Discounted Cash Flow

Blackstone Inc.

BX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $5.1b $1.0b $-563.1m 20.3% $1.60
2017 $7.1b (38.9%) $1.5b (41.5%) $-2.5b (-339.2%) 20.7% (1.9%) $2.21 (38.1%)
2018 $6.8b (-4.0%) $1.5b (4.8%) $27.4m (101.1%) 22.6% (9.2%) $2.27 (2.7%)
2019 $7.3b (7.4%) $2.0b (32.9%) $1.9b (6853.5%) 27.9% (23.8%) $3.03 (33.5%)
2020 $6.1b (-16.8%) $1.0b (-49.0%) $1.8b (-4.1%) 17.1% (-38.7%) $1.50 (-50.5%)
2021 $22.6b (270.0%) $5.9b (460.3%) $3.9b (115.0%) 25.9% (51.4%) $8.14 (442.7%)
2022 $8.5b (-62.3%) $1.7b (-70.2%) $6.1b (55.6%) 20.5% (-20.9%) $2.36 (-71.0%)
2023 $8.0b (-5.8%) $1.4b (-20.4%) $3.8b (-37.2%) 17.3% (-15.5%) $1.84 (-22.0%)
2024 $13.2b (64.9%) $2.8b (99.6%) $3.4b (-10.8%) 21.0% (21.1%) $3.62 (96.7%)
2025 $14.5b (9.2%) $3.0b (8.7%) $4.5b (33.0%) 20.9% (-0.4%) $3.87 (6.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model