Blue Owl Capital Inc.OWL
NYSE•Financial Services•Asset Management
Blue Owl Capital Inc. operates as an alternative asset manager in the United States. It offers permanent capital base solutions that enables it to offer holistic framework of capital solutions to middle market companies, large alternative asset managers, and corporate real estate owners and tenants. The company also provides private financing solutions, such as direct lending products comprising diversified, technology, first lien, and opportunistic lending to middle-market companies; alternative credit; investment grade credit; liquid credit; and other credit solutions. In addition, the company offers GP strategic capital products, which offers capital solutions, including GP minority stakes, GP debt financing, and professional sports minority stakes; and real estate products that focuses on acquiring triple net lease real estate by investment grade or creditworthy tenants, as well as real estate debt finance through net lease and real estate credit. It offers its solutions through permanent capital vehicles and long-dated private funds. Blue Owl Capital Inc. is headquartered in New York, New York.
Blue Owl Capital Inc. (OWL) reported trailing twelve months revenue of $2.94B as of March 2026, a 19.3% increase year-over-year. Quarterly revenue reached $753.81M, reflecting continued top-line momentum.
Blue Owl Capital Inc. generated $86.94M in TTM net income, with quarterly EBITDA of $109.49M. The operating margin expanded from 11.3% to 14.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (14.5%) and net margin (2.1%) indicates moderate non-operating costs. Net margin has improved from 1.1% a year ago, signaling stronger bottom-line efficiency.
OWL trades at a P/E of 71.0x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $88.98M in free cash flow over the trailing twelve months, a 1995.7% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $12.41B in total assets with $3.83B in long-term debt against $2.10B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~19.3% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~4.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~48.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 24.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 17.2x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 33.4% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 28.4% — 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