MeritValue

BlackRock, Inc.

BLKdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$17.9B1$17.9B2$20.4B2$24.2B2
Net income$5.18B3$5.5B4$6.37B4$5.55B4
Operating cash flow$4.96B5$4.17B6$4.96B6$3.93B6
Capital expenditure$533M7$344M8$255M8$375M8
Free cash flow (derived)$4.42B5$3.82B6$4.7B6$3.55B6
Total debt—$7.92B9$12.3B10$12.8B10
Cash & equivalents$7.43B11$8.74B12$12.8B13$11.5B13
Diluted shares152.4M150.7M151.6M160.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000062%
of the whole company
Your share of last year’s profit
$345.19
Your share of its debt
$793.7
Your share of free cash flow
$220.8
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$313.13
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.82B
DCF · Growth Exit 5Y
$339.56
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.82B
Earnings Power Value
$362.07
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.53B
  • growthAssumed0.0%
Graham Number
$525.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $339.56

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-25-026584 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-071966 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-25-026584 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001193125-26-071966 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026584 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071966 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-026584 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-071966 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-026584 (LongTermDebt)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-071966 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001193125-26-071966 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-026584 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-071966 (CashAndCashEquivalentsAtCarryingValue)