Loading institutional data...
Loading institutional data...
Held by 2,080 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $106.61 today, the market must believe free cash flow compounds 14.7%/yr for a decade (off $2.73B on the SBC-adjusted basis).
On the basis ($3.93B) the requirement is 9.7%/yr. The difference is what charging stock compensation costs.
The market's 14.7% is more optimistic than its 6-yr track record.
Default is 10.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.75B shares (market data) · net debt $9.95B
mean 26.9% · volatility σ 66% · implied rate exceeded in 3/6 yrs
Central path = implied 14.7%/yr growth; shaded band = ±1σ (66%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (132%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $6.01B dividends + $0 buybacks = $6.01B returned on $4.55B FCF.
2 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.63B (at 2025-12-31) covers the $685.3M due within a year 3.8× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~4.0% on $12.58B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BX | $82.0B | 28.2× | — | 5.7× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,080 |
| APO | $66.1B | 20.2× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $44.4B | 13.8× | — | 2.4× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 1,335 |
| TROW | $21.6B | 11.0× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 1,123 |
| BEN | $15.9B | 34.5× | 25.1× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 648 |
| CG | $13.1B | 16.9× | 8.3× | 2.7× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 572 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 543 |
| EVR | $9.9B | 18.3× | — | 2.5× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 677 |
| HLI | $9.0B | 20.7× | 13.7× | 3.4× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 493 |
| MORN | $7.8B | 23.6× | 11.8× | 3.2× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 403 |
| TPG | $7.2B | 96.4× | 11.3× | 1.6× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 359 |
| VCTR | $6.7B | 26.8× | 13.7× | 5.2× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 345 |
| OWL | $6.1B | 89.7× | 19.3× | 10.8× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 569 |
| FHI | $4.2B | 11.0× | 7.6× | 2.3× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 376 |
| CNS | $3.5B | 23.2× | 18.1× | 6.4× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 304 |
| LAZ | $3.5B | 16.7× | 10.3× | 1.1× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 336 |
| APAM | $2.3B | 8.1× | 6.2× | 1.9× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 361 |
| RPC | $906M | 48.4× | 18.6× | 3.0× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| VRTS | $814M | 6.2× | 5.2× | 0.9× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 231 |
| GCMG | $786M | 30.6× | 7.0× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 142 |
| ABX | $775M | 22.0× | 10.6× | 3.3× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 148 |
| NOAH | $505M | 32.0× | — | 1.4× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 88 |
| HKHC | $382M | 75.9× | 28.3× | 5.2× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | 1 |
| WHG | $183M | 24.2× | 28.6× | 1.9× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 71 |
| RILY | $157M | 0.5× | 12.3× | 0.2× | 29.6% | 85.0% | 31.8% | -179% | 24.5% | 10.8× | 97 |
Peers = companies sharing BX's sector (Investment Advice) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.45B 100.0% | $13.23B 100.0% | $8.02B 100.0% | $8.52B 100.0% | $22.58B 100.0% | $6.10B 100.0% | $7.34B 100.0% | $6.83B 100.0% | $7.15B 100.0% | $5.15B 100.0% |
| Selling, General & Admin | $1.52B 10.6% | $1.36B 10.3% | $1.12B 13.9% | $1.09B 12.8% | $917.8M 4.1% | $711.8M 11.7% | $679.4M 9.3% | $594.9M 8.7% | $488.6M 6.8% | $541.6M 10.5% |
| Total Operating Expenses | $7.70B 53.3% | $6.82B 51.5% | $4.98B 62.1% | $4.97B 58.4% | $9.48B 42.0% | $3.48B 57.0% | $3.96B 54.0% | $3.51B 51.4% | $3.73B 52.2% | $2.93B 56.9% |
| Interest Expense | $508.3M 3.5% | $443.7M 3.4% | $431.9M 5.4% | $317.2M 3.7% | $198.3M 0.9% | $166.2M 2.7% | $199.6M 2.7% | $164.0M 2.4% | $197.5M 2.8% | $152.7M 3.0% |
