Company Valuation: BlackRock, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 139,089 106,433 120,765 158,768 166,064 171,453 - -
Change - -23.48% 13.47% 31.47% 4.6% 3.24% - -
Enterprise Value (EV) 1 137,212 105,671 119,947 158,320 167,365 168,106 163,348 157,400
Change - -22.99% 13.51% 31.99% 5.71% 0.44% -2.83% -3.64%
P/E 24x 20.9x 22.2x 24.4x 30.3x 20.2x 18x 15.7x
PBR 3.68x 2.81x 3.06x 3.34x 2.97x 3x 2.78x 2.53x
PEG - -1.9x 2.97x 1.6x -1.9x 0.4x 1.5x 1.1x
Capitalization / Revenue 7.18x 5.95x 6.76x 7.78x 6.86x 5.85x 5.24x 4.67x
EV / Revenue 7.08x 5.91x 6.72x 7.76x 6.91x 5.74x 4.99x 4.29x
EV / EBITDA 17.4x 15.5x 17.9x 19.5x 15.6x 12.3x 10.5x 9.12x
EV / EBIT 18.4x 16.5x 19.1x 20.9x 23.8x 14.7x 12.7x 10.6x
EV / FCF 29.8x 23.9x 31.4x 33.7x 47.1x 16.9x 15x 12.6x
FCF Yield 3.35% 4.19% 3.19% 2.97% 2.12% 5.92% 6.68% 7.97%
Dividend per Share 2 16.52 19.52 20 20.4 20.84 22.92 24.81 27.43
Rate of return 1.8% 2.75% 2.46% 1.99% 1.95% 2.07% 2.24% 2.48%
EPS 2 38.22 33.97 36.51 42.01 35.31 54.86 61.47 70.66
Distribution rate 43.2% 57.5% 54.8% 48.6% 59% 41.8% 40.4% 38.8%
Net sales 1 19,374 17,873 17,859 20,407 24,216 29,285 32,733 36,685
EBITDA 1 7,865 6,803 6,702 8,103 10,726 13,677 15,571 17,265
EBIT 1 7,450 6,385 6,275 7,574 7,045 11,434 12,837 14,885
Net income 1 5,901 5,178 5,502 6,369 5,553 8,816 9,837 10,980
Net Debt 1 -1,877 -762 -818 -448 1,301 -3,347 -8,104 -14,053
Reference price 2 915.56 708.63 811.80 1,025.11 1,070.34 1,107.08 1,107.08 1,107.08
Nbr of stocks (in thousands) 151,917 150,196 148,762 154,879 155,151 154,869 - -
Announcement Date 1/14/22 1/13/23 1/12/24 1/15/25 1/15/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.18x5.74x12.29x2.07% 171B
15.6x3.74x - 2.27% 168B
17.59x7.69x - 1.42% 110B
24.11x12.61x21.63x4.05% 79.37B
14.2x5.39x - 1.84% 52.2B
12.11x1.86x5.7x1.21% 48.75B
5.35x5.51x3.95x3.42% 37.29B
14.44x5.26x16.41x1.82% 33.66B
Average 15.45x 5.97x 12.00x 2.26% 87.61B
Weighted average by Cap. 17.05x 6.01x 12.96x 2.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield