We don't have enough comparable filing data to score at least four of the five filters for BX, so we don't publish a composite. Missing: pricingPower, returnsOnCapital. No composite: 2 components abstained (pricingPower: Not enough years of gross-margin data to score pricing power.; returnsOnCapital: Not enough years of ROIC data to score returns on capital.).
19 years of fundamentals
The business, in plain English
The balance sheet carried $12.6B of total debt in FY2025 against $3.0B of owner earnings — roughly 4.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 70/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2007–FY2025 · 19 fiscal years, normalized from BX’s SEC filings
Sales, as filed$14.5B FY2025Revenue kept after cost of goods
Not disclosed in BX’s filings for these years — we don’t estimate it.
Standard ROIC or separately labeled Operating ROIC
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Cash an owner could take out$3.0B FY2025
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How Blackstone Inc. makes its money
Blackstone Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for BX.
Track record
How Blackstone Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored BX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, BX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Other context
Not ranked — BX doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.
We don't publish a Moat Score for Blackstone Inc. (BX): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: pricing power, returns on capital.
Is BX trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $42.29 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $107.06, that is 153% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has BX's Moat Score changed over time?
The record logs 32 readings since Jul 17, 2026, none with a composite — BX hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BX. See the disclaimer.