What is Blackstone Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Blackstone Inc.'s reported free cash flow gives $179.13 per share. The share price was $121.92 on November 10, 2026, 32% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $103.57 | -15% |
| Base | 15.0% | 9.0% | $179.13 | +47% |
| Bull | 20.0% | 8.0% | $319.83 | +162% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $236.34 | $254.18 | $275.98 | $303.24 | $338.28 |
| 8.0% | $193.36 | $204.93 | $218.60 | $235.01 | $255.06 |
| 9.0% | $162.09 | $170.00 | $179.13 | $189.78 | $202.36 |
| 10.0% | $138.38 | $144.01 | $150.38 | $157.67 | $166.08 |
| 11.0% | $119.83 | $123.96 | $128.56 | $133.75 | $139.63 |
Where the presets come from
Base: years 1 to 5 grow at Blackstone Inc.'s revenue growth rate over the last 5 fiscal years (18.8% 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