# Blackstone Inc. (BX)

> Source: Nexqual · https://nexqual.com/BX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Blackstone Inc. (BX), nexqual.com/BX" · informational, not investment advice.

**Price:** USD 118.75 (+8.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 109.57 · day 105.5–118.93 · 52w 101.73–165.14 · market cap $142B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $16.1B, net income $3.52B (21.8% margin), free cash flow $5.49B (SEC filings).
- Valuation: P/E 40.3x (avg 52.8x at the last 3 fiscal year-ends), net debt $10.8B.
- 4 of 80 tracked superinvestors hold BX (13F, Q2 2026): 0 new, 1 added, 0 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $28.2M; 5 not under a Rule 10b5-1 plan ($28.2M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (24 analysts), mean target USD 138.27 (range 118–169).
- Total return with dividends: 1Y -20.3% vs S&P 500 +14.9%; 5Y +2.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.71, revenue estimate $4.22B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $22.6B | $8.52B | $8.02B | $13.2B | $14.5B | $16.1B |
| Net income | $5.86B | $1.75B | $1.39B | $2.78B | $3.02B | $3.52B |
| EPS (diluted) | $8.13 | $2.36 | $1.84 | $3.62 | $3.87 | — |
| Free cash flow | $3.92B | $6.10B | $3.83B | $3.42B | $4.55B | $5.49B |
| Net margin | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% | 21.8% |
| Revenue growth | +270.0% | -62.3% | -5.8% | +64.9% | +9.2% | — |
| Cash + short-term investments | $2.12B | $4.25B | $2.96B | $1.97B | $2.63B | — |
| Total debt | $7.86B | $12.5B | $11.6B | $11.5B | $12.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 40.3x · P/S 8.8x · EV/Sales 9.5x · P/FCF 25.9x · P/B 15.8x · FCF yield 3.87% · Earnings yield 2.48% · Dividend yield (paid, TTM) 4.50% · Net debt $10.8B · EV $153B
P/E at fiscal year-ends: Dec 2025 39.8x, Dec 2024 47.6x, Dec 2023 71.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold BX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 3.00% | $22.2M | Added +14.3% |
| Thomas Gayner | Markel Group | 1.10% | $145M | Unchanged |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $264K | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $441K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Baratta Joseph | Director | 100,000 | $12.4M | 11.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Finley John G | Chief Legal Officer | 45,000 | $6.6M | 7.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Payne David | Chief Accounting Officer | 9,500 | $1.4M | 12.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Sawhney Vikrant | Chief Administrative Officer | 30,000 | $4.1M | 3.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Sawhney Vikrant | Chief Administrative Officer | 30,014 | $3.8M | 3.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 24 analysts; mean target USD 138.27 (low 118, high 169).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Neutral | $130 → $125 |
| 2026-10-13 | UBS | Target lowered | Neutral | $122 → $116 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $154 → $144 |
| 2026-10-08 | Barclays | Target lowered | Equal-Weight | $128 → $124 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $122 |
| 2026-08-27 | Oppenheimer | Target raised | Outperform | $140 → $171 |
| 2026-07-30 | Argus Research | Target raised | Buy | $146 → $150 |
| 2026-07-24 | Oppenheimer | Target raised | Outperform | $139 → $140 |
| 2026-07-24 | Goldman Sachs | Target raised | Neutral | $114 → $127 |
| 2026-07-24 | TD Cowen | Target raised | Buy | $133 → $145 |
| 2026-07-24 | RBC Capital | Target raised | Outperform | $161 → $169 |
| 2026-07-24 | Barclays | Target raised | Equal-Weight | $119 → $128 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -20.3% | +2.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.3% | +0.5% |
| Volatility (annualized) | 37.5% | 38.9% |
| Max drawdown | -36.8% (Jan 2026→Mar 2026) | -47.0% (Nov 2021→Dec 2022) |

