BLKBlackRock, Inc.
Security Brokers, Dealers & Flotation Companies
- Revenue
- $24.2B
- 19% YoY
- Operating margin
- 29.1%
- 22% YoY
- EBITDA
- $7.3B
- 6.4% YoY
- Market cap
- $177.9B
- Employees
- 24,900
- $973K revenue each
- Net debt / EBITDA
- 0.3×
- $2.3B net debt
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 5 of 7
- TSR below peersYes4 of 4 years3+ of last 5 years
- High CEO pay despite TSRYes$33M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes71% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes128% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo20% of assetsOver 40% of assets
- Shareholder dissentYes65% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$973K · 39th pctBottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 74th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$177.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$192M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $17.9B | $17.9B | $20.4B | $24.2B | 19% |
| Operating income | — | $6.4B | $6.3B | $7.6B | $7.0B | 7.0% |
| Net income | $5.9B | $5.2B | $5.5B | $6.4B | $5.6B | 13% |
| Operating cash flow | — | $5.0B | $4.2B | $5.0B | $3.9B | 21% |
| Capex | — | $533M | $344M | $255M | $375M | 47% |
| Stock-based comp | — | $708M | $630M | $753M | $1.3B | 74% |
| Buybacks | — | $2.3B | $1.9B | $1.9B | — | |
| Dividends | — | $3.0B | $3.0B | $3.1B | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $192M · 33
- Net
- −$192M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $38M | $56M | — | — |
| FY2024 | $31M | $56M | 167 | 211 |
| FY2023 | $27M | $27M | 157 | 201 |
| FY2022 | $33M | −$6M | 121 | 145 |
| FY2021 | $33M | $65M | 129 | 148 |