BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
BMO
Bank of Montreal
BMO has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
BMO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
BMO's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like BMO.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK has the edge over BMO in the historical PE scenario, which offers more potential upside but is not a forecast.
BMO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $75.31 | -56% |
| Fair | 13x | $118 | -32% |
| Expensive | 17x | $151 | -13% |
| Current | 19x | $173 | — |
Historical ranges are pointers, not guarantees.
BMO's PE is 19x, but its earnings don't support one, so it isn't a reliable read right now.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
BMO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BMO, with profitability improving.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BMO has the stronger earnings trend. Trailing diluted EPS is up 11% for BLK versus BMO up 20%.
BMO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $9.12 | +20% |
| Q1 2026 | $8.42 | +13% |
| Q4 2025 | $8.03 | +20% |
| Q3 2025 | $8.04 | +32% |
| Q2 2025 | $7.57 | +30% |
| Q1 2025 | $7.47 | +48% |
| Q4 2024 | $6.69 | +71% |
| Q3 2024 | $6.07 | -14% |
BMO's earnings per share have fallen from their peak: $9.12 over the past year, against $14.07 in late 2022.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus up 0.2% for BMO.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
BMO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $13.6B | +0.2% |
| Q1 2026 | $13.6B | -5.5% |
| Q4 2025 | $13.6B | -2.4% |
| Q3 2025 | $13.5B | -6.2% |
| Q2 2025 | $13.5B | -1.7% |
| Q1 2025 | $14.4B | +8.8% |
| Q4 2024 | $13.9B | +4% |
| Q3 2024 | $14.4B | +14% |
BMO's revenue grew through 2024 and has held roughly level since: $13.6B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 18% | +4.6 points |
| Q1 2026 | 17% | +3.4 points |
| Q4 2025 | 16% | +0.5 points |
| Q3 2025 | 16% | +4.1 points |
| Q2 2025 | 14% | +1.2 points |
| Q1 2025 | 14% | +5 points |
| Q4 2024 | 15% | +3.8 points |
| Q3 2024 | 12% | +0.9 points |
BMO's operating margin was 18% last quarter, up 4.6 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the stronger cash trend. Its trailing FCF is up 20% versus its history, compared with BMO at down 25%.
BMO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.1B | +$8.6B |
| Q1 2026 | $995.5M | -68% |
| Q4 2025 | $8.6B | +187% |
| Q3 2025 | -$3.2B | -386% |
| Q2 2025 | -$2.6B | -199% |
| Q1 2025 | $3.2B | -71% |
| Q4 2024 | $3B | +42% |
| Q3 2024 | $1.1B | -84% |
BMO's free cash flow was $12.5B over the past year, up 163% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BMO.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
BMO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -2.2% | -16.3M shares |
| 3 years | -0.4% | -2.6M shares |
| 5 years | +9.6% | +62.1M shares |
| Available history | +11% | +69.7M shares |
BMO has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $815.5M |
| Q1 2026 | $1.6B |
| Q4 2025 | $972.3M |
| Q3 2025 | $625M |
| Q2 2025 | $677M |
| Q1 2025 | $337.5M |
| Q4 2024 | — |
| Q3 2024 | — |
BMO spent $4B buying back its own shares over the past year, about four times what it spent the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
BMO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 6.6x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 25.1x | High |
| Q3 2025 | 24.2x | High |
| Q2 2025 | 25.0x | High |
| Q1 2025 | 24.7x | High |
| Q4 2024 | 26.2x | High |
| Q3 2024 | 27.6x | High |
BMO's net debt is about 6.6 years of its operating earnings (EBITDA), down from more than 20 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BMO.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
BMO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.6 | Neutral |
| Stochastic | 44.0 | Neutral |
BMO's weekly RSI is 58 (neutral) and its Stochastic is 44 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
BMO PE vs Financial Services Sector
| Metric | BMO | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 46% above |
| PE % | 94 | 63 | 31 pts above |
BMO has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over BMO on trend strength, trading above more of its moving averages.
BMO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $169.0 | 2.3% above |
| 20 week MA | $174.1 | 0.7% below |
| 50 week MA | $156.8 | 10% above |
| 100 week MA | $132.9 | 30% above |
| 200 week MA | $111.4 | 55% above |
BMO's trend is mixed: it's above four of its five weekly moving averages, and 55% above its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has finished higher in five of the last six years. It's up 12% so far in 2026.
BMO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $77.2 | $75.9 | -1.7% |
| 2021 | $75.9 | $105.9 | +40% |
| 2022 | $105.9 | $90.3 | -15% |
| 2023 | $90.3 | $98.9 | +9.6% |
| 2024 | $98.9 | $97.1 | -1.9% |
| 2025 | $97.1 | $130.9 | +35% |
| 2026 YTD | $130.9 | $172.9 | +32% |
BMO has the edge over BLK on returns for 2026, with the stronger performance.