 | $1.9B | — | 13.2% |
| FY2018 | $6.8B | $1.5B | $2.26 | $27.4M | — | 10.6% |
| FY2017 | $7.1B | $1.5B | $2.21 | -$1.7B | — | — |
| FY2016 | $5.1B | $1.0B | $1.56 | -$110.4M | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Blackstone Inc. is a consistent compounder, expanding top-line revenue at 12.2% annually over the past decade.
Blackstone Inc. has earned high returns on invested capital, averaging 16.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Blackstone Inc. shows that management has aggressively returned capital to shareholders by retiring 34.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Blackstone Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $128.54 per share.