BLK
BlackRock, Inc.
BLK has the edge over OCSL overall, supported by stronger fundamentals and stronger valuation.
OCSL
Oaktree Specialty Lending Corporation
OCSL offers stronger modeled upside, 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.
OCSL Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Stable | |
| N/A | |
| N/A |
OCSL's profitability is currently stable, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like OCSL.
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 OCSL in the historical PE scenario, which offers more potential upside but is not a forecast.
OCSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $2.79 | -77% |
| Forward | 8.9x | $12.16 | — |
| Fair | 19x | $8.88 | -27% |
| Current | 25x | $12.16 | — |
| Expensive | 34x | $16.42 | +35% |
Historical ranges are pointers, not guarantees.
OCSL's PE is in its expensive range at 25x. On analysts' estimates for next year's earnings, today's price would be 8.9x, in its cheap range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
OCSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect OCSL's earnings and profitability to decline, with its revenue holding steady.
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 OCSL on earnings, with more consistent year-over-year improvement.
OCSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | +184% |
| Q2 2026 | $0.48 | -14% |
| Q1 2026 | $0.57 | +338% |
| Q4 2025 | $0.36 | -46% |
| Q3 2025 | $0.39 | -46% |
| Q2 2025 | $0.56 | -38% |
| Q1 2025 | $0.13 | -91% |
| Q4 2024 | $0.67 | -57% |
| Q3 2024 | $0.72 | -56% |
OCSL's earnings per share have fallen from their peak: $0.48 over the past year, against $7.24 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 32% for OCSL.
| 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.
OCSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $32.8M | -32% |
| Q1 2022 | $25.6M | -74% |
| Q4 2021 | $51.5M | -30% |
| Q3 2021 | $48M | -39% |
| Q2 2021 | $59.2M | -54% |
| Q4 2020 | $73.7M | +168% |
| Q3 2020 | $78.3M | +227% |
OCSL's revenue has slid since its 2020 peak: $33M last quarter, down 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 46% | -31 points |
| Q1 2022 | 56% | -35 points |
| Q4 2021 | 78% | -11 points |
| Q3 2021 | 77% | -13 points |
| Q2 2021 | 82% | -11 points |
| Q1 2021 | 91% | N/A |
| Q4 2020 | 89% | +38 points |
| Q3 2020 | 90% | +30 points |
OCSL's operating margin was 46% last quarter, down 36 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
OCSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $57.6M | +173% |
| Q1 2026 | $130.7M | +111% |
| Q4 2025 | -$83.5M | -158% |
| Q3 2025 | $1.3M | -99% |
| Q2 2025 | $21.1M | +$81M |
| Q1 2025 | $62M | +$79.6M |
| Q4 2024 | $144M | +12696% |
| Q3 2024 | $95.5M | -61% |
OCSL's free cash flow was $106M over the past year, down 67% from the year before. Free cash flow isn't a meaningful measure for financial services companies like OCSL.
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 OCSL 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 |
OCSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +14% | +11M shares |
| 5 years | +47% | +28M shares |
| Available history | +87% | +41.1M shares |
OCSL has 88M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $1.1M |
| Q1 2026 | $1.1M |
| Q4 2025 | $1.1M |
| Q3 2025 | $1.2M |
| Q2 2025 | $3.8M |
| Q1 2025 | $4.3M |
| Q4 2024 | $1.5M |
| Q3 2024 | $1.6M |
OCSL spent $5M buying back its own shares over the past year, down 59% 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.
OCSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 38.9x | High |
| Q2 2022 | 24.2x | High |
| Q1 2022 | 9.4x | High |
| Q4 2021 | 5.8x | High |
| Q3 2021 | 5.2x | High |
| Q2 2021 | 3.7x | Elevated |
| Q1 2021 | 3.1x | Elevated |
| Q4 2020 | 2.7x | Moderate |
OCSL's net debt is more than 20 years of its operating earnings (EBITDA), up from 5.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like OCSL.
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).
OCSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.4 | Neutral |
| Stochastic | 50.3 | Neutral |
OCSL's weekly RSI is 49 (neutral) and its Stochastic is 50 (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.
OCSL PE vs Financial Services Sector
| Metric | OCSL | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 95% above |
| PE % | 75 | 63 | 12 pts above |
OCSL 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 OCSL on trend strength, trading above more of its moving averages.
OCSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.9 | 1.9% above |
| 20 week MA | $12.3 | 0.8% below |
| 50 week MA | $12.2 | 0.4% below |
| 100 week MA | $13.3 | 8.5% below |
| 200 week MA | $16.1 | 24% below |
OCSL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 24% 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 OCSL on returns for 2026, with the stronger performance.
OCSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.4 | $16.7 | +1.6% |
| 2021 | $16.7 | $22.5 | +35% |
| 2022 | $22.5 | $20.6 | -8.7% |
| 2023 | $20.6 | $20.4 | -0.6% |
| 2024 | $20.4 | $15.3 | -25% |
| 2025 | $15.3 | $12.8 | -16% |
| 2026 YTD | $12.8 | $12.2 | -4.9% |
OCSL has finished four years in a row lower, and it's down 4.9% so far in 2026.