Blackstone Valuation Multiples

Blackstone is valued at $96B as of November 2026, a 8.3x revenue multiple. In the last 12 months, Blackstone revenue was $14B and Blackstone EBITDA was $8.6B.

Blackstone Overview

About Blackstone

Blackstone is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions advisory firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. The firm runs private equity, real estate, credit, infrastructure, hedge fund solutions, secondaries, growth equity and insurance solutions businesses. Its private equity arm has been one of the largest leveraged buyout investors for three decades, and its real estate arm has bought commercial property and hotel companies worldwide. Blackstone listed on the New York Stock Exchange in June 2007. Its early private equity funds financed buyouts in hotels, funeral services, packaging, chemicals and waste services.


Founded

1985

HQ

United States

Employees

5.3K

Financials (LTM)

Revenue: $14B
EBITDA: $8.6B

EV

$119B

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Blackstone Financials

Blackstone reported last 12-month revenue of $14B and EBITDA of $8.6B.

In the same LTM period, Blackstone generated $9.9B in gross profit, $8.6B in EBITDA, and $4.3B in net income.

Revenue (LTM)


Blackstone P&L

In the most recent fiscal year, Blackstone reported revenue of $15B and EBITDA of $7.7B.

Blackstone is profitable as of last fiscal year, with gross margin of 72%, EBITDA margin of 52%, and net margin of 20%.

See analyst estimates for Blackstone
LTMLast FY202320242025202620272028
Revenue$14B$15B$8B$13B$15B
Gross Profit$9.9B$11B--$11B
Gross Margin68%72%--72%
EBITDA$8.6B$7.7B--$7.7B
EBITDA Margin60%52%--52%
EBIT Margin59%51%--51%
Net Profit$4.3B$3B$1.4B$2.8B$3B
Net Margin30%20%17%21%20%
Net Debt-$9.8B---

Financial data powered by Morningstar, Inc.

Blackstone Stock Performance

Blackstone has current market cap of $96B, and enterprise value of $119B.

Market Cap Evolution


Blackstone's stock price is $119.82.

Blackstone share price increased by 1.1% in the last 30 days, and decreased by 18.2% in the last year.

Blackstone has an EPS (earnings per share) of $3.78.

See more trading valuation data for Blackstone
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$119B$96B-4.6%1.1%-16.4%-18.2%$3.78

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Blackstone Valuation Multiples

Blackstone trades at 8.3x EV/Revenue multiple, and 13.8x EV/EBITDA.

See NTM and 2027E valuation multiples for Blackstone

EV / Revenue (LTM)


Blackstone Financial Valuation Multiples

As of November 6, 2026, Blackstone has market cap of $96B and EV of $119B.

Blackstone has a P/E ratio of 22.1x.

LTMLast FY202320242025202620272028
EV/Revenue8.3x8.0x15.0x8.9x8.0x
EV/EBITDA13.8x15.5x--15.5x
EV/EBIT13.9x15.6x--15.6x
EV/Gross Profit12.1x11.1x--11.1x
P/E22.1x31.7x68.9x34.5x31.7x
EV/FCF16.3x26.2x31.1x34.8x26.2x

Multiples above and below 250x are considered non-meaningful (n/m). 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 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Blackstone Margins & Growth Rates

Blackstone decreased revenue by 1% but EBITDA grew by 15% in the last fiscal year.

In the most recent fiscal year, Blackstone reported gross margin of 72%, EBITDA margin of 52%, and net margin of 20%.

See estimated margins and future growth rates for Blackstone

Blackstone Margins

Last FY202420252026202720282029
Gross Margin72%-72%68%
EBITDA Margin52%-52%60%
EBIT Margin51%-51%59%
Net Margin20%21%20%31%
FCF Margin31%26%31%51%

Blackstone Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(1%)67%12%(1%)
Gross Profit Growth(7%)--(7%)
EBITDA Growth15%--15%
EBIT Growth14%--14%
Net Profit Growth52%100%9%52%
FCF Growth64%(11%)33%64%

Data powered by FactSet, Inc. and Morningstar, Inc.

Blackstone Operational KPIs

Blackstone's revenue per employee in the last FY averaged $2.8M, while opex per employee averaged $1.5M for the same period.

Blackstone's Rule of 40 is 59% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Blackstone's Rule of X is 57% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Blackstone
LTMLast FY202320242025202620272028
Rule of 4084%59%---
Bessemer Rule of X120%57%---
Revenue per Employee-$2.8M---
Opex per Employee-$1.5M---
G&A Expenses to Revenue10%11%16%10%10%
Opex to Revenue38%52%63%51%52%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Blackstone Competitors

Blackstone competitors include Brookfield, KKR, Brookfield Asset Management, Macquarie Group, Apollo Global Management, Investor AB, Strategy, SoftBank Group, Banco BTG Pactual and State Street.

