Blackstone Inc.

The Piotroski F-Score is 6 of 7 computable signals, meaning six of the seven signals that could be computed from the data were met. It is a checklist of profitability, leverage and efficiency tests rather than a verdict on quality, and the label does not say which signal was not met, so readers may want to check the financial statements directly. The Fog Index of 19.41 places the MD&A in the very hard to read band, above 18, which suggests the management narrative is dense for a general reader. Operating cash flow divided by net income is 1.54, meaning 2025 operating cash flow of $4.66 billion ran well ahead of $3.02 billion in net income. That ratio alone does not establish earnings quality. No Beneish M-Score or Altman Z″-Score is on file, so this synthesis offers neither a manipulation screen nor a financial-distress zone. The filings point to several company-specific items: the Blackstone Holdings partnerships and the Seventh Amended and Restated Exchange Agreement dated July 2, 2026; the Series II preferred stock held by Blackstone Group Management L.L.C., which gives that holder significant voting power, and the filing's description of Blackstone as a controlled company; obligations to repay Performance Allocations from carry funds if performance falls; and payments owed to senior managing directors for certain tax deductions. Total Assets Under Management and Fee-Earning Assets Under Management are defined at length in the 10-K, and the filing says these measures may not be comparable to those of other asset managers, so readers may want to compare definitions before relying on them. At year-end 2025, liabilities of $25.83 billion against equity of $8.67 billion, with long-term debt of $12.58 billion, describe a leveraged balance sheet. The risk factors also cover litigation, regulation, cybersecurity, artificial intelligence and climate-related scrutiny. Readers may want to look at the full risk-factor section and the complete MD&A text before drawing conclusions from the headline growth figures.

Catalyst.The 2025 annual figures show revenue of $14.45 billion, up 9.2% from $13.23 billion in 2024, with net income rising to $3.02 billion from $2.78 billion. Operating cash flow was $4.66 billion, up from $3.48 billion. The 10-Q excerpt provided for the period ended June 30, 2026 is mostly procedural: it covers share repurchase program references, Rule 10b5-1 trading plan language, a July 2, 2026 exchange agreement, and a September 22, 2026 virtual annual meeting with no stockholder votes scheduled. It contains no discussion of business drivers, and no news headlines were on file, so the operating forces behind these results cannot be read from this data.

Hidden risk.Revenue has swung widely, from $22.58 billion in 2021 to $8.52 billion in 2022, and the 10-K risk factors warn that revenue, earnings, net income and cash flow can all vary materially. Operating cash flow followed a similar path, falling from $6.34 billion in 2022 to $4.06 billion in 2023. The risk factors also describe obligations to repay Performance Allocations previously paid if fund performance declines. Total liabilities rose 7.8% in 2025 to $25.83 billion while equity rose 5.6% to $8.67 billion. The MD&A readability score of 19.41 is in the very hard to read band, so a casual reader could easily miss these caveats.