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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 110.54 Fair value 133.88 One-star price 162.14
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (110.54) to the one-star price (162.14).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 117.06 |
| Price - 12 month high | 165.13 |
| Price - 12 month low | 101.73 |
| Pricing date | 27 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 6.81 |
| Market capitalization | 87,868.18 |
| 12 Month High price date | 16 JAN 2026 |
| 12 Month Low price date | 12 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 4.73 |
| Price - 1 Day % Change | 0.31% |
| Price - 13 week price percent change | -12.58% |
| Price - 26 week price percent change | -3.67% |
| Price - 5 Day % Change | 6.84% |
| Price - 52 week price percent change | -22.83% |
| Price - YTD price percent change | -24.37% |
| Price % Change Month To Date | 2.18% |
| EPS excluding extraordinary items - most recent fiscal year | 3.870 |
| EPS excluding extraordinary items - trailing 12 month | 4.470 |
| EPS Normalized - most recent fiscal year | 3.870 |
| Revenue/share - most recent fiscal year | 19.056 |
| Revenue/share - trailing 12 month | — |
| Book value per share - most recent fiscal year | 11.064 |
| Book value per share - most recent quarter | 11.269 |
| Book value (tangible) per share - most recent fiscal year | 25.358 |
| Book value (tangible) per share - most recent quarter | 25.539 |
| Cash per share - most recent fiscal year | 3.360 |
| Cash per share - most recent quarter | 3.134 |
| Cash Flow per share - most recent fiscal year | 8.204 |
| Cash Flow per share - trailing 12 month | 9.079 |
| Dividend per share - most recent fiscal year | 4.690 |
| Dividends per share - trailing 12 month | 5.230 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 3.870 |
| EPS Basic excluding extraordinary items - trailing 12 month | 4.470 |
| EPS including extraordinary items - most recent fiscal year | 3.870 |
| EPS including extraordinary items - trailing 12 month | 4.470 |
| Free Cash Flow per share - trailing 12 month | 8.937 |
| P/E excluding extraordinary items, most recent fiscal year | 26.07 |
| P/E Normalized, most recent fiscal year | 26.07 |
| Price to sales - most recent fiscal year | 5.61 |
| Price to Tangible Book - most fiscal year | 13.65 |
| Price to Free Cash Flow per Share - most recent fiscal year | 13.10 |
| Price to Cash Flow per share - trailing 12 month | 12.89 |
| Price to Book - most recent fiscal year | 10.57 |
| P/E excluding extraordinary items high, trailing 12 months | 46.98 |
| P/E excluding extraordinary items low, trailing 12 months | 23.76 |
| Net Debt, LFI | 11,520.24 |
| Net Debt, LFY | 10,674.92 |
| Dividend Yield - 5 Year Average | 3.20% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.48% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.47% |
| Free Cash Flow - most recent fiscal year | 6,285.44 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | 121.19% |
| Total debt/total equity - most recent fiscal year | 60.81% |
| LT debt/equity - most recent quarter | — |
| Total debt/total equity - most recent quarter | 62.53% |
| Free Cash Flow - trailing 12 month | 7,043.00 |
| Payout ratio - trailing 12 month | 111.19% |
| Revenue - most recent fiscal year | 14,867.66 |
| Revenue - trailing 12 month | 16,573.81 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 7,171.65 |
| Earnings before taxes - trailing 12 month | 8,066.93 |
| Net Income available to common - most recent fiscal year | 3,019.21 |
| Net Income available to common - trailing 12 months | 3,519.04 |
| Earnings before taxes Normalized - most recent fiscal year | 7,171.65 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | — |
| Net Profit Margin % - 1st historical fiscal year | 40.67% |
| Net Profit Margin % - trailing 12 month | 41.18% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 48.67% |
| Pretax margin - 1st historical fiscal year | 48.24% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | 46.77% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 49.24% |
| Free Operating Cash Flow/Revenue, TTM | — |
| Net Profit Margin - 5 year average | 40.28% |
| Return on average assets - most recent fiscal year | 13.24% |
| Return on average assets - trailing 12 month | — |
| Return on average equity - most recent fiscal year | 72.67% |
| Return on average equity - trailing 12 month | — |
| Return on average assets - 5 year average | 14.23% |
| Return on average equity - 5 year average | 70.18% |
| Net Income/employee - most recent fiscal year | 1,144,110.31 |
| Revenue/employee - most recent fiscal year | 2,813,181.08 |
| Revenue growth rate, 5 year | 19.38% |
| EPS growth rate, 5 year | 20.87% |
| Growth rate% - dividend, 3 year | -1.72% |
| Revenue/share (5 yr growth) | 16.72% |
| Growth rate% - Revenue, 3 year | 20.90% |
| Growth rate% - EPS, 3 year | 17.92% |
| Book value per share growth rate, 5 year | 3.21% |
| Capital Spending growth rate, 5 year | 0.72% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Blackstone (BX) delivered a mixed third-quarter result overnight, with distributable earnings beating expectations but softer fee-related earnings, real estate fees and deployment highlighting the impact of higher rates on transaction activity. The shares initially fell before reversing to trade up ~8% by the close, with the market ultimately focusing on strong inflows and a still-healthy medium-term outlook.
