Blue Owl Capital

OWL · NYSE · Financials · Financials, fiscal 2019 to 2025

OWL · Last close · October 26, 2026

$9.34

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%.

BLUE OWL CAPITAL INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001823945-26-000009 Updated October 11, 2026

Revenue

$2.9B

25.0%

Net margin

2.8%

2.0 pts

Net income

$79M

28.1%

Free cash flow

$1.2B

28.1%

Return on capital

5.2%

1.9 pts

Market cap

$6.4B

Oct 26 close

P/E

77.8x

On $0.12 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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

Blue Owl is an alternative asset manager. It invests private capital for institutional and private wealth clients, and it manages $307.4 billion in assets. Its work falls into three platforms: Credit, Real Assets and GP Strategic Capital. It has about 1,365 employees worldwide.

Credit makes loans to companies. Real Assets owns and finances property, including net lease real estate and digital infrastructure. GP Strategic Capital takes stakes in other private capital managers. Blue Owl earns fees for managing client money. Much of its capital is "permanent capital," which it describes as funds that stay invested for long periods. It also holds minority stakes in professional sports teams.

Blue Owl formed in May 2021 from the combination of Owl Rock and Dyal Capital. It has since bought Oak Street, Wellfleet, Atalaya and other firms to add real estate, loan and insurance-related products.

Its biggest risks, as it describes them

Weak markets and geopolitics that cut the value or performance of the investments it manages.
Not raising new funds and products, which its growth depends on.
Intense competition in the investment management business.
Use of leverage in its products, and how its assets are valued.
Investors asking to redeem or sell shares in its products at once.

From Blue Owl Capital's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2023 to 2025, earnings per share grew 0.0% a year and net income 20.5% a year, as new shares raised the share count by 38% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Blue Owl Capital yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Blue Owl Capital's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Blue Owl Capital's fiscal 2025 free cash flow of $1.2B, net cash of −$3.1B at December 31, 2025 and 662 million diluted shares, from its filings. The scenarios are fitted to Blue Owl Capital: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 28.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Asset Management & Custody Banks), plus 1 point as a smaller company, worth $6.4B, plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Blue Owl Capital's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $9.34
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Blue Owl Capital's earnings per share of $0.12 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.8×, the middle of Blue Owl Capital's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: SEI Investments, Affiliated Managers Group, Federated Hermes, TPG.

Earnings growth in the years ahead (% a year) Starts at Blue Owl Capital's revenue growth over the last 3 years, 28.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $9.34
Value at this multiple, against the last close: —
Blue Owl Capital's P/E at the last close: 77.8×

Company	Last close	Earnings per share	P/E today
Blue Owl CapitalOWL	$9.34	$0.12	77.8×
TPGTPG	$44.82	$0.67	66.9×
SEI InvestmentsSEIC	$103.34	$5.75	18.0×
Affiliated Managers GroupAMG	$390.97	$28.57	13.7×
Federated HermesFHI	$56.93	$5.37	10.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	43	68	104	152	194
Debt incl. finance leases	1,174	1,625	1,681	2,588	3,324
Net debt (negative means net cash)	1,132	1,557	1,577	2,436	3,130
Net debt to EBITDA	—	5.8x	2.5x	2.8x	3.5x
Debt to equity	0.7x	1.0x	1.1x	1.2x	1.5x
Interest coverage	−66.5x	0.2x	4.2x	4.8x	3.1x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $7.1 million of Blue Owl Capital shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Dec 2, 2025	Douglas I OstroverCo-Chief Executive Officer, Director	Bought	139,327	$15.06	$2.1 million	Form 4
Dec 2, 2025	Marc S LipschultzCo-Chief Executive Officer, Director	Bought	139,326	$15.06	$2.1 million	Form 4
Dec 2, 2025	Craig PackerCo-President, Director	Bought	110,227	$15.06	$1.7 million	Form 4
Dec 1, 2025	Alan KirshenbaumChief Financial Officer	Bought	33,670	$14.87	$500,673	Form 4
Dec 1, 2025	Marc S LipschultzCo-Chief Executive Officer, Director	Bought	18,674	$15.06	$281,230	Form 4
Dec 1, 2025	Douglas I OstroverCo-Chief Executive Officer, Director	Bought	18,673	$15.06	$281,215	Form 4
Dec 1, 2025	Craig PackerCo-President, Director	Bought	14,773	$15.06	$222,481	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−10.1%	−9.0%	−10.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Blue Owl Capital side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Blue Owl Capital	FY25	25.0%	—	41.8%	5.2%	3.5x	—
SEI Investments	FY25	8.1%	27.3%	25.5%	—	—	—	Compare
Affiliated Managers Group	FY25	1.6%	—	46.6%	16.5%	—	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
TPG	FY25	33.4%	—	—	15.2%	1.0x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	191	250	824	1,370	1,732	2,295	2,870
Revenue growth	—	30.9%	229.8%	66.2%	26.4%	32.6%	25.0%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—
Net income	23	−78	−376	−9	54	110	79
Diluted EPS (US$)	—	—	—	−0.02	0.10	0.20	0.10
Diluted shares (millions)	—	—	—	433	478	558	662
Cash flow
Cash from operations	44	5	282	728	949	1,000	1,256
Capital expenditure	1	1	5	66	68	64	58
Free cash flow	43	5	276	663	881	935	1,198
Dividends paid	0	0	47	182	248	368	547
Share buybacks	0	0	0	79	0	0	54
Acquisitions	0	0	1,579	114	26	445	245
Stock-based compensation	0	0	1,205	421	313	313	674
Balance sheet at fiscal year end
Cash and short-term investments	7	12	43	68	104	152	194
Debt incl. finance leases	—	356	1,174	1,625	1,681	2,588	3,324
Total assets	—	122	8,266	8,893	8,818	10,992	12,468
Total liabilities	—	623	2,419	3,344	3,540	5,186	6,414
Shareholders' equity	−350	5	1,664	1,605	1,528	2,128	2,205
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—
Net margin	12.0%	−31.2%	−45.7%	−0.7%	3.1%	4.8%	2.8%
Free cash flow margin	22.5%	1.8%	33.5%	48.4%	50.9%	40.8%	41.8%
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%
Net debt to EBITDA	—	—	—	5.8x	2.5x	2.8x	3.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Blue Owl Capital's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Blue Owl Capital.