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Friday 6 November 2026 Export BX’s income statement to Excel — free account

Blackstone Inc.

BX Financial Asset Management

Blackstone Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.5 billion, up 9.22% from fiscal 2024.

Revenue
−0.83%
EPS
+3.75%
Free cash flow
+125.1%
Total debt
+11.7%

Quarter to September 2026, against a year earlier

119.78 0.04 −0.03%
Market cap
$149.0B
P/E
26.8×
Fwd P/E
19.9×
Dividend yield
4.20%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Blackstone Inc. (BX) valuation and DCF model

What the price implies · reverse DCF

At $119.78 the price implies 18.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 9.9% a year over the last ten years, 15.0% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 13.3% over ten years; the price implies 34.3% for good.

In December 2019 the price assumed −0.3% a year; Blackstone Inc. went on to grow the dividend a share 13.1% a year to FY2025.

Price implies
18.3%
Last 5 years, reported
15.0%
Last 10 years, reported
9.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
18.3% a year for ten years
$119.78
today’s price
Its base case
9.9% a year for five years, then 5.9%
$55.95
53.3% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Blackstone Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Blackstone Inc.’s own cost of capital: risk-free 4.3% + beta 1.54 × equity premium 4.5% = 11.2% cost of equity; after-tax cost of debt 3.4%; weighted, 10.3%.

Use 10.3%
Base case value per share $55.95 ten years discounted, and what follows
Current price $119.78 market price per share
Below today’s price 53.3% downside at the base case’s assumptions

How we got there$22.95 10 years of dividends+$33.00 terminal value=$55.95 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 26.78× 43.14× 32.29× 17% below 13.38× 100% above
P/FCF 17.57× 23.43× 86.39× 80% below 7.79× 126% above
P/B 4.92× 5.35× 3.95× 25% above 0.91× 441% above
EV/EBITDA — 18.38× 14.75× — 3.38× —
EV/Sales — 8.93× 7.18× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
19.72×35.00×50.28×65.56×10Y avg 32.29×2017201820192020202120222023202420252026

BX trades at 26.78× P/E, against a 10-year average of 32.29× (range 13.13×–69.71×). That is cheaper than 56% of the last 9 year-end readings; re-rating to the average implies $144.40 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.