Stock

BlackRock

BLK

Asset Management · Financial Services

Also trades as: 0QZZ.L GBP 11.14 (-2.42%)

Price

$1118.25

-19.04 (-1.67%)

Market Cap

$173.18B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Oct 25, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality

Strong

25/30

Growth

Good

13/20

Cash Flow

Mixed

4/10

Stability

Exceptional

10/10

Valuation

Strong

7/10

Ownership

Good

8/15

Dividends

Good

3/5

70 of 100 counted points = Winston Score 70.

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Share count rising — dilution

+4.2% over 4y

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

Diluted shares outstanding: 154.4M (2021) → 160.9M (2025)

§Winston Score History

The full picture

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.

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Growth Profile

For growth stock investors

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

Revenue Growth

+19.1% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+25.5% YoY

Quarterly reporting periods ended:

30 Sept 2025: $8.54

30 Sept 2026: $10.72

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

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

7.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$25.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

BlackRock is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Profit per sale

Gross Margin

81.8%

Premium pricing power — 81.8% gross margin

Profit after running costs

Operating Margin

30.0%

Excellent — 30.0% operating margin

Return on the money invested

ROCE

12.1%

Good — 12.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+24.7%

Fast-growing sales (+24.7% YoY)

Profit growth

EPS YoY

+13.3%

Earnings growing (+13.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

43%

Weak — only 43% of profit becomes cash

Spare cash per sale

FCF Margin

8.5%

Modest free cash flow (8.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

71.95x

Comfortably covers interest (72.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.1x

Growth-priced — P/E 25.1

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

Cheaper or dearer next year

P/E vs Forward

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.1 → 15.0)

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Dividends

Dividend

Dividend Yield

2.05%

Moderate income — 2.05% yield

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

Dividend record

Dividend Growth

+8.1%

Dividend growing modestly (8.1% YoY)

Payout Ratio

54%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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