BLK
BlackRock, Inc.
BLK has the edge over BXSL overall, supported by stronger valuation and stronger fundamentals.
BXSL
Blackstone Secured Lending Fund
BXSL has slightly lower modeled downside risk, despite its lower overall score.
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.
BXSL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
BXSL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BXSL.
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 BXSL in the historical PE scenario, which offers more potential upside but is not a forecast.
BXSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $9.65 | -59% |
| Forward | 9.3x | $23.67 | — |
| Fair | 9.4x | $11.30 | -52% |
| Expensive | 11x | $12.62 | -47% |
| Current | 20x | $23.67 | — |
Historical ranges are pointers, not guarantees.
BXSL's PE is in its expensive range at 20x. On analysts' estimates for next year's earnings, today's price would be 9.3x, in its fair range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
BXSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect BXSL's earnings and revenue to decline, with profitability weakening.
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% |
BLK has the edge over BXSL on earnings, with more consistent year-over-year improvement.
BXSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.54 | +111% |
| Q3 2026 | $1.20 | -55% |
| Q2 2026 | $1.27 | -55% |
| Q1 2026 | $1.91 | -39% |
| Q4 2025 | $2.46 | -29% |
| Q3 2025 | $2.64 | -27% |
| Q2 2025 | $2.82 | -27% |
| Q1 2025 | $3.15 | -16% |
| Q4 2024 | $3.45 | -5.5% |
BXSL's earnings per share have fallen from their peak: $1.20 over the past year, against $6.63 in early 2021.
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 down 1.9% for BXSL.
| 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.
BXSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $118.4M | -1.9% |
| Q1 2022 | $142.5M | +23% |
| Q4 2021 | $157.6M | +23% |
| Q3 2021 | $117.1M | -36% |
| Q2 2021 | $120.7M | -48% |
| Q4 2020 | $127.9M | +140% |
BXSL's revenue fell from its 2020 peak and has held roughly level since: $118M last quarter, down 1.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 67% | +8 points |
| Q1 2022 | 76% | +11 points |
| Q4 2021 | 78% | +11 points |
| Q3 2021 | 80% | +49 points |
| Q2 2021 | 59% | +38 points |
| Q1 2021 | 66% | N/A |
| Q4 2020 | 67% | +3.5 points |
| Q3 2020 | 31% | N/A |
BXSL's operating margin was 67% last quarter, up 8 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's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
BXSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479.3M | +$911.9M |
| Q2 2026 | $561M | +$782M |
| Q1 2026 | $249.3M | -41% |
| Q4 2025 | -$229.7M | +$674.2M |
| Q3 2025 | -$432.6M | +$85.1M |
| Q2 2025 | -$221.1M | +$488.1M |
| Q1 2025 | $424.7M | +$820.2M |
| Q4 2024 | -$903.9M | -$775.9M |
BXSL has the edge over BLK on cash flow, with more consistent year-over-year improvement.
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 the edge over BXSL on shareholder dilution, with a more favorable share count trend.
| 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 |
BXSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +333K shares |
| 1 year | +1.1% | +2.4M shares |
| 3 years | +37% | +63M shares |
| 5 years | +39% | +65.3M shares |
| Available history | +367% | +183M shares |
BXSL has 233M diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | $47.4M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
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.
BXSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 12.4x | High |
| Q1 2022 | 10.6x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 10.0x | High |
| Q2 2021 | 12.9x | High |
| Q1 2021 | 20.0x | High |
BXSL's net debt is about 12 years of its operating earnings (EBITDA), down from 13 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BXSL.
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).
BXSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 33.0 | Neutral |
BXSL's weekly RSI is 46 (neutral) and its Stochastic is 33 (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.
BXSL PE vs Financial Services Sector
| Metric | BXSL | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 52% above |
| PE % | 100 | 64 | 36 pts above |
BXSL 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 BXSL on trend strength, trading above more of its moving averages.
BXSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 0.5% below |
| 20 week MA | $24.0 | 1.5% below |
| 50 week MA | $24.5 | 3.3% below |
| 100 week MA | $27.5 | 14% below |
| 200 week MA | $28.0 | 15% below |
BXSL is in a downtrend: it's below all five of its weekly moving averages, and 15% below 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 the edge over BXSL on returns for 2026, with the stronger performance.
BXSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.0 | $37.6 | +30% |
| 2022 | $37.6 | $22.9 | -39% |
| 2023 | $22.9 | $27.6 | +20% |
| 2024 | $27.6 | $33.3 | +20% |
| 2025 | $33.3 | $27.2 | -18% |
| 2026 YTD | $27.2 | $23.7 | -13% |
BXSL has finished higher in three of the last five years. It's down 13% so far in 2026.