BLK
BlackRock, Inc.
Financial Services · Asset Management · United States · Stock
Score Breakdown
Scored for Safe Long-Term Investing profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- The composite score of 56.2/100 reflects a balance of genuine strengths — near-perfect financial health and solid margins — against meaningful weaknesses in growth quality, momentum consistency, and dividend growth pace.
- Revenue grew +18.7% in FY2025 but net income and EPS both contracted, producing a below-midpoint growth score that weighs heavily on the overall composite.
- The absence of any assigned macro theme means no thematic tailwind contributed to the score, leaving the model reliant entirely on fundamental factors.
Why Not Higher
- The simultaneous decline in net income (-12.8%) and diluted EPS (-15.9%) alongside strong revenue growth signals a profitability quality issue that the model penalized, preventing a higher composite score.
- Inconsistent quarterly momentum — with net income falling to a trough of $1,127M in 2025Q4 before rebounding — and the lack of any macro theme assignment both capped the score from reaching higher territory.
Data Confidence
9 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from FY2024's $20,407,000,000 to FY2025's $24,216,000,000, a gain of +18.7%, but net income fell from FY2024's $6,369,000,000 to FY2025's $5,553,000,000 (-12.8%), and diluted EPS declined from FY2024's $42.01 to FY2025's $35.31 (-15.9%).
The model rewarded the strong top-line expansion but penalized the simultaneous contraction in bottom-line profitability and per-share earnings, producing a below-midpoint score that reflects the mixed nature of BLK's FY2024-to-FY2025 growth profile.
In FY2025, BlackRock posted an operating margin of 29.1%, a net margin of 22.9%, and a return on equity of 9.9%.
The model rewarded the solid operating and net margins as evidence of durable earnings power, while the relatively modest ROE of 9.9% in FY2025 likely tempered the score from reaching the maximum.
In FY2025, BlackRock carried a debt-to-equity ratio of 0.23 against total assets of $169,998,000,000.
The model appears to have rewarded the very low leverage indicated by the FY2025 debt-to-equity ratio of 0.23, alongside the scale reflected in total assets, yielding a perfect sub-score.
Quarterly revenue rose from 2025Q2's $5,423,000,000 to a peak of $7,008,000,000 in 2025Q4 before pulling back to $6,698,000,000 in 2026Q1. Net income was uneven, declining from 2025Q2's $1,593,000,000 to a trough of $1,127,000,000 in 2025Q4, then rebounding sharply to $2,212,000,000 in 2026Q1. Operating income showed a similar pattern, dipping to $1,661,000,000 in 2025Q4 before surging to $2,814,000,000 in 2026Q1.
The model likely penalized the inconsistent quarter-to-quarter trajectory across revenue, net income, and operating income, with mid-period weakness offsetting the strong 2026Q1 rebound and producing a below-midpoint momentum score.
Dividends per share have grown steadily from $19.52 in FY2022 to $20.00 in FY2023, $20.40 in FY2024, and $20.84 in FY2025.
The model recognized a consistent, multi-year upward dividend trend, but the modest pace of annual increases likely limited the score, as the incremental growth rate is relatively small in absolute terms.
BlackRock is not currently assigned to any of the 24 tracked macro themes.
The absence of a theme assignment means no thematic tailwind contributed to this component of the score; this is a neutral characteristic of the model's current classification, not a reflection of the company's business quality.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
BlackRock delivered strong top-line growth of +18.7% in FY2025, but this was offset by a -12.8% decline in net income and a -15.9% drop in diluted EPS, creating a mixed growth profile. The company maintains solid profitability with a 29.1% operating margin and 22.9% net margin, and its balance sheet is exceptionally clean with a debt-to-equity ratio of just 0.23 against $170 billion in total assets. Quarterly momentum has been uneven, with net income and operating income dipping mid-period before a strong 2026Q1 rebound, while dividends have grown steadily but modestly from $19.52 in FY2022 to $20.84 in FY2025. The absence of a tracked macro theme means no thematic tailwind contributes to the model score, leaving the composite at 56.2/100 with a 'Research Further' label.
Plain English
BlackRock is a massive asset manager that grew its revenues strongly last year but actually made less profit, has very little debt, and pays a slowly rising dividend — it's a financially sturdy company with some mixed signals worth digging into before making any decision.
Bull Case vs. Bear Case
Bull Case
- Exceptional balance sheet strength: a debt-to-equity ratio of just 0.23 and $170 billion in total assets signal very low financial risk and significant capacity to weather market stress.
- Solid profitability fundamentals: a 29.1% operating margin and 22.9% net margin in FY2025 demonstrate durable earnings power relative to revenues.
- Consistent dividend growth: dividends per share have risen every year from $19.52 in FY2022 to $20.84 in FY2025, reflecting a reliable and growing income stream for shareholders.
Bear Case
- Bottom-line contraction despite top-line growth: net income fell -12.8% and diluted EPS dropped -15.9% in FY2025 even as revenue rose +18.7%, suggesting rising costs or margin compression are eroding shareholder value.
- Uneven quarterly momentum: net income declined from $1,593M in 2025Q2 to a trough of $1,127M in 2025Q4, and operating income also dipped mid-period, indicating inconsistent execution across quarters.
- Modest ROE of 9.9% in FY2025 suggests the company is not generating outsized returns on the equity base, which may limit the appeal for return-focused investors.
What Could Change the Picture
Bullish Triggers
- A sustained recovery in net income and operating income beyond the 2026Q1 rebound — where operating income surged to $2,814M — would signal that the mid-period weakness was temporary and profitability is on an upward trajectory.
- Acceleration in dividend growth beyond the current modest annual increments could signal improved confidence in future earnings and attract income-oriented investors.
Bearish Triggers
- If revenue growth fails to translate into bottom-line improvement and net income continues to decline from FY2025's $5,553M level, the disconnect between top-line and bottom-line performance would become a more serious concern.
- A reversal of the 2026Q1 operating income rebound back toward the $1,661M trough seen in 2025Q4 would confirm that quarterly volatility is structural rather than temporary.
Risk Profile
Very Low RiskBlackRock's risk profile is rated Very Low, supported by an exceptionally low debt-to-equity ratio of 0.23 and a $170 billion total asset base that together indicate minimal leverage risk. However, the uneven quarterly earnings trajectory — with net income declining from $1,593M in 2025Q2 to $1,127M in 2025Q4 before rebounding to $2,212M in 2026Q1 — introduces some operational uncertainty that investors should monitor.
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.