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Friday 6 November 2026
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Blue Owl Capital Inc.
OWL Financial Asset Management
Blue Owl Capital Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 25.0% from fiscal 2024.
- Revenue
- +10.8%
- EPS
- +200.0%
- Free cash flow
- +42.4%
- Total debt
- +12.5%
Quarter to September 2026, against a year earlier
9.87
0.02
−0.20%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 191 | 250 | 824 | 1,370 | 1,732 | 2,295 | 2,870 | 3,069 | +57.1% | 2,896 | 3,157 | 3,514 | +7.0% | |
| Gross margin, % | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | 21 | (83) | (1,867) | (50) | 246 | 469 | 348 | 429 | +60.0% | ||||||
| EBT margin, % | — | — | — | 10.85 | (33.04) | (226.67) | (3.62) | 14.23 | 20.44 | 12.12 | 13.97 | +1.3 pt | ||||||
| Net income | — | 0 | — | 20 | (82) | (1,802) | (40) | 221 | 420 | 305 | 371 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 7.35 | 2.32 | 3.16 | 3.74 | 4.18 | 4.38 | 4.40 | n/m | |||||
| Earnings | — | — | — | — | — | (1.27) | (0.02) | 0.12 | 0.20 | 0.12 | 0.14 | n/m | ||||||
| Cash flow | — | — | — | 0.00 | 0.15 | 0.79 | 1.68 | 2.05 | 1.82 | 1.92 | 2.23 | n/m | ||||||
| Capex | — | — | — | 0.00 | (0.02) | (0.01) | (0.15) | (0.15) | (0.12) | (0.09) | (0.08) | n/m | ||||||
| Free cash flow | — | — | — | 0.00 | 0.13 | 0.78 | 1.53 | 1.90 | 1.70 | 1.83 | 2.15 | n/m | ||||||
| Book value | — | — | — | 0.00 | (14.74) | 16.47 | 12.80 | 11.39 | 10.58 | 9.25 | 7.75 | n/m | ||||||
| Shares, m | — | — | — | — | 34 | 355 | 433 | 463 | 549 | 655 | 680 | +80.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 121.67 | 122.42 | 124.50 | 71.14 | 52.7 | |||||
| P/S | — | — | — | 0.00 | 0.00 | 6.42 | 3.19 | 3.91 | 5.56 | 3.41 | 2.27 | 3.2 | ||||||
| P/B | — | — | — | 17,531.25 | 1.69 | 0.91 | 0.79 | 1.28 | 2.20 | 1.62 | 1.29 | 2,505.7 | ||||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 7.78 | 4.10 | 4.62 | 6.41 | 4.33 | — | 3.9 | ||||||
| EV/FCF | — | — | — | 0.00 | 28.76 | 23.20 | 8.47 | 9.07 | 15.74 | 10.37 | — | 13.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 44 | 5 | 282 | 728 | 949 | 1,000 | 1,256 | 1,556 | +74.8% | |||||
| Capex | — | — | — | (1) | (1) | (5) | (66) | (68) | (64) | (58) | (54) | +91.4% | ||||||
| Free cash flow | — | — | — | 43 | 5 | 276 | 663 | 881 | 935 | 1,198 | 1,502 | +74.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (518) | (923) | (1,161) | (1,244) | (2,055) | (2,842) | (3,207) | +40.6% | |||||
| Net debt | — | — | — | — | 345 | 1,119 | 1,239 | 1,233 | 1,949 | 2,646 | 2,885 | +50.3% | ||||||
| Shareholders’ equity | — | — | — | — | (501) | 5,848 | 5,549 | 5,278 | 5,806 | 6,054 | 5,409 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (128.01) | (8.97) | (0.11) | 0.61 | 1.11 | 0.67 | 0.77 | +0.7 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | (8.32) | (0.02) | 3.05 | 4.89 | 3.28 | 4.07 | +3.3 pt | ||||||
| ROE | — | — | — | 0.00 | (13.47) | (14.07) | (0.16) | 1.00 | 1.98 | 1.33 | 1.63 | +1.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 375 | 2 | 350 | 545 | 685 | 1,100 | 1,365 | — | +24.0% | |||||
| Revenue/emp, $m | — | — | — | 0.51 | 124.91 | 2.35 | 2.51 | 2.53 | 2.09 | 2.10 | — | +26.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Total Management and Other Fees, Net | 2,522 | 87.87% |
|---|---|---|
| Administrative, transaction and other fees | 321 | 11.20% |
| Performance revenues | 27 | 0.93% |
| Gross margin | 100.00% | |
| Operating margin | 15.90% | |
| Pre-tax margin | 12.12% |
