BLK
BlackRock, Inc.
BLK has the edge over CG overall, supported by stronger fundamentals and lower modeled downside.
CG
The Carlyle Group Inc.
CG's outlook is improving despite an expensive valuation.
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.
CG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
CG's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like CG.
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 CG in the historical PE scenario, which offers more potential upside but is not a forecast.
CG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.4x | $5.99 | -85% |
| Forward | 9.5x | $39.36 | — |
| Fair | 14x | $13.43 | -66% |
| Expensive | 36x | $33.42 | -15% |
| Current | 42x | $39.36 | — |
Historical ranges are pointers, not guarantees.
CG's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 9.5x next year's earnings, in its fair range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
CG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CG, with profitability holding steady. However, they disagree widely on these estimates.
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.
CG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.16 | +343% |
| Q3 2026 | $0.94 | -47% |
| Q2 2026 | $0.96 | -72% |
| Q1 2026 | $1.46 | -50% |
| Q4 2025 | $2.18 | -21% |
| Q3 2025 | $1.78 | +493% |
| Q2 2025 | $3.41 | +$4.52 |
| Q1 2025 | $2.94 | +$4.72 |
| Q4 2024 | $2.77 | +$4.45 |
CG's earnings per share have fallen from their peak: $0.94 over the past year, against $8.20 in late 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 edge over CG on sales, with more consistent year-over-year improvement.
| 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 has the edge over CG on profitability, with a higher operating margin.
CG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $334.1M | +0.4% |
| Q2 2026 | $1.1B | -29% |
| Q1 2026 | $254M | -74% |
| Q4 2025 | $1.9B | +84% |
| Q3 2025 | $332.7M | -87% |
| Q2 2025 | $1.6B | +47% |
| Q1 2025 | $973.1M | +41% |
| Q4 2024 | $1B | +11% |
CG's revenue has slid since its 2021 peak: $334M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -5 points |
| Q2 2026 | 22% | -3 points |
| Q1 2026 | -45% | -62 points |
| Q4 2025 | 27% | +4.9 points |
| Q3 2025 | -11% | -41 points |
| Q2 2025 | 25% | +4.1 points |
| Q1 2025 | 17% | -1.6 points |
| Q4 2024 | 22% | +113 points |
CG's operating margin was −16% last quarter, down 5 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 edge over CG on cash generation, producing positive trailing cash flow while its opponent burns cash.
CG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $333.7M | +$1.9B |
| Q2 2026 | -$32.5M | +$153.8M |
| Q1 2026 | -$1.3B | -$901.7M |
| Q4 2025 | -$1.2B | -$857.6M |
| Q3 2025 | -$1.6B | -305% |
| Q2 2025 | -$186.3M | +$1.1B |
| Q1 2025 | -$368.8M | -748% |
| Q4 2024 | -$379.5M | -260% |
CG's free cash flow was −$2.2B over the past year, against −$2.5B the year before. Free cash flow isn't a meaningful measure for financial services companies like CG.
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 |
CG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.5% | -13M shares |
| 1 year | -5.9% | -22.2M shares |
| 3 years | -2.6% | -9.4M shares |
| 5 years | -2.9% | -10.4M shares |
| Available history | -0.8% | -3M shares |
CG has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $210.4M |
| Q2 2026 | $304.1M |
| Q1 2026 | $204.8M |
| Q4 2025 | $203.7M |
| Q3 2025 | $202.7M |
| Q2 2025 | $103.6M |
| Q1 2025 | $176.5M |
| Q4 2024 | $75.8M |
CG spent $923M buying back its own shares over the past year, up 65% from 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.
CG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.0x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.8x | Net Cash |
| Q4 2025 | -1.6x | Net Cash |
| Q3 2025 | -2.4x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
CG 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).
CG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 26.1 | Neutral |
CG's weekly RSI is 39 (neutral) and its Stochastic is 26 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK has the edge over CG on valuation relative to its sector.
CG PE vs Financial Services Sector
| Metric | CG | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 222% above |
| PE % | 87 | 63 | 24 pts above |
CG is trading at 42x earnings, a 222% premium to the Financial Services sector's median of 13x.
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 CG on trend strength, trading above more of its moving averages.
CG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.1 | 0.8% above |
| 20 week MA | $43.1 | 8.7% below |
| 50 week MA | $48.5 | 19% below |
| 100 week MA | $50.5 | 22% below |
| 200 week MA | $44.4 | 11% below |
CG has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 11% 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 CG on returns for 2026, with the stronger performance.
CG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.2 | $31.4 | +0.4% |
| 2021 | $31.4 | $55.5 | +77% |
| 2022 | $55.5 | $29.9 | -46% |
| 2023 | $29.9 | $40.7 | +36% |
| 2024 | $40.7 | $50.9 | +25% |
| 2025 | $50.9 | $61.1 | +20% |
| 2026 YTD | $61.1 | $39.4 | -36% |
CG is down 36% so far in 2026, after finishing higher in five of the previous six years.