Blackstone Inc. (BX) vs Northern Trust Corporation (NTRS)

Blackstone Inc. and Northern Trust Corporation are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $145.4B against $31.9B — 4.6× the size. Northern Trust Corporation trades at the lower P/E: 15.0× against 26.5×. Blackstone Inc. grew revenue faster over the last twelve months: 17.2% against 3.12%. Blackstone Inc. has the higher net margin (21.8% vs 14.4%) and the higher return on invested capital (15.1% vs 0.00%). Both pay a dividend; Northern Trust Corporation yields more (3.93% vs 3.34%). Across the 21 metrics below, Blackstone Inc. leads on 12 and Northern Trust Corporation on 9.

Valuation

Metric BX NTRS Asset Management median
P/E 26.49 15.01 14.62
P/S 5.88 2.13 2.97
P/B 4.50 2.58 0.94
Price to free cash flow 17.27 n/m 8.93
EV/EBITDA 12.87 n/m 10.32
EV/Sales 6.53 (1.36) 5.72
Earnings yield 3.77% 6.66% 4.53%
Free cash flow yield 5.79% (0.67%) 4.65%

Profitability

Metric BX NTRS Asset Management median
Gross margin 100.00% 59.61% 100.00%
Operating margin 50.49% 0.00% 33.03%
Net margin 21.84% 14.36% 13.53%
Free cash flow margin 34.05% (1.44%) 12.44%
Return on equity 17.31% 17.81% 4.83%
Return on assets 7.39% 1.24% 1.57%
Return on invested capital 15.08% 0.00% 3.04%

Growth

Metric BX NTRS Asset Management median
Revenue growth (TTM) 17.19% 3.12% 6.97%
EPS growth (last fiscal year) 6.91% (10.54%) —
Revenue growth, 5-year CAGR 18.82% 17.81% 12.13%
Net income growth, 5-year CAGR 23.63% 8.03% 0.00%

Health

Metric BX NTRS Asset Management median
Debt to equity 0.63 0.40 0.42
Current ratio 0.72 0.65 1.28
Net debt to EBITDA 1.32 0.00 1.06

Dividend

Metric BX NTRS Asset Management median
Dividend yield 3.34% 3.93% 6.92%
Payout ratio — 0.54 0.77

Size

Metric BX NTRS Asset Management median
Market cap 145.37b 31.93b 721.34m

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