Federated Hermes vs Blue Owl Capital
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The short version
- Blue Owl Capital is the larger business, with $2.9B of revenue in fiscal 2025 against $1.8B for Federated Hermes, about 1.6 times as much.
- Blue Owl Capital grew revenue faster (25.0%, against 10.3%).
- Blue Owl Capital turned more of its sales into free cash flow (41.8% FCF margin, against 16.4%).
- Federated Hermes earned a higher return on the capital invested in it (40.9%, against 5.2%).
- Investors pay more for each dollar of Blue Owl Capital’s earnings: a P/E of 78.0x against 10.6x for Federated Hermes.
| Latest fiscal year | FHI · FY25 | OWL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $6.4B |
| Revenue | $1.8B | $2.9B |
| Free cash flow | $295M | $1.2B |
| Net income | $403M | $78.8M |
| Growth | ||
| Revenue growth | 10.3% | 25.0% |
| 5-year growth | 4.5% | 63.0% |
| Share count change | −5.5% | 18.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 28.5% | — |
| Net margin | 22.4% | 2.8% |
| FCF margin | 16.4% | 41.8% |
| Return on capital | 40.9% | 5.2% |
| Return on equity | 35.2% | 3.6% |
| Balance sheet | ||
| Net debt | −$234M | $3.1B |
| Net debt / EBITDA | −0.4x | 3.5x |
| Dividends and buybacks | $368M | $600M |
| Valuation & quality | ||
| P/E | 10.6x | 78.0x |
| Piotroski F-score | 7 | — |
FY16
FHI $1.1B
OWL —
FY17
FHI $1.1B
OWL —
FY18
FHI $1.1B
OWL —
FY19
FHI $1.3B
OWL $191M
FY20
FHI $1.4B
OWL $250M
FY21
FHI $1.3B
OWL $824M
FY22
FHI $1.4B
OWL $1.4B
FY23
FHI $1.6B
OWL $1.7B
FY24
FHI $1.6B
OWL $2.3B
FY25
FHI $1.8B
OWL $2.9B
FHI
OWL
FY16
FHI 29.4%
OWL —
FY17
FHI 31.0%
OWL —
FY18
FHI 29.1%
OWL —
FY19
FHI 26.2%
OWL —
FY20
FHI 28.9%
OWL —
FY21
FHI 28.2%
OWL —
FY22
FHI 23.3%
OWL —
FY23
FHI 24.1%
OWL —
FY24
FHI 22.2%
OWL —
FY25
FHI 28.5%
OWL —
FHI
OWL
FY16
FHI $253M
OWL —
FY17
FHI $378M
OWL —
FY18
FHI $189M
OWL —
FY19
FHI $320M
OWL $42.9M
FY20
FHI $360M
OWL $4.6M
FY21
FHI $160M
OWL $276M
FY22
FHI $320M
OWL $663M
FY23
FHI $304M
OWL $881M
FY24
FHI $343M
OWL $935M
FY25
FHI $295M
OWL $1.2B
FHI
OWL
FY16
FHI —
OWL —
FY17
FHI —
OWL —
FY18
FHI —
OWL —
FY19
FHI —
OWL —
FY20
FHI —
OWL —
FY21
FHI —
OWL −42.6%
FY22
FHI 23.9%
OWL 0.1%
FY23
FHI 26.7%
OWL 4.1%
FY24
FHI 25.0%
OWL 7.0%
FY25
FHI 40.9%
OWL 5.2%
FHI
OWL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.