Aureus
COkay

BlackRock, Inc.(BLK)

C

Financial data as of Dec 31, 2025Declining · Financials

FCF Margin9.3%Free Cash Flow / Revenue
Cash Conversion70.7%Operating CF / Net Income
Free Cash Flow$3.6B
Revenue$24.2B
Net Cash-$3.5BNet debt position
Debt / FCF6.7xElevated debt burden
Current Ratio15.76Adequate short-term liquidity
YoY FCF Growth-24.5%4 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseC
→
-0.5FCF trend declining (-24.5% YoY)
→
-0.5Highly volatile FCF (consistency: 1.41)
→
+1Very low debt-to-FCF ratio (6.7x; 0.3x sector-adjusted)
→
+0.25Solid revenue growth (23.4% YoY)
→
FinalC

Analysis Summary

Strengths

  • Strong liquidity (current ratio: 15.76)
  • Strong revenue growth (23.4% YoY)

Concerns

  • Low FCF margin (9.3%)
  • Heavy debt position ($3.5B net debt, 6.7x FCF)
  • High debt-to-FCF ratio (6.7x)
  • Significant YoY FCF decline (-24.5%)
  • Highly volatile quarterly FCF
SBC-adjusted FCF used — $1.3B stock-based compensation (37% of reported FCF) subtracted

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin9.3%
Net Margin22.9%
Operating CF Margin16.2%
CapEx Ratio1.5%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$3.5BNet debt position
Debt / FCF6.7xElevated debt burden
Current Ratio15.76Strong liquidity
Debt / Equity0.27Low leverage

Quarterly FCF Trend

-24.5% YoYDeclining (-24.5%)

Free cash flow per quarter

Sector Comparison — Financials

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameBlackRock, Inc.
SectorFinancials
Free Cash Flow$3.6B
Revenue$24.2B
Net Income$5.6B
Operating Cash Flow$3.9B
Capital Expenditure$375.0M
FCF Margin9.3%
Cash Conversion Rate70.7%
Net Margin22.9%
Total Debt$15.0B
Total Cash$11.5B
Net Cash-$3.5B
Current Ratio15.76
Debt / Equity0.27
Debt / FCF6.7x
YoY FCF Growth-24.5%
Positive Quarters4 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeC
Data SourceYahoo Finance

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