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World's largest alternative asset manager, investing in private equity, real estate, credit and infrastructure.
World's largest alternative asset manager, investing in private equity, real estate, credit and infrastructure.
Earns management fees on money raised for its funds, performance fees when funds sell investments above a hurdle, and income from its own capital. Many funds are long-dated, which locks in fees, and it also sells to individuals through vehicles such as its real estate income trust.
Moat: wide (scale, brand, distribution). Scale, fundraising brand and permanent-capital vehicles give access to deals and cheap capital smaller managers lack.
Headquarters: New York, New York, US · Founded: 1985 · Employees: 5,285
Size Blackstone (BX) is a United States Financials company (Investment Managers) with a market value of $149B, the 82nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $119.50 on 6 Nov 2026.
Performance Over six months the shares fell 3.5%, against +1.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 11 in its peer set.
Growth Revenue grew 8.8% over the last twelve months (peer median +9.7%); the operating margin is 57.0% (peer median 30.5%).
Valuation It trades at 18.1× forward earnings against a peer median of 13.3× (4th most expensive of 11).
Credit Blackstone has 33 bonds outstanding ($21.4B), rated BBB- by the agencies and trading like BB at a weighted spread of 189 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.2B | $13.7B | $12.5B | $10.3B | $13.6B |
| Revenue growth | — | +10% | +21% | -25% | — |
| Gross profit | $15.1B | $13.5B | $12.3B | $10.0B | $13.4B |
| EBITDA | $8.75B | $7.72B | $7.06B | $3.48B | $3.83B |
| Net income | $3.56B | $3.02B | $2.78B | $1.39B | $1.75B |
| Free cash flow | n/a | $1.74B | $1.58B | $1.77B | $952M |
| Capital expenditure | n/a | $116M | $61.4M | $224M | $235M |
| Total debt | $14.2B | $13.3B | $12.3B | $12.3B | $13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| KKR & KKR | $86.6B | -6% | +32% | 23% | 11.4× | n/a |
| Apollo Global Management APO | $68.9B | -12% | +11% | 11% | 11.5× | n/a |
| Brookfield BN.TO | $102B | -8% | +1% | 25% | 13.5× | n/a |
| Carlyle CG | $14.1B | -22% | -44% | 14% | 10.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | +4.8% | 6th highest of 11 |
| 6-month return | -3.5% | +1.5% | 5th lowest of 11 |
| Distance from 52-week high | -26.1% | -17.2% | 3rd lowest of 11 |
| Revenue growth (TTM) | +8.8% | +9.7% | 6th highest of 11 |
| Operating margin | 57.0% | 30.5% | 3rd highest of 11 |
| Forward P/E | 18.1× | 13.3× | 4th most expensive of 11 |
| Bond spread | 189 bp | 97 bp | widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Blackstone BX | United States | $149B | -3% | +9% | 57% | 18.1× | n/a | n/a |
| UBS UBSG.SW | Switzerland | $148B | +13% | -5% | 23% | 13.2× | n/a | n/a |
| BlackRock BLK | United States | $192B | +9% | +24% | 36% | 18.9× | n/a | n/a |
| Brookfield BN.TO | Canada | $102B | -8% | +1% | 25% | 13.5× | n/a | n/a |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 62% | 26.6× | n/a | n/a |
| KKR & KKR | United States | $86.6B | -6% | +32% | 23% | 11.4× | n/a | n/a |
| Morgan Stanley MS | United States | $285B | -6% | +16% | 33% | 13.6× | n/a | n/a |
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | 11% | 11.5× | n/a | n/a |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 28% | 10.0× | n/a | n/a |
| Guotai Haitong Securities 601211.SS | China | $40.4B | +2% | +3% | 44% | 8.9× | n/a | n/a |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
Blackstone has 33 bonds outstanding with $21.4B face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 6.44%, a spread of 189 bp over government bonds.