Blackstone Inc.
Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, matu…
Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. Within fund of fund investments, it seeks to invest in private equity funds, venture capital funds, mezzanine funds, distressed debt/turnaround funds, secondary investment funds & real estate funds. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, recapitalization, special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, cargo, data processing, oil & gas production, oil & gas refining, oil & gas storage, building products, home entertainment, B2B, consumer electronics, home supply store, lodging, commercial services & supplies, metal & mineral mining machinery, coal, hazardous waste collection, solid waste collection, waste water treatment, renewable electricity, equity REITs, power generation by nuclear & fossilLooks overvalued
Other models: USD 55.04–70.15 (median 62.59). The recommended value is in line with them.
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Details and the full model are below.
Market price above modeled range
Uses reported dividends of USD 4.6900 per share from Fiscal year 2025, with 2.4% perpetual growth (base growth capped at the terminal rate) and 9.6% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 11.54%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 11.5% (sector default 5.4%, own revenue history -10.0%, analyst revenue consensus 25.4%).
5-year outlook: relative outlook of about 11.7% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 25.4% a year; the growth assumption used is 11.5%.
Adjust assumptions
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — USD 66.70 (-44.3%)
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EPS-based Gordon proxy
— USD 55.04 (-54.1%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 108.47 (-9.5%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— USD 70.15 (-41.5%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— USD 107.29 (-10.5%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— USD 30.00 (-75.0%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 51.69 | -131.9% |
| Base USD 66.70 | -79.7% |
| Bull USD 93.26 | -28.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 119.86 the market implies perpetual dividend growth of about this rate (discount rate 9.6%).
Compare: the market implies 5.5% a year, this model assumes 2.4%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.6% | 8.6% | 9.6% | 10.6% | 11.6% |
|---|---|---|---|---|---|
| -1.6% | 50.16 | 45.24 | 41.21 | 37.83 | 34.96 |
| 0.4% | 65.40 | 57.42 | 51.18 | 46.16 | 42.04 |
| 2.4% | 92.36 | 77.46 | 66.70 | 58.57 | 52.20 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +17.3% a year | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BX (this company) | USD 119.86 | -69.6% | 25.6 | 10.0 | 4.1% | 100 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.2% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 34.0% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: USD 5.06 per share · yield 4.22% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 5.060 |
| 2025 | 4.690 |
| 2024 | 3.450 |
| 2023 | 3.320 |
| 2022 | 4.940 |
| 2021 | 3.570 |
Annual financial statement
Saved annual report · Fiscal year 2025 · SEC EDGAR annual filings · period ended 31 Dec 2025
| Revenue | USD 14,450,265,000 |
|---|---|
| EBITDA | USD |
| EBIT | USD |
| Net income | USD 3,019,214,000 |
| Free cash flow | USD 4,547,458,000 |
| Capital expenditures | USD -115,703,000 |
| Debt | USD 12,576,587,000 |
| Cash | USD 2,631,241,000 |
| Working capital | USD |
| Shares outstanding | 780,215,856 |
| Reported dividends per share | USD 4.6900 |