Question 1

What is Blackstone's P/FCF ratio?

Accepted Answer

Blackstone (BX) P/FCF ratio is 26.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Blackstone?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Blackstone specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Blackstone's P/FCF ratio high or low?

Accepted Answer

Blackstone's P/FCF ratio of 26.9× is below its own 5-year average of 36.8× and above the sector median of 11.1×. That places the current reading at the 66th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Blackstone (BX) P/FCF ratio has ranged from a low of 1.3× in 2009 to a high of 1126.7× in 2018. The 5-year average is 36.8× and the 5-year median is 35.4×.

Question 7

What was Blackstone's P/FCF ratio in 2025?

Accepted Answer

Blackstone (BX) P/FCF ratio at the end of 2025 was 53.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Blackstone's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$184.58B	$3.48B	53.1×	-6.3×	Dec 31, 2025
2024	$203.23B	$3.42B	59.4×	+20.5×	Dec 31, 2024
2023	$149.12B	$3.83B	38.9×	+25.1×	Dec 31, 2023
2022	$84.50B	$6.10B	13.9×	-22.9×	Dec 31, 2022
2021	$144.13B	$3.92B	36.8×	-1.4×	Dec 31, 2021
2020	$69.58B	$1.82B	38.1×	+7.7×	Dec 31, 2020
2019	$58.01B	$1.90B	30.5×	-1096.2×	Dec 31, 2019
2018	$30.83B	$27.36M	1126.7×	—	Dec 31, 2018
2017	$32.84B	−$2.07B	—	—	Dec 31, 2017
2016	$27.15B	−$563.11M	—	—	Dec 31, 2016
2015	$28.75B	$2.34B	12.3×	-7.0×	Dec 31, 2015
2014	$31.31B	$1.62B	19.3×	+11.3×	Dec 31, 2014
2013	$28.06B	$3.52B	8.0×	-15.8×	Dec 31, 2013
2012	$12.99B	$546.13M	23.8×	+14.1×	Dec 31, 2012
2011	$10.34B	$1.06B	9.7×	—	Dec 31, 2011
2010	$8.30B	−$426.05M	—	—	Dec 31, 2010
2009	$6.28B	$387.88M	16.2×	+14.7×	Dec 31, 2009
2008	$2.69B	$1.84B	1.5×	—	Dec 31, 2008
2007	$8.65B	−$882.60M	—	—	Dec 31, 2007
2006	$9.70B	—	—	—	Dec 31, 2006
2005	$9.70B	—	—	—	Dec 31, 2005


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Blackstone (BX)

P/FCF Ratio daily chart for Blackstone (BX)

Historical P/FCF Ratio for Blackstone (BX) from 2005 to 2025

About P/FCF Ratio at Blackstone (BX)

Blackstone P/FCF Ratio by Year

Blackstone P/FCF Ratio 2025: 53.1×

Blackstone P/FCF Ratio 2024: 59.4×

Blackstone P/FCF Ratio 2023: 38.9×

Blackstone P/FCF Ratio 2022: 13.9×

Blackstone P/FCF Ratio 2021: 36.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Blackstone (BX) Key Financials

P/FCF Ratio daily chart for Blackstone (BX)

Historical P/FCF Ratio for Blackstone (BX) from 2005 to 2025

About P/FCF Ratio at Blackstone (BX)

Blackstone P/FCF Ratio by Year

Blackstone P/FCF Ratio 2025: 53.1×

Blackstone P/FCF Ratio 2024: 59.4×

Blackstone P/FCF Ratio 2023: 38.9×

Blackstone P/FCF Ratio 2022: 13.9×

Blackstone P/FCF Ratio 2021: 36.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Blackstone's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Blackstone?

+Is Blackstone's P/FCF ratio high or low?

+What is Blackstone's historical P/FCF ratio range?

+What was Blackstone's P/FCF ratio in 2025?

+Why does Blackstone's P/FCF ratio change over time?

Blackstone (BX) Key Financials