$-18,36 (-1,67%)
Precio Histórico
$-35,46 (-3,18%) en 1 Año
Estimaciones de Analistas
Precio Objetivo
$1.254,13
$1.140,00 - $1.393,00
$1.250,00
Consenso de Analistas
Estimaciones a Futuro
$53,10
$60,66
$30,84B
Indicadores en vivo
Indicadores que cambian con el precio actual (P/E, P/FCF, dividend yield, beta) y cifras del último período. Se actualizan en tiempo real. Los valores en verde indican métricas favorables.
EPS
41,71
P/E Ratio
26,31
P/FCF
3,01
Dividend Yield
2,16%
Profit Margin
24,09%
Beta
1,44
Ingresos
$27,30B
EBITDA
$11,11B
FCF
N/A
Análisis con IA
Reporte ejecutivo generado a partir de los datos de la empresaDesbloqueá el análisis con IA de BLK
Tesis ejecutiva de la situación de la empresa
Fortalezas, debilidades y riesgos materiales
Valuación frente a sus pares y calidad de balance
Lectura del momentum de resultados, todo enmarcado en datos
Análisis fundamental detallado
Ratios estructurales de valuación, rentabilidad, solvencia y crecimiento, tomados del último balance reportado. Los valores en verde indican métricas favorables.
Valuación
P/B
3,00
EV/EBITDA
16,82
PEG
1,36
P/S
6,54
Rentabilidad
ROE
N/A
ROIC
N/A
ROA
N/A
Margen Bruto
46,89%
Margen Operativo
35,64%
Solvencia
Deuda / Patrimonio
0,24
Current Ratio
N/A
Quick Ratio
N/A
Caja Total
$14,26B
Deuda Total
$15,00B
Crecimiento
Crec. Ingresos
27,00%
Crec. Ganancias
45,90%
Análisis del 10-K
Warren AI leyó el último 10-K de BlackRock, Inc., el informe anual auditado que toda empresa que cotiza en Estados Unidos presenta ante la SEC (Securities and Exchange Commission, el regulador del mercado). Acá va lo que importa de ese documento: cómo gana plata la empresa, qué riesgos declara ella misma y cómo explicó el management el año.
Filing presentado el 25/02/2026, año fiscal cerrado el 31/12/2025. Ver el documento original en SEC EDGAREl negocio: cómo gana plata
BlackRock is a leading publicly traded investment management firm with $14.0 trillion in AUM at December 31, 2025, providing a broad range of active, private markets, index and cash management investment strategies along with technology and subscription services (Aladdin, eFront, Preqin, Cachematrix) to institutional and retail clients in over 100 countries, operating as a fiduciary that does not engage in proprietary trading.
Los segmentos del negocio
Así se reparte la operación según el propio filing:
Equity: $7.8 trillion AUM (61% of long-term AUM), with approximately half tied to international market strategies including emerging markets. $220 billion of net inflows in 2025.
Fixed Income: $3.3 trillion AUM (25% of long-term AUM), with $164 billion of net inflows in 2025 led by ETFs ($175 billion) and active ($29 billion).
Multi-Asset: $1.2 trillion AUM (9% of long-term AUM). Includes target date/risk (LifePath franchise including LifePath Paycheck), asset allocation and balanced, and fiduciary management services. $72 billion net inflows in 2025.
Alternatives: $424 billion AUM (3% of long-term AUM). Private markets ($323 billion: infrastructure, private credit, private equity, real estate, multi-alternatives) plus liquid alternatives ($101 billion: direct hedge funds and hedge fund solutions). HPS Transaction added $118 billion fee-paying AUM in July 2025.
Digital Assets: $78 billion AUM with $35 billion of net inflows in 2025. Consists of Bitcoin ETPs listed in the US, Canada, Europe, UK and Australia, and a US-listed Ethereum ETP.
Currency and Commodities: $169 billion AUM with $25 billion of net inflows in 2025, led by commodities ETPs ($163 billion, not eligible for performance fees).
Cash Management: $1.1 trillion AUM with $131 billion of net inflows in 2025. Includes taxable and tax-exempt money market funds, short-term investment funds, tokenized liquidity offerings and customized separate accounts in seven currencies.
