Blackstone Inc. (BX) vs State Street Corporation (STT)

Blackstone Inc. and State Street Corporation are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $145.4B against $49.8B — 2.9× the size. State Street Corporation trades at the lower P/E: 15.7× against 26.5×. Blackstone Inc. grew revenue faster over the last twelve months: 17.2% against 2.00%. Blackstone Inc. has the higher net margin (21.8% vs 14.0%) and the higher return on invested capital (15.1% vs 0.00%). Both pay a dividend; State Street Corporation yields more (3.93% vs 3.34%). Across the 22 metrics below, Blackstone Inc. leads on 14 and State Street Corporation on 8.

Valuation

Metric BX STT Asset Management median
P/E 26.49 15.73 14.62
P/S 5.88 2.18 2.97
P/B 4.50 2.03 0.94
Price to free cash flow 17.27 24.80 8.93
EV/EBITDA 12.87 n/m 10.32
EV/Sales 6.53 (3.63) 5.72
Earnings yield 3.77% 6.36% 4.53%
Free cash flow yield 5.79% 4.03% 4.65%

Profitability

Metric BX STT Asset Management median
Gross margin 100.00% 65.45% 100.00%
Operating margin 50.49% 0.00% 33.03%
Net margin 21.84% 14.00% 13.53%
Free cash flow margin 34.05% 8.78% 12.44%
Return on equity 17.31% 13.29% 4.83%
Return on assets 7.39% 0.81% 1.57%
Return on invested capital 15.08% 0.00% 3.04%

Growth

Metric BX STT Asset Management median
Revenue growth (TTM) 17.19% 2.00% 6.97%
EPS growth (last fiscal year) 6.91% 14.49% —
Revenue growth, 5-year CAGR 18.82% 13.38% 12.13%
Net income growth, 5-year CAGR 23.63% 3.78% 0.00%

Health

Metric BX STT Asset Management median
Debt to equity 0.63 0.91 0.42
Current ratio 0.72 0.59 1.28
Net debt to EBITDA 1.32 0.00 1.06

Dividend

Metric BX STT Asset Management median
Dividend yield 3.34% 3.93% 6.92%
Payout ratio — 0.34 0.77

Size

Metric BX STT Asset Management median
Market cap 145.37b 49.75b 721.34m

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