We hold Blackstone in the International Equities Portfolio, and they delivered a strong 2Q result overnight, with earnings, inflows and realisations all comfortably ahead of expectations. The stock has been weak leading into this result, and while it saw only a modest gain (+1.4%), the underlying fundamentals remain supportive.
Blackstone traded lower overnight (-5.7%) despite delivering a broadly strong March quarter, with the market choosing to focus on softer real estate assets under management and ongoing noise around private credit rather than the bigger picture.
The International Equities Strategy had a tough February, falling -8.67%, underperforming the MSCI World by -7.69%. No dressing that up - it was a poor month. Weakness has continued, with the portfolio down ~4.5% in March to date. A meaningful pullback, but within our levels of tolerance for a high conviction, growth-focused portfolio (and within historical ranges we’ve experienced in the past).
Blackstone has been caught up in the latest sell-off across alternative managers as markets zero in on private credit’s exposure to software, and the growing concern that AI could compress SaaS moats, pressure cashflows and ultimately lift default risk. This isn’t about a single credit event - it’s about a broader repricing of risk. If software valuations and confidence fall, lenders tighten, refinancing windows narrow, and mark-to-market pain starts to surface across private credit vehicles.
Blackstone reported a good quarterly overnight, with earnings and activity accelerating as lower rates and improved financing conditions reignited dealmaking. Management described the environment as reaching “escape velocity” - language we haven’t heard since pre-COVID. After two years of subdued exits and cautious capital deployment, Blackstone is once again doing what it does best: realising assets, recycling capital, and raising fresh money at scale.
Blackstone shares fell 5.2% overnight despite delivering a strong headline profit. While earnings were better (EPS of $US1.52 vs $US1.22 expected), driven by strong growth in Assets Under Management (AUM), the market seemed to latch onto lighter-than-expected fundraising and a slower pace of capital deployment across its flagship private equity and real estate segments.
Blackstone is one of the world’s largest alternative investment firms, specialising in private equity, real estate, hedge funds, and credit. As of the end of December 24, they managed a staggering $US1.13 trillion, which was up nearly 10% from the year prior.
Q4 results out for the world’s largest alternative asset management company in the US overnight that were solid at the top line, though some weakness in Real-Estate saw the stock pullback;
A very good quarterly update from the world’s largest alternative asset manager overnight, reporting strong fund performance and flows. Assets under management (AUM) of $US1.11 trillion was up +10% YoY and mildly ahead of expectations, split fairly evenly across three key areas of Real-Estate ($325bn), Private Equity ($345bn) and Credit & Insurance ($355bn), though the growth rates in each of these areas were very different. Real-Estate AUM fell 1.9% YoY while Credit & Insurance increased by 22%.
MM remains long & bullish BX US ~$US118
MM remains long & bullish BX US
MM remains long & bullish BX
MM is adding to BX US in the International Equities Portfolio, reinforcing a 6% portfolio weight around $US110
MM is cautiously bullish on BX US ~$113
MM remains long and bullish BX US ~US$140
MM remains long & bullish BX US
MM remains long & bullish BX US
MM is long & bullish BX US ~$US146
MM remains long & bullish BX
Blackstone is the world's largest alternative-asset manager with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale ineach of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).
Pulse Check Webinar: Opportunities in the unloved parts of the market
Recorded Wednesday 27st September
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