Blue Owl Technology Finance Corp. (OTF) vs Victory Capital Holdings, Inc. (VCTR)

Blue Owl Technology Finance Corp. 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 $4.7B — 1.4× the size. Blue Owl Technology Finance Corp. trades at the lower P/E: 12.9× against 19.8×. Blue Owl Technology Finance Corp. grew revenue faster over the last twelve months: 55.6% against 51.5%. Blue Owl Technology Finance Corp. has the higher net margin (28.7% vs 22.7%) and the lower return on invested capital (2.94% vs 12.3%). Across the 20 metrics below, Blue Owl Technology Finance Corp. leads on 10 and Victory Capital Holdings, Inc. on 10.

Valuation

Metric OTF VCTR Asset Management median
P/E 12.89 19.81 14.62
P/S 3.64 4.34 2.97
P/B 0.63 2.85 0.94
Price to free cash flow n/m 11.99 8.93
EV/EBITDA 11.08 10.50 10.32
EV/Sales 8.95 4.91 5.72
Earnings yield 7.76% 5.05% 4.53%
Free cash flow yield (32.87%) 8.34% 4.65%

Profitability

Metric OTF VCTR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.41% 41.33% 33.03%
Net margin 28.70% 22.65% 13.53%
Free cash flow margin (119.50%) 36.16% 12.44%
Return on equity 4.83% 14.59% 4.83%
Return on assets 2.67% 8.38% 1.57%
Return on invested capital 2.94% 12.30% 3.04%

Growth

Metric OTF VCTR Asset Management median
Revenue growth (TTM) 55.63% 51.50% 6.97%
EPS growth (last fiscal year) 15.79% (6.85%) —
Revenue growth, 5-year CAGR 45.91% 10.99% 12.13%
Net income growth, 5-year CAGR 42.61% 4.92% 0.00%

Health

Metric OTF VCTR Asset Management median
Debt to equity 0.95 0.41 0.42
Current ratio 0.05 1.29 1.28
Net debt to EBITDA 6.31 1.46 1.06

Dividend

Metric OTF VCTR Asset Management median
Dividend yield — 3.93% 6.92%
Payout ratio — 0.35 0.77

Size

Metric OTF VCTR Asset Management median
Market cap 4.70b 6.53b 721.34m

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