Blackstone Real Estate Income Trust, Inc.
BSTTInvestment snapshot
Positive
2
BUY / PASS
Neutral / negative
0 / 0
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 2
Positive margin of safety
Strongest signal
All 2 investors pass BSTT's cash flow
Key risk
No clean pass — all 2 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Piotroski F-Score | Sleep Scale Economies Shared |
|---|---|---|
| Verdict | PASS | PASS |
| Score | ||
| Analysis | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A |
| Margin of Safety | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow100% pass✓ 3▾
All 2 investors pass BSTT's cash flow
Operating Cash Flow$2.3B✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=2.32%, ROA=-3.33%✓PiotroskiCFO/Assets > ROAPositive Operating Cash Flow frequency9/9 years positive✓SleepPositive OCF in >= 70% of available years - Verdicts100% pass✓ 2▾
Unanimous PASS across all 2 scored lenses
Overall verdict✓PiotroskiPASS (F-Score 5)✓SleepPASS (3/6)
Where It Falls Short
- Profitability0% pass✓ 2✗ 3▾
No clean pass — all 2 investors flag at least one profitability criterion
Net Income / Total Assets-3.33%✗PiotroskiROA > 0ROA Change YoY-0.77% -> -3.33% (delta: -2.56%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=2.32%, ROA=-3.33%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY52.5% -> 53.6%✓PiotroskiImproved YoYRevenue growth vs. gross and operating margin trendgross margin 53.8% -> 53.6%, operating margin 66.8% -> 50.7%✗SleepRevenue rising; gross margin flat or falling; operating margin holding - Efficiency0% pass✓ 1✗ 2▾
No clean pass — all 2 investors flag at least one efficiency criterion
Current Ratio Change YoY✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.07x -> 0.08x✓PiotroskiImproved YoYROIC (5-year)0/5 years above 12% (latest 4.3%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.
Shareholder Return
Fiscal 2025
Retired 4.6% of shares last year, 14.3% over two.
- Buybacks
- $6.1B
- Dividends
- $1.1B
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, operating cash flow, depreciation amortization, dividends paid, buybacks, re sale gains. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, dividends paid, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, dividends paid, buybacks. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Revenue | $7.6B↓7% | $1.8B↓8% | $1.9B↓7% | $1.9B↓6% | $8.0B↓7% | $8.5B↓5% | $8.9B↑17% | $7.6B↑107% | $3.7B |
| Operating Income | $4.9B↑19% | $1.5B↑41% | $1.1B↓12% | $1.1B↑119% | $4.0B↓25% | $5.4B↓9% | $6.0B↑60% | $3.7B | $3.7B |
| Net Income | -$1.4B↑44% | -$160.9M↑75% | -$401.4M↑18% | -$357.5M↑79% | -$3.3B↓269% | -$890.5M↓29% | -$691.8M↑22% | -$883.5M↓10% | -$804.8M |
| EPS (Diluted) | -- | -- | -- | -- | $-0.92↓300% | $-0.23↓44% | $-0.16↑20% | $-0.20↑33% | $-0.30 |
| Gross Margin | — | — | — | — | 53.6%↑2% | 52.5%↓2% | 53.8%↓3% | 55.2%↓7% | 59.2% |
| Operating Margin | 64.9%↑27% | 81.8%↑53% | 60.0%↓6% | 56.8%↑132% | 50.7%↓20% | 63.3%↓5% | 66.8%↑37% | 48.6%↓52% | 100.9% |
| ROE | -8.0%↑35% | — | — | — | -17.0%↓422% | -3.3%↓71% | -1.9%↑4% | -2.0%↑10% | -2.2% |
| Total Debt | $51.6B↓9% | $51.6B↓9% | $52.5B↓10% | $54.4B↓8% | $55.5B↓5% | $58.5B↓5% | $61.7B↓5% | $65.0B↑57% | $41.3B |
| Shareholders' Equity | $17.2B↓14% | $17.2B↓14% | $17.6B↓19% | $18.3B↓23% | $19.3B↓29% | $27.4B↓25% | $36.4B↓18% | $44.5B↑21% | $36.6B |
| Current Ratio | — | — | — | — | — | — | — | — | — |
| Debt / Equity | 3.00↑5% | 3.00↑5% | 2.98↑12% | 2.97↑20% | 2.87↑34% | 2.14↑26% | 1.70↑16% | 1.46↑30% | 1.13 |
| Operating Cash Flow | $2.3B↑7% | $553.3M↑2% | $740.1M↑21% | $473.8M↓17% | $2.3B↑10% | $2.1B↓23% | $2.7B↓1% | $2.7B↑53% | $1.8B |
| Free Cash Flow | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Trading
BSTT vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REALTY INCOME CORPO | $56.1B | $58.82 | $5.7B | $1.1B | 2.7% | 0.63 | 16.8% | — | 2/7 | 1/9 | 3/7 | 0/3 | F-Score 6 | 4/10 |
| Ventas, Inc.VTR | $47.0B | $88.92 | $5.8B | $261.5M | 2.1% | 1.04 | 3.5% | — | 2/7 | 1/9 | 2/7 | 0/3 | F-Score 6 | 2/10 |
| RAYMOND JAMES FINANCIAL INCRJF | $32.4B | $168.64 | $15.9B | $2.1B | 17.1% | 0.28 | — | — | 3/9 | 3/9 | 3/7 | 1/3 | F-Score 6 | 4/11 |
| ROYAL GOLD INCRGLD | $21.7B | $256.89 | $1.0B | $466.3M | 6.5% | 0.13 | 61.9% | 3.12 | 4/9 | 2/9 | 4/7 | 0/3 | F-Score 4 | 4/11 |
| iShares Ethereum Trust ETFETHA | $19.4B | $44.02 | — | $2.3B | — | — | — | — | — | — | — | — | — | — |
| KIMCO REALTY CORPKIM | $17.0B | $25.55 | $2.1B | $584.7M | 5.6% | 0.74 | 36.0% | — | 3/7 | 2/9 | 4/7 | 0/3 | F-Score 7 | 5/10 |
| LandBridge Co LLCLB | $5.6B | $73.15 | $199.1M | $30.1M | 8.9% | 1.65 | 59.5% | 4.87 | 2/9 | 3/9 | 2/7 | 0/3 | F-Score 6 | 3/11 |
| Digital Turbine, Inc.APPS | $927.6M | $7.61 | $565.3M | $37.7M | -19.6% | 1.88 | 6.0% | 1.16 | 1/9 | 2/9 | 2/7 | 1/3 | F-Score 7 | 0/11 |