The business behind the dividend
| Measure | BLK | Median | Formula |
|---|---|---|---|
| Return on equity | 9.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.47bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.55bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 29.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 22.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | 9.9% | 13.4% | 14.0% | 13.7% | 13.7% |
| Operating margin | 29.1% | 37.1% | 35.1% | 35.7% | 35.7% |
| Net margin | 22.9% | 31.2% | 30.8% | 29.0% | 30.8% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, BlackRock pays out less than 6 of them. The median for that group is 34.0%, against this company’s 59.0%.
Closest on GAAP earnings
- Prudential Financial (PRU) 54.1%
- Truist Financial (TFC) 54.5%
- Jefferies Financial Group (JEF) 56.5%
- Principal Financial Group (PFG) 58.7%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →