BLK
BlackRock, Inc.
BLK has the edge over SLM overall, supported by stronger fundamentals and lower modeled downside.
SLM
SLM Corporation
SLM 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.
SLM Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
SLM's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like SLM.
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.
SLM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.3x | $14.65 | -12% |
| Current | 6x | $16.59 | — |
| Forward | 6.6x | $16.59 | — |
| Fair | 7.1x | $19.45 | +17% |
| Expensive | 9.6x | $26.38 | +59% |
Historical ranges are pointers, not guarantees.
SLM 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.
SLM Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect SLM's earnings and profitability to decline, with its revenue 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.
SLM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.52 | -8.2% |
| Q3 2026 | $2.75 | -4.5% |
| Q2 2026 | $3.57 | +77% |
| Q1 2026 | $3.60 | +28% |
| Q4 2025 | $3.46 | +29% |
| Q3 2025 | $2.88 | +0.3% |
| Q2 2025 | $2.02 | -37% |
| Q1 2025 | $2.81 | -12% |
| Q4 2024 | $2.68 | +12% |
SLM 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 SLM 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 SLM on profitability, with a higher operating margin.
SLM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $375.5M | -31% |
| Q2 2026 | $401.1M | -0.6% |
| Q1 2026 | $560M | -3.6% |
| Q4 2025 | $454.1M | +16% |
| Q3 2025 | $545.7M | +42% |
| Q2 2025 | $403.6M | -21% |
| Q1 2025 | $581M | +3.5% |
| Q4 2024 | $390M | -12% |
SLM's revenue has slid since its 2021 peak: $375M last quarter, down 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -50 points |
| Q2 2026 | 20% | -1.7 points |
| Q1 2026 | 71% | +2.1 points |
| Q4 2025 | 70% | +36 points |
| Q3 2025 | 34% | +50 points |
| Q2 2025 | 22% | -44 points |
| Q1 2025 | 69% | +0.3 points |
| Q4 2024 | 34% | -17 points |
SLM's operating margin was −16% last quarter, down 50 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 has the edge over SLM on cash generation, producing positive trailing cash flow while its opponent burns cash.
SLM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$106.4M | -$57M |
| Q2 2026 | -$134.8M | +$3.9M |
| Q1 2026 | -$76M | +$70.1M |
| Q4 2025 | -$64.5M | -1520% |
| Q3 2025 | -$49.3M | +$64.1M |
| Q2 2025 | -$138.7M | +$5.1M |
| Q1 2025 | -$146.1M | -$69.3M |
| Q4 2024 | $4.5M | +$31.7M |
SLM's free cash flow was −$382M over the past year, against −$330M the year before. Free cash flow isn't a meaningful measure for financial services companies like SLM.
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 |
SLM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.5% | -4.8M shares |
| 1 year | -12% | -25M shares |
| 3 years | -19% | -43.2M shares |
| 5 years | -39% | -119M shares |
| Available history | -57% | -245M shares |
SLM has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $127.7M |
| Q2 2026 | $3.1M |
| Q1 2026 | $290.7M |
| Q4 2025 | $123.8M |
| Q3 2025 | $143.5M |
| Q2 2025 | $71.7M |
| Q1 2025 | $29.7M |
| Q4 2024 | $47.1M |
SLM spent $545M buying back its own shares over the past year, up 87% 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 SLM on leverage, with a lower net debt burden relative to earnings.
SLM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.0x | Elevated |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.1x | Moderate |
SLM's net debt is about 5.6 years of its operating earnings (EBITDA), up from 4.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SLM.
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).
SLM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 25.5 | Oversold |
| Stochastic | 2.4 | Oversold |
SLM's weekly RSI is 26 (oversold) and its Stochastic is 2 (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.
SLM PE vs Financial Services Sector
| Metric | SLM | Sector median | Relative |
|---|---|---|---|
| PE | 6x | 13x | 54% below |
| PE % | 27 | 63 | 36 pts below |
SLM 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 SLM on trend strength, trading above more of its moving averages.
SLM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.2 | 18% below |
| 20 week MA | $23.7 | 30% below |
| 50 week MA | $23.8 | 30% below |
| 100 week MA | $26.7 | 38% below |
| 200 week MA | $22.5 | 26% below |
SLM is in a downtrend: it's below all five of its weekly moving averages, and 26% 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 SLM on returns for 2026, with the stronger performance.
SLM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.99 | $12.3 | +36% |
| 2021 | $12.3 | $19.1 | +56% |
| 2022 | $19.1 | $16.5 | -14% |
| 2023 | $16.5 | $19.1 | +16% |
| 2024 | $19.1 | $27.9 | +46% |
| 2025 | $27.9 | $27.5 | -1.3% |
| 2026 YTD | $27.5 | $16.6 | -40% |
SLM is down 40% so far in 2026, after finishing higher in four of the previous six years.