Financials BlackRock, Inc.

Equities

BLK

US09290D1019

Investment Management & Fund Operators

Real-time Estimate Cboe BZX Other stock markets 16:22:17 21/01/2025 GMT			5-day change	1st Jan Change
1,013.76 ^USD	+0.88%		+5.16%	-1.20%

04:00pm	BlackRock's Hildebrand Sees Risk of 'Stubbornly Sticky Inflation'	MT
11:00pm	Orennia Inc. announced that it has received funding from Temasek Holdings Limited, BlackRock, Inc., Decarbonization Partners, and other investors	CI

Projected Income Statement: BlackRock, Inc.

income-statement-evolution-chart BLACKROCK-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,539	16,205	19,374	17,873	17,859	20,407	23,537	26,227
Change	-	11.46%	19.56%	-7.75%	-0.08%	14.27%	15.34%	11.43%
EBITDA ¹	5,956	6,171	7,865	6,803	6,702	8,392	9,947	11,260
Change	-	3.61%	27.45%	-13.5%	-1.48%	-100%	18.53%	13.2%
EBIT ¹	5,551	5,695	7,450	6,385	6,275	7,574	9,214	10,715
Change	-	2.59%	30.82%	-14.3%	-1.72%	20.7%	21.66%	16.29%
Interest Paid ¹	-203	-205	-205	-212	-292	-538	-666.3	-652.8
Earnings before Tax (EBT) ¹	5,787	6,524	8,173	6,290	7,155	8,295	9,457	10,902
Change	-	12.74%	25.28%	-23.04%	13.75%	15.93%	14%	15.29%
Net income ¹	4,476	4,932	5,901	5,178	5,502	6,369	6,948	8,119
Change	-	10.19%	19.65%	-12.25%	6.26%	15.76%	9.09%	16.86%
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	15/01/25	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,977	3,710	3,648	4,369	4,478	4,398	4,820	5,050	5,106	4,699	4,526	4,311	4,337	4,243	4,463	4,522	4,631	4,728	4,805	5,197	5,677	5,474	5,614	6,024	6,302
Change	-	-6.71%	-1.67%	19.76%	2.49%	-1.79%	9.6%	4.77%	1.11%	-7.97%	-3.68%	-4.75%	0.6%	-2.17%	5.19%	1.32%	2.41%	2.09%	1.63%	8.16%	9.24%	-3.58%	2.56%	7.31%	4.61%
EBITDA ¹	1,649	795	1,520	1,874	1,982	1,642	2,032	2,042	2,149	1,864	1,767	1,635	1,537	1,544	1,717	1,750	1,696	1,804	1,908	2,116	2,322	2,222	2,369	2,637	2,742
Change	-	-51.79%	91.19%	23.29%	5.76%	-17.15%	23.75%	0.49%	5.24%	-13.26%	-5.2%	-7.47%	-5.99%	0.46%	11.2%	1.92%	-3.09%	6.37%	5.76%	10.9%	-100%	-4.29%	6.58%	11.32%	4.01%
EBIT ¹	1,538	684	1,406	1,757	1,848	1,545	1,931	1,935	2,039	1,764	1,668	1,526	1,427	1,438	1,615	1,637	1,585	1,693	1,800	2,006	2,075	2,052	2,190	2,403	2,554
Change	-	-55.53%	105.56%	24.96%	5.18%	-16.4%	24.98%	0.21%	5.37%	-13.49%	-5.44%	-8.51%	-6.49%	0.77%	12.31%	1.36%	-3.18%	6.81%	6.32%	11.44%	3.44%	-1.1%	6.7%	9.74%	6.3%
Charge d'intérêts ¹	-51	-46	-51	-54	-54	-55	-52	-48	-50	-54	-54	-50	-54	-59	-69	-82	-82	-92	-126	-154	-166	-166.4	-166.4	-166.4	-166.4
Earnings before Tax (EBT) ¹	1,634	613	1,763	1,981	2,167	1,591	2,201	2,271	2,110	1,626	1,321	1,691	1,652	1,554	1,866	1,808	1,927	1,913	2,014	2,265	2,103	2,078	2,264	2,419	2,587
Change	-	-62.48%	187.6%	12.37%	9.39%	-26.58%	38.34%	3.18%	-7.09%	-22.94%	-18.76%	28.01%	-2.31%	-5.93%	20.08%	-3.11%	6.58%	-0.73%	5.28%	12.46%	-7.15%	-1.21%	8.97%	6.84%	6.97%
Net income ¹	1,301	806	1,214	1,364	1,548	1,199	1,378	1,681	1,643	1,436	1,077	1,406	1,259	1,157	1,366	1,604	1,375	1,573	1,495	1,631	1,670	1,597	1,675	1,769	1,917
Change	-	-38.05%	50.62%	12.36%	13.49%	-22.55%	14.93%	21.99%	-2.26%	-12.6%	-25%	30.55%	-10.46%	-8.1%	18.06%	17.42%	-14.28%	14.4%	-4.96%	9.1%	2.39%	-4.36%	4.87%	5.61%	8.36%
Announcement Date	15/01/20	16/04/20	17/07/20	13/10/20	14/01/21	15/04/21	14/07/21	13/10/21	14/01/22	13/04/22	15/07/22	13/10/22	13/01/23	14/04/23	14/07/23	13/10/23	12/01/24	12/04/24	15/07/24	11/10/24	15/01/25	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: BlackRock, Inc.

