Financial Analysis

All articles tagged with "Financial Analysis"

11 articles

BLK 10-K Analysis: Private Markets Revenue Triples as Free Cash Flow Collapses

BlackRock reported record $14 trillion in AUM, record $698 billion in net inflows, and tripled its private markets revenue to $653 million quarterly after the HPS acquisition. But the same 10-K reveals GAAP EPS fell 16% to $35.31, free cash flow dropped 24% to $3.55 billion, and dividends now consume 91% of remaining cash. A 5-component decomposition of the $12.78-per-share GAAP-adjusted gap reveals that only $3 is genuinely temporary — the other $10 represents real, recurring costs hidden behind management's preferred metric.

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KKR 10-K Analysis: Two Sets of Books Tell Opposite Stories About Growth

KKR reported a 27% decline in net income, a 93% collapse in operating cash flow, and a 49% drop in operating income in its FY 2025 10-K. And its core fee business grew 14%. Both statements are true — because 56% of KKR's GAAP pre-tax income belongs to third-party fund investors, the OCF 'collapse' was a $9.2 billion co-investment deployment, and insurance spread compression threatens the flywheel economics. This filing reveals two fundamentally different companies inside one set of financial statements.

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REGN 10-K Analysis: Four Forces Manufacturing EPS Growth as Operations Decline

Regeneron Pharmaceuticals reported $4,505 million in net income for FY2025 — a 2.1% increase that suggests stability through the EYLEA biosimilar storm. But the 10-K reveals operating income fell 10.4%, a $581.5 million equity securities windfall inflated Q3 earnings, the OBBBA tax law nearly doubled the effective rate, and $3.7 billion in share buybacks reduced diluted shares by 6.9%. A four-component earnings bridge shows that none of REGN's headline growth came from selling more drugs at better margins.

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