Most Blackstone public comparables operate across PE & VC and Asset Management.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Brookfield$75B$32B6.3x63.4x14.7x65.5x
KKR$19B$7.1B3.1x5.3x8.5x8.1x
Brookfield Asset Management$4.6B$3.2B20.1x14.8x28.7x27.9x
Macquarie Group$5.1B$2.2B13.7x5.0x31.7x-
Apollo Global Management$32B$8.3B----
Investor AB$23B-6.5x20.5x--
Strategy$477M($5.4B)143.9x137.9x(12.6x)(89.9x)
SoftBank Group$49B$6.5B6.0x5.7x45.5x7.9x

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Blackstone VC Funding History

Before going public, Blackstone raised $3B in total equity funding, across 1 round.

Last private valuation of Blackstone was $30B, after raising $3B in May 2007 from China Investment Corporation.


Blackstone Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
May-07Strategic investmentChina Investment Corporation$3B$30BChina’s State Investment Company, the vehicle subsequently constituted as CIC, agreed to acquire non-voting Blackstone common units for $3 billion alongside Blackstone’s planned IPO. The disclosed ownership position was less than 10% through non-voting common units. The transaction materials disclosed USD 3,000 million as capital raised or CIC-attributed investment. The target operates in PE & VC and Asset Management, serving B2B customers through Investment management economics. CIC participated as a long-term institutional investor, and the transaction expanded its direct exposure to the target's operating sector and geography. The company profile reflects the business at the transaction date, including a historical identity where later reorganizations changed the name or ownership structure. Ordinary listed-market portfolio accumulation, debt instruments without immediate ownership, fund commitments, and property assets without an operating-company target are excluded from this research set.

Acquisitions by Blackstone

Blackstone has acquired 268 companies to date.

Last acquisition by Blackstone was on September 10th 2026. Blackstone acquired Flow Control Holdings for undisclosed valuation.

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Latest Acquisitions by Blackstone

Flow Control Holdings
DarkVision Technologies
Futronic
Dresser Utility Solutions
Description
Flow Control Holdings is a Wilmington-headquartered manufacturer of sanitary valves and fittings for food, beverage, and pharmaceutical processing. Its brands include APV, Waukesha Cherry-Burrell, and Tri-Clover, producing aseptic valves compliant with 3-A and FDA standards for dairy, brewery, and biotech facilities worldwide. Facilities in Delavan, Wisconsin, serve global markets through a network of 20 distributors.
DarkVision Technologies is a provider of high-resolution ultrasound imaging systems for downhole diagnostics in oil and gas wells. Founded in 2013 in Calgary, Canada, the company enables operators to visualize well interiors through opaque fluids, unlike optical cameras. Its tools support decisions that cut operating costs, boost production, enhance well integrity, and reduce environmental risks. DarkVision serves major energy firms with technology commercialized from imaging expertise, operating across North American basins.
Futronic is a supplier of motors, actuators, and controllers to automotive component manufacturers.
Dresser Utility Solutions is a global supplier of engineered products for utility infrastructure, with emphasis on water and wastewater treatment. Serving the utility sector through brands like Meter-Sit and Roots, it addresses aging gas and water assets with products supporting ESG compliance.
HQ CountryUnited StatesCanadaSouth KoreaUnited States
HQ City
Fort Worth, TX
Vancouver
Busan
Houston, TX
Deal Date10 Sep 202629 Jul 202619 Jul 20265 Jul 2026
Valuationundisclosedundisclosed$696Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Blackstone

Blackstone has invested in 201 companies to date.

Latest investment by Blackstone was on September 2nd 2026. Blackstone invested in Huskeys in their $27M Series A round (EV/Revenue multiple available to Pro users).

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Latest Investments by Blackstone

