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Arphra AIPlain-English read on Blackstone 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 | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| 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 | +98.82% | +95.74% | +94.19% | +96.10% | +86.05% | +91.33% | +91.50% | +90.74% | +91.06% |
| Operating margin | +80.47% | +46.47% | +39.76% | +56.79% | +51.91% | +49.14% | +50.55% | +50.76% | +48.38% |
| EBITDA margin | +80.91% | +47.37% | +40.30% | +57.11% | +52.17% | +51.01% | +50.21% | +50.82% | +50.66% |
| EBIT margin | +80.47% | +46.47% | +39.76% | +56.79% | +51.91% | +49.09% | +48.34% | +49.87% | +50.93% |
| Pre-tax margin | +80.47% | +46.47% | +39.76% | +56.79% | +51.86% | +50.35% | +48.74% | +50.94% | +49.01% |
| Net margin | +34.76% | +23.46% | +18.70% | +24.41% | +21.83% | +22.22% | +21.47% | +21.20% | +21.08% |
| Cost structure | |||||||||
| Cost of revenue / sales | +1.18% | +4.26% | +5.81% | +3.90% | +13.95% | +7.81% | +7.83% | +7.68% | +8.02% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +5.51% | +15.08% | +16.62% | +12.15% | +11.18% | +13.57% | +13.37% | +13.32% | +13.36% |
| Effective tax rate | +8.73% | +13.66% | +17.36% | +15.82% | +15.69% | +15.80% | +16.08% | +15.98% | +16.03% |
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) | +26.99% | +8.88% | +7.69% | +14.24% | +13.80% | +11.61% | +11.56% | +10.81% | +10.85% |
| Return on assets (ROA) | +14.22% | +4.11% | +3.45% | +6.39% | +6.33% | +5.40% | +5.09% | +5.15% | +4.91% |
| Return on capital (ROC) | +44.57% | +10.47% | +9.74% | +20.32% | +20.40% | +15.66% | +16.53% | +15.78% | +15.27% |
| Return on invested capital (ROIC) | +19.25% | +5.29% | +4.58% | +8.74% | +8.58% | +7.08% | +7.02% | +6.59% | +6.65% |
| Asset turnover | +40.90% | +17.52% | +18.46% | +26.17% | +28.99% | +24.28% | +23.70% | +24.28% | +23.31% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +34.76% | +23.46% | +18.70% | +24.41% | +21.83% | +22.22% | +21.47% | +21.20% | +21.08% |
| Asset turnover (× revenue / assets) | +40.90% | +17.52% | +18.46% | +26.17% | +28.99% | +24.28% | +23.70% | +24.28% | +23.31% |
| Equity multiplier (× assets / equity) | +189.79% | +216.07% | +222.89% | +222.98% | +218.04% | +215.24% | +227.15% | +209.96% | +220.84% |
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 | 0.41 | 0.18 | 0.18 | 0.26 | 0.29 | 0.24 | 0.24 | 0.24 | 0.23 |
| Fixed-asset turnover | 16.30 | 5.69 | 5.37 | 8.46 | 10.82 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | — | — | — | — | — | — | — | — | — |
| Payables turnover | 0.21 | 0.25 | 0.19 | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | — | — | — | — | — | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 1725.27 | 1440.37 | 1924.66 | — | — | — | — | — | — |
| Cash conversion cycle | -1725.27 | -1440.37 | -1924.66 | 0.00 | 0.00 | — | — | — | — |
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 | 0.68 | 3.63 | 2.92 | 1.25 | 0.62 | 1.52 | 1.54 | 1.52 | 1.59 |
| FCF / Net income | 0.67 | 3.49 | 2.76 | 1.23 | 0.58 | 1.39 | 1.49 | 1.47 | 1.50 |
| FCF margin | +23.27% | +81.89% | +51.52% | +30.07% | +12.62% | +30.89% | +32.10% | +31.25% | +31.57% |
| OCF margin | +23.65% | +85.05% | +54.54% | +30.61% | +13.45% | +33.77% | +33.04% | +32.22% | +33.53% |
| CapEx / Revenue | +0.38% | +3.16% | +3.01% | +0.54% | +0.84% | +1.42% | +1.44% | +1.49% | +1.45% |
| CapEx / D&A | 0.86 | 3.51 | 5.60 | 1.71 | 3.21 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | +14.09% | — | — | — | — |
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 | 8.13 | 2.36 | 1.84 | 3.62 | 3.88 | 5.96 | 7.55 | 8.55 | 9.56 |
| EPS · basic | 8.14 | 2.36 | 1.84 | 3.62 | 3.88 | 5.95 | 7.52 | 8.59 | 9.58 |
| Book value / share | 30.14 | 26.56 | 23.93 | 25.43 | 28.02 | 36.62 | 44.00 | 50.38 | 35.06 |
| Tangible BV / share | 27.12 | 23.72 | 21.16 | 22.75 | 25.43 | 36.62 | 44.00 | 50.38 | 35.06 |
| Sales / share | 23.40 | 10.05 | 9.85 | 14.84 | 17.71 | 19.14 | 23.68 | 25.68 | 18.05 |
| Operating CF / share | 5.54 | 8.55 | 5.37 | 4.54 | 2.38 | 6.46 | 7.83 | 8.27 | 6.05 |
| Free cash flow / share | 5.45 | 8.23 | 5.07 | 4.46 | 2.23 | 5.91 | 7.60 | 8.03 | 5.70 |
| Dividends / share | 6.39 | 8.80 | 5.65 | 5.77 | 7.70 | 8.69 | 11.26 | 11.86 | 8.35 |
| Payout ratio | +78.58% | +373.01% | +306.89% | +159.34% | +199.17% | +204.26% | +221.46% | +217.83% | +219.52% |
| Retention ratio | +21.42% | -273.01% | -206.89% | -59.34% | -99.17% | -104.26% | -121.46% | -117.83% | -119.52% |
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 | — | -55.79% | -0.15% | +52.91% | +21.58% | +7.13% | +25.77% | +7.40% | -29.72% | -2.23% |
| Gross profit · YoY | — | -57.17% | -1.77% | +56.00% | +8.87% | +13.70% | +26.01% | +6.51% | -29.47% | -3.23% |
| Profit | ||||||||||
| Operating income · YoY | — | -74.47% | -14.56% | +118.39% | +11.13% | +1.42% | +29.38% | +7.85% | -33.02% | -8.26% |
| EBITDA · YoY | — | -74.12% | -15.05% | +116.67% | +11.07% | +4.76% | +23.80% | +8.70% | -29.93% | -7.79% |
| Net income · YoY | — | -70.16% | -20.41% | +99.62% | +8.74% | +9.02% | +21.55% | +6.05% | -30.12% | -8.16% |
| Operating | ||||||||||
| EBIT · YoY | — | -74.47% | -14.56% | +118.39% | +11.13% | +1.31% | +23.85% | +10.82% | -28.23% | -7.67% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -70.97% | -22.03% | +96.74% | +7.18% | +53.59% | +26.73% | +13.16% | +11.86% | +2.05% |
| EPS · basic · YoY | — | -71.01% | -22.03% | +96.74% | +7.18% | +53.24% | +26.45% | +14.32% | +11.46% | +2.06% |
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 | $8.71B | $13.37B | $12.29B | $12.29B | $13.31B | $18.16B | $22.36B | $25.1B | $17.24B |
| Net debt | $6.59B | $9.12B | $9.34B | $10.31B | $10.67B | $14.3B | $17.56B | $20.15B | $13.63B |
| Net debt / EBITDA | 0.48 | 2.58 | 3.11 | 1.59 | 1.48 | 1.89 | 1.88 | 1.98 | 1.91 |
| Debt / equity | 0.40 | 0.68 | 0.68 | 0.63 | 0.61 | 0.64 | 0.65 | 0.64 | 0.63 |
| Debt / assets | +21.15% | +31.44% | +30.52% | +28.26% | +27.89% | +29.76% | +28.44% | +30.46% | +28.56% |
| Equity / assets | +52.69% | +46.28% | +44.87% | +44.85% | +45.86% | +46.46% | +44.02% | +47.63% | +45.28% |
| Coverage | |||||||||
| EBITDA / interest expense | 68.77 | 11.12 | 6.94 | 14.64 | 14.19 | 11.71 | 11.47 | 11.48 | 11.31 |
| Operating income / interest | 68.39 | 10.91 | 6.85 | 14.56 | 14.12 | 11.28 | 11.54 | 11.47 | 10.80 |
| Interest expense | $198.27M | $317.23M | $431.87M | $443.69M | $508.31M | $645.61M | $816.05M | $885.95M | $629.95M |
| Liquidity | |||||||||
| Current ratio | 1.16 | 2.09 | 1.32 | 0.77 | 0.91 | — | — | — | — |
| Quick ratio | 1.11 | 2.01 | 1.24 | 0.70 | 0.82 | — | — | — | — |
| Cash ratio | 1.11 | 2.01 | 1.24 | 0.70 | 0.82 | — | — | — | — |
| Working capital | $306M | $2.3B | $770.34M | -$643.23M | -$277.85M | — | — | — | — |
| Working capital / revenue | +1.82% | +30.85% | +10.36% | -5.66% | -2.01% | — | — | — | — |
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).