What is BlackRock, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on BlackRock, Inc.'s reported free cash flow gives $543.35 per share. The share price was $1,086.31 on September 25, 2026, 100% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 5.5% | 10.0% | $332.12 | -69% |
| Base | 10.5% | 9.0% | $543.35 | -50% |
| Bull | 15.5% | 8.0% | $964.38 | -11% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $703.15 | $752.44 | $812.68 | $887.98 | $984.80 |
| 8.0% | $583.51 | $615.48 | $653.25 | $698.58 | $753.99 |
| 9.0% | $496.28 | $518.13 | $543.35 | $572.77 | $607.53 |
| 10.0% | $429.97 | $445.51 | $463.12 | $483.25 | $506.48 |
| 11.0% | $377.95 | $389.35 | $402.08 | $416.41 | $432.64 |
Where the presets come from
Base: years 1 to 5 grow at BlackRock, Inc.'s revenue growth rate over the last 3 fiscal years (10.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions