BAM vs BLK: Brookfield Asset Management and BlackRock compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- BlackRock is the larger company, worth $163.5B, about 2.2 times Brookfield Asset Management.
- BlackRock grew revenue faster over the last year (+30.6% vs +12.5%).
- Brookfield Asset Management keeps more of each dollar of revenue as operating profit (42.0% vs 32.6%).
- On earnings, BlackRock is the cheaper stock (26.5x vs 29.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BAM | BLK |
|---|---|---|
| Market cap | $73.4B | $163.5B |
| Share price | $45.88 | $1,065.35 |
| Revenue (last fiscal year) | $3.9B | $24.2B |
| Free cash flow (last fiscal year) | — | $3.6B |
| Revenue growth, last year | +12.5% | +30.6% |
| Revenue growth per year, last 5 fiscal years | +12.0% | +5.7% |
| Operating margin | 42.0% | 32.6% |
| Net margin | 74.8% | 24.1% |
| Return on equity | 33.4% | 11.4% |
| P/E (trailing) | 29.5x | 26.5x |
| Price / free cash flow | 34.9x | 46.0x |
| EV / EBITDA | 21.3x | 14.8x |
| FCF growth the price implies | — | 15.9% |
| Dividend yield | 3.8% | 2.0% |
| Debt / equity | 0.89x | 1.93x |
| Fundamental grade | B | B |
| Superinvestors holding it | 7 | 10 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Brookfield Asset Management
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $3.1B | — | 50.8% |
| 2024 | $3.4B | — | 50.3% |
| 2025 | $3.9B | — | 48.2% |
BlackRock
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.4B | $4.6B | 38.5% |
| 2022 | $17.9B | $4.4B | 35.7% |
| 2023 | $17.9B | $3.8B | 35.1% |
| 2024 | $20.4B | $4.7B | 37.1% |
| 2025 | $24.2B | $3.6B | 29.1% |
Where the revenue comes from
Brookfield Asset Management · by segments, 2025
Infrastructure$1.3B33%
Real estate$986M25%
Renewable power and transition$852M22%
Credit$423M11%
Private equity$392M10%
BlackRock · by products, 2025
Investment Advisory, Administration Fees and Securities Lending Revenue$19.2B79%
Technology Services and Subscription Revenue$2.0B8%
Investment Advisory Performance Fees$1.4B6%
Distribution Fees$1.4B6%
Advisory and Other Revenue$277M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BAM in InvestinglyQuestions
Which is bigger, Brookfield Asset Management or BlackRock?
BlackRock (BLK), at $163.5B against $73.4B.
Is BAM or BLK cheaper?
By trailing P/E, BlackRock (26.5x) is cheaper than Brookfield Asset Management (29.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, BAM or BLK?
BlackRock: revenue grew +30.6% over the last year, against +12.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.