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Blue Owl Capital

OWL NYSE Asset Management & Custody Banks Financials FY2019–FY2025

Blue Owl Capital had $2.9B of revenue in fiscal 2025, up 25.0% on the year before. Over five years, revenue changed +63.0% a year on average.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 23, 2026

$9.36

3.6%
Value it Compare

What Blue Owl Capital does

OWL Β· Asset Management & Custody Banks

From its latest annual report

No business description yet.

Filing details

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

KIRA’s summary AI analyst

Hi! I read Blue Owl Capital’s latest annual report (fiscal 2025). Here is what stands out:

3 strengths 1 to watch

1.Sales and profit

See section β†’
  • Blue Owl Capital had $2.9B of revenue in fiscal 2025, up 25.0% on the year before. Over five years, revenue changed +63.0% a year on average.
  • Blue Owl Capital made $78.8M of net profit in fiscal 2025.

2.Cash and shareholders

See section β†’
  • Free cash flow was $1.2B in fiscal 2025, 41.8% of revenue.
  • Blue Owl Capital returned $600M to shareholders in fiscal 2025, 50% of free cash flow. The diluted share count rose 18.5%.
  • In the last 12 months, insiders bought $7.1M of shares on the open market and sold none.

3.Financial health

See section β†’
  • Blue Owl Capital owes $3.1B more than it holds in cash, about 3.5 years of operating profit.
  • Its return on capital was 5.2%: every 100 invested in the business earned about 5 in a year.

4.Price and value

See section β†’
  • At $9.36 a share, the company is worth $6.4B: 78.0 times its earnings of the last four quarters.
  • Blue Owl Capital grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 4 of 4.

Blue Owl Capital in 30 seconds

Good So-so Weak

Good

Are sales growing?

+25.0%

Yes. Sales grew 25.0% last year.

So-so

Does it make a profit?

2.8%

A little. It keeps 2.8% of every sale as profit.

Good

Does profit turn into cash?

41.8%

Yes. 41.8% of sales ends up as free cash.

Weak

Is debt under control?

3.5x

Heavy. Repaying its debt would take 3.5 years of operating profit.

For information

How is the share priced?

78.0x

One share costs 78.0 times its yearly profit per share. Typical for its sector: 13.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

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)

Revenue

Total sales reported in the income statement.

KIRA Β· Blue Owl Capital had $2.9B of revenue in fiscal 2025, up 25.0% on the year before. Over five years, revenue changed +63.0% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Blue Owl Capital made $78.8M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was $1.2B in fiscal 2025, 41.8% of revenue.

See the full section β†’

Return on capital

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

KIRA Β· Its return on capital was 5.2%: every 100 invested in the business earned about 5 in a year.

See the full section β†’

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).

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Blue Owl Capital did it, and the next one. Share prices often move a lot on those days.

Next results

October 29, 2026

Thursday Β· in 3 days

Time
Before the market opens
Covers
Period ended Sep 30, 2026
Expected EPS
$0.22
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Jul 30, 2026 Q2 '26 Before the market opens 8-K β†—
Apr 30, 2026 Q1 '26 Before the market opens 8-K β†—
Feb 5, 2026 Q4 '25 Before the market opens 8-K β†—
Oct 30, 2025 Q3 '25 Before the market opens 8-K β†—
Jul 31, 2025 Q2 '25 Before the market opens 8-K β†—
May 1, 2025 Q1 '25 Before the market opens 8-K β†—
Feb 6, 2025 Q4 '24 Before the market opens 8-K β†—
Oct 31, 2024 Q3 '24 Before the market opens 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· Blue Owl Capital had $2.9B of revenue in fiscal 2025, up 25.0% on the year before. Over five years, revenue changed +63.0% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Blue Owl Capital made $78.8M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was $1.2B in fiscal 2025, 41.8% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

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

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders bought $7.1M of shares on the open market and sold none.

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

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$7.1M

4 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

β€”

$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

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Blue Owl Capital owes $3.1B more than it holds in cash, about 3.5 years of operating profit.

