Blue Owl Capital vs SEI Investments
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The short version
- Blue Owl Capital is the larger business, with $2.9B of revenue in fiscal 2025 against $2.3B for SEI Investments.
- Blue Owl Capital grew revenue faster (25.0%, against 8.1%).
- Blue Owl Capital turned more of its sales into free cash flow (41.8% FCF margin, against 25.5%).
- Investors pay more for each dollar of Blue Owl Capital’s earnings: a P/E of 78.0x against 18.0x for SEI Investments.
| Latest fiscal year | OWL · FY25 | SEIC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $12.6B |
| Revenue | $2.9B | $2.3B |
| Free cash flow | $1.2B | $585M |
| Net income | $78.8M | $715M |
| Growth | ||
| Revenue growth | 25.0% | 8.1% |
| 5-year growth | 63.0% | 6.4% |
| Share count change | 18.5% | −3.5% |
| Profitability | ||
| Gross margin | — | 35.2% |
| Operating margin | — | 27.3% |
| Net margin | 2.8% | 31.1% |
| FCF margin | 41.8% | 25.5% |
| Return on capital | 5.2% | — |
| Return on equity | 3.6% | 30.4% |
| Balance sheet | ||
| Net debt | $3.1B | — |
| Net debt / EBITDA | 3.5x | — |
| Dividends and buybacks | $600M | $752M |
| Valuation & quality | ||
| P/E | 78.0x | 18.0x |
| Piotroski F-score | — | — |
Revenue
FY16
OWL —
SEIC $1.4B
FY17
OWL —
SEIC $1.5B
FY18
OWL —
SEIC $1.6B
FY19
OWL $191M
SEIC $1.6B
FY20
OWL $250M
SEIC $1.7B
FY21
OWL $824M
SEIC $1.9B
FY22
OWL $1.4B
SEIC $2.0B
FY23
OWL $1.7B
SEIC $1.9B
FY24
OWL $2.3B
SEIC $2.1B
FY25
OWL $2.9B
SEIC $2.3B
OWL
SEIC
Operating margin
FY16
OWL —
SEIC 26.8%
FY17
OWL —
SEIC 26.0%
FY18
OWL —
SEIC 27.2%
FY19
OWL —
SEIC 27.9%
FY20
OWL —
SEIC 26.5%
FY21
OWL —
SEIC 28.9%
FY22
OWL —
SEIC 23.9%
FY23
OWL —
SEIC 22.1%
FY24
OWL —
SEIC 26.0%
FY25
OWL —
SEIC 27.3%
OWL
SEIC
Free cash flow
FY16
OWL —
SEIC $403M
FY17
OWL —
SEIC $434M
FY18
OWL —
SEIC $559M
FY19
OWL $42.9M
SEIC $502M
FY20
OWL $4.6M
SEIC $434M
FY21
OWL $276M
SEIC $607M
FY22
OWL $663M
SEIC $527M
FY23
OWL $881M
SEIC $422M
FY24
OWL $935M
SEIC $590M
FY25
OWL $1.2B
SEIC $585M
OWL
SEIC
Return on capital
FY16
OWL —
SEIC —
FY17
OWL —
SEIC —
FY18
OWL —
SEIC —
FY19
OWL —
SEIC —
FY20
OWL —
SEIC —
FY21
OWL −42.6%
SEIC —
FY22
OWL 0.1%
SEIC —
FY23
OWL 4.1%
SEIC —
FY24
OWL 7.0%
SEIC —
FY25
OWL 5.2%
SEIC —
OWL
SEIC
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.