Affiliated Managers Group vs Blue Owl Capital
Add, change or remove companies; up to four.
The short version
- Blue Owl Capital is the larger business, with $2.9B of revenue in fiscal 2025 against $2.1B for Affiliated Managers Group.
- Blue Owl Capital grew revenue faster (25.0%, against 1.6%).
- Affiliated Managers Group turned more of its sales into free cash flow (46.6% FCF margin, against 41.8%).
- Affiliated Managers Group earned a higher return on the capital invested in it (16.5%, against 5.2%).
- Investors pay more for each dollar of Blue Owl Capital’s earnings: a P/E of 78.0x against 13.4x for Affiliated Managers Group.
| Latest fiscal year | AMG · FY25 | OWL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $6.4B |
| Revenue | $2.1B | $2.9B |
| Free cash flow | $967M | $1.2B |
| Net income | $717M | $78.8M |
| Growth | ||
| Revenue growth | 1.6% | 25.0% |
| 5-year growth | 0.5% | 63.0% |
| Share count change | −8.6% | 18.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 34.5% | 2.8% |
| FCF margin | 46.6% | 41.8% |
| Return on capital | 16.5% | 5.2% |
| Return on equity | 21.8% | 3.6% |
| Balance sheet | ||
| Net debt | $2.1B | $3.1B |
| Net debt / EBITDA | — | 3.5x |
| Dividends and buybacks | $707M | $600M |
| Valuation & quality | ||
| P/E | 13.4x | 78.0x |
| Piotroski F-score | — | — |
Revenue
FY16
AMG $2.2B
OWL —
FY17
AMG $2.3B
OWL —
FY18
AMG $2.4B
OWL —
FY19
AMG $2.2B
OWL $191M
FY20
AMG $2.0B
OWL $250M
FY21
AMG $2.4B
OWL $824M
FY22
AMG $2.3B
OWL $1.4B
FY23
AMG $2.1B
OWL $1.7B
FY24
AMG $2.0B
OWL $2.3B
FY25
AMG $2.1B
OWL $2.9B
AMG
OWL
Operating margin
FY16
AMG 47.1%
OWL —
FY17
AMG 48.1%
OWL —
FY18
AMG —
OWL —
FY19
AMG —
OWL —
FY20
AMG —
OWL —
FY21
AMG —
OWL —
FY22
AMG —
OWL —
FY23
AMG —
OWL —
FY24
AMG —
OWL —
FY25
AMG —
OWL —
AMG
OWL
Free cash flow
FY16
AMG $1.0B
OWL —
FY17
AMG $1.2B
OWL —
FY18
AMG $1.1B
OWL —
FY19
AMG $920M
OWL $42.9M
FY20
AMG $1.0B
OWL $4.6M
FY21
AMG $1.3B
OWL $276M
FY22
AMG $1.0B
OWL $663M
FY23
AMG $862M
OWL $881M
FY24
AMG $929M
OWL $935M
FY25
AMG $967M
OWL $1.2B
AMG
OWL
Return on capital
FY16
AMG 18.0%
OWL —
FY17
AMG 21.4%
OWL —
FY18
AMG 11.5%
OWL —
FY19
AMG 7.5%
OWL —
FY20
AMG 10.8%
OWL —
FY21
AMG 19.8%
OWL −42.6%
FY22
AMG 25.6%
OWL 0.1%
FY23
AMG 16.0%
OWL 4.1%
FY24
AMG 13.9%
OWL 7.0%
FY25
AMG 16.5%
OWL 5.2%
AMG
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.