Invesco Ltd. (IVZ) vs Blue Owl Capital Inc. (OWL)

Invesco Ltd. and Blue Owl Capital Inc. are both Asset Management companies. Invesco Ltd. and Blue Owl Capital Inc. are of similar size ($14.5B and $13.6B). Invesco Ltd. has negative trailing earnings, so its P/E is not meaningful; Blue Owl Capital Inc. trades at 77.7×. Blue Owl Capital Inc. grew revenue faster over the last twelve months: 14.2% against 12.2%. Blue Owl Capital Inc. has the higher net margin (2.71% vs −4.48%) and the higher return on invested capital (3.63% vs −1.34%). Both pay a dividend; Invesco Ltd. yields more (5.33% vs 3.48%). Across the 21 metrics below, Blue Owl Capital Inc. leads on 18 and Invesco Ltd. on 3.

Valuation

Metric IVZ OWL Asset Management median
P/E n/m 77.67 14.62
P/S 2.02 2.15 2.97
P/B 1.32 1.14 0.94
Price to free cash flow 7.27 4.85 8.93
EV/EBITDA 16.34 10.68 10.32
EV/Sales 3.43 3.18 5.72
Earnings yield (2.20%) 1.29% 4.53%
Free cash flow yield 13.76% 20.63% 4.65%

Profitability

Metric IVZ OWL Asset Management median
Gross margin 66.01% 100.00% 100.00%
Operating margin (7.10%) 16.91% 33.03%
Net margin (4.48%) 2.71% 13.53%
Free cash flow margin 27.83% 44.26% 12.44%
Return on equity (2.81%) 1.35% 4.83%
Return on assets (1.10%) 0.66% 1.57%
Return on invested capital (1.34%) 3.63% 3.04%

Growth

Metric IVZ OWL Asset Management median
Revenue growth (TTM) 12.18% 14.19% 6.97%
EPS growth (last fiscal year) (235.59%) (50.00%) —
Revenue growth, 5-year CAGR 0.74% 62.95% 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IVZ OWL Asset Management median
Debt to equity 0.81 0.68 0.42
Current ratio 1.31 0.54 1.28
Net debt to EBITDA 7.77 3.13 1.06

Dividend

Metric IVZ OWL Asset Management median
Dividend yield 5.33% 3.48% 6.92%
Payout ratio 0.54 10.00 0.77

Size

Metric IVZ OWL Asset Management median
Market cap 13.55b 14.53b 721.34m

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