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BLACKSTONE SECURED LENDING F (BXSL) Stock Fundamental Analysis

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

32.45  +0.01 (+0.03%)

After market: 32.5 +0.05 (+0.15%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to BXSL. BXSL was compared to 236 industry peers in the Capital Markets industry. While BXSL is still in line with the averages on profitability rating, there are concerns on its financial health. BXSL has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year BXSL was profitable.
In the past year BXSL has reported a negative cash flow from operations.
In the past 5 years BXSL has always been profitable.
The reported operating cash flow has been mixed in the past 5 years: BXSL reported negative operating cash flow in multiple 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

With a decent Return On Assets value of 4.73%, BXSL is doing good in the industry, outperforming 68.22% of the companies in the same industry.
BXSL has a better Return On Equity (10.58%) than 62.71% of its industry peers.
BXSL's Return On Invested Capital of 4.33% is in line compared to the rest of the industry. BXSL outperforms 54.66% of its industry peers.
BXSL had an Average Return On Invested Capital over the past 3 years of 4.56%. This is below the industry average of 7.86%.
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 91.10% of the companies in the same industry.
In the last couple of years the Profit Margin of BXSL has declined.
With an excellent Operating Margin value of 54.02%, BXSL belongs to the best of the industry, outperforming 90.25% of the companies in the same industry.
In the last couple of years the Operating Margin of BXSL has grown nicely.
BXSL has a Gross Margin of 54.82%. This is in the better half of the industry: BXSL outperforms 65.25% of its industry peers.
In the last couple of years the Gross Margin of BXSL has remained more or less at the same level.
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

Compared to 1 year ago, BXSL has more shares outstanding
The number of shares outstanding for BXSL has been increased compared to 5 years ago.
BXSL has a worse debt/assets ratio than last year.
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 0.94. 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 0.94, BXSL is in line with its industry, outperforming 50.00% of the companies in the same industry.
BXSL has a Debt/Equity ratio of 1.18. This is a high value indicating a heavy dependency on external financing.
BXSL has a Debt to Equity ratio (1.18) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF N/A
Altman-Z 0.94
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

BXSL has a Current Ratio of 2.85. This indicates that BXSL is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of BXSL (2.85) is better than 79.24% of its industry peers.
BXSL has a Quick Ratio of 2.85. This indicates that BXSL is financially healthy and has no problem in meeting its short term obligations.
With a decent Quick ratio value of 2.85, BXSL is doing good in the industry, outperforming 79.24% 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

The earnings per share for BXSL have decreased by -9.51% in the last year.
BXSL shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 40.04% yearly.
BXSL shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 16.75%.
BXSL shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 55.07% yearly.
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.
The Revenue is expected to grow by 6.69% on average over the next years.
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

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 9.32 indicates a reasonable valuation of BXSL.
Compared to the rest of the industry, the Price/Earnings ratio of BXSL indicates a rather cheap valuation: BXSL is cheaper than 80.08% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.05, BXSL is valued rather cheaply.
A Price/Forward Earnings ratio of 10.48 indicates a reasonable valuation of BXSL.
72.03% of the companies in the same industry are more expensive than BXSL, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 37.67. BXSL is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 9.32
Fwd PE 10.48
BXSL Price Earnings VS Forward Price EarningsBXSL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

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)0.23
EPS Next 2Y-6.09%
EPS Next 3Y-9.16%

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5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 9.49%, BXSL is a good candidate for dividend investing.
BXSL's Dividend Yield is a higher than the industry average which is at 8.22.
BXSL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.30.
Industry RankSector Rank
Dividend Yield 9.49%

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

92.64% of the earnings are spent on dividend by BXSL. 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 (7/25/2025, 8:04:01 PM)

After market: 32.5 +0.05 (+0.15%)

32.45

+0.01 (+0.03%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)08-06 2025-08-06/bmo
Inst Owners40.39%
Inst Owner Change0.44%
Ins Owners3.3%
Ins Owner Change0.68%
Market Cap7.45B
Analysts81.33
Price Target32.71 (0.8%)
Short Float %1.86%
Short Ratio4.46
Dividend
Industry RankSector Rank
Dividend Yield 9.49%
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)0%
PT rev (3m)-3.02%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.73%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.23%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.28%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.07%
Valuation
Industry RankSector Rank
PE 9.32
Fwd PE 10.48
P/S 5.4
P/FCF N/A
P/OCF N/A
P/B 1.19
P/tB 1.19
EV/EBITDA N/A
EPS(TTM)3.48
EY10.72%
EPS(NY)3.1
Fwd EY9.54%
FCF(TTM)-7.43
FCFYN/A
OCF(TTM)-7.43
OCFYN/A
SpS6.01
BVpS27.17
TBVpS27.17
PEG (NY)N/A
PEG (5Y)0.23
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 0.94
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