BX BX

Name: BX Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 20, 2026

Price at analysis: $129.08

Crucible Score

54.7

Quality × Value Composite

KQI — Quality

61.2

C+

Fundamental Quality Index

KVI — Value

46.8

D+

Valuation Attractiveness Index

Crucible Verdict — BX

BX presents a quality-value disconnect with solid financial metrics (83 quality score) but weak growth prospects dragging down overall appeal. The company trades near fair value at $129 versus $133 base case, though insiders are buying and earnings consistently beat expectations at 76%. Growth acceleration remains the key catalyst for meaningful outperformance.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

82.7

Growth Profile

41.7

Moat Durability⚠

53.3

Management Effectiveness⚠

58.3

Diversification & Resilience

71.0

Market Position

66.0

Weakest dimension: Growth Profile (41.7)

◆ KVI Value Dimensions

DCF Margin of Safety

53.4

FCF Yield & Cash Returns

30.7

Relative Valuation

31.0

Growth-Adjusted Value

58.3

Historical Valuation

74.5

Macro Context

37.9

◆ DCF Valuation Scenarios

Bear Case

$88.42

Base Case

$132.56

Bull Case

$195.73

Price at Analysis

$129.08

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$88.42	5.0%	42.0%	14.0%
🟢 Base	$132.56	8.0%	48.0%	13.3%
🟢 Bull	$195.73	12.0%	55.0%	12.6%

Key Assumptions: WACC derived using CAPM with 4.32% risk-free rate, 1.74 beta, and 5.0-5.5% ERP range yielding 12.6-14.0% discount rates reflecting BX's high beta and alternative asset manager volatility. Revenue base anchored at ~$13.8B (most recent year) with BX's highly variable performance-fee-driven revenue moderating growth assumptions; operating margins normalized between 42-55% across scenarios given the 40-81% historical range. Tax rate set at 14% reflecting BX's partnership structure and historical effective rates averaging ~14%.

◆ Financial Snapshot

Profitability

Gross Margin86.0%

Operating Margin51.9%

Net Margin21.8%

ROIC13.6%

ROE28.1%

Balance Sheet

Balance SheetCR: 0.91

Cash ConversionFCF/EPS: 1.15x

Capital IntensityCapex/Rev: 0.8%

Altman Z-Score4.39 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR-3.8% CAGR

Earnings CAGR-15.3% CAGR

Growth ConsistencyCV: 2.44

Segment Breadth2/2 growing (100%)

Quarterly TrendRev∆, Margin↘, Cash↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

Insider ActivityBuying

Capital AllocationROIC 13.6% vs WACC 3.0%

Earnings Beat Rate76% (16/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 20, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.