BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
CFR
Cullen/Frost Bankers, Inc.
CFR 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.
CFR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
CFR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like CFR.
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's PE is in its expensive range at 28x.
CFR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $126 | -20% |
| Forward | 13x | $158 | — |
| Fair | 14x | $152 | -4% |
| Current | 15x | $158 | — |
| Expensive | 19x | $207 | +31% |
Historical ranges are pointers, not guarantees.
CFR has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
CFR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CFR, 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% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
CFR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.91 | +11% |
| Q3 2026 | $10.75 | +11% |
| Q2 2026 | $10.58 | +14% |
| Q1 2026 | $10.27 | +13% |
| Q4 2025 | $9.92 | +12% |
| Q3 2025 | $9.72 | +21% |
| Q2 2025 | $9.29 | +13% |
| Q1 2025 | $9.11 | +7.7% |
| Q4 2024 | $8.87 | -2.5% |
CFR has the edge over BLK on earnings, with more consistent year-over-year improvement.
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 edge over CFR on sales, with stronger typical year-over-year growth.
| 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.
CFR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $603.8M | +6.4% |
| Q2 2026 | $576M | +5.3% |
| Q1 2026 | $574.8M | +6.4% |
| Q4 2025 | $580.9M | +8.3% |
| Q3 2025 | $567.3M | +9.5% |
| Q2 2025 | $546.9M | +7.7% |
| Q1 2025 | $540.2M | +7.7% |
| Q4 2024 | $536.3M | +6.9% |
CFR's revenue has grown year over year for 10 quarters in a row: $604M last quarter, up 6.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | -1.1 points |
| Q2 2026 | 36% | +1.4 points |
| Q1 2026 | 35% | +2.1 points |
| Q4 2025 | 34% | -0.2 points |
| Q3 2025 | 37% | +2.8 points |
| Q2 2025 | 34% | -0.4 points |
| Q1 2025 | 33% | +0.9 points |
| Q4 2024 | 34% | +10 points |
CFR has the edge over BLK on profitability, with a higher operating margin.
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.
CFR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $248.7M | +17% |
| Q2 2026 | -$7.1M | -106% |
| Q1 2026 | $198.7M | +$535.8M |
| Q4 2025 | $138.2M | +419% |
| Q3 2025 | $211.7M | -25% |
| Q2 2025 | $114.5M | +11% |
| Q1 2025 | -$337.1M | -175% |
| Q4 2024 | $26.7M | +$150.2M |
CFR's free cash flow was $578M over the past year, more than ten times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like CFR.
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 |
CFR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -338K shares |
| 1 year | -3.1% | -2M shares |
| 3 years | -3.3% | -2.1M shares |
| 5 years | -3.1% | -2M shares |
| Available history | -2.1% | -1.3M shares |
CFR has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $15.2M |
| Q2 2026 | $90.9M |
| Q1 2026 | $72.3M |
| Q4 2025 | $85.4M |
| Q3 2025 | $69.8M |
| Q2 2025 | $76,000 |
| Q1 2025 | $2.6M |
| Q4 2024 | $8.6M |
CFR spent $264M buying back its own shares over the past year, about three 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.
CFR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
CFR has the edge over BLK on leverage, with a lower net debt burden relative to earnings.
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).
CFR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 44.9 | Neutral |
CFR's weekly RSI is 55 (neutral) and its Stochastic is 45 (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.
CFR PE vs Financial Services Sector
| Metric | CFR | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 13% above |
| PE % | 56 | 63 | 7 pts below |
CFR 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 CFR on trend strength, trading above more of its moving averages.
CFR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $155.7 | 1.4% above |
| 20 week MA | $159.8 | 1.2% below |
| 50 week MA | $146.8 | 7.5% above |
| 100 week MA | $137.4 | 15% above |
| 200 week MA | $123.3 | 28% above |
CFR's trend is mixed: it's above four of its five weekly moving averages, and 28% 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.
CFR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $98.0 | $87.5 | -11% |
| 2021 | $87.5 | $125.5 | +43% |
| 2022 | $125.5 | $131.7 | +5% |
| 2023 | $131.7 | $108.5 | -18% |
| 2024 | $108.5 | $135.2 | +25% |
| 2025 | $135.2 | $128.6 | -4.9% |
| 2026 YTD | $128.6 | $157.8 | +23% |
CFR has the edge over BLK on returns for 2026, with the stronger performance.