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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

9.91 0.02 +0.20%
Market cap
$15.5B
P/E
71.1×
Fwd P/E
35.0×
Dividend yield
9.14%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Blue Owl Capital Inc. (OWL) valuation and DCF model

What the price implies · reverse DCF

At $9.91 the price implies −2.3% a year of dividend growth, at a 9.0% cost of equity.

Return on equity averaged −3.3% over ten years; the price implies 10.8% for good.

In December 2022 the price assumed 23.0% a year; Blue Owl Capital Inc. went on to grow the dividend a share 29.4% a year to FY2025.

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−2.3% a year for ten years
$9.91
today’s price
Its base case
5.0% a year for five years, then 3.0%
$16.07
62.2% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Blue Owl Capital Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing −2.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Blue Owl Capital Inc.’s own cost of capital: risk-free 4.3% + beta 1.28 × equity premium 4.5% = 10.1% cost of equity; weighted, 10.1%.

Use 10.1%
Base case value per share $16.07 ten years discounted, and what follows
Current price $9.91 market price per share
Above today’s price 62.2% upside at the base case’s assumptions

How we got there$7.19 10 years of dividends+$8.88 terminal value=$16.07 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 71.14× 109.93× 109.93× 35% below 13.38× 432% above
P/FCF 4.63× 8.14× 10.70× 57% below 7.79× 41% below
P/B 1.29× 1.43× 2,192.63× 100% below 0.91× 41% above
EV/EBITDA — 16.34× 16.34× — 3.38× —
EV/Sales — 5.45× 5.45× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
4.26×5.38×6.50×7.61×10Y avg 5.45×20212022202320242025

EV/Sales has no reading today; its 10-year average is 5.45×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.