Blackstone
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | BX | Checked against | |
|---|---|---|---|
| Owner earnings | $3.00bn | positive | ✓ |
| Return on equity | 34.8% | median 11.7% | ✓ |
| Debt to equity | 1.45x | median 0.79x | ✗ |
| Operating margin | 49.6% | median 15.0% | ✓ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 2/3
| Measure | BX | Checked against | |
|---|---|---|---|
| Return on capital employed | 33.8% | median 10.1% | ✓ |
| Cash conversion | — | median 1.78x | — |
| Operating margin | 49.6% | median 15.0% | ✓ |
| Debt to equity | 1.45x | median 0.79x | ✗ |
Passes 2 of 3. To be clear: Terry Smith has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 3/3
| Measure | BX | Checked against | |
|---|---|---|---|
| Return on capital employed | 33.8% | median 10.1% | ✓ |
| Return on equity | 34.8% | median 11.7% | ✓ |
| Operating margin | 49.6% | median 15.0% | ✓ |
Passes 3 of 3. To be clear: Charlie Munger has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 2/3
| Measure | BX | Checked against | |
|---|---|---|---|
| Return on equity | 34.8% | median 11.7% | ✓ |
| Debt to equity | 1.45x | median 0.79x | ✗ |
| Cash conversion | — | median 1.78x | — |
| Return on equity, sustained | 10 of 10 | 8 of 10 above median | ✓ |
Passes 2 of 3. To be clear: Chuck Akre has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 4/4
| Measure | BX | Checked against | |
|---|---|---|---|
| Operating margin | 49.6% | median 15.0% | ✓ |
| Net margin | 20.9% | median 10.2% | ✓ |
| Return on capital employed | 33.8% | median 10.1% | ✓ |
| Operating margin, held or improving | 49.6% | 10-yr median 48.8% | ✓ |
Passes 4 of 4. To be clear: Philip Fisher has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/1
| Measure | BX | Checked against | |
|---|---|---|---|
| Current ratio | — | median 1.25x | — |
| Debt to equity | 1.45x | median 0.79x | ✗ |
Passes 0 of 1. To be clear: Walter Schloss has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 1/1
| Measure | BX | Checked against | |
|---|---|---|---|
| Current ratio | — | 2.00x published | — |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 10 yrs | 10 published | ✓ |
Passes 1 of 1. To be clear: Benjamin Graham has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | BX | Checked against | |
|---|---|---|---|
| Return on capital employed | 33.8% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | BX | Checked against | |
|---|---|---|---|
| Debt to equity | 1.45x | median 0.79x | ✗ |
| Net margin | 20.9% | median 10.2% | ✓ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about Blackstone. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 121.2% | whyThe figure most screeners publish. |
| Operating cash flow | 129.0% | whyAbsorbs working-capital swings that earnings do not. |
| Free cash flow | 132.2% | whyAfter maintaining the business. |
11 points between highest and lowest basis.
Coverage rating 30 / 100 — Strained. ? Peer standing 6/50Direction 4/30Stability 20/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 132.2% |
| 2024-12-31 | 129.4% |
| 2023-12-31 | 111.4% |
| 2022-12-31 | 106.9% |
| 2021-12-31 | 117.4% |
| 2020-12-31 | 130.8% |
Coverage has deteriorated three years running — 106.9% to 132.2% — and the dividend now exceeds what the basis that applies can fund.
12% of the 25 financial services here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $4.69 ÷ diluted EPS $3.87
- Operating cash flow — dividends paid $6,013m ÷ operating cash flow $4,663m
- Free cash flow — dividends paid $6,013m ÷ (operating cash flow $4,663m − capex $116m)
Where the figures came from
- 10-K filed 2026-02-27 · accession 0001193125-26-082531
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- DPS $4.69 filed as declared, but dividends paid imply $7.71 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated strained · when it files.
When this changes
Every figure above is recomputed whenever Blackstone files. The monthly letter carries what filed, what moved, and one finding computed across every company here.