Blue Owl Capital

OWL · Asset Management & Custody Banks

$9.36

3.6%

TPG

TPG · Asset Management & Custody Banks

$44.64

3.3%

The short version

TPG is the larger business, with $4.7B of revenue in fiscal 2025 against $2.9B for Blue Owl Capital, about 1.6 times as much.
TPG grew revenue faster (33.4%, against 25.0%).
TPG earned a higher return on the capital invested in it (15.2%, against 5.2%).
Investors pay more for each dollar of Blue Owl Capital’s earnings: a P/E of 78.0x against 66.6x for TPG.

Latest fiscal year	OWL · FY25	TPG · FY25
Size
Market cap	$6.4B	$17.2B
Revenue	$2.9B	$4.7B
Free cash flow	$1.2B	—
Net income	$78.8M	$185M
Growth
Revenue growth	25.0%	33.4%
5-year growth	63.0%	—
Share count change	18.5%	2.6%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	2.8%	4.0%
FCF margin	41.8%	—
Return on capital	5.2%	15.2%
Return on equity	3.6%	4.8%
Balance sheet
Net debt	$3.1B	$896M
Net debt / EBITDA	3.5x	1.0x
Dividends and buybacks	$600M	$0.0M
Valuation & quality
P/E	78.0x	66.6x
Piotroski F-score	—	—

Revenue

FY19

OWL $191M

TPG —

FY20

OWL $250M

TPG —

FY21

OWL $824M

TPG —

FY22

OWL $1.4B

TPG $2.0B

FY23

OWL $1.7B

TPG $2.4B

FY24

OWL $2.3B

TPG $3.5B

FY25

OWL $2.9B

TPG $4.7B

OWL TPG

Operating margin

FY19

OWL —

TPG —

FY20

OWL —

TPG —

FY21

OWL —

TPG —

FY22

OWL —

TPG —

FY23

OWL —

TPG —

FY24

OWL —

TPG —

FY25

OWL —

TPG —

OWL TPG

Free cash flow

FY19

OWL $42.9M

TPG —

FY20

OWL $4.6M

TPG —

FY21

OWL $276M

TPG —

FY22

OWL $663M

TPG —

FY23

OWL $881M

TPG —

FY24

OWL $935M

TPG —

FY25

OWL $1.2B

TPG —

OWL TPG

Return on capital

FY19

OWL —

TPG —

FY20

OWL —

TPG —

FY21

OWL −42.6%

TPG —

FY22

OWL 0.1%

TPG —

FY23

OWL 4.1%

TPG 1.9%

FY24

OWL 7.0%

TPG 1.1%

FY25

OWL 5.2%

TPG 15.2%

OWL TPG

Add another company

Compare up to four at once.

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.