Technology Services and Subscription: $2.0 billion in revenue (up 24% YoY), ACV up 31% YoY. Includes Aladdin Enterprise, Aladdin Risk, Aladdin Wealth, eFront, Preqin (acquired March 2025 for approximately $3.2 billion), and Cachematrix. Aladdin represented the majority of technology services and subscription revenue.
Ventajas competitivas con evidencia
No es una lista de deseos: son las ventajas que el propio documento respalda con datos.
Largest investment management firm with $14.0 trillion AUM at December 31, 2025, growing at 10% CAGR over five years. Approximately 24,900 employees in more than 30 countries serving clients in over 100 countries.
Leading ETF provider in the world with $5.5 trillion of iShares ETF AUM and $527 billion of ETF net inflows in 2025.
Aladdin is an end-to-end investment and risk management technology platform with long-term contracts that provide recurring revenue; large portion of total annual revenue is in recurring contracts (measured as ACV).
Fiduciary management services where pension plans and endowments retain BlackRock as outsourced chief investment officer require strong partnerships and customized strategies, creating sticky multi-year relationships.
BlackRock cites brand name recognition as a key competitive factor, alongside long-term investment performance track record, investment process, risk management and analytic capabilities, and client service quality.
Proprietary Aladdin platform, Aladdin Wealth, eFront, Preqin and Cachematrix technology; proprietary active asset allocation models for LifePath; proprietary technology and quantitative analysis supporting securities lending and Risk and Quantitative Analysis (RQA) group.
Scale enables efficient delivery of beta for index products, identified as a key competitive factor in the asset management industry.
Completed the HPS Investment Partners acquisition on July 1, 2025, adding $165 billion of client AUM and $118 billion of fee-paying AUM, with substantially all consideration paid in Class B-2 common units (Subco Units) of BlackRock Saturn Subco, LLC. Also completed the Preqin acquisition in March 2025 for approximately $3.2 billion in cash, and the ElmTree Funds acquisition in September 2025 (adding $3 billion AUM). GAAP operating margin declined to 29.1% in 2025 from 37.1% in 2024 (as adjusted: 44.1% vs. 44.5%). Net income attributable to BlackRock fell to $5,553 million (GAAP) from $6,369 million in 2024 while revenue grew to $24,216 million from $20,407 million. The company has approximately $91 billion of non-fee paying, unfunded, uninvested commitments not included in AUM. Technology services and subscription revenue reached $2.0 billion (up 24% YoY) with ACV up 31% YoY (16% excluding Preqin). The Aladdin platform manages predominantly fixed income positions despite being multi-asset. Investment performance: 76% of taxable fixed income active AUM above benchmark/peer median over 1 year; 99% of index fixed income AUM within tolerance; 40% of fundamental equity active AUM above benchmark/peer median over 1 year vs. 78% for systematic equity.
Los riesgos que declara la propia empresa
Todo 10-K trae una sección de factores de riesgo, y la mayoría es boilerplate legal que aparece en cualquier filing. Estos son los que de verdad distinguen a BlackRock, Inc., ordenados por materialidad:
1. AUM-linked fee revenue exposed to market value swings, including from global trade policies and tariffs
BlackRock's revenue is overwhelmingly tied to a percentage of AUM (plus performance fees), so equity, debt, real asset, commodity, FX or alternative price movements, including those driven by global fiscal, monetary and trade policies, directly compress fees, can trigger redemptions, push clients into lower-fee products, and create impairments on goodwill and seed capital.
Si se materializa: Declines in AUM, base fees, performance fees, net income and operating cash flows; potential intangible and goodwill impairments; lower value of the roughly $4.9 billion of seed and co-investment exposure at December 31, 2025.
2. Aladdin platform dependence on third-party cloud (Microsoft Azure, AWS) and data providers
Aladdin, a core competitive differentiator and source of technology revenue, is hosted on Microsoft Azure and AWS and depends on third-party data inputs and index providers. Scaling, foreign data-center requirements, and growing regulatory scrutiny of tech/data providers (DORA, UK critical-third-party regime) compound the risk that an outage, vendor failure, or new compliance burden disrupts service and erodes Aladdin's competitive position.
Si se materializa: Client attrition, reputational harm, increased regulatory oversight and compliance costs, potential operational failures, and impeded productivity and growth if Aladdin's scale or resiliency falters or if it gets designated as a critical third party under DORA or HMT rules.
3. Integration risk and synergy realization from the GIP and HPS acquisitions
BlackRock explicitly flags the recent Global Infrastructure Partners (GIP) and HPS acquisitions as a named risk, noting it may not realize anticipated synergies or value creation, on its expected timeline or at all. These deals also reshape the firm's performance-fee profile toward longer multi-year private markets recognition cycles, increasing earnings volatility.
Si se materializa: Failed synergy capture, transaction and integration costs, unknown liabilities, employee turnover, distraction of management, litigation/regulatory action, and more lumpy performance fees recognized over multi-year private markets horizons, all of which could cause AUM, revenue and earnings to decline.
4. Ownership-threshold limits and common ownership / index-investing scrutiny constraining holdings
BlackRock faces a growing web of issuer-level and regulatory threshold limits that, given its scale, can block it from acquiring or holding certain positions, increase index-fund tracking error, and curb alpha opportunities. Concurrently, FTC, DOJ, FERC, EU and CMA scrutiny of the common ownership theory and proxy voting power of index managers threatens limits on voting rights, ownership stakes, or business activities specifically because of BlackRock's size.
Si se materializa: Inability to purchase certain securities, increased tracking error in index funds, missed alpha for active funds, higher compliance costs, potential enforcement actions, and remedies that could cap common ownership stakes, all of which could impede growth and depress AUM, revenue and earnings.
5. Sustained cross-pressure on environmental and social practices from divergent stakeholders, including US state-level anti-ESG actions
BlackRock is uniquely caught between pro-sustainability and anti-ESG stakeholders. Several US states have formally restricted state entities from doing business with firms accused of 'boycotting' industries or considering environmental and social factors, while EU sustainability regulations (SFDR 2.0, CSRD, CSDDD) continue to evolve. The combination produces fragmented compliance, public criticism and direct loss of public-sector mandates.
Si se materializa: Withdrawals, redemptions, terminations and refusals to commit new capital from both sides of the debate; legal and governmental actions; reputational damage; conflicting compliance burdens across jurisdictions; and harm to BlackRock's ability to attract clients, employees and partners.
El año según el management
El MD&A (Management's Discussion and Analysis) es la parte del 10-K donde la dirección explica los resultados con sus propias palabras. La lectura del año fiscal:
Record $698 billion of net inflows drove 9% organic base fee growth and a 19% jump in revenue to $24.2 billion, while GAAP operating income fell 7% on heavy noncash acquisition costs from the HPS, Preqin and ElmTree Transactions.
Qué empujó los resultados
- Record $698 billion of net inflows in 2025, driving 9% organic base fee growth ($698 billion total net inflows; long-term net inflows of $567,487 million). Segmento: Total / Long-term
- Positive impact of markets, including US and global equity market appreciation (Net market appreciation of $1.5 trillion ($1,483,629 million)). Segmento: Firmwide AUM
- Fees related to the HPS and GIP Transactions (HPS added $165 billion of client AUM and $118 billion of fee-paying AUM; acquisitions added $120,961 million of AUM). Segmento: Private markets / Alternatives
- Higher technology services and subscription revenue, including approximately $210 million from the Preqin Transaction, with technology services and subscription ACV growing 16% organically (Technology services and subscription revenue of $2.0 billion increased $378 million from $1.6 billion). Segmento: Technology services
- Higher investment advisory performance fees, primarily from private markets including the impact of the HPS Transaction (Performance fees of $1.4 billion increased $217 million from $1.2 billion; private markets performance fees of $695 million vs. $308 million). Segmento: Alternatives / Private markets
- Higher securities lending revenue reflecting higher average balances on loan and higher spreads ($705 million, up $90 million from $615 million). Segmento: Securities lending
- Positive impact of foreign exchange movements (weakening US dollar against the euro, British pound and Canadian dollar) (FX impact added $220,541 million to AUM). Segmento: Firmwide AUM
- ETF net inflows, including iShares ETFs, with record fixed income ETF inflows and strong active ETFs (ETF net inflows of $527 billion ($526,711 million); fixed income ETFs generated a record $159 billion of net inflows; active ETFs delivered $54 billion in net inflows). Segmento: ETFs
Qué jugó en contra
- Noncash acquisition-related expenses from the HPS, Preqin and GIP Transactions and the noncash Charitable Contribution drove GAAP operating income and margin lower (Amortization and impairment of intangible assets of $775 million (up $484 million); acquisition-related compensation costs of $738 million; acquisition-related transaction costs of $122 million; change in fair value of contingent consideration of $720 million (up $756 million); Charitable Contribution of $109 million). Segmento: Firmwide / Acquisitions
- Restructuring charge in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities ($39 million). Segmento: Firmwide
- Institutional index net outflows (Institutional Index net outflows of $(119,272) million; Non-ETF index net outflows of $(95,316) million; institutional subtotal net outflows of $(65,781) million). Segmento: Institutional / Non-ETF Index
- Lower nonoperating results, primarily driven by lower net interest income (expense) (Nonoperating income (expense) net of NCI - CIPs decreased $266 million from 2024; net interest income (expense) of $(60) million vs. $229 million). Segmento: Nonoperating
- Higher effective tax rate on a GAAP basis (Effective tax rate of 22.8% vs. 21.9% in 2024). Segmento: Tax
- Higher diluted share count from issuances tied to acquisitions (Diluted weighted-average common shares outstanding (including Subco Units) of 160.9 million vs. 151.6 million). Segmento: Equity / Share count
- Lower revenue from liquid alternative products partially offset performance fee gains (Liquid alternatives performance fees of $558 million vs. $680 million). Segmento: Liquid alternatives
- Realizations from private markets reducing AUM (Realizations of $(33,125) million in 2025, including $(30,178) million in private markets). Segmento: Private markets
Qué hizo con la plata
La asignación de capital del año: a dónde fue el efectivo que generó el negocio.
Recompras de acciones: During 2025, the Company repurchased an aggregate of 1.6 million shares and share equivalents for approximately $1.6 billion under the existing share repurchase program; financing outflow totaled approximately $2.0 billion of share and share equivalents repurchases including $326 million of employee tax withholdings related to employee stock transactions. At December 31, 2025, approximately 2.2 million shares remained authorized; in January 2026, the Board authorized an additional seven million shares for a total of up to approximately 9.2 million shares.
Dividendos: Cash dividends declared and paid per share of $20.84 in 2025 vs. $20.40 in 2024; total dividends/Subco distributions of $3.3 billion in financing activities
Capex (inversión en activos): $375 million of purchases of property and equipment in 2025
Deuda: Total long-term borrowings of $12.9 billion aggregate principal ($12,768 million carrying value); in April 2025 issued EUR 1.0 billion (approximately $1.2 billion) of 3.75% senior unsecured notes due July 2035; repaid EUR 700 million (approximately $822 million) 1.25% Notes in May 2025 at maturity; repaid $796 million of long-term borrowings; received $1.1 billion of proceeds from long-term borrowings. Credit facility increased $500 million to $5.9 billion with maturity extended to March 2030; consolidated leverage ratio of less than 1 to 1 at December 31, 2025 vs. 3.5 to 1 covenant maximum.
Caja al cierre: Cash and cash equivalents of $11,468 million at December 31, 2025 (vs. $12,762 million at December 31, 2024); subtotal excluding CIPs cash of $11,007 million; total liquidity resources of $16.9 billion ($16,907 million) including $5.9 billion of undrawn credit facility, down $1.1 billion from $17,993 million in 2024
Resumen generado por Warren AI a partir del texto del 10-K presentado ante la SEC. Un resumen nunca reemplaza al documento: si una cifra pesa en tu decisión, verificala en el filing original. Esto es material educativo y no constituye una recomendación de inversión.
Dividendos
Pagos por acción registrados. 80 pagos desde 05/06/2006.
Dividendo anual por acción
Pagos recientes
| Ex-date | Pago | Monto |
|---|---|---|
| 06/03/2026 | N/A | $5,73 |
| 05/12/2025 | N/A | $5,21 |
| 05/09/2025 | N/A | $5,21 |
| 05/06/2025 | N/A | $5,21 |
| 07/03/2025 | N/A | $5,21 |
| 05/12/2024 | N/A | $5,1 |
| 09/09/2024 | N/A | $5,1 |
| 07/06/2024 | N/A | $5,1 |