BLK
BlackRock, Inc.
BLK's fundamentals are mixed, but it looks expensive: trading at 28x earnings, above its usual 22x.
SAR
Saratoga Investment Corp.
There isn't enough reported data to score SAR yet.
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.
SAR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Stable | |
| N/A | |
| N/A |
SAR'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 SAR.
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.
SAR PE Valuation
SAR has no meaningful PE right now: it lost money over the past year.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
SAR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect SAR's revenue to grow, but its earnings and profitability to decline. 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 has the edge over SAR on earnings quality, reporting a profit while its opponent remains loss making.
SAR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.02 | — |
| Q3 2026 | -$0.27 | -112% |
| Q2 2026 | $0.98 | -60% |
| Q1 2026 | $2.31 | +14% |
| Q4 2025 | $2.42 | -2.4% |
| Q3 2025 | $2.32 | +52% |
| Q2 2025 | $2.45 | +102% |
| Q1 2025 | $2.02 | +185% |
| Q4 2022 | $1.17 | -72% |
SAR has swung to a loss: it lost $0.27 per share over the past year, after a profit the year before.
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 35% for SAR.
| 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.
SAR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $11.8M | -35% |
| Q2 2022 | $7.6M | -72% |
| Q1 2022 | $16.6M | +0.8% |
| Q4 2021 | $15M | -4% |
| Q3 2021 | $18.3M | -31% |
| Q1 2021 | $16.5M | -50% |
SAR's revenue has slid since its 2020 peak: $12M last quarter, down 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 9.1% | -44 points |
| Q2 2022 | -17% | -94 points |
| Q1 2022 | 55% | -8 points |
| Q4 2021 | 55% | -12 points |
| Q3 2021 | 53% | -29 points |
| Q2 2021 | 77% | N/A |
| Q1 2021 | 63% | N/A |
| Q4 2020 | 67% | -15 points |
SAR's operating margin was 9.1% last quarter, down 44 points from the same quarter a year ago, near the bottom of its range since 2020.
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 SAR on cash generation, producing positive trailing cash flow while its opponent burns cash.
SAR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$27.8M | -$8.5M |
| Q2 2026 | -$26M | -180% |
| Q1 2026 | -$92.4M | -$72.5M |
| Q4 2025 | -$8.6M | -109% |
| Q3 2025 | -$19.3M | -127% |
| Q2 2025 | $32.3M | -38% |
| Q1 2025 | -$19.9M | +$741.4K |
| Q4 2024 | $94.2M | +$112.7M |
SAR's free cash flow was −$155M over the past year, against $87M the year before. Free cash flow isn't a meaningful measure for financial services companies like SAR.
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 SAR 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 |
SAR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -97.3K shares |
| 1 year | +2.4% | +380K shares |
| 3 years | +33% | +4M shares |
| 5 years | +45% | +5M shares |
| Available history | +44% | +5M shares |
SAR has 16M diluted shares, up 2.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $2.2M |
| Q1 2023 | $1.2M |
| Q4 2022 | $2.2M |
| Q3 2022 | $3.7M |
| Q2 2022 | $3.7M |
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.
SAR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 35.8x | High |
| Q2 2022 | 20.9x | High |
| Q1 2022 | 9.3x | High |
| Q4 2021 | 6.6x | High |
| Q3 2021 | 6.6x | High |
| Q2 2021 | 5.8x | High |
| Q1 2020 | 3.2x | Elevated |
SAR's net debt is more than 20 years of its operating earnings (EBITDA), up from 6.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SAR.
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).
SAR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 19.3 | Oversold |
| Stochastic | 3.6 | Oversold |
SAR's weekly RSI is 19 (oversold) and its Stochastic is 4 (oversold).
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.
SAR PE vs Financial Services Sector
| Metric | SAR | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 13x | 29% above |
| PE % | 77 | 63 | 14 pts above |
SAR 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 SAR on trend strength, trading above more of its moving averages.
SAR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.5 | 19% below |
| 20 week MA | $17.1 | 32% below |
| 50 week MA | $20.5 | 43% below |
| 100 week MA | $22.4 | 48% below |
| 200 week MA | $23.5 | 50% below |
SAR is in a downtrend: it's below all five of its weekly moving averages, and 50% 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 SAR on returns for 2026, with the stronger performance.
SAR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.0 | $20.7 | -17% |
| 2021 | $20.7 | $29.3 | +42% |
| 2022 | $29.3 | $25.6 | -13% |
| 2023 | $25.6 | $25.9 | +1.1% |
| 2024 | $25.9 | $23.8 | -8.1% |
| 2025 | $23.8 | $23.2 | -2.5% |
| 2026 YTD | $23.2 | $11.7 | -50% |
SAR has finished lower in four of the last six years. It's down 50% so far in 2026.