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BLACKSTONE SECURED LENDING F (BXSL) Stock Fundamental Analysis

NYSE:BXSL - New York Stock Exchange, Inc. - US09261X1028 - Common Stock - Currency: USD

30.81  +0.06 (+0.2%)

After market: 31.2999 +0.49 (+1.59%)

Fundamental Rating

5

Overall BXSL gets a fundamental rating of 5 out of 10. We evaluated BXSL against 233 industry peers in the Capital Markets industry. There are concerns on the financial health of BXSL while its profitability can be described as average. BXSL has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

BXSL had positive earnings in the past year.
In the past year BXSL has reported a negative cash flow from operations.
BXSL had positive earnings in each of the past 5 years.
In multiple years BXSL reported negative operating cash flow during the last 5 years.
BXSL Yearly Net Income VS EBIT VS OCF VS FCFBXSL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 -1B -2B -3B

1.2 Ratios

Looking at the Return On Assets, with a value of 4.73%, BXSL is in the better half of the industry, outperforming 67.81% of the companies in the same industry.
BXSL has a better Return On Equity (10.58%) than 62.23% of its industry peers.
With a Return On Invested Capital value of 4.33%, BXSL perfoms like the industry average, outperforming 53.65% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BXSL is below the industry average of 7.84%.
Industry RankSector Rank
ROA 4.73%
ROE 10.58%
ROIC 4.33%
ROA(3y)5.09%
ROA(5y)4.69%
ROE(3y)11.17%
ROE(5y)10.11%
ROIC(3y)4.56%
ROIC(5y)3.95%
BXSL Yearly ROA, ROE, ROICBXSL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10

1.3 Margins

Looking at the Profit Margin, with a value of 47.81%, BXSL belongs to the top of the industry, outperforming 90.99% of the companies in the same industry.
BXSL's Profit Margin has declined in the last couple of years.
BXSL's Operating Margin of 54.02% is amongst the best of the industry. BXSL outperforms 90.13% of its industry peers.
BXSL's Operating Margin has improved in the last couple of years.
BXSL has a Gross Margin of 54.82%. This is in the better half of the industry: BXSL outperforms 64.38% of its industry peers.
BXSL's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 54.02%
PM (TTM) 47.81%
GM 54.82%
OM growth 3Y-1.35%
OM growth 5Y1.63%
PM growth 3Y-10.8%
PM growth 5Y-6.13%
GM growth 3Y-3.2%
GM growth 5Y-0.94%
BXSL Yearly Profit, Operating, Gross MarginsBXSL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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3

2. Health

2.1 Basic Checks

BXSL has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, BXSL has more shares outstanding
The debt/assets ratio for BXSL is higher compared to a year ago.
BXSL Yearly Shares OutstandingBXSL Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
BXSL Yearly Total Debt VS Total AssetsBXSL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

BXSL has an Altman-Z score of 0.90. This is a bad value and indicates that BXSL is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.90, BXSL is in line with its industry, outperforming 48.07% of the companies in the same industry.
A Debt/Equity ratio of 1.18 is on the high side and indicates that BXSL has dependencies on debt financing.
BXSL's Debt to Equity ratio of 1.18 is in line compared to the rest of the industry. BXSL outperforms 40.34% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF N/A
Altman-Z 0.9
ROIC/WACCN/A
WACCN/A
BXSL Yearly LT Debt VS Equity VS FCFBXSL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B 6B

2.3 Liquidity

A Current Ratio of 2.85 indicates that BXSL has no problem at all paying its short term obligations.
With a decent Current ratio value of 2.85, BXSL is doing good in the industry, outperforming 78.54% of the companies in the same industry.
A Quick Ratio of 2.85 indicates that BXSL has no problem at all paying its short term obligations.
With a decent Quick ratio value of 2.85, BXSL is doing good in the industry, outperforming 78.54% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.85
Quick Ratio 2.85
BXSL Yearly Current Assets VS Current LiabilitesBXSL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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5

3. Growth

3.1 Past

BXSL shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -9.51%.
The Earnings Per Share has been growing by 40.04% on average over the past years. This is a very strong growth
Looking at the last year, BXSL shows a quite strong growth in Revenue. The Revenue has grown by 16.75% in the last year.
Measured over the past years, BXSL shows a very strong growth in Revenue. The Revenue has been growing by 55.07% on average per year.
EPS 1Y (TTM)-9.51%
EPS 3Y7.56%
EPS 5Y40.04%
EPS Q2Q%-4.14%
Revenue 1Y (TTM)16.75%
Revenue growth 3Y28.55%
Revenue growth 5Y55.07%
Sales Q2Q%17.78%

3.2 Future

The Earnings Per Share is expected to decrease by -9.16% on average over the next years.
BXSL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.69% yearly.
EPS Next Y-7.07%
EPS Next 2Y-6.09%
EPS Next 3Y-9.16%
EPS Next 5YN/A
Revenue Next Year8.18%
Revenue Next 2Y5.93%
Revenue Next 3Y6.69%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
BXSL Yearly Revenue VS EstimatesBXSL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B
BXSL Yearly EPS VS EstimatesBXSL Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 2027 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 8.85, which indicates a very decent valuation of BXSL.
BXSL's Price/Earnings ratio is a bit cheaper when compared to the industry. BXSL is cheaper than 79.83% of the companies in the same industry.
When comparing the Price/Earnings ratio of BXSL to the average of the S&P500 Index (27.21), we can say BXSL is valued rather cheaply.
BXSL is valuated reasonably with a Price/Forward Earnings ratio of 9.95.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BXSL indicates a somewhat cheap valuation: BXSL is cheaper than 72.96% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.70. BXSL is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 8.85
Fwd PE 9.95
BXSL Price Earnings VS Forward Price EarningsBXSL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
BXSL Per share dataBXSL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20

