Blackrock Inc (BLK) is overvalued and State Street Corp (STT) is undervalued.
Against our estimates of intrinsic value, STT trades at the wider discount: a margin of safety of +66%, against -46% for BLK.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.0% (average of 3 methods) values the shares at $729.27; the price of $1066.66 is 46% above that value, and 70% of that value comes from beyond year five.
Leak Score 24/100 on 5 of 12 signals
Discounting its cash flows at 11.2% (average of 3 methods) values the shares at $532.76; the price of $180.25 is 66% below that value, and 68% of that value comes from beyond year five.
Leak Score 69/100 on 10 of 12 signals
| Metric | BLK | STT |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $1066.66 | $180.25 |
| Intrinsic value | $729.27 | $532.76 |
| Margin of safety | -46% | +66% |
| Leak Score | 24/100 (5/12) | 69/100 (10/12) |
| Market cap | $173.3B | $49.5B |
| Revenue growth, 5 years | 8.0% | 14.1% |
| Operating margin | 34.0% | 20.2% |
| Net margin | 23.8% | 14.8% |
| Return on equity | 12.3% | 12.4% |
| Debt to equity | 0.26 | 1.08 |
| P/E | 26.5x | 15.9x |
| Forward P/E | 16.6x | 11.8x |
| P/B | 3.0x | 2.0x |
| Dividend yield | 2.1% | 1.9% |