Blackstone Inc (BX) 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 -41% for BX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.5% (average of 3 methods) values the shares at $87.98; the price of $124.01 is 41% above that value, and 68% of that value comes from beyond year five.
Leak Score 57/100 on 8 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 | BX | STT |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $124.01 | $180.25 |
| Intrinsic value | $87.98 | $532.76 |
| Margin of safety | -41% | +66% |
| Leak Score | 57/100 (8/12) | 69/100 (10/12) |
| Market cap | $154.0B | $49.5B |
| Revenue growth, 5 years | 16.1% | 14.1% |
| Operating margin | 53.9% | 20.2% |
| Net margin | 22.1% | 14.8% |
| Return on equity | 40.5% | 12.4% |
| Debt to equity | 1.56 | 1.08 |
| P/E | 27.8x | 15.9x |
| Forward P/E | 16.6x | 11.8x |
| P/B | 17.1x | 2.0x |
| Dividend yield | 4.2% | 1.9% |