Blackstone Real Estate Income Trust, Inc.

BSTT

CIK 0001662972 · Quarterly mode · latest period FY2025 (Q4) (ending 2025-12-31) · sourced from SEC EDGAR

At a glance · FY2025 (Q4)

Revenue
$1.97B
↓-5.9% -$124Mvs FY2024 (Q4)
Operating Income
$1.22B
↓-6.5% -$85Mvs FY2024 (Q4)
Net Income
$1.22B
↑+144.7% +$724Mvs FY2024 (Q4)
Gross Profit
$1.07B
↓-0.8% -$9Mvs FY2024 (Q4)

Quality Score

Quality score

6-dimension fundamental snapshot · latest annual filed values · S&P 500 calibration

Poor
0/100
  • Profitability
    0ROIC 4.0% (10% = solid, 20%+ = moat)
  • Liquidity
    0Insufficient data
  • Leverage
    0D/E 2.87 (under 0.5 = conservative)
  • Efficiency
    0Asset Turnover 0.07x (1.0+ = capital-efficient)
  • Growth
    0Revenue YoY -5.9% (10% = solid, 25%+ = elite)
  • Margin Trend
    0Op Margin 62.3% · trend -12.3pts (4Q avg vs prior 4Q)

Calibrated to S&P 500 medians. Each sub-score is computed from a single CFA-grade ratio (Profitability = ROIC, Liquidity = Current Ratio, Leverage = D/E, Efficiency = Asset Turnover, Growth = Revenue YoY, Margin Trend = 4Q operating-margin avg vs prior 4Q). Overall = simple mean.

DCF intrinsic value

DCF intrinsic value

two-stage Gordon model

Project BSTT's free cash flow forward, discount back at your hurdle rate, divide by diluted shares. Edit the assumptions to see how sensitive the intrinsic value is.

3%

Trailing 3-yr CAGR was -5.7%

10%

10% is a common all-equity benchmark for US large-caps

2.5%

Should be ≤ long-run GDP growth (~2.5% nominal)

5

5-year explicit projection + perpetuity terminal

Intrinsic value per share
$8.97
Total enterprise IV
$31.91B
Diluted shares
3.56B
Terminal PV
$22.49B (70% of total)
Year-5 FCF
$2.65B
YearProjected FCFDiscounted PV
+1$2.35B$2.14B
+2$2.42B$2.00B
+3$2.50B$1.88B
+4$2.57B$1.76B
+5$2.65B$1.65B
Terminal$36.21B$22.49B

DCF outputs are HIGHLY sensitive to growth + WACC assumptions. A 1pp WACC change can shift IV by 20%+. Use this as a sanity-check vs market price, not a target — and always cross-check the underlying FCF source (EDGAR cashflow statement, latest annual). Margin of safety convention: 30-50% discount to IV before buying.

Capital allocation · trailing 4 quarters

how the company spent its cash
Dividends paid (TTM)
$1.15B
cash returned to holders
Stock buybacks (TTM)
$6.13B
share count reduction
Stock-based comp (TTM)
non-cash dilution

Balance sheet · 2025-12-31

latest filed snapshot
Total assets
$98.60B
everything owned
Total liabilities
$71.93B
everything owed
Stockholders' equity
$19.33B
shareholder claim
Net debt
$53.94B
LT debt minus cash

Recent performance · 40 quarters

Revenue↓-5.9% -$124M
$1.97B
Net Income↓-5.4% -$33M
$-639M
Free Cash Flow↑+24.1% +$110M
$564M
Operating Margin↓-0.4pts
62.3%

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