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

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 β€”5.8x2.5x2.8x3.5x
Debt / equity 0.7x1.0x1.1x1.2x1.5x
Interest coverage βˆ’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 (βˆ’ = net cash) $1.1B$1.6B$1.6B$2.4B$3.1B

Returns on capital

KIRA Β· Its return on capital was 5.2%: every 100 invested in the business earned about 5 in a year.

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ“ βœ•
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ• βœ• βœ•
Current ratio rose β€” β€” β€”
Share count didn't rise βœ• βœ• βœ•
Gross margin rose β€” β€” β€”
Revenue rose relative to assets βœ“ βœ“ βœ“
F-score β€” / 9β€” / 9β€” / 9
Accruals ratio βˆ’10.1%βˆ’9.0%βˆ’10.0%
Altman Z'' β€”β€”β€”

Price and value

What does the share cost, and how does it compare?

Value Blue Owl Capital yourself

KIRA Β· At $9.36 a share, the company is worth $6.4B: 78.0 times its earnings of the last four quarters.

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

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$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

β€”

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

Similar companies

KIRA Β· Blue Owl Capital grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 4 of 4.

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

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

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

All figures

Every number, year by year.

7 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

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 βˆ’$82.5M βˆ’$1.9B βˆ’$49.6M $246M $469M $348M
Income tax $0.2M βˆ’$0.1M βˆ’$65.2M βˆ’$9.4M $25.6M $48.8M $42.4M
Net income $23.0M βˆ’$77.8M βˆ’$376M βˆ’$9.3M $54.3M $110M $78.8M
Diluted EPS β€” β€” β€” βˆ’$0.02 $0.10 $0.20 $0.10
Diluted shares β€” β€” β€” 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 β€” $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 β€” $1.3M β€” β€” β€” β€” β€”
Current liabilities β€” $0.1M β€” β€” β€” β€” β€”
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net β€” $3.4M $8.0M $71.2M $135M $188M $219M
Total assets β€” $122M $8.3B $8.9B $8.8B $11.0B $12.5B
Total liabilities β€” $623M $2.4B $3.3B $3.5B $5.2B $6.4B
Shareholders' equity βˆ’$351M $5.0M $1.7B $1.6B $1.5B $2.1B $2.2B
Margins
EBITDA margin 14.8% βˆ’23.2% βˆ’209.4% 19.7% 36.5% 37.7% 31.2%
Net margin 12.0% βˆ’31.2% βˆ’45.7% βˆ’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 β€” β€” βˆ’42.6% 0.1% 4.1% 7.0% 5.2%
Return on equity β€” β€” βˆ’45.1% βˆ’0.6% 3.5% 6.0% 3.6%
Return on assets β€” β€” βˆ’9.0% βˆ’0.1% 0.6% 1.1% 0.7%
Growth
Revenue growth β€” 30.9% 229.8% 66.3% 26.4% 32.6% 25.0%
Net income growth β€” βˆ’439.0% β€” β€” β€” 101.7% βˆ’28.1%
EPS growth β€” β€” β€” β€” β€” 100.0% βˆ’50.0%
FCF growth β€” βˆ’89.3% 5,932.2% 139.8% 32.9% 6.1% 28.1%
Share count change β€” β€” β€” β€” 10.3% 16.8% 18.5%
Financial health
Net debt / EBITDA β€” β€” β€” 5.8x 2.5x 2.8x 3.5x
Debt / equity β€” β€” 0.7x 1.0x 1.1x 1.2x 1.5x
Interest coverage 4.1x βˆ’2.5x βˆ’66.5x 0.2x 4.3x 4.9x 3.1x
Current ratio β€” 9.0x β€” β€” β€” β€” β€”
Quick ratio β€” 9.0x β€” β€” β€” β€” β€”
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'' β€” βˆ’4.2 β€” β€” β€” β€” β€”
Accruals ratio β€” β€” βˆ’15.7% βˆ’8.6% βˆ’10.1% βˆ’9.0% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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