BXSL
Blackstone Secured Lending Fund
BXSL's fundamentals are mixed, but it looks expensive: trading at 20x earnings, about twice its usual 9.4x. Analysts expect earnings to decline.
BXSL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
BXSL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BXSL.
BXSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $9.65 | -59% |
| Forward | 9.3x | $23.67 | — |
| Fair | 9.4x | $11.30 | -52% |
| Expensive | 11x | $12.62 | -47% |
| Current | 20x | $23.67 | — |
Historical ranges are pointers, not guarantees.
BXSL's PE is in its expensive range at 20x. On analysts' estimates for next year's earnings, today's price would be 9.3x, in its fair range.
BXSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect BXSL's earnings and revenue to decline, with profitability weakening.
BXSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.54 | +111% |
| Q3 2026 | $1.20 | -55% |
| Q2 2026 | $1.27 | -55% |
| Q1 2026 | $1.91 | -39% |
| Q4 2025 | $2.46 | -29% |
| Q3 2025 | $2.64 | -27% |
| Q2 2025 | $2.82 | -27% |
| Q1 2025 | $3.15 | -16% |
| Q4 2024 | $3.45 | -5.5% |
BXSL's earnings per share have fallen from their peak: $1.20 over the past year, against $6.63 in early 2021.
BXSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $118.4M | -1.9% |
| Q1 2022 | $142.5M | +23% |
| Q4 2021 | $157.6M | +23% |
| Q3 2021 | $117.1M | -36% |
| Q2 2021 | $120.7M | -48% |
| Q4 2020 | $127.9M | +140% |
BXSL's revenue fell from its 2020 peak and has held roughly level since: $118M last quarter, down 1.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 67% | +8 points |
| Q1 2022 | 76% | +11 points |
| Q4 2021 | 78% | +11 points |
| Q3 2021 | 80% | +49 points |
| Q2 2021 | 59% | +38 points |
| Q1 2021 | 66% | N/A |
| Q4 2020 | 67% | +3.5 points |
| Q3 2020 | 31% | N/A |
BXSL's operating margin was 67% last quarter, up 8 points from the same quarter a year ago.
BXSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479.3M | +$911.9M |
| Q2 2026 | $561M | +$782M |
| Q1 2026 | $249.3M | -41% |
| Q4 2025 | -$229.7M | +$674.2M |
| Q3 2025 | -$432.6M | +$85.1M |
| Q2 2025 | -$221.1M | +$488.1M |
| Q1 2025 | $424.7M | +$820.2M |
| Q4 2024 | -$903.9M | -$775.9M |
BXSL's free cash flow was $1.1B over the past year, against −$1.1B the year before. Free cash flow isn't a meaningful measure for financial services companies like BXSL.
BXSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +333K shares |
| 1 year | +1.1% | +2.4M shares |
| 3 years | +37% | +63M shares |
| 5 years | +39% | +65.3M shares |
| Available history | +367% | +183M shares |
BXSL has 233M diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | $47.4M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
BXSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 12.4x | High |
| Q1 2022 | 10.6x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 10.0x | High |
| Q2 2021 | 12.9x | High |
| Q1 2021 | 20.0x | High |
BXSL's net debt is about 12 years of its operating earnings (EBITDA), down from 13 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BXSL.
BXSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 33.0 | Neutral |
BXSL's weekly RSI is 46 (neutral) and its Stochastic is 33 (neutral).
BXSL PE vs Financial Services Sector
| Metric | BXSL | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 52% above |
| PE % | 100 | 64 | 36 pts above |
BXSL is trading at 20x earnings, a 52% premium to the Financial Services sector's median of 13x.
BXSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 0.5% below |
| 20 week MA | $24.0 | 1.5% below |
| 50 week MA | $24.5 | 3.3% below |
| 100 week MA | $27.5 | 14% below |
| 200 week MA | $28.0 | 15% below |
BXSL is in a downtrend: it's below all five of its weekly moving averages, and 15% below its 200-week average.
BXSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.0 | $37.6 | +30% |
| 2022 | $37.6 | $22.9 | -39% |
| 2023 | $22.9 | $27.6 | +20% |
| 2024 | $27.6 | $33.3 | +20% |
| 2025 | $33.3 | $27.2 | -18% |
| 2026 YTD | $27.2 | $23.7 | -13% |
BXSL has finished higher in three of the last five years. It's down 13% so far in 2026.