Blackstone Inc. (BX)

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AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already appears built into today’s price.

The August 14 close of $143.93 equals 23.4 times Blackstone’s latest $6.15 of distributable earnings per share, meaning profit available for shareholder payments. It also equals 32.2 times the $4.47 accounting profit reported for the latest year. The $5.23 trailing dividend provides a 3.6% yield. Those are premium prices, but 22% growth in recurring fee-related earnings partly supports them. The balance between demonstrated growth and demanding expectations supports a fair-priced verdict, not a clear bargain.

Big pictureStable fee income is growing, but investment gains and cash still swing with markets.

Assets managed reached $1.346 trillion, up 11% from June 2025, while assets currently producing fees rose 8%. Nearly half of fee-producing assets are now permanent capital, which usually cannot be withdrawn on demand and improves earnings durability. Latest-year fee-related earnings rose 22% to $6.3 billion. However, reported revenue ranged from $8.0 billion to $22.6 billion during 2021–2025 because investment values and asset sales move with markets. Real-estate assets fell 3% year over year, illustrating that cyclicality remains material.

Business strengthBlackstone has ample earning power, though debt, payouts, and new shares reduce the cushion.

The supplied history shows 2025 operating cash of $4.66 billion and only $116 million of capital spending, reflecting a capital-light manager. Yet $6.01 billion of dividends exceeded the resulting $4.55 billion of free cash flow, meaning cash left after operating and investment spending; first-half 2026 showed the same pattern. June debt was $13.32 billion against $2.51 billion of cash. Shares increased from 684 million in 2020 to 753 million, while $915 million of first-half 2026 employee share compensation and only 0.8 million trailing-year repurchases imply continuing dilution.

What could change the storyFaster fee growth could lift value, while credit withdrawals or weaker exits could cut it.

The bull case requires assets and recurring fees to keep expanding near recent rates: management expects base management fees to grow by more than 10% in 2027, while permanent capital reached $556 billion and the latest Asia fund raised $13.1 billion. The bear case is that weaker markets suppress profitable exits and performance income. Blackstone Private Credit Fund’s second-quarter withdrawal requests reached 10% of shares, while new money fell sharply. At 23.4 times distributable earnings, the price leaves limited room for stalled fundraising, markdowns, or prolonged weak asset sales.

$143.93 price considered

AI: News

Second-quarter earnings beatProfit available for shareholder payments beat expectations as fundraising and profitable asset sales strengthened.

On July 23, Blackstone reported second-quarter distributable earnings of $1.52 per share, 26% above the prior year and ahead of the $1.35 analyst estimate cited by Reuters. Inflows were $68.3 billion, assets managed reached $1.346 trillion, and realizations reached $31.8 billion. The shares gained 1.37% that session and 4.42% the next, although timing alone does not prove the earnings caused both moves. Higher fee-producing assets and realizations directly support future fees and distributions.

Private-credit withdrawals cappedHeavy withdrawal requests exposed weaker demand for a major product sold to individual investors.

On June 4, Blackstone Private Credit Fund said investors requested withdrawals equal to about 10% of outstanding shares, or roughly $4.4 billion, versus 7.9% in the previous quarter. The fund applied its standard 5% limit after previously honoring all requests. This protects the fund from forced loan sales, but sustained withdrawals would shrink fee-producing assets. Second-quarter subscriptions fell to $1.0 billion from $1.9 billion in the first quarter and $3.7 billion a year earlier, although management said requests slowed materially in July.

Data-center stake saleA large data-center sale converted investment gains into cash and publicly traded shares.

On June 29, Digital Realty agreed to acquire Blackstone funds’ blended 64% interest in three Northern Virginia data centers. The assets were valued at $7.8 billion, and Blackstone’s funds received $3.5 billion: $1.2 billion in cash and $2.3 billion in Digital Realty shares. The fully leased facilities have 15-year contracts with strong tenants. The transaction helped Blackstone realize investment gains, supports performance-fee income, and provides external evidence for data-center valuations, though it also leaves exposure through the shares received.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$14.45B	$13.23B	$8.02B	$8.52B	$22.58B	$6.10B	$7.34B	$6.83B	$7.15B	$5.15B	$4.65B	$7.48B	$6.61B	$4.02B	$3.25B	$3.12B	$1.77B	−$349.4M
Operating expenses	—	—	—	—	—	—	—	—	$3.73B	$2.93B	$3.09B	—	—	—	—	—	—	—
Net income	$3.02B	$2.78B	$1.39B	$1.75B	$5.86B	$1.05B	$2.05B	$1.54B	$1.47B	$1.04B	$709.8M	$1.58B	$1.17B	$218.6M	−$168.3M	−$370.0M	−$2.39B	−$5.59B
Basic EPSper diluted share	$3.87	$3.62	$1.84	$2.36	$8.14	$1.50	$3.03	$2.27	$2.21	$1.60	$1.12	$2.60	$2.00	$0.41	-$0.35	-$1.02	—	—
Diluted EPSper diluted share	$3.87	$3.62	$1.84	$2.36	$8.13	$1.50	$3.03	$2.26	$2.21	$1.56	$1.04	$2.58	$1.98	$0.41	-$0.35	-$1.02	—	—

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys27$4.39M disclosed value

Sells (SEC code S)22$103.85M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 11, 2026Form 4	Porat RuthDirector	BuyCommon Stock · indirect	83.74	$122.77	$10.3K	8.9K
May 11, 2026Form 4	Porat RuthDirector	BuyCommon Stock	229.5	$123.19	$28.3K	41.8K
May 11, 2026Form 4	Porat RuthDirector	BuyCommon Stock	125.61	$122.77	$15.4K	41.6K
May 1, 2026Form 4	Sawhney VikrantChief Administrative Officer	SellCommon Stock	13.0K	$126.11	$1.65M	899.7K
May 1, 2026Form 4	Sawhney VikrantChief Administrative Officer	SellCommon Stock	17.0K	$125.55	$2.13M	912.7K

Review ownership filings at SEC.gov ↗

Blackstone Inc. (BX)

Financial charts

Financial statements

Insider buys & sells