balance-sheet-analysis-chart BLACKROCK-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	257	-1,400	-1,877	-762	-818	836	-1,598	-6,691
Change	-	-644.75%	-234.07%	-140.6%	-207.35%	2.2%	-291.15%	-518.71%
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	15/01/25	-	-

¹USD in Million

Estimates

Cash Flow Forecast: BlackRock, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	254	194	341	533	344	308.3	443.4	272.3
Change	-	-23.62%	75.77%	56.3%	-35.46%	-10.37%	43.82%	-38.6%
Free Cash Flow (FCF) ¹	2,630	3,549	4,603	4,423	3,821	7,211	7,369	8,124
Change	-	34.94%	29.7%	-3.91%	-13.61%	88.73%	2.19%	10.25%
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: BlackRock, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	40.97%	38.08%	40.6%	38.06%	37.53%	41.27%	42.26%	42.93%
EBIT Margin (%)	38.18%	35.14%	38.45%	35.72%	35.14%	37.11%	39.15%	40.86%
EBT Margin (%)	39.8%	40.26%	42.19%	35.19%	40.06%	40.65%	40.18%	41.57%
Net margin (%)	30.79%	30.44%	30.46%	28.97%	30.81%	31.21%	29.52%	30.96%
FCF margin (%)	18.09%	21.9%	23.76%	24.75%	21.4%	35.47%	31.31%	30.98%
FCF / Net Income (%)	58.76%	71.96%	78%	85.42%	69.45%	111.36%	106.06%	100.06%
Profitability
ROA	2.73%	3.03%	3.67%	3.99%	4.73%	5.42%	6.34%	6.61%
ROE	13.6%	15.22%	16.58%	14.29%	14.77%	15.49%	17.13%	18.01%
Financial Health
Leverage (Debt/EBITDA)	0.04x	-	-	-	-	0.1x	-	-
Debt / Free cash flow	0.1x	-	-	-	-	0.12x	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.75%	1.2%	1.76%	2.98%	1.93%	1.52%	1.88%	1.04%
CAPEX / EBITDA (%)	4.26%	3.14%	4.34%	7.83%	5.13%	3.67%	4.46%	2.42%
CAPEX / FCF (%)	9.66%	5.47%	7.41%	12.05%	9%	4.28%	6.02%	3.35%
Items per share
Cash flow per share ¹	18.32	24.17	32.02	32.52	27.64	41.44	48.55	55.81
Change	-	31.98%	32.46%	1.56%	-15.01%	49.92%	17.17%	14.95%
Dividend per Share ¹	13.2	14.52	16.52	19.52	20	20.4	21.9	24.14
Change	-	10%	13.77%	18.16%	2.46%	2%	7.12%	10.24%
Book Value Per Share ¹	216.2	231.3	248.5	252	265	283.8	304.3	324.1
Change	-	7.01%	7.43%	1.42%	5.13%	7.1%	7.21%	6.52%
EPS ¹	28.43	31.85	38.22	33.97	36.51	42.01	44.36	51.36
Change	-	12.03%	20%	-11.12%	7.48%	15.06%	4.51%	15.79%
Nbr of stocks (in thousands)	155,173	152,511	151,917	150,196	148,762	154,879	154,879	154,879
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	15/01/25	-	-