| Other Income (Expense), net | $424.0M 2.9% | $48.8M 0.4% | -$84.0M -1.0% | -$82.9M -1.0% | $458.9M 2.0% | -$4.8M -0.1% | $444.4M 6.1% | $191.7M 2.8% | $725.5M 10.2% | $184.8M 3.6% |
| Pretax Income | $7.17B 49.6% | $6.46B 48.8% | $2.96B 36.9% | $3.46B 40.6% | $13.56B 60.1% | $2.62B 42.9% | $3.82B 52.0% | $3.51B 51.4% | $4.12B 57.6% | $2.38B 46.3% |
| Income Tax Expense | $1.13B 7.8% | $1.02B 7.7% | $513.5M 6.4% | $472.9M 5.6% | $1.18B 5.2% | $356.0M 5.8% | -$48.0M -0.7% | $249.4M 3.6% | $743.1M 10.4% | $132.4M 2.6% |
| Net Income | $3.02B 20.9% | $2.78B 21.0% | $1.39B 17.3% | $1.75B 20.5% | $5.86B 25.9% | $1.05B 17.1% | $2.05B 27.9% | $1.54B 22.6% | $1.47B 20.6% | $1.04B 20.2% |
| Per Share | ||||||||||
| EPS (Basic) | $3.87 | $3.62 | $1.84 | $2.36 | $8.14 | $1.50 | $3.03 | $2.27 | $2.21 | $1.60 |
| EPS (Diluted) | $3.87 | $3.62 | $1.84 | $2.36 | $8.13 | $1.50 | $3.03 | $2.26 | $2.21 | $1.56 |
| Weighted Avg Shares (Basic) | 780.0M | 766.5M | 755.2M | 740.7M | 719.8M | 696.9M | 675.9M | 678.9M | 665.5M | 649.5M |
| Weighted Avg Shares (Diluted) | 780.2M | 766.6M | 755.4M | 740.9M | 720.1M | 697.3M | 676.2M | 1.21B | 666.2M | 1.20B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 66th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 35% against ROIC 14% — 21% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.7 | 9.3 | 11.7 | 4.1 | 12.8 | 13.9 | 10.3 | 10.6 |
| Income Tax | 3.6 | -0.7 | 5.8 | 5.2 | 5.6 | 6.4 | 7.7 | 7.8 |
| Net Income | 22.6 | 27.9 | 17.1 | 25.9 | 20.5 | 17.3 | 21.0 | 20.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 20.2% |
| FY2017 | not reported | not reported | 20.6% |
| FY2018 | not reported | not reported | 22.6% |
| FY2019 | not reported | not reported | 27.9% |
| FY2020 | not reported | not reported | 17.1% |
| FY2021 | not reported | not reported | 25.9% |
| FY2022 | not reported | not reported | 20.5% |
| FY2023 | not reported | not reported | 17.3% |
| FY2024 | not reported | not reported | 21.0% |
| FY2025 | not reported | not reported | 20.9% |
Leverage and buybacks account for 21 points of the 35% return on equity in FY2025. The business earns 14% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 1.93x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $4.55B; after share-based compensation it is $3.10B. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $109.20, free cash flow must compound 14.95%/yr for 10 years. It has done 13.05%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −6.7% | 14.9% |
| FY2021 | 137.0% | 14.9% |
| FY2022 | 60.0% | 14.9% |
| FY2023 | −45.9% | 14.9% |
| FY2024 | −20.9% | 14.9% |
| FY2025 | 37.8% | 14.9% |
This is solved on free cash flow AFTER stock compensation ($2.73B against $3.93B before it). On the unadjusted figure the requirement would be 9.99%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.02B | $3.02B |
| Share-based comp | $1.45B | $4.46B |
| Other non-cash & working capital | $199M | $4.66B |
| Operating cash flow | $4.66B | $4.66B |
| Capex | −$116M | $4.55B |
| Free cash flow | $4.55B | $4.55B |
| FCF after SBC | $3.10B | $3.10B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -16.9% | -11.2% | 5.7 points |
| FY2021 | 270.0% | -26.5% | -296.5 points |
| FY2022 | -62.3% | -27.3% | 35.0 points |
| FY2023 | -5.8% | -58.2% | -52.4 points |
| FY2024 | 64.9% | 23.1% | -41.9 points |
| FY2025 | 9.2% | 22.6% | 13.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.5 days | not reported | not reported | not reported |
| FY2020 | 51.8 days | not reported | not reported | not reported |
| FY2021 | 10.3 days | not reported | not reported | not reported |
| FY2022 | 19.8 days | not reported | not reported | not reported |
| FY2023 | 8.8 days | not reported | not reported | not reported |
| FY2024 | 6.6 days | not reported | not reported | not reported |
| FY2025 | 7.4 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.3 percent |
| FY2020 | -3.4 percent |
| FY2021 | 4.5 percent |
| FY2022 | -10.8 percent |
| FY2023 | -6.6 percent |
| FY2024 | -1.6 percent |
| FY2025 | -3.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.