Company Valuation: BlackRock, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 139,089 106,433 120,765 158,768 166,064 164,837 - -
Change - -23.48% 13.47% 31.47% 4.6% -0.74% - -
Enterprise Value (EV) 1 137,212 105,671 119,947 158,320 167,365 162,182 157,606 151,874
Change - -22.99% 13.51% 31.99% 5.71% -3.1% -2.82% -3.64%
P/E 24x 20.9x 22.2x 24.4x 30.3x 19.4x 17.3x 15.1x
PBR 3.68x 2.81x 3.06x 3.34x 2.97x 2.89x 2.68x 2.45x
PEG - -1.9x 2.97x 1.6x -1.9x 0.4x 1.4x 1x
Capitalization / Revenue 7.18x 5.95x 6.76x 7.78x 6.86x 5.63x 5.04x 4.5x
EV / Revenue 7.08x 5.91x 6.72x 7.76x 6.91x 5.54x 4.82x 4.14x
EV / EBITDA 17.4x 15.5x 17.9x 19.5x 15.6x 11.9x 10.1x 8.8x
EV / EBIT 18.4x 16.5x 19.1x 20.9x 23.8x 14.3x 12.3x 10.2x
EV / FCF 29.8x 23.9x 31.4x 33.7x 47.1x 16.3x 14.5x 12.1x
FCF Yield 3.35% 4.19% 3.19% 2.97% 2.12% 6.14% 6.92% 8.26%
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% 2.15% 2.33% 2.58%
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 29,288 32,715 36,652
EBITDA 1 7,865 6,803 6,702 8,103 10,726 13,682 15,573 17,257
EBIT 1 7,450 6,385 6,275 7,574 7,045 11,342 12,829 14,862
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 -2,655 -7,231 -12,963
Reference price 2 915.56 708.63 811.80 1,025.11 1,070.34 1,064.36 1,064.36 1,064.36
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.($)
19.29x5.51x11.79x2.17% 164B
14.02x3.42x - 2.52% 148B
15.65x7.16x - 1.59% 98.13B
18.63x6.56x12.5x4.6% 89.66B
24.48x - - 0.86% 81.95B
21.02x11.26x16.31x4.49% 71.46B
13.02x5.12x - 2.01% 47.96B
10.8x1.6x4.9x1.36% 43.49B
Average 17.12x 5.80x 11.37x 2.45% 93.05B
Weighted average by Cap. 17.52x 5.76x 12.02x 2.48%

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