## Peers (Asset Management)
BLK (BlackRock, Inc.) USD 1,137.29 -1.07% · KKR (KKR & Co. Inc.) USD 93.09 +3.58% · BN (Brookfield Corporation) USD 38.28 +2.05% · BAM (Brookfield Asset Management Inc) USD 47.64 +3.45% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81% · STT (State Street Corporation) USD 167.84 -0.66%

## More
Full page: https://nexqual.com/BX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BX's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1393818/000119312526082531/d48618d10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Blackstone Real Estate Income Trust, Inc. (BSTT) | "For certain widely held vehicles like BCRED and BREIT, however, the investment vehicle is determined to be the customer." |

Other companies that name BX in their own reports (relationship from BX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Versamet Royalties Corp (VMET) | 20-F 2026-04-30 | "On April 10, 2026, we completed the acquisition of an existing 3.52% gold stream on payable gold production from the Eskay Creek gold-silver project in British Columbia, Canada from fund entities mana…" |
| partner | Bumble Inc. (BMBL) | 10-K 2026-03-16 | "Prior to the IPO and the Reorganization Transactions, Bumble Holdings L.P., a Delaware limited partnership, was formed primarily as a vehicle to finance the acquisition (the "Sponsor Acquisition") of …" |
| partner | Paysafe Ltd (PSFE) | 20-F 2026-03-03 | "Privatization and long term investment—In December 2017, a consortium led by CVC Capital Partners and Blackstone acquired Paysafe for approximately a $4 billion U.S. dollar equity value and the compan…" |
| partner | Cheniere Energy Partners, L.P. (CQP) | 10-K 2026-02-26 | "•Sale of limited partner units by affiliates of our general partner or affiliates of Blackstone Inc. ("Blackstone") or Brookfield Asset Management Inc. ("Brookfield")" |
| partner | Cheniere Energy, Inc. (LNG) | 10-K 2026-02-26 | "partner interest in CQP in the form of 239.9 million common units, 100% of the general partner interest and 100% of the incentive distribution rights, with the remaining non-controlling limited partne…" |
| partner | Fidelity National Financial, Inc. (FNF) | 10-K 2026-02-26 | "Our evolved ecosystem is built on expanding relationships with key long-term distribution partners, a differentiated asset management approach powered by Blackstone's best-in-class asset origination w…" |
| partner | PJT Partners Inc. (PJT) | 10-K 2026-02-26 | "PJT Partners Inc. was formed in connection with certain merger and spin-off transactions whereby the financial and strategic advisory services, restructuring and reorganization advisory services and P…" |
| partner | DIGITAL REALTY TRUST, INC. (DLR) | 10-K 2026-02-13 | "In April 2025, we contributed an additional three development projects at the Digital Dulles campus to our joint venture with Blackstone." |
| partner | AMERICAN INTERNATIONAL GROUP, INC. (AIG) | 10-K 2026-02-12 | "•Announced a strategic collaboration with Amwins Group, Inc. and Blackstone Inc. to form Lloyd's Syndicate 2479, providing capacity for portfolio solutions." |
| partner | Corebridge Financial, Inc. (CRBG) | 10-K 2026-02-11 | "•our strategic partnerships with Blackstone and BlackRock which we believe allows us to access more diverse asset classes and benefit from scale and market-leading capabilities;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Advice | $2.27B | 44.9% | +11.3% |
| Investment Performance | $159.1M | 3.2% | -18.6% |
| Total revenue | $5.04B | 100% | — |
The lines above cover 48.1% of total revenue.

## Company outlook (8-K filed 2026-10-22)

- "The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.71 | $1.77 | -3.5% | $4.22B | 15 |
| Next quarter (ends 2027-03-31) | $1.56 | $1.60 | -2.9% | $4.19B | 15 |
| Current fiscal year (ends 2026-12-31) | $5.92 | $6.03 | -1.9% | $14.68B | 21 |
| Next fiscal year (ends 2027-12-31) | $7.40 | $7.48 | -1.0% | $18.57B | 23 |