BLK vs STT: BlackRock and State Street 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 3.4 times State Street.
- BlackRock grew revenue faster over the last year (+30.6% vs +17.4%).
- On earnings, State Street is the cheaper stock (17.7x vs 26.5x).
- BlackRock's price assumes faster free cash flow growth: about 16% a year, against -16% for State Street (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BLK | STT |
|---|---|---|
| Market cap | $163.5B | $48.2B |
| Share price | $1,065.35 | $174.96 |
| Revenue (last fiscal year) | $24.2B | $13.9B |
| Free cash flow (last fiscal year) | $3.6B | $10.8B |
| Revenue growth, last year | +30.6% | +17.4% |
| Revenue growth per year, last 5 fiscal years | +5.7% | +3.8% |
| Operating margin | 32.6% | — |
| Net margin | 24.1% | 22.9% |
| Return on equity | 11.4% | 12.2% |
| P/E (trailing) | 26.5x | 17.7x |
| Price / free cash flow | 46.0x | 11.2x |
| EV / EBITDA | 14.8x | — |
| FCF growth the price implies | 15.9% | -15.8% |
| Dividend yield | 2.0% | 1.8% |
| Debt / equity | 1.93x | 13.8x |
| Fundamental grade | B | B |
| Superinvestors holding it | 10 | 8 |
| Insider purchases, last 12 months | 8 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
State Street
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.0B | -$7.5B | — |
| 2022 | $12.1B | $11.2B | — |
| 2023 | $11.9B | -$126M | — |
| 2024 | $13.0B | -$14.1B | — |
| 2025 | $13.9B | $10.8B | — |
Where the revenue comes from
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%
State Street · by segments, 2025
Investment Servicing$11.3B81%
Investment Management$2.6B19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BLK in InvestinglyQuestions
Which is bigger, BlackRock or State Street?
BlackRock (BLK), at $163.5B against $48.2B.
Is BLK or STT cheaper?
By trailing P/E, State Street (17.7x) is cheaper than BlackRock (26.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, BLK or STT?
BlackRock: revenue grew +30.6% over the last year, against +17.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.