Question 1

What is Blackstone's EV/EBITDA ratio?

Accepted Answer

Blackstone (BX) EV/EBITDA ratio is 14.6× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Blackstone?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Blackstone specifically, the relevant sector benchmark is the current sector median of 10.2×.

Question 5

Is Blackstone's EV/EBITDA ratio high or low?

Accepted Answer

Blackstone's EV/EBITDA ratio of 14.6× is below its own 5-year average of 32.7× and above the sector median of 10.2×. That places the current reading at the 37th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Blackstone's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Blackstone (BX) EV/EBITDA ratio has ranged from a low of -13.6× in 2007 to a high of 6159.8× in 2020. The 5-year average is 32.7× and the 5-year median is 28.6×.

Question 7

What was Blackstone's EV/EBITDA ratio in 2025?

Accepted Answer

Blackstone (BX) EV/EBITDA ratio at the end of 2025 was 27.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Blackstone's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$185B	$7.21B	27.1×	-5.8×	Dec 31, 2025
2024	$203B	$6.5B	32.9×	-20.0×	Dec 31, 2024
2023	$149B	$3B	52.9×	+26.3×	Dec 31, 2023
2022	$84.5B	$3.53B	26.5×	+15.5×	Dec 31, 2022
2021	$144B	$13.6B	11.1×	-16.4×	Dec 31, 2021
2020	$69.6B	$2.69B	27.5×	+10.1×	Dec 31, 2020
2019	$58B	$3.89B	17.4×	+6.5×	Dec 31, 2019
2018	$30.8B	$3.57B	10.9×	-0.2×	Dec 31, 2018
2017	$32.8B	$4.12B	11.1×	-2.8×	Dec 31, 2017
2016	$27.2B	$2.46B	13.9×	-3.4×	Dec 31, 2016
2015	$28.7B	$1.92B	17.3×	+7.8×	Dec 31, 2015
2014	$31.3B	$4.09B	9.5×	-2.2×	Dec 31, 2014
2013	$28.1B	$3.24B	11.7×	-109.1×	Dec 31, 2013
2012	$13B	$211M	120.8×	—	Dec 31, 2012
2011	$10.3B	$0.00	—	—	Dec 31, 2011
2010	$8.3B	$0.00	—	—	Dec 31, 2010
2009	$6.28B	-$326M	—	—	Dec 31, 2009
2008	$2.69B	-$1.86B	—	—	Dec 31, 2008
2007	$8.65B	$393M	5.3×	-15.3×	Dec 31, 2007
2006	$9.7B	$534M	20.5×	—	Dec 31, 2006
2005	$9.7B	$0.00	—	—	Dec 31, 2005


Arch Capital Group (ACGL)	4.3×
M&T Bank (MTB)	3.8×
1st Source (SRCE)	3.5×
Allstate (ALL)	3.4×
Mercury General (MCY)	3.2×
AXIS Capital Holdings (AXS)	2.2×
Commerce Bancshares (CBSH)	2.2×
American International Group (AIG)	1.9×
United Bankshares (UBSI)	1.7×
Atlantic Union Bankshares (AUB)	1.1×
W. R. Berkley (WRB)	0.2×
KeyCorp (KEY)	-0.4×
Capital One Financial (COF)	-0.5×
Everest Group (EG)	-0.7×
Aflac (AFL)	-1.1×
Northern Trust (NTRS)	-2.6×
Regions Financial (RF)	-3.1×
Principal Financial Group (PFG)	-4.1×
Fifth Third Bank (FITB)	-4.4×
JPMorgan Chase (JPM)	-5.2×
BancFirst (BANF)	-5.5×
Wells Fargo (WFC)	-6.9×
Ames National (ATLO)	-16.7×
Apollo Global Management (APO)	-17.2×
MetLife (MET)	-46.3×

EV/EBITDA for Blackstone (BX) 2006-2026

EV/EBITDA daily chart for Blackstone (BX)

Historical EV/EBITDA for Blackstone (BX) from 2005 to 2025

About EV/EBITDA at Blackstone (BX)

Blackstone EV/EBITDA by Year

Blackstone EV/EBITDA 2025: 27.1×

Blackstone EV/EBITDA 2024: 32.9×

Blackstone EV/EBITDA 2023: 52.9×

Blackstone EV/EBITDA 2022: 26.5×

Blackstone EV/EBITDA 2021: 11.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Blackstone (BX) Key Financials