We publish no single base value for Blackstone Inc. Our valuation methods put it between $76.15 and $88.75 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $76.15 | -35.8% | free cash flow $5.83bn, growth -0.5% for 5 years, then fading to 3% over 5 more, discounted at 11.07%; stress floor $62.52 |
| Exit multiple (P/E) | $88.75 | -25.1% | earnings per share $5.92 valued at 23.84× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 1.53 (5 years of monthly returns against the S&P 500; standard error 0.25) |
| Peer beta | 1.44 (median of 11 S&P 500 Asset Management & Custody Banks companies) |
| Blend of own and peers | 1.48 (52% own, 48% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 1.32 (0.67 × 1.48 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 11.07% |
Free cash flow grows -0.50% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $5.83bn | — | — |
| Year 1 | -0.50% | $5.80bn | 0.9003 | $5.22bn |
| Year 2 | -0.50% | $5.77bn | 0.8106 | $4.68bn |
| Year 3 | -0.50% | $5.74bn | 0.7298 | $4.19bn |
| Year 4 | -0.50% | $5.71bn | 0.6571 | $3.75bn |
| Year 5 | -0.50% | $5.69bn | 0.5916 | $3.36bn |
| Year 6 | 0.08% | $5.69bn | 0.5326 | $3.03bn |
| Year 7 | 0.67% | $5.73bn | 0.4795 | $2.75bn |
| Year 8 | 1.25% | $5.80bn | 0.4317 | $2.50bn |
| Year 9 | 1.83% | $5.91bn | 0.3887 | $2.30bn |
| Year 10 | 2.42% | $6.05bn | 0.3500 | $2.12bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (11.07% − 3%) | $77.20bn |
| Terminal value in today's money | $27.02bn |
| Present value of years 1–10 | $33.90bn |
| Total present value | $60.92bn |
| Shares outstanding | 799.98m |
| Value per share = total ÷ shares | $76.15 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth -5.5% | Growth -0.5% | Growth 4.5% |
|---|---|---|---|
| 10.07% | $64.39 | $86.42 | $115.92 |
| 11.07% | $57.27 | $76.15 | $101.32 |
| 12.07% | $51.67 | $68.13 | $89.95 |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 1.53 | 12.02% | $68.52 |
| Peer beta | 1.44 | 11.61% | $71.59 |
| Adjusted beta (used) | 1.32 | 11.07% | $76.15 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $5.92 |
| Year 1 | -0.50% | $5.89 |
| Year 2 | 0.73% | $5.93 |
| Year 3 | 1.52% | $6.02 |
| Year 4 | 2.04% | $6.15 |
| Year 5 | 2.38% | $6.29 |
| Earnings per share in year 5 | $6.29 |
| Exit P/E (the stock's own median P/E) | 23.84× |
| Value in 5 years = earnings × P/E | $150.02 |
| Discounted at 11.07% over 5 years: ÷ 1.6904 | $88.75 |
We publish no single base value for Blackstone Inc. Our valuation methods put it between $76.15 and $88.75 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $75.50 and a 10% chance it is above $200.02 in a year; a 54% chance it is higher than today's $118.54, from 37.82% volatility. The simulation assumes the price drifts up at our discount rate of 11.07% a year.
At $118.54 the price implies free cash flow growing 7.3% a year for five years and then fading toward 3% over five more; its revenue has grown -0.5%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $111.75 | $93.83 |
| 9 Oct 2026 | $114.29 | $93.26 |
| 16 Oct 2026 | $106.61 | — |
| 23 Oct 2026 | $117.97 | — |
| 30 Oct 2026 | $118.51 | — |
| 6 Nov 2026 | $119.50 | — |
| 12 Nov 2026 | $118.54 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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