BLK
BlackRock
Platform / Network
★ Quality 84/100Price today
$1,122
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See what it is worthcharlieapp.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.
What this business is made of
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
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