Blue Owl Capital Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PS Pershing Square Inc. | $20.1B | — | — | — | n/m | — | 100.00% | (166.36%) | Compare |
| TPG TPG Inc. | $18.0B | 19.7× | 23.7× | −0.20% (below 0%: shrinking) | +367.06% (above 0%: growing) | −57.60% (below 0%: shrinking) | 100.00% | 18.08% | Compare |
| BEN Franklin Resources Inc | $16.4B | 22.0× | 16.0× | +14.26% (above 0%: growing) | +106.67% (above 0%: growing) | −55.71% (below 0%: shrinking) | 100.00% | 9.15% | Compare |
| OWL Blue Owl Capital Inc. | $15.5B | 71.1× | 35.0× | +10.79% (above 0%: growing) | +200.00% (above 0%: growing) | +42.36% (above 0%: growing) | 100.00% | 18.32% | |
| CRBG Corebridge Financial, Inc. | $15.0B | 7.3× | 16.6× | +13.81% (above 0%: growing) | +1,100.22% (above 0%: growing) | +2,420.83% (above 0%: growing) | 53.67% | 39.88% | Compare |
| CG Carlyle Group Inc. | $14.2B | 39.7× | 14.5× | −28.57% (below 0%: shrinking) | −57.30% (below 0%: shrinking) | +82.56% (above 0%: growing) | 100.00% | 39.97% | Compare |
| EQH Equitable Holdings, Inc. | $14.2B | 9.5× | 15.9× | +167.66% (above 0%: growing) | n/m | +385.71% (above 0%: growing) | 73.90% | 37.18% | Compare |
| ARCC Ares Capital Corporation | $14.0B | 15.8× | 14.9× | −2.43% (below 0%: shrinking) | −22.26% (below 0%: shrinking) | +236.09% (above 0%: growing) | 100.00% | 72.74% | Compare |
| IVZ Invesco Ltd. | $11.9B | — (loss-making) | 10.1× | +14.19% (above 0%: growing) | −1.49% (below 0%: shrinking) | −24.49% (below 0%: shrinking) | 65.64% | 23.30% | Compare |
| Median of peers | $14.6B | 17.8× | 15.9× | +13.81% | +52.59% | +82.56% | 100.00% | 30.24% |
From the latest earnings call
- Co-CEO Marc Lipschultz said institutional fundraising drove asset growth, while private wealth inflows recovered from May levels and redemption requests continued to decline.
- CFO Alan Kirshenbaum said assets not yet paying fees could generate approximately $400.0 million in annual management fees once deployed.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
41.37%
Held by the ten largest
24.38%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Capital Group | 102.21m | 6.56% | −17.76m |
| Fidelity (FMR) | 67.70m | 4.34% | −18.02m |
| Vanguard | 61.76m | 3.96% | −9.15m |
| ICONIQ Capital, LLC | 34.35m | 2.20% | 0.00 |
| BlackRock | 31.60m | 2.03% | −1.78m |
| Bank of America | 22.60m | 1.45% | +5.61m |
| Lind Value II ApS | 16.72m | 1.07% | +1.46m |
| Caption Management, LLC | 16.00m | 1.03% | +877.95k |
| Morgan Stanley | 14.43m | 0.93% | +1.21m |
| HighTower Advisors, LLC | 12.72m | 0.82% | +1.91m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Blue Owl Capital Inc. (OWL) Latest News
30 Oct
29 Oct
29 Sep
28 Sep
26 Sep
25 Sep
OWL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Blue Owl Capital is a global alternative asset manager. It raises money from institutional and individual investors and invests it in assets and financing arrangements outside conventional public stock and bond portfolios. It was formed in 2021 and has its headquarters at 399 Park Avenue. Marc S. Lipschultz is a co-chief executive officer.
The company has three investment platforms. Credit includes direct loans to companies, asset-backed finance and portfolios of leveraged loans. Real Assets includes property leased to tenants, real estate financing and digital infrastructure such as data centers. GP Strategic Capital buys minority stakes in and lends to private capital managers; it also invests in minority stakes in professional sports teams.