BlackRockSTU:UU2 -2.98%93 Operating Margin % is 33.76% as of Mar. 2026, which is 10% below its 10-year median of 37.37. GuruFocus rates STU:UU2 with a GF Score™ of 93/100 and a GF Value™ of €979.50 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 657 Asset Management companies, BlackRock ranks better than 62.4% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. BlackRock's Operating Income for the
three
months ended in Mar. 2026 was €1,956 Mil. BlackRock's Revenue for the
three
months ended in Mar. 2026 was €5,794 Mil. Therefore, BlackRock's Operating Margin % for the quarter that ended in Mar. 2026 was 33.76%.
Warning Sign:
BlackRock Inc operating margin has been in a 5-year decline. The average rate of decline per year is -1.4%.
The historical rank and industry rank for BlackRock's Operating Margin % or its related term are showing as below:
STU:UU2'
s Operating Margin % Range Over the Past 10 Years
Min: 32.66 Med: 37.37 Max: 38.86
Current: 32.7
STU:UU2's Operating Margin % is ranked better than 62.4% of 657
companies
in the Asset Management industry
Industry Median: 16.85
vs STU:UU2: 32.70
BlackRock's 5-Year Average Operating Margin % Growth Rate was -1.40% per year.
BlackRock's Operating Income for the
three
months ended in Mar. 2026 was €1,956 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €7,205 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
BlackRock Operating Margin % Related Terms
BlackRock Operating Margin % Historical Data
* Premium members only.
The historical data trend for BlackRock's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
STU:UU2 vs BX, KKR, APO: Operating Margin % Comparison
For the Asset Management subindustry, BlackRock's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
BlackRock Operating Margin % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, BlackRock's Operating Margin % distribution charts can be found below:
* The bar in red indicates where BlackRock's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
BlackRock's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BlackRock (STU:UU2) has a Operating Margin % of 33.76% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on BlackRock and its competitors. This is 10% below median its historical median of 37.37. Over the past decade, BlackRock's Operating Margin % has ranged from 32.66 to 38.86. According to the industry distribution chart, BlackRock ranks #247 out of 657 companies in the Asset Management industry, placing it in the top 37.6%.
Is BlackRock's Operating Margin % too high?
BlackRock's current Operating Margin % of 33.76% is 10% below median its 10-year median of 37.37. Over the past 10 years, this metric has ranged from a low of 32.66 to a high of 38.86. The Asset Management industry median Operating Margin % is 16.85. BlackRock's value of 33.76% is 100.4% above this industry median. Based on the distribution chart, BlackRock ranks #247 out of 657 companies in the Asset Management industry, which is above the industry midpoint. Overall, BlackRock has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BlackRock's Operating Margin % compare to BX and KKR?
According to the Asset Management industry distribution chart, BlackRock ranks #247 out of 657 companies for Operating Margin %. This puts BlackRock in the upper half of its industry. The industry median Operating Margin % is 16.85. BlackRock's value of 33.76% is 100.4% above this benchmark. Historically, BlackRock's own Operating Margin % has ranged from 32.66 to 38.86 over the past decade. While the company's 10-year median is 37.37 vs. the industry median of 16.85, BlackRock has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Asset Management company?
The median Operating Margin % among Asset Management companies is 16.85, based on 657 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. BlackRock's current Operating Margin % of 33.76% is 100.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on BlackRock and its competitors. For the Asset Management industry, the median Operating Margin % is 16.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BlackRock's current Operating Margin % is 33.76%, which is 10% below median its own 10-year median of 37.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BlackRock stock overvalued right now?
Based on GuruFocus' analysis, BlackRock (STU:UU2) is currently considered Modestly Undervalued. The stock's GF Value™ is €979.50, compared to a current price of €865.20 — trading 11.7% below its estimated fair value. The current Operating Margin % is 33.76%, which is 10% below median its 10-year median of 37.37 and 100.4% above the Asset Management industry median of 16.85. BlackRock's overall GF Score™ is 93/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For BlackRock (STU:UU2), the current Operating Margin % is 33.76% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is BlackRock (STU:UU2) Overvalued in 2026?
Based on GuruFocus' analysis, BlackRock stock appears to be undervalued.
The current stock price of €865.20 is trading 11.7% below its estimated GF Value™ of €979.50.
GuruFocus considers BlackRock to be Modestly Undervalued.
Key valuation signals for STU:UU2:
Operating Margin %: 33.76% (10% below median its 10-year median of 37.37)
GF Value™: €979.50 vs. price of €865.20 (11.7% below fair value)
Industry Position: 100.4% above the Asset Management median (#247 of 657)
No single metric tells the full story. See the STU:UU2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BlackRock is the largest asset manager in the world, with $14.041 trillion in assets under management at the end of December 2025. Its product mix is diverse, with 55% of managed assets in equity strategies, 23% in fixed income, 9% in multi-asset classes, 6% in money market funds, and 5% in alternatives. Passive strategies account for more than two-thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which, by our calculations, account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one-third of managed assets coming from investors domiciled outside the US and Canada.
93GF Score
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