4.3 Compensation for Growth

BXSL has a very decent profitability rating, which may justify a higher PE ratio.
BXSL's earnings are expected to decrease with -9.16% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.22
EPS Next 2Y-6.09%
EPS Next 3Y-9.16%

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5

5. Dividend

5.1 Amount

BXSL has a Yearly Dividend Yield of 9.77%, which is a nice return.
Compared to an average industry Dividend Yield of 8.00, BXSL pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.42, BXSL pays a better dividend.
Industry RankSector Rank
Dividend Yield 9.77%

5.2 History

BXSL has been paying a dividend for over 5 years, so it has already some track record.
BXSL has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years3
Div Non Decr Years3
BXSL Yearly Dividends per shareBXSL Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

BXSL pays out 92.64% of its income as dividend. This is not a sustainable payout ratio.
DP92.64%
EPS Next 2Y-6.09%
EPS Next 3Y-9.16%
BXSL Yearly Income VS Free CF VS DividendBXSL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 2024 0 -1B -2B -3B
BXSL Dividend Payout.BXSL Dividend Payout, showing the Payout Ratio.BXSL Dividend Payout.PayoutRetained Earnings

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BLACKSTONE SECURED LENDING F

NYSE:BXSL (7/1/2025, 9:31:45 PM)

After market: 31.2999 +0.49 (+1.59%)

30.81

+0.06 (+0.2%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)08-05 2025-08-05/bmo
Inst Owners40.39%
Inst Owner Change-8.96%
Ins Owners3.3%
Ins Owner Change0.68%
Market Cap7.02B
Analysts81.33
Price Target32.71 (6.17%)
Short Float %1.96%
Short Ratio4.51
Dividend
Industry RankSector Rank
Dividend Yield 9.77%
Yearly Dividend2.86
Dividend Growth(5Y)N/A
DP92.64%
Div Incr Years3
Div Non Decr Years3
Ex-Date06-30 2025-06-30 (0.77)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1.83%
Min EPS beat(2)-3.37%
Max EPS beat(2)-0.29%
EPS beat(4)0
Avg EPS beat(4)-1.8%
Min EPS beat(4)-3.37%
Max EPS beat(4)-0.26%
EPS beat(8)2
Avg EPS beat(8)-1.56%
EPS beat(12)5
Avg EPS beat(12)0.21%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-3.5%
Min Revenue beat(2)-5.17%
Max Revenue beat(2)-1.83%
Revenue beat(4)1
Avg Revenue beat(4)-1.62%
Min Revenue beat(4)-5.17%
Max Revenue beat(4)1.19%
Revenue beat(8)3
Avg Revenue beat(8)0%
Revenue beat(12)4
Avg Revenue beat(12)0.33%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-2.18%
PT rev (3m)-3.23%
EPS NQ rev (1m)0.14%
EPS NQ rev (3m)-2.73%
EPS NY rev (1m)-0.21%
EPS NY rev (3m)-1.23%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-3.28%
Revenue NY rev (1m)-0.21%
Revenue NY rev (3m)-2.35%
Valuation
Industry RankSector Rank
PE 8.85
Fwd PE 9.95
P/S 5.09
P/FCF N/A
P/OCF N/A
P/B 1.13
P/tB 1.13
EV/EBITDA N/A
EPS(TTM)3.48
EY11.3%
EPS(NY)3.1
Fwd EY10.05%
FCF(TTM)-7.48
FCFYN/A
OCF(TTM)-7.48
OCFYN/A
SpS6.06
BVpS27.37
TBVpS27.37
PEG (NY)N/A
PEG (5Y)0.22
Profitability
Industry RankSector Rank
ROA 4.73%
ROE 10.58%
ROCE 5.47%
ROIC 4.33%
ROICexc 4.65%
ROICexgc 4.66%
OM 54.02%
PM (TTM) 47.81%
GM 54.82%
FCFM N/A
ROA(3y)5.09%
ROA(5y)4.69%
ROE(3y)11.17%
ROE(5y)10.11%
ROIC(3y)4.56%
ROIC(5y)3.95%
ROICexc(3y)4.63%
ROICexc(5y)4.03%
ROICexgc(3y)4.63%
ROICexgc(5y)4.03%
ROCE(3y)5.77%
ROCE(5y)5.01%
ROICexcg growth 3Y15.89%
ROICexcg growth 5Y18.19%
ROICexc growth 3Y15.87%
ROICexc growth 5Y18.19%
OM growth 3Y-1.35%
OM growth 5Y1.63%
PM growth 3Y-10.8%
PM growth 5Y-6.13%
GM growth 3Y-3.2%
GM growth 5Y-0.94%
F-Score2
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.32
Cash Conversion N/A
Profit Quality N/A
Current Ratio 2.85
Quick Ratio 2.85
Altman-Z 0.9
F-Score2
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-9.51%
EPS 3Y7.56%
EPS 5Y40.04%
EPS Q2Q%-4.14%
EPS Next Y-7.07%
EPS Next 2Y-6.09%
EPS Next 3Y-9.16%
EPS Next 5YN/A
Revenue 1Y (TTM)16.75%
Revenue growth 3Y28.55%
Revenue growth 5Y55.07%
Sales Q2Q%17.78%
Revenue Next Year8.18%
Revenue Next 2Y5.93%
Revenue Next 3Y6.69%
Revenue Next 5YN/A
EBIT growth 1Y8.39%
EBIT growth 3Y26.81%
EBIT growth 5Y57.59%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-301.19%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-301.19%
OCF growth 3YN/A
OCF growth 5YN/A