Explain this page
Arphra AIPlain-English read on BlackRock, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $153.81B | $166.01B | — | — | — | — |
| Enterprise value | — | — | — | $155.27B | $169.54B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 7.61 | 7.00 | — | — | — | — |
| EV / FCF | — | — | — | 33.03 | 47.73 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +4.14% | +3.34% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.06% | +2.14% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +50.68% | +48.59% | +48.05% | +49.42% | +55.52% | +52.26% | +50.49% | +52.44% | +51.15% |
| Operating margin | +38.45% | +35.72% | +35.14% | +37.11% | +29.09% | +34.14% | +34.23% | +34.58% | +33.69% |
| EBITDA margin | +40.77% | +38.59% | +37.92% | +40.22% | +34.99% | +37.14% | +37.48% | +38.34% | +37.54% |
| EBIT margin | +38.63% | +36.25% | +35.53% | +37.62% | +32.25% | +35.07% | +34.51% | +36.06% | +36.05% |
| Pre-tax margin | +42.19% | +35.19% | +40.06% | +40.65% | +31.46% | +36.93% | +36.29% | +36.43% | +37.18% |
| Net margin | +30.46% | +28.97% | +30.81% | +31.21% | +22.93% | +28.37% | +27.88% | +27.58% | +28.81% |
| Cost structure | |||||||||
| Cost of revenue / sales | +49.32% | +51.41% | +51.95% | +50.58% | +44.48% | +50.14% | +50.34% | +49.99% | +50.09% |
| R&D intensity | 0.00% | 0.00% | +3.40% | +3.30% | +0.78% | +2.55% | +2.56% | +2.44% | +2.44% |
| SG&A intensity | +11.29% | +11.49% | +11.75% | +11.06% | +19.35% | +13.79% | +14.41% | +14.20% | +14.08% |
| Effective tax rate | +24.08% | +20.60% | +20.67% | +21.49% | +22.01% | +22.06% | +21.64% | +21.94% | +21.99% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +15.17% | +13.35% | +13.34% | +12.90% | +9.02% | +11.83% | +11.23% | +11.61% | +12.02% |
| Return on assets (ROA) | +3.87% | +4.40% | +4.47% | +4.59% | +3.27% | +4.02% | +3.96% | +3.99% | +4.20% |
| Return on capital (ROC) | +15.45% | +13.51% | +12.32% | +11.91% | +9.20% | +11.27% | +11.02% | +11.62% | +11.19% |
| Return on invested capital (ROIC) | +12.24% | +10.95% | +10.80% | +10.02% | +7.26% | +9.36% | +8.98% | +9.26% | +9.57% |
| Asset turnover | +12.69% | +15.19% | +14.49% | +14.72% | +14.24% | +14.16% | +14.22% | +14.48% | +14.57% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.46% | +28.97% | +30.81% | +31.21% | +22.93% | +28.37% | +27.88% | +27.58% | +28.81% |
| Asset turnover (× revenue / assets) | +12.69% | +15.19% | +14.49% | +14.72% | +14.24% | +14.16% | +14.22% | +14.48% | +14.57% |
| Equity multiplier (× assets / equity) | +392.48% | +303.28% | +298.77% | +280.85% | +276.23% | +294.51% | +283.26% | +290.59% | +286.22% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.13 | 0.15 | 0.14 | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 |
| Fixed-asset turnover | 8.13 | 7.02 | 7.05 | 7.78 | 7.74 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.11 | 4.94 | 4.33 | 4.59 | 4.69 | — | — | — | — |
| Payables turnover | 7.92 | 7.64 | 8.03 | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 71.38 | 73.89 | 84.22 | 79.57 | 77.74 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 46.10 | 47.75 | 45.44 | — | — | — | — | — | — |
| Cash conversion cycle | 25.28 | 26.14 | 38.78 | 79.57 | 77.74 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.84 | 0.96 | 0.76 | 0.78 | 0.74 | 0.77 | 0.79 | 0.78 | 0.73 |
| FCF / Net income | 0.78 | 0.85 | 0.69 | 0.74 | 0.68 | 0.70 | 0.70 | 0.72 | 0.68 |
| FCF margin | +23.76% | +24.75% | +21.40% | +23.04% | +15.48% | +19.92% | +19.54% | +19.85% | +19.51% |
| OCF margin | +25.52% | +27.73% | +23.32% | +24.29% | +17.03% | +21.87% | +21.91% | +21.53% | +21.10% |
| CapEx / Revenue | +1.76% | +2.98% | +1.93% | +1.25% | +1.55% | +1.55% | +1.53% | +1.62% | +1.54% |
| CapEx / D&A | 0.82 | 1.28 | 0.81 | 0.48 | 0.33 | — | — | — | — |
