Company Valuation: BlackRock, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 139,089 106,433 120,765 158,768 166,064 163,954 - -
Change - -23.48% 13.47% 31.47% 4.6% -1.27% - -
Enterprise Value (EV) 1 137,212 105,671 119,947 158,320 167,365 160,607 155,850 149,901
Change - -22.99% 13.51% 31.99% 5.71% -4.04% -2.96% -3.82%
P/E 24x 20.9x 22.2x 24.4x 30.3x 19.3x 17.2x 15x
PBR 3.68x 2.81x 3.06x 3.34x 2.97x 2.87x 2.66x 2.42x
PEG - -1.9x 2.97x 1.6x -1.9x 0.3x 1.4x 1x
Capitalization / Revenue 7.18x 5.95x 6.76x 7.78x 6.86x 5.6x 5.01x 4.47x
EV / Revenue 7.08x 5.91x 6.72x 7.76x 6.91x 5.48x 4.76x 4.09x
EV / EBITDA 17.4x 15.5x 17.9x 19.5x 15.6x 11.7x 10x 8.68x
EV / EBIT 18.4x 16.5x 19.1x 20.9x 23.8x 14x 12.1x 10.1x
EV / FCF 29.8x 23.9x 31.4x 33.7x 47.1x 16.1x 14.3x 12x
FCF Yield 3.35% 4.19% 3.19% 2.97% 2.12% 6.2% 7% 8.36%
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% 2.17% 2.34% 2.59%
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 1,058.66 1,058.66 1,058.66
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.($)
19.3x5.48x11.74x2.16% 164B
14.6x3.54x - 2.42% 156B
16.79x7.46x - 1.49% 105B
20.46x11.53x16.73x4.39% 73.21B
13.84x5.3x - 1.89% 50.86B
12.27x1.89x5.8x1.2% 49.41B
5.01x5.19x3.73x3.65% 35.12B
14.02x5.16x16.08x1.88% 32.7B
Average 14.54x 5.70x 10.82x 2.38% 83.33B
Weighted average by Cap. 15.98x 5.69x 11.55x 2.33%

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

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