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Blackstone BX Return on invested capital

Return on invested capital at other companies

Prologis logo
PrologisPLD
4.5%+0.1pp
Ares Management Corporation logo
Ares Management CorporationARES
28%-5.0pp
The Carlyle Group logo
The Carlyle GroupCG
12.7%-10.7pp
Apollo Global Management logo
Apollo Global ManagementAPO
26%-36.6pp
Blackrock logo
BlackrockBLK
10.9%
Blackstone Mortgage Trust logo
Blackstone Mortgage TrustBXMT
5.2%

Other financials

Income statement

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Revenue$3.6B+10.0%
Net income$649.7M+5.7%
EPS (diluted)$0.83+3.8%

Balance sheet

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Cash & equivalents$2.7B-20.3%
Total debt$14.3B+3.2%
Total equity$8.4B+4.9%
Total assets$48.3B+6.8%

Cash flow

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Operating cash flow$991.0M-10.7%
CapEx$33.4M+14.1%
Free cash flow$957.6M-11.3%

Valuation

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Market cap$152.7B-16.6%
Enterprise value$164.28B-14.2%
P/E50×-22.0×
P/S10.3×-3.9×

Profitability

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Net margin20.7%+0.8pp

Returns & leverage

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Return on equity37.4%+3.3pp
Debt / equity1.7×0.0×

Where this comes from

Calculated from Blackstone’s reported figures.

Based on trailing twelve months.

The official record: Blackstone’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Blackstone's return on invested capital?
Blackstone (BX) reported return on invested capital of 34.1% in Q1 2026.
How has Blackstone's return on invested capital changed year-over-year?
Blackstone's return on invested capital increased by 8.5% year-over-year, from 31.4% to 34.1%.
What is the long-term trend for Blackstone's return on invested capital?
Over 4 years (2021 to 2025), Blackstone's return on invested capital has grown at a -20.3% compound annual growth rate (CAGR), from 330.8% to 133.7%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.