BlackRock - Public Comps and Valuation Multiples

BlackRock Overview

About BlackRock

BlackRock is the largest asset manager in the world, with $11.475 trillion in assets under management at the end of September 2024. Its product mix is fairly diverse, with 55% of managed assets in equity strategies, 26% in fixed income, 9% in multi-asset classes, 7% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.

Founded

2006

HQ

Employees

21.1K+

Website

blackrock.com

Sectors

Asset Management
Private Equity

Financials

LTM Revenue $21.1B

LTM EBITDA $8.9B

EV

$144B

Valuation Multiples

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BlackRock Financials

BlackRock has a last 12-month revenue of $21.1B and a last 12-month EBITDA of $8.9B.

In the most recent fiscal year, BlackRock achieved revenue of $20.4B and an EBITDA of $9.4B.

BlackRock expects next 12-month revenue of XXX and NTM EBITDA of XXX

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BlackRock P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$17.9B	$20.4B	XXX	XXX	XXX
Gross Profit	$8.7B	$8.6B	XXX	XXX	XXX
Gross Margin	49%	42%	XXX	XXX	XXX
EBITDA	$7.9B	$9.4B	XXX	XXX	XXX
EBITDA Margin	44%	46%	XXX	XXX	XXX
Net Profit	$5.2B	$5.5B	XXX	XXX	XXX
Net Margin	29%	27%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

BlackRock Stock Performance

As of March 14, 2025, BlackRock's stock price is $929.

BlackRock has current market cap of $144B, and EV of $144B.

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BlackRock Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$144B	$144B	XXX	XXX	XXX	XXX	$44.41

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BlackRock Valuation Multiples

As of March 14, 2025, BlackRock has market cap of $144B and EV of $144B.

BlackRock's trades at 6.8x LTM EV/Revenue multiple, and 16.2x LTM EBITDA.

Analysts estimate BlackRock's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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BlackRock Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$144B	XXX	XXX	XXX
EV/Revenue	7.0x	XXX	XXX	XXX
EV/EBITDA	15.4x	XXX	XXX	XXX
P/E	22.6x	XXX	XXX	XXX
P/E/Growth	1.4x	XXX	XXX	XXX
EV/FCF	30.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

BlackRock Valuation Multiples

BlackRock's NTM/LTM revenue growth is 15%

BlackRock's revenue per employee for the last fiscal year averaged $1.0M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, BlackRock's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate BlackRock's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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BlackRock Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	14%	XXX	XXX	XXX	XXX
EBITDA Margin	46%	XXX	XXX	XXX	XXX
EBITDA Growth	19%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	60%	XXX	XXX	XXX	XXX
Revenue per Employee	$1.0M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	2%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	10%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	12%	XXX	XXX	XXX	XXX

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