Blue Owl Capital Corporation (OBDC) vs Blue Owl Technology Finance Corp. (OTF)

Blue Owl Capital Corporation and Blue Owl Technology Finance Corp. are both Asset Management companies. Blue Owl Capital Corporation is the larger, with a market value of $5.4B against $4.7B — 1.1× the size. Blue Owl Technology Finance Corp. trades at the lower P/E: 12.9× against 19.3×. Blue Owl Technology Finance Corp. grew revenue faster over the last twelve months: 55.6% against −2.97%. Blue Owl Technology Finance Corp. has the higher net margin (28.7% vs 17.0%) and the lower return on invested capital (2.94% vs 3.09%). Across the 20 metrics below, Blue Owl Technology Finance Corp. leads on 13 and Blue Owl Capital Corporation on 7.

Valuation

Metric OBDC OTF Asset Management median
P/E 19.30 12.89 14.62
P/S 3.15 3.64 2.97
P/B 0.76 0.63 0.94
Price to free cash flow 2.43 n/m 8.93
EV/EBITDA 10.45 11.08 10.32
EV/Sales 7.67 8.95 5.72
Earnings yield 5.18% 7.76% 4.53%
Free cash flow yield 41.21% (32.87%) 4.65%

Profitability

Metric OBDC OTF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 75.33% 82.41% 33.03%
Net margin 16.99% 28.70% 13.53%
Free cash flow margin 129.88% (119.50%) 12.44%
Return on equity 3.92% 4.83% 4.83%
Return on assets 1.76% 2.67% 1.57%
Return on invested capital 3.09% 2.94% 3.04%

Growth

Metric OBDC OTF Asset Management median
Revenue growth (TTM) (2.97%) 55.63% 6.97%
EPS growth (last fiscal year) (18.95%) 15.79% —
Revenue growth, 5-year CAGR 18.17% 45.91% 12.13%
Net income growth, 5-year CAGR 10.10% 42.61% 0.00%

Health

Metric OBDC OTF Asset Management median
Debt to equity 1.12 0.95 0.42
Current ratio 0.65 0.05 1.28
Net debt to EBITDA 6.51 6.31 1.06

Dividend

Metric OBDC OTF Asset Management median
Dividend yield 10.85% — 6.92%
Payout ratio 1.09 — 0.77

Size

Metric OBDC OTF Asset Management median
Market cap 5.36b 4.70b 721.34m

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