Huskeys
Aeroplan
Firmus Technologies
LemonEdge
Description
Huskeys builds an edge security management platform that unifies web application protection across CDN, WAF, infrastructure, and apps using AI-driven automation.
Aeroplan is a Canadian loyalty programme operated by Aeroplan Inc., headquartered in Montreal. Air Canada created it in 1984 as a frequent flyer programme and spun it off in 2002, and it later became part of Aimia before Air Canada bought it back in 2019. Members earn points through flights, credit cards from banking partners and a network of retail and travel partners, and redeem them for flights, hotels and merchandise. Aeroplan earns revenue by selling points to its partners and from related loyalty services. Its customers are consumers who collect and redeem points and the corporate partners that buy them. Air Canada relaunched the programme in 2020 and controls it as a majority owner.
Firmus Technologies is an Austin-headquartered provider of AI data center infrastructure known as AI Factories, optimizing GPU clusters for maximum token generation throughput and profitability. Featuring liquid cooling across racks, power management, and AI FactoryOS operating system, it supports H100 and H200 GPUs with 99.99 percent uptime. Firmus' SMC cloud platform leverages SHARP networking for hyperscalers training large language models at scale.
LemonEdge is a London-headquartered low-code platform embedding accounting, reconciliation, and reporting engines for financial institutions handling derivatives, funds, and securities. Clients build custom applications using drag-and-drop interfaces integrated with data sources like Bloomberg and DTCC. Founded in 2020, it powers solutions for banks and asset managers in Europe and Asia.
HQ CountryIsraelCanadaAustraliaUnited Kingdom
HQ City
Tel Aviv
Montreal
Sydney
London
Deal Date2 Sep 202611 Aug 20267 Aug 202628 Jul 2026
RoundSeries ASecondaryUndisclosed stageSeries A
Raised$27M$1.8B$2B$21M
Investors10D; SV Angel; Blackstone; Bright Pixel; Merlin Ventures; Skinos Ventures; Okta VenturesLa Caisse; PSP Investments; Blackstone; BCINVIDIA; Alex Waislitz; The Pratt family; Archibald Capital; Blackstone; Morphic Ethical Equity Fund; Jane Street; Regal Investment Fund; Coatue; Tectonic Investment ManagementBNY Mellon; Blackstone; Sidekick Partners
Valuation$100M$7.1B$11Bundisclosed
EV/Revenue
EV/EBITDA

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About Blackstone

When was Blackstone founded?Blackstone was founded in 1985.
Where is Blackstone headquartered?Blackstone is headquartered in United States.
How many employees does Blackstone have?As of today, Blackstone has over 5K employees.
Who is the CEO of Blackstone?Blackstone's CEO is Stephen A. Schwarzman.
Is Blackstone publicly listed?Yes, Blackstone is a public company listed on NYSE.
What is the stock symbol of Blackstone?Blackstone trades under BX ticker.
When did Blackstone go public?Blackstone went public in 2007.
Who are competitors of Blackstone?Blackstone main competitors include Brookfield, KKR, Brookfield Asset Management, Macquarie Group, Apollo Global Management, Investor AB, Strategy, SoftBank Group, Banco BTG Pactual, State Street.
What is the current market cap of Blackstone?Blackstone's current market cap is $96B.
What is the current revenue of Blackstone?Blackstone's last 12 months revenue is $14B.
What is the current revenue growth of Blackstone?Blackstone revenue growth (NTM/LTM) is 24%.
What is the current EV/Revenue multiple of Blackstone?Current revenue multiple of Blackstone is 8.3x.
What is the current EBITDA of Blackstone?Blackstone's last 12 months EBITDA is $8.6B.
What is Blackstone's EBITDA margin?Blackstone's last 12 months EBITDA margin is 60%.
What is the current EV/EBITDA multiple of Blackstone?Current EBITDA multiple of Blackstone is 13.8x.
What is the current FCF of Blackstone?Blackstone's last 12 months FCF is $7.3B.
What is Blackstone's FCF margin?Blackstone's last 12 months FCF margin is 50%.
What is the current EV/FCF multiple of Blackstone?Current FCF multiple of Blackstone is 16.3x.
How many companies Blackstone has acquired to date?As of November 2026, Blackstone has acquired 265 companies.
What was the largest acquisition by Blackstone?$39B acquisition of Equity Office Properties on 1st February 2007 was the largest M&A Blackstone has done to date.
What companies Blackstone acquired?Blackstone acquired Equity Office Properties, Medline, Hilton, GE Capital Real Estate, Refinitiv, Hologic, Freescale Semiconductor, AirTrunk, Copeland, American Campus Communities, and 255 other companies.
In how many companies Blackstone has invested to date?As of November 2026, Blackstone has invested in 201 companies.
What was the last Blackstone investment?On 2nd September 2026 Blackstone invested in Huskeys, participating in a $27M Series A round at $100M valuation, alongside 10D, SV Angel, Bright Pixel, Merlin Ventures, Skinos Ventures, and Okta Ventures.
In what companies Blackstone invested in?Blackstone invested in OpenAI, Anthropic, KOC JV, Port Arthur LNG Phase 2, Rogers (wireless backhaul unit), Williams Power Innovation Joint Venture, Databricks, Copeland, Deutsche Telekom, Invenergy, Citibanamex, Eurowind Energy, Corebridge Financial, Northern Indiana Public Service Company, Acrisure, Shield AI, Firmus Technologies, Aeroplan, Articulate, Anthropic Applied AI (JV), and 181 other companies.

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