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Blue Owl Capital

OWL NYSE Asset Management & Custody Banks Financials FY2019–FY2025

Blue Owl Capital's revenue rose 25.0% to $2.9 billion in fiscal 2025. Its net margin was 2.8%, down from 4.8% a year earlier. Free cash flow was $1.2 billion, up 28.1%. It paid out $600 million in dividends and buybacks, 50% of free cash flow. The diluted share count rose 18.5%.

Last close · Oct 23, 2026

$9.36

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
25.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$78.8M
28.1%
Free cash flow Cash from operations minus capital spending.
$1.2B
28.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.2%
1.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
78.0x
On $0.12 EPS (TTM)

About these figures. Revenue is Blue Owl's total revenues; another figure in its filings is one part of them (2025: US$568 million of US$2,870 million).

What Blue Owl Capital does

No business description yet.

Legal name
BLUE OWL CAPITAL INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001823945-26-000009
0001823945

Revenue and margins

Blue Owl Capital had $2.9B of revenue in fiscal 2025, up 25.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2025, 41.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Blue Owl Capital returned $600M to shareholders in fiscal 2025, 50% of free cash flow. The diluted share count rose 18.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Blue Owl Capital yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.1B and divides by 661.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 78.0x · peers 15.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Blue Owl Capital can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $42.6M$68.1M$104M$152M$195M
Debt incl. finance leases $1.2B$1.6B$1.7B$2.6B$3.3B
Net debt / EBITDA —5.8x2.5x2.8x3.5x
Debt / equity 0.7x1.0x1.1x1.2x1.5x
Interest coverage −66.5x0.2x4.3x4.9x3.1x
Total assets $8.3B$8.9B$8.8B$11.0B$12.5B
Total liabilities $2.4B$3.3B$3.5B$5.2B$6.4B
Shareholders' equity $1.7B$1.6B$1.5B$2.1B$2.2B
Net debt (− = net cash) $1.1B$1.6B$1.6B$2.4B$3.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$7.1M

4 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Dec 2, 2025 Craig PackerCo-President, Director Bought 110,227 $15.06 $1.7M Form 4
Dec 2, 2025 Douglas I OstroverCo-Chief Executive Officer, Director Bought 139,327 $15.06 $2.1M Form 4
Dec 2, 2025 Marc S LipschultzCo-Chief Executive Officer, Director Bought 139,326 $15.06 $2.1M Form 4
Dec 1, 2025 Alan KirshenbaumChief Financial Officer Bought 33,670 $14.87 $0.5M Form 4
Dec 1, 2025 Craig PackerCo-President, Director Bought 14,773 $15.06 $0.2M Form 4
Dec 1, 2025 Douglas I OstroverCo-Chief Executive Officer, Director Bought 18,673 $15.06 $0.3M Form 4
Dec 1, 2025 Marc S LipschultzCo-Chief Executive Officer, Director Bought 18,674 $15.06 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −10.1%−9.0%−10.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Blue Owl Capital OWL $6.4B 25.0% — 41.8% 5.2% 78.0x —
SEI Investments SEIC $12.6B 8.1% 27.3% 25.5% — 18.0x — Compare →
Affiliated Managers Group AMG $10.3B 1.6% — 46.6% 16.5% 13.4x — Compare →
Federated Hermes FHI $4.1B 10.3% 28.5% 16.4% 40.9% 10.6x 7 Compare →
TPG TPG $17.2B 33.4% — — 15.2% 66.6x — Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $191M $250M $824M $1.4B $1.7B $2.3B $2.9B
Interest expense $6.7M $23.8M $27.7M $60.1M $75.7M $122M $164M
Pretax income $20.7M −$82.5M −$1.9B −$49.6M $246M $469M $348M
Income tax $0.2M −$0.1M −$65.2M −$9.4M $25.6M $48.8M $42.4M
Net income $23.0M −$77.8M −$376M −$9.3M $54.3M $110M $78.8M
Diluted EPS — — — −$0.02 $0.10 $0.20 $0.10
Diluted shares — — — 0.43B 0.48B 0.56B 0.66B
Cash flow
Cash from operations $44.1M $5.2M $282M $728M $949M $1,000M $1.3B
Capital expenditure $1.2M $0.7M $5.3M $65.5M $67.9M $64.2M $57.7M
Free cash flow $42.9M $4.6M $276M $663M $881M $935M $1.2B
Depreciation and amortization $0.8M $0.7M $115M $259M $311M $275M $382M
Stock-based compensation $0.0M $0.0M $1.2B $421M $313M $313M $674M
Acquisitions $0.0M $0.0M $1.6B $115M $26.3M $445M $245M
Share buybacks $0.0M $0.0M $0.0M $78.8M $0.0M $0.0M $53.7M
Dividends paid $0.0M $0.0M $47.1M $183M $248M $368M $547M
Dividends and buybacks $0.0M $0.0M $47.1M $261M $248M $368M $600M
Balance sheet
Cash and short-term investments $7.3M $11.6M $42.6M $68.1M $104M $152M $195M
Total debt — $356M $1.2B $1.6B $1.7B $2.6B $3.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $1.3M — — — — —
Current liabilities — $0.1M — — — — —
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $3.4M $8.0M $71.2M $135M $188M $219M
Total assets — $122M $8.3B $8.9B $8.8B $11.0B $12.5B
Total liabilities — $623M $2.4B $3.3B $3.5B $5.2B $6.4B
Shareholders' equity −$351M $5.0M $1.7B $1.6B $1.5B $2.1B $2.2B
Margins
EBITDA margin 14.8% −23.2% −209.4% 19.7% 36.5% 37.7% 31.2%
Net margin 12.0% −31.2% −45.7% −0.7% 3.1% 4.8% 2.8%
FCF margin 22.5% 1.8% 33.6% 48.4% 50.9% 40.8% 41.8%
Returns
Return on capital — — −42.6% 0.1% 4.1% 7.0% 5.2%
Return on equity — — −45.1% −0.6% 3.5% 6.0% 3.6%
Return on assets — — −9.0% −0.1% 0.6% 1.1% 0.7%
Growth
Revenue growth — 30.9% 229.8% 66.3% 26.4% 32.6% 25.0%
Net income growth — −439.0% — — — 101.7% −28.1%
EPS growth — — — — — 100.0% −50.0%
FCF growth — −89.3% 5,932.2% 139.8% 32.9% 6.1% 28.1%
Share count change — — — — 10.3% 16.8% 18.5%
Financial health
Net debt / EBITDA — — — 5.8x 2.5x 2.8x 3.5x
Debt / equity — — 0.7x 1.0x 1.1x 1.2x 1.5x
Interest coverage 4.1x −2.5x −66.5x 0.2x 4.3x 4.9x 3.1x
Current ratio — 9.0x — — — — —
Quick ratio — 9.0x — — — — —
Capital allocation
Capex / revenue 0.6% 0.3% 0.6% 4.8% 3.9% 2.8% 2.0%
Stock comp / revenue 0.0% 0.0% 146.3% 30.7% 18.1% 13.6% 23.5%
Payouts / FCF 0.0% 0.0% 17.0% 39.4% 28.1% 39.4% 50.1%
Quality scores
Altman Z'' — −4.2 — — — — —
Accruals ratio — — −15.7% −8.6% −10.1% −9.0% −10.0%

Source: SEC EDGAR XBRL filings (CIK 0001823945). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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