The business behind the dividend
| Measure | BX | Median | Formula |
|---|---|---|---|
| Return on equity | 34.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 33.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $3.00bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.55bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 49.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 20.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.45x | 0.79x | 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, Interest cover — 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 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 34.8% | 33.8% | 20.4% | 22.8% | 62.2% | 15.7% | 29.2% | 24.2% | 22.2% | 16.1% | 22.8% |
| Return on capital employed | 33.8% | 32.8% | 16.1% | 17.2% | 78.5% | 21.1% | 20.6% | 20.9% | 18.9% | 15.5% | 20.6% |
| Operating margin | 49.6% | 48.8% | 36.9% | 40.6% | 60.1% | 42.9% | 52.0% | 51.4% | 57.6% | 46.3% | 48.8% |
| Net margin | 20.9% | 21.0% | 17.3% | 20.5% | 25.9% | 17.1% | 27.9% | 22.6% | 20.6% | 20.2% | 20.6% |
| Debt to equity | 1.45x | 1.40x | 1.70x | 1.63x | 0.83x | 0.86x | 1.65x | 1.63x | 2.29x | 1.38x | 1.45x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Blackstone pays out less than 3 of them. The median for that group is 19.5%, against this company’s 132.2%.
Closest on free cash flow
- CME Group (CME) 93.8%
- Brookfield Asset Management (BAM) 134.7%
- Artisan Partners Asset Management (APAM) 149.8%
- StepStone Group (STEP) 184.4%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →