Blackstone Inc.
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Range $122 – $184
Price Chart
About the company
Blackstone Inc. operates as a prominent alternative asset manager, specializing in a broad spectrum of investment strategies. Its expertise encompasses real estate, private equity, credit solutions, comprehensive hedge fund offerings, public debt and equity, multi-asset class approaches, and secondary funds of funds.
- CEO
- Stephen Allen Schwarzman
- IPO
- 2007
- Employees
- 5,285
- HQ
- New York City, NY, US
AI snapshot
Six angles, distilled from the data.
BX remains in a multi-month downtrend, still below its 200-day moving average and well off the 52-week high. The setup is constructive only if it can keep rebuilding above the mid-year base; otherwise the chart still reflects a damaged longer-term regime rather than a fresh breakout.
Street sentiment stays constructive: consensus is Buy with a $143.50 target, above the current share price and implying room for recovery. Recent calls have been mixed but mostly steady, with UBS at Neutral and several firms lifting targets in July, including RBC to $169 and Argus to $150.
Blackstone has a strong beat record, with 7 straight EPS beats and a 7/7 beat rate in the recent run. Next quarter is expected to show EPS of $1.36, and the key watch is whether fee-related earnings and fundraising momentum keep supporting the full-year step-up in estimates.
The pattern leans modestly positive, with net buying led by Blackstone Holdings IV L.P. through multiple large P purchases. That said, several officer and director sales, including Joseph Baratta and John Finley, temper the signal; the activity looks mixed rather than a clean insider vote of confidence.
Profitability is strong, with a 54.36% operating margin, 22.73% net margin, and 31.37% ROE. Growth is also solid, with revenue up 28.6% year over year and earnings up 57.3%, though leverage remains meaningful with $13.31 billion of debt against $2.63 billion of cash.
BX stands out as a premium alternative-asset manager with high margins and strong earnings power, but it also carries more balance-sheet leverage than a plain-vanilla asset manager. At 19.22x earnings, the valuation sits above a typical financials multiple, so execution has to keep justifying the premium.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $134.87B
- P/E
- 24.81
- Fwd P/E
- 18.68
- PEG
- 1.18
- P/S
- 12.89
- P/B
- 9.70
- EV/EBITDA
- 25.91
- Div Yield
- 4.68%
- Gross Margin
- 88.82%
- Op Margin
- 52.08%
- Net Margin
- 21.93%
- ROE
- 40.87%
- ROIC
- 136.70%
Latest fiscal year · YoY change
- Revenue
- $13.83B+21.6%
- Gross Profit
- $11.90B+8.9%
- Op Income
- $7.18B
- Net Income
- $3.02B+8.7%
- EPS
- $3.88+7.2%
- OCF Growth
- -46.6%
- FCF Growth
- -49.0%
- 52W High
- $190.09
- 52W Low
- $101.73
- 50D MA
- $132.44
- 200D MA
- $128.40
- Beta
- 1.56
- RSI (14)
- 25
- Avg Volume
- 4.34M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Blackstone posted another strong quarter, with 26% distributable earnings growth and broad-based fundraising momentum, while management framed AI infrastructure and private credit as major long-term growth drivers.· July 23, 2026
- Distributable earnings rose 26% year over year to $2 billion, or $1.52 per share; fee-related earnings increased 22% to $1.8 billion.
- Total inflows were nearly $70 billion in the quarter and more than $260 billion over the last 12 months; AUM reached a record $1.35 trillion, up 11% year over year.
- Management highlighted AI-related investments as a major driver of performance, fundraising, and new platform launches, including data centers, power, and frontier AI companies.
- Wealth and insurance remained strong: insurance AUM was $290 billion, up 15% year over year, and private wealth AUM was $324 billion, up 16%.
- Management said base management fees should show similar growth in Q3 and then move to double-digit growth in 2027, supported by drawdowns, perpetual strategies, credit dry powder, and improved real estate trends.
