Blackstone (BX) is in focus after reporting second quarter results on July 23, 2026, that showed higher revenue and net income compared with a year earlier, alongside a larger quarterly dividend for shareholders.

At a share price of $136.03, Blackstone has seen a 7 day share price return of 5.12% and a 30 day share price return of 10.22%. Year to date the share price return is down 14.34%, while the 3 year total shareholder return of 49.50% points to a stronger longer term picture and suggests recent momentum has been rebuilding after a weaker spell.

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After this earnings jump and dividend increase, the real question is how much upside is still on the table for new money going into Blackstone at around $136. The next step is to weigh what the current valuation implies.

Most Popular Narrative: 5.2% Undervalued

Blackstone's most followed valuation storyline puts fair value at $143.45, slightly above the latest close at $136.03, which frames the current debate around potential upside.

The analysts have a consensus price target of $143.45 for Blackstone based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $190.0 and the most bearish reporting a price target of just $116.0.

Want to see what sits behind that fair value for Blackstone? The narrative focuses on expectations for revenue expansion, profit margins and the earnings profile. Curious which specific long term assumptions matter most here? The full breakdown sets out the numbers and the supporting logic.

Result: Fair Value of $143.45 (UNDERVALUED)

However, that upside narrative for Blackstone also leans on smooth fundraising conditions and supportive real estate values, both of which could be pressured by weaker economic or geopolitical trends.

Another View: What Blackstone's P/E Ratio Is Telling You

Alongside the narrative fair value, Blackstone trades on a P/E of 30.9x. That is lower than the US Capital Markets industry at 39.1x and the peer average at 32.8x, yet above a fair ratio estimate of 27.1x. The market already prices in a lot of good news, so the question is how comfortable you are paying that premium today.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Blackstone for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

If the mix of optimism and concern around Blackstone has you undecided, review the data now and decide where you stand using 2 key rewards and 2 important warning signs

Looking for more investment ideas beyond Blackstone?

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• Spot potential value opportunities early by filtering for quality companies trading below estimated worth with the 51 high quality undervalued stocks
• Strengthen your downside protection by searching for resilient businesses with steadier profiles through the 79 resilient stocks with low risk scores

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.