Blue Owl Capital Corporation (OBDC) vs Victory Capital Holdings, Inc. (VCTR)

Blue Owl Capital Corporation and Victory Capital Holdings, Inc. are both Asset Management companies. Victory Capital Holdings, Inc. is the larger, with a market value of $6.5B against $5.4B — 1.2× the size. Blue Owl Capital Corporation trades at the lower P/E: 19.3× against 19.8×. Victory Capital Holdings, Inc. grew revenue faster over the last twelve months: 51.5% against −2.97%. Victory Capital Holdings, Inc. has the higher net margin (22.7% vs 17.0%) and the higher return on invested capital (12.3% vs 3.09%). Both pay a dividend; Blue Owl Capital Corporation yields more (10.9% vs 3.93%). Across the 22 metrics below, Blue Owl Capital Corporation leads on 12 and Victory Capital Holdings, Inc. on 10.

Valuation

Metric OBDC VCTR Asset Management median
P/E 19.30 19.81 14.62
P/S 3.15 4.34 2.97
P/B 0.76 2.85 0.94
Price to free cash flow 2.43 11.99 8.93
EV/EBITDA 10.45 10.50 10.32
EV/Sales 7.67 4.91 5.72
Earnings yield 5.18% 5.05% 4.53%
Free cash flow yield 41.21% 8.34% 4.65%

Profitability

Metric OBDC VCTR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 75.33% 41.33% 33.03%
Net margin 16.99% 22.65% 13.53%
Free cash flow margin 129.88% 36.16% 12.44%
Return on equity 3.92% 14.59% 4.83%
Return on assets 1.76% 8.38% 1.57%
Return on invested capital 3.09% 12.30% 3.04%

Growth

Metric OBDC VCTR Asset Management median
Revenue growth (TTM) (2.97%) 51.50% 6.97%
EPS growth (last fiscal year) (18.95%) (6.85%) —
Revenue growth, 5-year CAGR 18.17% 10.99% 12.13%
Net income growth, 5-year CAGR 10.10% 4.92% 0.00%

Health

Metric OBDC VCTR Asset Management median
Debt to equity 1.12 0.41 0.42
Current ratio 0.65 1.29 1.28
Net debt to EBITDA 6.51 1.46 1.06

Dividend

Metric OBDC VCTR Asset Management median
Dividend yield 10.85% 3.93% 6.92%
Payout ratio 1.09 0.35 0.77

Size

Metric OBDC VCTR Asset Management median
Market cap 5.36b 6.53b 721.34m

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