| Stock-based comp / Revenue | +3.79% | +3.96% | +3.53% | +3.69% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 38.22 | 33.97 | 36.51 | 42.01 | 35.42 | 53.15 | 60.59 | 69.74 | 74.94 |
| EPS · basic | 38.76 | 34.31 | 36.85 | 42.45 | 35.84 | 53.44 | 60.94 | 70.86 | 75.08 |
| Book value / share | 251.89 | 254.43 | 273.64 | 325.56 | 372.08 | 405.98 | 468.71 | 508.00 | 544.11 |
| Tangible BV / share | 32.96 | 33.73 | 49.49 | 17.57 | -10.33 | 405.98 | 468.71 | 508.00 | 544.11 |
| Sales / share | 125.48 | 117.25 | 118.50 | 134.61 | 146.41 | 169.28 | 188.84 | 213.81 | 226.97 |
| Operating CF / share | 32.02 | 32.51 | 27.64 | 32.69 | 24.93 | 37.03 | 41.38 | 46.02 | 47.89 |
| Free cash flow / share | 29.81 | 29.01 | 25.35 | 31.01 | 22.67 | 33.72 | 36.90 | 42.43 | 44.28 |
| Dividends / share | 16.50 | 19.61 | 20.14 | 20.46 | 20.24 | 25.73 | 29.58 | 33.20 | 35.56 |
| Payout ratio | +43.16% | +57.74% | +55.16% | +48.69% | +60.27% | +53.58% | +56.20% | +56.32% | +54.37% |
| Retention ratio | +56.84% | +42.26% | +44.84% | +51.31% | +39.73% | +46.42% | +43.80% | +43.68% | +45.63% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -7.75% | -0.08% | +14.27% | +18.67% | +15.84% | +11.04% | +12.86% | +7.85% | +8.75% |
| Gross profit · YoY | — | -11.55% | -1.17% | +17.53% | +33.30% | +9.04% | +7.28% | +17.21% | +5.20% | +8.88% |
| Profit | ||||||||||
| Operating income · YoY | — | -14.30% | -1.72% | +20.70% | -6.98% | +35.95% | +11.32% | +14.03% | +5.05% | +6.97% |
| EBITDA · YoY | — | -12.69% | -1.80% | +21.17% | +3.25% | +22.96% | +12.04% | +15.43% | +5.61% | +7.64% |
| Net income · YoY | — | -12.25% | +6.26% | +15.76% | -12.81% | +43.31% | +9.12% | +11.64% | +12.69% | +8.00% |
| Operating | ||||||||||
| EBIT · YoY | — | -13.43% | -2.05% | +20.99% | +1.72% | +25.97% | +9.28% | +17.90% | +7.84% | +7.82% |
| R&D · YoY | — | — | — | +11.04% | -71.96% | +278.27% | +11.52% | +7.62% | +7.91% | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -11.12% | +7.48% | +15.06% | -15.69% | +50.05% | +14.01% | +15.10% | +7.46% | +8.78% |
| EPS · basic · YoY | — | -11.48% | +7.40% | +15.20% | -15.57% | +49.10% | +14.04% | +16.29% | +5.94% | +8.61% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $9.32B | $8.49B | $9.7B | $14.22B | $15B | $17.71B | $19.43B | $21.14B | $23.23B |
| Net debt | -$5M | $1.07B | $966M | $1.46B | $3.53B | $2.95B | $3.12B | $2.42B | $3.49B |
| Net debt / EBITDA | -0.00 | 0.16 | 0.14 | 0.18 | 0.42 | 0.28 | 0.27 | 0.18 | 0.25 |
| Debt / equity | 0.24 | 0.22 | 0.24 | 0.29 | 0.24 | 0.26 | 0.25 | 0.25 | 0.26 |
| Debt / assets | +6.10% | +7.22% | +7.87% | +10.26% | +8.82% | +8.94% | +8.87% | +8.71% | +8.93% |
| Equity / assets | +25.48% | +32.97% | +33.47% | +35.61% | +36.20% | +33.95% | +35.30% | +34.41% | +34.94% |
| Coverage | |||||||||
| EBITDA / interest expense | 38.53 | 32.53 | 23.20 | 15.25 | 12.00 | 15.15 | 16.03 | 15.68 | 15.91 |
| Operating income / interest | 36.34 | 30.12 | 21.49 | 14.08 | 9.98 | 13.92 | 14.64 | 14.15 | 14.27 |
| Interest expense | $205M | $212M | $292M | $538M | $706M | $687.88M | $728.15M | $859.27M | $894.82M |
| Liquidity | |||||||||
| Current ratio | 14.45 | 14.08 | 15.63 | 16.40 | 15.76 | — | — | — | — |
| Quick ratio | 9.39 | 9.56 | 11.88 | 12.39 | 11.16 | — | — | — | — |
| Cash ratio | 6.67 | 5.73 | 7.05 | 8.31 | 6.59 | — | — | — | — |
| Working capital | $18.8B | $16.93B | $18.14B | $23.65B | $25.68B | — | — | — | — |
| Working capital / revenue | +97.02% | +94.71% | +101.56% | +115.89% | +106.06% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 7.00x | 7.61x |
| Earnings yield | 3.3% | 4.1% |
| FCF yield | 2.1% | 3.1% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 9.9% | 13.4% |
| ROA | 3.3% | 4.6% |
| ROIC | 3.3% | 4.3% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.42 | 0.18 |
| Interest coverage | — | — |
| Current ratio | 15.76x | 16.40x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).