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BlackRock

BLK
62
Asset Management · Financial Services
Price
$1072.20
-14.85 (-1.37%)
Market Cap
$166.19B
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+7.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 154.4M (2021) → 165.4M (2025)

BlackRock is the world's largest asset management company. It manages money on behalf of pension funds, governments, insurance companies, and everyday investors through mutual funds and exchange-traded funds (ETFs). Its iShares brand is the largest ETF provider in the world, giving millions of people low-cost ways to invest in stocks and bonds.

BlackRock earns money primarily by charging a small percentage fee on the assets it manages — the more money it oversees, the more revenue it collects. It operates globally, with clients across North America, Europe, Asia, and beyond, and currently manages over $10 trillion in assets. Its technology platform, Aladdin, is used by other financial firms to manage risk, adding a software-like revenue stream on top of its core business. The main risk is that falling markets shrink the value of assets under management, which directly reduces the fees BlackRock collects.

Winston Score History

Politician Trades

27 trades / 12mo

10 Congressional buys and 17 sells on BLK in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+46.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

7.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$9.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$9.8B cash & investments at current burn rate

Revenue accelerating

BlackRock grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
81.4%
Premium pricing power — 81.4% gross margin
Operating Margin
34.5%
Excellent — 34.5% operating margin
ROCE
3.4%
Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+22.7%
Fast-growing sales (22.7% YoY)
EPS YoY
-3.1%
Earnings shrinking (-3.1% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
63%
Modest — 63% of profit becomes cash
FCF Margin
13.9%
Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.22
Conservative — low debt load (0.22)
Interest Cover
12.47x
Comfortably covers interest (12.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
26.6x
Growth-priced — P/E 26.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+10.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.6 → 16.2)

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Dividends

Dividend Yield
2.23%
Moderate income — 2.23% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+6.1%
Dividend growing modestly (6.1% YoY)

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