Blue Owl Capital CorporationOBDC
NYSE•Financial Services•Asset Management
Blue Owl Capital Corporation is a business development company. It specializes in direct and fund of fund investments. The fund makes investments in senior secured, direct lending or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks also pursues preferred equity investments, first lien, unitranche, and second lien term loans and common equity investments. Within private equity, it seeks to invest in growth, acquisitions, market or product expansion, refinancings and recapitalizations. It seeks to invest in middle market and upper middle market companies based in the United States, with EBITDA between $10 million and $250 million annually and/or annual revenue of $50 million and $2500 million at the time of investment. It seeks to invest in investments with maturities typically between three and ten years. It seeks to make investments generally ranging in size between $20 million and $250 million.
Blue Owl Capital Corporation (OBDC) reported trailing twelve months revenue of $1.78B as of March 2026, a 7.3% increase year-over-year. Quarterly revenue reached $396.77M, reflecting continued top-line momentum.
Blue Owl Capital Corporation generated $360.39M in TTM net income, with quarterly EBITDA of $161.62M. The operating margin contracted from 44.1% to 40.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (40.7%) and net margin (-6.1%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 52.2% a year ago, reflecting increased costs or interest expense.
OBDC trades at a P/E of 15.0x (below the broader market average) and a P/S of 3.0x. The price-to-book ratio of 0.8x suggests the stock trades below its book value.
The company generated $967.38M in free cash flow over the trailing twelve months, a 2383.8% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $16.02B in total assets with $8.45B in long-term debt against $7.15B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 14 quarters of fundamental data
Operating margins are positive at ~44.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.8% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 14 quarters
Operating margins declined 7.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF consistently trails net income (avg -3.7x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 27.9% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation