Blackstone - Public Comps and Valuation Multiples

Blackstone Overview

About Blackstone

Blackstone is the world's largest alternative-asset manager with $1.108 trillion in total asset under management, including $820.5 billion in fee-earning assets under management, at the end of September 2024. The company has four core business segments: private equity (25% of fee-earning AUM and 30% of base management fees), real estate (35% and 39%), credit and insurance (31% and 24%), and multi-asset investing (9% and 7%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Founded

2007

HQ

Employees

4.9K+

Website

blackstone.com

Sectors

Asset Management
Private Equity

Financials

LTM Revenue $12.1B

LTM EBITDA $7.1B

EV

$120B

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Blackstone Financials

Blackstone has a last 12-month revenue of $12.1B and a last 12-month EBITDA of $7.1B.

In the most recent fiscal year, Blackstone achieved revenue of $10.9B and an EBITDA of n/a.

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

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Blackstone P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$7.0B	$10.9B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$1.7B	$1.4B	XXX	XXX	XXX
Net Margin	25%	13%	XXX	XXX	XXX
Net Debt	$8.2B	$8.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Blackstone Stock Performance

As of March 14, 2025, Blackstone's stock price is $141.

Blackstone has current market cap of $108B, and EV of $120B.

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Blackstone Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$120B	$108B	XXX	XXX	XXX	XXX	$4.85

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Blackstone Valuation Multiples

As of March 14, 2025, Blackstone has market cap of $108B and EV of $120B.

Blackstone's trades at 9.9x LTM EV/Revenue multiple, and 16.8x LTM EBITDA.

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

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Blackstone Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$120B	XXX	XXX	XXX
EV/Revenue	11.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	38.9x	XXX	XXX	XXX
P/E/Growth	1.0x	XXX	XXX	XXX
EV/FCF	35.2x	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.

Blackstone Valuation Multiples

Blackstone's NTM/LTM revenue growth is 20%

Blackstone's revenue per employee for the last fiscal year averaged $2.2M, while opex per employee averaged $0.9M for the same period.

Over next 12 months, Blackstone'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 Blackstone's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Blackstone Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	56%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$2.2M	XXX	XXX	XXX	XXX
Opex per Employee	$0.9M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	13%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	41%	XXX	XXX	XXX	XXX

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