BN vs BX: Brookfield and Blackstone compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Blackstone is the larger company, worth $137.9B, about 1.6 times Brookfield.
- Blackstone grew revenue faster over the last year (+35.9% vs -12.7%).
- On earnings, Blackstone is the cheaper stock (28.9x vs 75.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BN | BX |
|---|---|---|
| Market cap | $83.8B | $137.9B |
| Share price | $37.09 | $114.29 |
| Revenue (last fiscal year) | $75.1B | $14.5B |
| Free cash flow (last fiscal year) | -$3.8B | $4.5B |
| Revenue growth, last year | -12.7% | +35.9% |
| Revenue growth per year, last 5 fiscal years | -0.2% | -10.6% |
| Operating margin | — | 47.2% |
| Net margin | 1.7% | 21.8% |
| Return on equity | 0.81% | 39.0% |
| P/E (trailing) | 75.7x | 28.9x |
| Price / free cash flow | — | 79.1x |
| EV / EBITDA | 10.8x | 15.7x |
| FCF growth the price implies | — | 10.4% |
| Dividend yield | 0.46% | 4.4% |
| Debt / equity | 2.13x | 3.05x |
| Fundamental grade | D | B |
| Superinvestors holding it | 12 | 10 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Brookfield
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $75.7B | $993M | — |
| 2022 | $92.8B | $1.5B | — |
| 2023 | $95.9B | -$1.6B | — |
| 2024 | $86.0B | -$3.6B | — |
| 2025 | $75.1B | -$3.8B | — |
Blackstone
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $22.6B | $3.9B | 58.0% |
| 2022 | $8.5B | $6.1B | 41.6% |
| 2023 | $8.0B | $3.8B | 37.9% |
| 2024 | $13.2B | $3.4B | 48.5% |
| 2025 | $14.5B | $4.5B | 46.7% |
Where the revenue comes from
Brookfield · by segments, 2025
Private Equity$28.7B38%
Infrastructure$24.2B32%
Asset management$8.9B12%
Renewable Power and Transition$7.6B10%
Real Estate1$5.3B7%
Corporate Activities$270M0%
Blackstone
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BN in InvestinglyQuestions
Which is bigger, Brookfield or Blackstone?
Blackstone (BX), at $137.9B against $83.8B.
Is BN or BX cheaper?
By trailing P/E, Blackstone (28.9x) is cheaper than Brookfield (75.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BN or BX?
Blackstone: revenue grew +35.9% over the last year, against -12.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.