Blackstone reported GAAP net income of $2.4 billion. Distributable earnings were $2.0 billion, or $1.52 per common share, up 26% year over year, and fee-related earnings were $1.8 billion, or $1.43 per share, up 22% year over year. Fee revenues were $3.0 billion, up 22%; transaction and advisory fees were a record $321 million, up 52% sequentially; fee-related performance revenues were $793 million, up 68% year over year. Net realizations were $414 million, up 27% year over year, and accrued performance revenue on the balance sheet reached $7.5 billion, or $6 per share, the highest level in 4 years. On the investment side, infrastructure AUM grew 40% year over year to $90 billion, BXMA AUM rose 21% to a record $109 billion, insurance AUM was $290 billion, up 15% year over year, private wealth AUM was $324 billion, up 16% year over year, and BREIT NAV was $57 billion, up 7% year over year. For guidance, management expects similar year over year base management fee growth in Q3 as in Q2, a sequential deceleration in net realizations in Q3 followed by a robust Q4 and into 2027, and double-digit base management fee growth in 2027.
Stephen Schwarzman said Blackstone’s second quarter showed “outstanding” results, with AI-related investments driving performance across data centers, energy, and frontier AI companies. He argued the firm has become one of the largest private capital providers in the AI ecosystem and emphasized that Blackstone is creating new platforms to participate in the buildout, including an AI cloud provider with Google, a company with Anthropic, a financing platform with Broadcom, and BXDC, the data center REIT. His tone was highly optimistic, while also acknowledging the risks of AI exuberance and the broader societal implications that need monitoring.
Michael Chae said the quarter reflected broad earnings expansion, with total revenues, fee revenues, FRE, net realizations, and distributable earnings each growing more than 20% year over year. He pointed to the record $321 million in transaction and advisory fees, $793 million in fee-related performance revenues, and $7.5 billion in net accrued performance revenue, describing the latter as the firm’s ‘store of value’ at a 4-year high. On outlook, he said base management fees should grow at a similar year-over-year rate in Q3, move to double-digit growth in 2027, and benefit from drawdowns, perpetual strategy growth, credit dry powder of $84 billion, and stabilization in real estate fee trends; he also reiterated confidence in operating leverage and margins over time.
Analysts focused on the path to double-digit base management fee growth, and Chae said the building blocks include full-year benefit from private equity drawdowns, seasoning of perpetual strategies, continued growth in credit and insurance, $84 billion of credit dry powder, and stabilization in real estate fees. Questions on BCRED redemptions and the wealth channel drew a response that redemption pressure has eased materially as the level of market ‘noise’ has come down, with management saying the product remains healthy and that new launches with Wellington and Vanguard should broaden access over time. Management also said AI compute scarcity supports data center and energy asset values, and that the firm sees structural upside in realizations as IPO markets reopen and BXMA crystallizations approach year-end.
The bullish case is that Blackstone is converting AI infrastructure demand into visible fundraising, asset appreciation, and new product opportunities across multiple businesses. Management said inflows remain robust, the firm has a record AUM base, and several fee streams beyond base management fees are expanding quickly, while IPO activity and realization momentum look set to improve into 2027.
