BLK
BlackRock
Platform / Network
★ Quality 77/100Price today
$1,048
what the market pays
Worth
$1,270
calculated cycle value
Price is 17% below its value
charlieapp.co
The largest asset manager in the world
BlackRock manages $14 trillion in assets. Its Aladdin platform handles the risk of more than 7% of all financial assets on the planet.
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Where does the value come from?
Digital platform
$1,270.00
per share
How it's calculated
#1 asset manager $14T AUM. adjEpsAsFCF: GAAP $35 distorted, adj $48. iShares + Aladdin moat. ATTRACTIVE. UNDERVALUED <$890.
Total calculated value
business + cash
How many times the cash flow
Platform / Network · vs 27 peers
You pay 29.7x times this business's cash flow; its sector median is 26.1x.
21% below what Charlie thinks it's worth (36x) — that gap is your safety margin.
Why Discounted?
Its free cash flow is $35.31/share × 26.0x multiplier = $1,270.00 in intrinsic value. Today's price of $1,047.81 is 21% below value — a moderate discount, a good spot to enter gradually.
The price is 17% off the calculated value. Close, but without the ideal discount.
It's fine to buy in pieces. Monthly DCA works well here.
For a bigger safety margin, wait for $1,016.00 or less.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$1,016.00
-20% off Value
🟡 Discounted
≤$1,206.50
-5% off Value
🟡 Today
$1,047.81
+21% Valor
Discounted
The price is close to value. There's no big discount, but it's reasonable to invest in pieces.
“The market is a device for transferring money from the impatient to the patient.”
— Warren Buffett
Model updated · July 2026
The business
BlackRock is Wall Street's backbone: it charges while everyone else takes the risk.
The world's largest asset manager with $14T in AUM. It charges recurring fees on managed assets via iShares (ETFs) and institutional mandates, plus subscriptions to Aladdin, its risk operating system used by half of Wall Street.
Self-reinforcing scale: more AUM lowers costs, attracts more flows. Aladdin is plugged into the internal processes of banks, insurers, and sovereign funds; switching it out is like swapping your own backbone. iShares has liquidity competitors can't replicate.
Revenue history
From $16.2B to $20.4B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $24.2B · FY2025
Of every $100 in sales, $77 goes to costs and operations; $23 is left as net profit (23% margin).
Catalysts and risks
GIP and HPS integration: ~$600B in privates, fees 5-10x higher than ETFs.
Aladdin growing double digits as a recurring software business.
Bitcoin ETF (IBIT) surpassed $50B AUM in under two years.
Fee compression in passive ETFs from a price war with Vanguard.
Political concentration: owning 7-8% of the S&P draws regulatory and cultural fire.
Bear markets cut AUM and fees simultaneously, with no cushion.
Charlie's note
“At 26x for 12% growth you're not paying cheap, but they're not giving away the world's largest asset manager either: recurring fees on self-reinforcing scale and Aladdin nailed into the backbone of half of Wall Street. This one's bought with patience, not in a hurry.”
Analysis · May 2026
So when would be a good price for BlackRock?
Today it trades below what we calculate. If you want us to tell you when that changes —or when the value itself moves because the company reported— we will email you.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.