BLK
BlackRock, Inc.
BLK has the edge over TSLX overall, supported by stronger valuation and stronger fundamentals.
TSLX
Sixth Street Specialty Lending, Inc.
TSLX 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.
TSLX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
TSLX's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like TSLX.
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 TSLX in the historical PE scenario, which offers more potential upside but is not a forecast.
TSLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $6.81 | -61% |
| Forward | 9.5x | $17.56 | — |
| Fair | 10x | $8.45 | -52% |
| Expensive | 13x | $11.26 | -36% |
| Current | 21x | $17.56 | — |
Historical ranges are pointers, not guarantees.
TSLX's PE is in its expensive range at 21x. On analysts' estimates for next year's earnings, today's price would be 9.5x, in its fair range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
TSLX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TSLX's profitability to weaken, with its earnings and 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 TSLX on earnings, with more consistent year-over-year improvement.
TSLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.86 | +121% |
| Q3 2026 | $0.84 | -59% |
| Q2 2026 | $0.95 | -53% |
| Q1 2026 | $1.15 | -39% |
| Q4 2025 | $1.81 | -11% |
| Q3 2025 | $2.04 | -1.4% |
| Q2 2025 | $2.01 | -15% |
| Q1 2025 | $1.89 | -24% |
| Q4 2024 | $2.03 | -22% |
TSLX's earnings per share have fallen from their peak: $0.84 over the past year, against $4.08 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 97% for TSLX.
| 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.
TSLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $2.5M | -97% |
| Q1 2022 | $54M | -22% |
| Q4 2021 | $56.7M | -14% |
| Q3 2021 | $68.2M | -29% |
| Q2 2021 | $71.8M | -35% |
| Q4 2020 | $65.8M | +20% |
TSLX's revenue has slid since its 2020 peak: $2M last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -521% | -603 points |
| Q1 2022 | 76% | -5.8 points |
| Q4 2021 | 76% | -7.4 points |
| Q3 2021 | 81% | -7.1 points |
| Q2 2021 | 82% | -6.7 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 84% | +14 points |
| Q3 2020 | 88% | N/A |
TSLX's operating margin was −521% last quarter, down 603 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.
TSLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$97.4M | -$81.8M |
| Q2 2026 | $68.3M | -65% |
| Q1 2026 | -$23.4M | -116% |
| Q4 2025 | $74.1M | +$104.8M |
| Q3 2025 | -$15.6M | +$58.9M |
| Q2 2025 | $193.2M | +54% |
| Q1 2025 | $149.9M | +$215.5M |
| Q4 2024 | -$30.7M | +$56.1M |
TSLX's free cash flow was $22M over the past year, down 93% from the year before. Free cash flow isn't a meaningful measure for financial services companies like TSLX.
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 TSLX 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 |
TSLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +326K shares |
| 1 year | +1.2% | +1.1M shares |
| 3 years | +9.3% | +8.1M shares |
| 5 years | +18% | +14.8M shares |
| Available history | +43% | +28.7M shares |
TSLX has 95M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2022 | $3.2M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
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.
TSLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 9.8x | High |
| Q1 2022 | 5.6x | High |
| Q4 2021 | 5.5x | High |
| Q3 2021 | 4.9x | High |
| Q2 2021 | 5.1x | High |
| Q1 2021 | 3.6x | Elevated |
| Q4 2020 | 6.0x | High |
| Q3 2020 | 5.5x | High |
TSLX's net debt is about 9.8 years of its operating earnings (EBITDA), up from 5.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like TSLX.
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).
TSLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.7 | Neutral |
| Stochastic | 37.0 | Neutral |
TSLX's weekly RSI is 46 (neutral) and its Stochastic is 37 (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.
TSLX PE vs Financial Services Sector
| Metric | TSLX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 13x | 61% above |
| PE % | 100 | 63 | 37 pts above |
TSLX 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 TSLX on trend strength, trading above more of its moving averages.
TSLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.6 | 0% above |
| 20 week MA | $17.8 | 1.3% below |
| 50 week MA | $18.7 | 5.8% below |
| 100 week MA | $20.6 | 15% below |
| 200 week MA | $20.4 | 14% below |
TSLX is in a downtrend: it's below all five of its weekly moving averages, and 14% 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 TSLX on returns for 2026, with the stronger performance.
TSLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.5 | $20.7 | -3.6% |
| 2021 | $20.7 | $23.1 | +11% |
| 2022 | $23.1 | $17.7 | -23% |
| 2023 | $17.7 | $21.6 | +22% |
| 2024 | $21.6 | $21.1 | -2.1% |
| 2025 | $21.1 | $21.7 | +2.7% |
| 2026 YTD | $21.7 | $17.6 | -19% |
TSLX has finished lower in three of the last six years. It's down 19% so far in 2026.