Blackstone Secured Lending Fund (BXSL) vs Blue Owl Capital Corporation (OBDC)

Blackstone Secured Lending Fund and Blue Owl Capital Corporation are both Asset Management companies. Blackstone Secured Lending Fund is the larger, with a market value of $5.6B against $5.1B — 1.1× the size. Blue Owl Capital Corporation trades at the lower P/E: 18.1× against 18.8×. Blackstone Secured Lending Fund grew revenue faster over the last twelve months: −2.58% against −2.97%. Blackstone Secured Lending Fund has the higher net margin (21.5% vs 17.0%) and the lower return on invested capital (0.00% vs 3.09%). Both pay a dividend; Blue Owl Capital Corporation yields more (13.7% vs 12.9%). Across the 20 metrics below, Blue Owl Capital Corporation leads on 11 and Blackstone Secured Lending Fund on 9.

Valuation

Metric BXSL OBDC Asset Management median
P/E 18.78 18.05 13.99
P/S 4.07 2.95 2.76
P/B 0.93 0.71 0.85
Price to free cash flow 37.49 2.27 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 5.32% 5.54% 4.72%
Free cash flow yield 2.67% 44.06% 4.44%

Profitability

Metric BXSL OBDC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% 75.33% 33.42%
Net margin 21.53% 16.99% 13.37%
Free cash flow margin 10.86% 129.88% 12.36%
Return on equity 4.80% 3.92% 4.79%
Return on assets 2.13% 1.76% 1.55%
Return on invested capital 0.00% 3.09% 2.97%

Growth

Metric BXSL OBDC Asset Management median
Revenue growth (TTM) (2.58%) (2.97%) 7.42%
EPS growth (last fiscal year) (28.70%) (18.95%) (6.67%)
Revenue growth, 5-year CAGR 29.50% 18.17% 12.51%
Net income growth, 5-year CAGR 20.84% 10.10% 0.00%

Health

Metric BXSL OBDC Asset Management median
Debt to equity 1.27 1.12 0.44
Current ratio 1.74 0.65 1.30
Net debt to EBITDA (5.17) 6.51 1.02

Dividend

Metric BXSL OBDC Asset Management median
Dividend yield 12.91% 13.65% 6.60%
Payout ratio 2.43 2.46 0.94

Size

Metric BXSL OBDC Asset Management median
Market cap 5.64b 5.10b 694.86m

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