The main risks discussed were AI exuberance, geopolitical volatility, and the possibility that markets or wars continue to delay realizations and pressure private real estate and BCRED flows. Management also noted that BCRED redemption requests remain elevated, real estate fee growth has been softer, and some benefit from realizations and fee growth may not arrive until later in the cycle.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.5%
- Shares Outstanding
- 787.79M
- Float Shares
- 744.08M
of shares held by institutions
2,252 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for BX, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Alan ArmstrongSenate | Buy | Mar 27, 26 | Filing → |
| Mark R. WarnerSenate · VA | Buy | Apr 13, 26 | Filing → |
| Angus KingSenate · ME | Sell | Feb 13, 26 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jan 29, 26 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Dec 18, 25 | Filing → |
| Daniel Milton NewhouseHouse · WA04 | Buy | Dec 11, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Nov 13, 25 | Filing → |
| Marjorie Taylor GreeneHouse · GA14 | Buy | Oct 24, 25 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Sep 29, 25 | Filing → |
| Val HoyleHouse · OR04 | Sell | Jun 6, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Aug 14, 25 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Aug 26, 25 | Filing → |
| Val HoyleHouse · OR04 | Buy | Apr 15, 25 | Filing → |
| Ritchie TorresHouse · NY15 | Buy | Sep 26, 24 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 71.67M | ▲ 840.26K |
| Blackrock, Inc. | 51.94M | ▼ 759.45K |
| Vanguard Capital Management LLC | 48.51M | ▲ 200.53K |
| Morgan Stanley | 34.84M | ▲ 2.35M |
| State Street Corp | 32.46M | ▲ 435.91K |
| Sixth Street Partners Management Company, L.P. | 23.50M | ▲ 23.50M |
| Charles Schwab Investment Management Inc | 23.50M | ▲ 2.14M |
| Jpmorgan Chase & Co | 19.16M | ▲ 3.23M |
| Geode Capital Management, LLC | 18.37M | ▲ 48.74K |
| Vanguard Portfolio Management LLC | 15.77M | ▼ 270.25K |
| Capital Research Global Investors | 13.20M | ▼ 1.55M |
| Bank Of America Corp | 11.59M | ▲ 56.85K |
Held by 1,605 ETFs
Biggest fund positions in BX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 23, 26 | Blackstone Holdings IV L.P. | buy | 191,058.464 |
| Sep 23, 26 | Blackstone Holdings IV L.P. | buy | 636.667 |
| Sep 18, 26 | Baratta Joseph | sell | 42,246 |
| Sep 18, 26 | Baratta Joseph | sell | 57,754 |
| Aug 21, 26 | Blackstone Holdings IV L.P. | buy | 248,661.056 |
| Aug 21, 26 | Blackstone Holdings IV L.P. | buy | 23,980.86 |
| Jun 23, 26 | Blackstone Holdings IV L.P. | buy | 765,110.941 |
| Jun 23, 26 | Blackstone Holdings IV L.P. | buy | 4,781.943 |
| Aug 11, 26 | Finley John G | sell | 19,802 |
| Aug 11, 26 | Finley John G | sell | 25,198 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our BX coverage
Recent articles, reports, and earnings notes.

Blackstone (BX): Alternatives Scale Drives Growth
Blackstone’s scale in alternatives keeps driving fee growth, with AUM above $1.3T and strong momentum in credit, infrastructure, and private wealth. Valuation is not cheap, but recurring fees and fundraising strength support a Buy view.

Nvidia's $500 billion AI financing plan turns the bubble debate into a capital-structure test
Nvidia's more than $500 billion AI infrastructure financing effort shifts the bubble debate from chip demand to who is underwriting the buildout. The opportunity is real, but vendor-linked capital could move risk from profitable platforms into lenders, funds, and structured vehicles.

Private credit's growth story is colliding with its liquidity problem
Private credit is still attracting capital, but falling direct-lending activity is making deployment, underwriting and liquidity more important than fundraising totals. The risk is not an immediate default crisis; it is pressure to put money to work as eligible deals shrink and marks become harder to trust.
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Blackstone, Banks Gather $60 Billon for Broadcom AI Chip Deal
youtube.com · Oct 2
Blackstone Announces Significant Investment to Launch Falcata, Leader in Next-Generation Interceptor Technologies
businesswire.com · Oct 1
My Biggest Bet: 3 Dividend Investments Boosted By 2 Major Macro Tailwinds
seekingalpha.com · Sep 26
Blackstone's Top Private-Equity Executive Is Preparing to Leave Firm
wsj.com · Sep 25
The More These Dividend Machines Drop, The More I Buy
seekingalpha.com · Sep 25
Blackstone Launches BXPM – Blackstone Private Markets Fund
businesswire.com · Sep 24
IFS or BX: Which Is the Better Value Stock Right Now?
zacks.com · Sep 23
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 1, 2026 · Live quote · Not investment advice