BlackRock, Inc.

BLK · NYSE · CIK 0002012383

SIC 6211

Security Brokers, Dealers & Flotation Companies

Investment Indicators

$1,081.80

-3.03 (-0.28%)

Open

$1,084.00

High

$1,089.88

Low

$1,071.54

Prev Close

$1,084.83

Volume

451,583

52W High

$1,207.31

52W Low

$903.50

50-day MA

$1,008.39

Quote as of: 2026-05-11

Market Cap

$166.80B

P/E

27.03

P/B

2.92

PEG

1.33

EPS

39.72

BPS

360.41

Dividend Yield

2.04%

Beta

1.46

ROE

9.94%

ROA

3.27%

D/E Ratio

1.94

Operating Margin

55.06%

Net Margin

43.40%

Book Value/Share

$360.41

Intrinsic Value Estimates

Multiple valuation methods, each with its own assumptions — outputs can diverge widely

Median consensus (6 methods)

$57.47B

Deep overvalued +190.2%

Method	Implied market cap	vs current	Assumptions
Graham Number √(22.5 × 순이익 × 자본)	$83.56B	+100%	최대 PER 15배 최대 PBR 1.5배 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula 순이익 × (8.5 + 2 × 성장률%)	—	N/A	EPS 성장률 -12.8%/년 가정 (직전 1년 기준) 무성장 기업 P/E = 8.5 현재 적용 배수: -1.5x
Justified P/E 순이익 × 산업 평균 P/E	$83.30B	+100%	산업 평균 PER 15x 가정 (사용자 정의 가능) 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수 자본 × 산업 평균 P/B	$83.83B	+99%	산업 평균 PBR 1.5x 가정 은행·보험·자산집약적 산업에 특히 유효
P/S 배수 매출 × 산업 평균 P/S	$25.59B	+552%	산업 평균 PSR 2x 가정 매출 기반 — 적자 기업·신생 기업에 적용 가능 이익률 차이 무시
DCF (Gordon) CF × (1+g) / (r − g)	$31.65B	+427%	현금흐름 입력: FCF (잉여현금흐름) 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%) 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon) D × (1+g) / (r − g)	$27.63B	+504%	배당 입력: 실제 지급 배당 할인율 9.0% 배당 영구 성장률 -2.0%

▶ Detailed analysis — formula walk-through & scenarios

Why this conclusion

Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +190.2% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 0 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.

Graham Number

Overvalued +99.6%

√(22.5 × 순이익 × 자본)

Current

$166.80B

Implied fair

$83.56B

Gap (current − fair)

+$83.23B(+99.6%)

NetIncome = $5.55B
Equity = $55.89B
√(22.5 × $5.55B × $55.89B) = $83.56B

최대 PER 15배
최대 PBR 1.5배
안정적 흑자 기업 가정 (금융·고성장 부정확)

Graham Formula

순이익 × (8.5 + 2 × 성장률%)

Not applicable: -

Justified P/E

Overvalued +100.2%

순이익 × 산업 평균 P/E

Current

$166.80B

Implied fair

$83.30B

Gap (current − fair)

+$83.50B(+100.2%)

NetIncome = $5.55B
Industry P/E = 15×
$5.55B × 15 = $83.30B

산업 평균 PER 15x 가정 (사용자 정의 가능)
동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장

P/B 배수

Overvalued +99.0%

자본 × 산업 평균 P/B

Current

$166.80B

Implied fair

$83.83B

Gap (current − fair)

+$82.96B(+99.0%)

Equity = $55.89B
Industry P/B = 1.5×
$55.89B × 1.5 = $83.83B

산업 평균 PBR 1.5x 가정
은행·보험·자산집약적 산업에 특히 유효

P/S 배수

Overvalued +551.8%

매출 × 산업 평균 P/S

Current

$166.80B

Implied fair

$25.59B

Gap (current − fair)

+$141.21B(+551.8%)

Revenue = $12.79B
Industry P/S = 2×
$12.79B × 2 = $25.59B

산업 평균 PSR 2x 가정
매출 기반 — 적자 기업·신생 기업에 적용 가능
이익률 차이 무시

DCF (Gordon)

Overvalued +427.1%

CF × (1+g) / (r − g)

Current

$166.80B

Implied fair

$31.65B

Gap (current − fair)

+$135.15B(+427.1%)

FCF = $3.55B
Discount r = 4.0% + 5.0% = 9.0%
Growth g = -2.0%
$3.55B × (1 + -2.0%) / (9.0% − -2.0%) = $31.65B

현금흐름 입력: FCF (잉여현금흐름)
할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
영구 성장률 -2.0% (실질 GDP 수준)

DDM (Gordon)

Overvalued +503.7%

D × (1+g) / (r − g)

Current

$166.80B

Implied fair

$27.63B

Gap (current − fair)

+$139.17B(+503.7%)

Dividend D = $3.10B
Discount r = 9.0%
Growth g = -2.0%
$3.10B × (1 + -2.0%) / (9.0% − -2.0%) = $27.63B

배당 입력: 실제 지급 배당
할인율 9.0%
배당 영구 성장률 -2.0%

DCF sensitivity: discount rate × terminal growth

Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+179.0%	+225.5%	+271.9%	+318.4%	+364.9%
2%	+130.2%	+176.2%	+222.3%	+268.3%	+314.3%
3%	+82.4%	+128.0%	+173.5%	+219.1%	+264.7%
4%	+35.5%	+80.6%	+125.8%	+170.9%	+216.1%
5%	-10.6%	+34.2%	+78.9%	+123.6%	+168.3%

DDM sensitivity: discount rate × dividend growth

Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+219.5%	+272.8%	+326.0%	+379.3%	+432.5%
2%	+163.7%	+216.4%	+269.1%	+321.9%	+374.6%
3%	+108.9%	+161.1%	+213.3%	+265.5%	+317.8%
4%	+55.2%	+106.9%	+158.6%	+210.3%	+262.0%
5%	+2.5%	+53.7%	+104.9%	+156.1%	+207.4%

All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.

Financial Statements

In USD millions (per-share figures shown directly) · Financials as of: 2026-02-25

Income Statement

FY	2025	2024
Revenue	—	12,794
Operating Expenses	17,171	12,833
Operating Income	7,045	7,574
Net Income	5,553	6,369
EPS (Basic)	35.83	42.45
EPS (Diluted)	35.31	42.01

Balance Sheet

FY	2025	2024
Total Assets	169,998	138,615
Cash & Equivalents	11,468	12,762
Total Liabilities	108,456	89,260
Long-term Debt	12,768	12,314
Total Equity	55,888	47,495

Cash Flow

FY	2025	2024
Operating CF	3,927	4,956
Investing CF	-4,418	-3,004
Financing CF	-1,127	2,236
CapEx	375	255
Dividends Paid	—	3,101

📄 SEC Filings

10-Q

Quarterly Report

10-Q

2026-05-06

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Other filings (99)

IRANNOTICE

2026-05-06

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