BLK
BlackRock, Inc.
BLK has the edge over NNI overall, supported by stronger fundamentals and stronger modeled upside.
NNI
Nelnet, Inc.
NNI offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
NNI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NNI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NNI.
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 NNI in the historical PE scenario, which offers more potential upside but is not a forecast.
NNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.1x | $53.77 | -57% |
| Fair | 15x | $110 | -12% |
| Forward | 15x | $125 | — |
| Current | 16x | $125 | — |
| Expensive | 26x | $200 | +60% |
Historical ranges are pointers, not guarantees.
NNI's PE is in its fair range at 16x. On analysts' estimates for next year's earnings, today's price would be 15x.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
NNI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect NNI's revenue to grow, but its profitability to weaken.
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.
NNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.43 | +11% |
| Q3 2026 | $7.57 | -36% |
| Q2 2026 | $8.38 | -7.4% |
| Q1 2026 | $11.50 | +117% |
| Q4 2025 | $11.79 | +135% |
| Q3 2025 | $11.92 | +291% |
| Q2 2025 | $9.05 | +116% |
| Q1 2025 | $5.31 | +43% |
| Q4 2024 | $5.02 | +105% |
NNI 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 NNI 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.
NNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $101.4M | +19% |
| Q2 2026 | $96M | +21% |
| Q1 2026 | $101.6M | +23% |
| Q4 2025 | $107.1M | +34% |
| Q3 2025 | $85.3M | +18% |
| Q2 2025 | $79.4M | +20% |
| Q1 2025 | $82.7M | +11% |
| Q4 2024 | $80.1M | +15% |
NNI's revenue has grown year over year for eight quarters in a row: $101M last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | -80 points |
| Q2 2026 | 68% | -231 points |
| Q1 2026 | 74% | -54 points |
| Q4 2025 | 71% | -27 points |
| Q3 2025 | 160% | +163 points |
| Q2 2025 | 299% | +211 points |
| Q1 2025 | 128% | +1.5 points |
| Q4 2024 | 98% | +155 points |
NNI 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 has the edge over NNI on cash flow, with more consistent year-over-year improvement.
NNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $187.9M | +87% |
| Q2 2026 | $71.6M | -8.3% |
| Q1 2026 | $61.6M | -30% |
| Q4 2025 | $130.1M | -34% |
| Q3 2025 | $100.8M | -24% |
| Q2 2025 | $78.1M | -36% |
| Q1 2025 | $87.8M | -53% |
| Q4 2024 | $197.9M | +239% |
NNI's free cash flow was $451M over the past year, down 2.9% from the year before. Free cash flow isn't a meaningful measure for financial services companies like NNI.
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 |
NNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -192K shares |
| 1 year | -1.3% | -471K shares |
| 3 years | -4.4% | -1.7M shares |
| 5 years | -7.1% | -2.8M shares |
| Available history | -10% | -4.2M shares |
NNI has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $53.1M |
| Q2 2026 | $24.4M |
| Q1 2026 | $16.3M |
| Q4 2025 | $16.3M |
| Q3 2025 | $27.3M |
| Q2 2025 | $21.4M |
| Q1 2025 | $4.5M |
| Q4 2024 | $403,000 |
NNI spent $110M buying back its own shares over the past year, up 106% 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 the edge over NNI on leverage, with a lower net debt burden relative to earnings.
NNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 18.1x | High |
| Q2 2026 | 16.6x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 12.1x | High |
| Q3 2025 | 12.2x | High |
| Q2 2025 | 15.7x | High |
| Q1 2025 | 26.4x | High |
| Q4 2024 | 25.5x | High |
NNI's net debt is about 18 years of its operating earnings (EBITDA), up from 12 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NNI.
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).
NNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 32.3 | Neutral |
NNI's weekly RSI is 46 (neutral) and its Stochastic is 32 (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.
NNI PE vs Financial Services Sector
| Metric | NNI | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 27% above |
| PE % | 57 | 63 | 6 pts below |
NNI 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 NNI on trend strength, trading above more of its moving averages.
NNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $125.2 | 0.3% below |
| 20 week MA | $128.4 | 2.8% below |
| 50 week MA | $130.4 | 4.3% below |
| 100 week MA | $124.3 | 0.5% above |
| 200 week MA | $110.7 | 13% above |
NNI has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 13% 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 the edge over NNI on returns for 2026, with the stronger performance.
NNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $58.5 | $68.7 | +17% |
| 2021 | $68.7 | $97.6 | +42% |
| 2022 | $97.6 | $89.6 | -8.2% |
| 2023 | $89.6 | $88.2 | -1.5% |
| 2024 | $88.2 | $106.2 | +20% |
| 2025 | $106.2 | $135.7 | +28% |
| 2026 YTD | $135.7 | $124.8 | -8% |
NNI has finished higher in four of the last six years. It's down 8% so far in 2026.