Blackstone Inc.

Section 1: Company Overview and Fundamentals

Company Overview:

Blackstone Inc. (NYSE: BX) is an alternative asset manager. Its asset management includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. 

Kalkine’s Dividend Income Report covers the Company Overview, Key positives & negatives, Investment summary, Key investment metrics, Top 10 shareholding, Business updates and insights into company recent financial results, Key Risks & Outlook, Price performance and technical summary, Target Price, and Recommendation on the stock.

Price Performance:

• Price Trend and Moving Average Structure: Blackstone’s price trend remains broadly corrective below its key moving averages; however, the recent stabilization above USD 140 and the formation of higher short-term lows indicate easing downside momentum and the early development of a technical base.
• Momentum Conditions and Relative Strength Dynamics: The RSI’s recovery toward the mid-40s reflects a transition from oversold conditions to a more neutral posture, signalling diminishing selling pressure and a gradual improvement in underlying momentum without introducing overbought risk.
• Volume Behavior, Key Technical Levels, and Tactical Implications: Volume trends remain consistent with consolidation, while support near USD 138–140 and resistance around USD 150–158 define a critical trading range; a breakout above resistance would strengthen the bullish case, whereas a breach of support would reintroduce downside risk.

1.2 The Key Positives, Negatives, and Investment summary   

1.3 Top 10 shareholders:

The top 10 shareholders together form ~32.53% of the total shareholding, signifying diverse shareholding. The Vanguard Group Inc and BlackRock Institutional Trust Company, N.A. are the biggest shareholders, holding the maximum stake in the company at ~9.55% and ~4.69%, respectively.

1.4 Dividend payments with impressive dividend yield:

Blackstone maintains a quarterly dividend policy, with its most recent payment set at USD 1.29 per share, bringing the trailing 12-month dividend total to USD 4.69 per share, which translates into a current dividend yield of approximately 3.3%. Over the past several years, dividend per share growth has been moderately positive — with a 1-year growth rate around +36%, and a 5-year annualized growth near 15%, demonstrating a history of increasing shareholder distributions. However, it is notable that the latest dividend payout reflects a payout ratio above 100%, which suggests that distributions may be funded partly by cash from non-GAAP metrics (e.g., distributable earnings) rather than strictly by conventional earnings and cash flow.

1.5 Key Metrics

Blackstone’s Q3 FY25 financial profile reflects material outperformance relative to the industry median, highlighted by significantly stronger profitability and return metrics across all major categories. The firm’s EBITDA margin of 48.2% vs. the industry’s 33.6%, alongside an operating margin of 43.3% vs. 30.1%, signals superior cost efficiency and scale advantages within its alternative asset management model. Its pretax margin of 46.8%—well above the 29.3% industry median—combined with a lower effective tax rate of 14.5%, supports exceptionally strong bottom-line conversion. This is further reinforced by a notably elevated net margin of 40.0%, nearly double the sector benchmark, underscoring the strength of Blackstone’s fee-related earnings and performance-based income streams. Additionally, ROE of 7.5% versus the 3.3% median reflects the firm’s enhanced capital productivity and ability to deliver superior returns on equity despite operating in a capital-intensive industry. Overall, these metrics collectively demonstrate Blackstone’s robust earnings power, operational leverage, and financial efficiency, positioning it well above industry norms.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

The below picture gives an overview of the recent updates:

 2.2 Insights of Q3FY25:

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Technical Summary:

 Price Performance:

• Price Trend and Moving Average Structure: Blackstone’s price trend remains broadly corrective below its key moving averages; however, the recent stabilization above USD 140 and the formation of higher short-term lows indicate easing downside momentum and the early development of a technical base.
• Momentum Conditions and Relative Strength Dynamics: The RSI’s recovery toward the mid-40s reflects a transition from oversold conditions to a more neutral posture, signalling diminishing selling pressure and a gradual improvement in underlying momentum without introducing overbought risk.
• Volume Behavior, Key Technical Levels, and Tactical Implications: Volume trends remain consistent with consolidation, while support near USD 138–140 and resistance around USD 150–158 define a critical trading range; a breakout above resistance would strengthen the bullish case, whereas a breach of support would reintroduce downside risk.

4.2 Fundamental Valuation

Valuation Methodology: Price/Book Value Per Share Multiple Based Relative Valuation

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 24, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.