Detailed financial statements for Blue Owl Capital Inc. (OWL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Blue Owl Capital Inc., an asset management firm based in New York City, leverages a robust and permanent capital base to deliver a comprehensive suite of financial solutions. It serves a diverse clientele, including mid-sized businesses, leading alternative asset managers, and corporate real estate owners and tenants.
Analysis Summary
Blue Owl Capital Inc. reported revenue of $2.87B in the most recent fiscal year, growing at a 5-year CAGR of 63.0%.
Trailing-twelve-month margins: gross margin 61.1%, operating margin 22.6%, net margin 2.7%. Free cash flow grew at 204.4% CAGR over 5 years.
At $9.36 (closing price, October 29, 2026), OWL trades at a P/E of 78.79 and an ROE of 3.76%. Market capitalisation stands at $14.6B, placing it among large-cap names.
Balance sheet quality for OWL: current ratio of 0.9, net debt of $3.67B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.20B represents 1520% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $121.2M | $190.8M | $249.8M | $823.9M | $1.37B | $1.73B | $2.30B | $2.87B |
| Cost of Revenue | $59.5M | $111.8M | $240.7M | $1.50B | $894.7M | $870.6M | $1.02B | $1.28B |
| Gross Profit | $61.8M | $79.1M | $9.1M | -$673.1M | $475.0M | $861.0M | $1.28B | $1.59B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $63.4M | $51.7M | $67.8M | $140.3M | $220.6M | $242.8M | $412.9M | $747.9M |
| Operating Expenses | $63.4M | $51.7M | $67.8M | $254.2M | $477.5M | $543.1M | $671.2M | $962.3M |
| Operating Income | -$1.6M | $27.4M | -$58.7M | -$927.3M | -$2.5M | $317.8M | $606.8M | $627.2M |
| EBITDA | -$1.3M | $28.2M | -$58.1M | -$1.73B | $269.7M | $632.6M | $866.0M | $936.0M |
| Interest Expense | 0 | $6.7M | $23.8M | $27.3M | $55.7M | $75.7M | $121.9M | $163.8M |
| Pre-tax Income | -$2.8M | $20.7M | -$82.5M | -$1.87B | -$49.6M | $246.4M | $469.2M | $347.9M |
| Income Tax | -$180,000 | $240,000 | -$102,000 | -$65.2M | -$9.4M | $25.6M | $48.8M | $42.4M |
| Net Income | $2.0M | $23.0M | -$77.8M | -$376.2M | -$9.3M | $54.3M | $109.6M | $78.8M |
| EPS | $0.01 | $0.07 | $-2.26 | $-0.93 | $-0.02 | $0.12 | $0.20 | $0.12 |
| EPS (Diluted) | $0.01 | $0.07 | $-2.26 | $-0.93 | $-0.02 | $0.11 | $0.20 | $0.12 |
| Shares Outstanding (Diluted) | 320.0 M | 320.0 M | 34.4 M | 404.9 M | 433.4 M | 478.0 M | 558.4 M | 664.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $728.0M | $755.6M | $753.8M | $753.1M |
| Gross Profit | $386.6M | $468.5M | $662.9M | $308.2M |
| Operating Income | $112.7M | $337.9M | $108.9M | $116.4M |
| EBITDA | $196.1M | $343.9M | $199.8M | $212.0M |
| Net Income | $6.3M | $47.7M | $15.5M | $11.4M |
| EPS | $0.01 | $0.07 | $0.02 | $0.02 |
| EPS (Diluted) | $0.01 | $0.07 | $0.02 | $0.02 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.3M | $11.6M | $42.6M | $68.1M | $104.2M | $152.1M | $194.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $32.5M | $92.7M | $229.5M | $369.9M | $383.0M | $575.4M | $741.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $52.1M | $105.2M | $280.6M | $444.0M | $494.4M | $745.2M | $969.5M |
| Property, Plant & Equipment | $3.4M | $3.4M | $94.0M | $295.6M | $416.6M | $512.8M | $675.1M |
| Goodwill | 0 | 0 | $4.13B | $4.21B | $4.22B | $4.70B | $5.62B |
| Intangible Assets | 0 | 0 | $2.61B | $2.41B | $2.11B | $2.90B | $2.89B |
| Total Assets | $56.7M | $121.6M | $8.27B | $8.89B | $8.82B | $10.99B | $12.47B |
| Accounts Payable | $25.8M | 0 | $58.0M | $117.2M | $129.4M | $158.3M | 0 |
| Short-term Debt | 0 | 0 | $153.0M | $210.0M | $205.0M | $130.0M | $860.0M |
| Total Current Liabilities | $120.1M | $58.4M | $221.3M | $336.6M | $343.8M | $296.0M | $1.02B |
| Long-term Debt | $287.1M | $356.4M | $1.02B | $1.41B | $1.48B | $2.46B | $2.46B |
| Total Liabilities | $407.2M | $622.8M | $2.42B | $3.34B | $3.54B | $5.19B | $6.41B |
| Retained Earnings | 0 | 0 | -$497.5M | -$689.3M | -$882.9M | -$1.14B | -$1.61B |
| Total Equity | -$352.8M | -$507.7M | $1.66B | $1.60B | $1.53B | $2.13B | $2.21B |
| Total Debt | $287.1M | $356.4M | $1.26B | $1.86B | $2.00B | $2.98B | $3.86B |
| Net Debt | $279.8M | $344.8M | $1.22B | $1.80B | $1.90B | $2.83B | $3.67B |
| Working Capital | -$68.0M | $46.8M | $59.2M | $107.5M | $150.6M | $449.3M | -$53.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $137.3M | $194.5M | $190.5M | $169.1M |
| Total Assets | $12.47B | $12.47B | $12.41B | $12.33B |
| Total Liabilities | $6.29B | $6.41B | $6.63B | $6.72B |
| Total Equity | $2.30B | $2.21B | $2.10B | $2.00B |
| Total Debt | $3.78B | $3.86B | $4.36B | $4.34B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $2.0M | $20.5M | -$82.4M | -$1.80B | -$40.2M | $220.8M | $420.4M | $305.5M |
| Depreciation & Amortization | $304,000 | $829,000 | $673,000 | $114.6M | $259.2M | $310.6M | $274.9M | $382.4M |
| Stock-based Compensation | 0 | 0 | 0 | $1.21B | $420.8M | $312.6M | $312.6M | $673.5M |
| Change in Working Capital | $11.3M | $22.4M | $86.7M | -$88.4M | $103.8M | $62.6M | -$105.0M | -$103.7M |
| Operating Cash Flow | $18.6M | $44.1M | $5.2M | $281.7M | $728.4M | $949.1M | $999.6M | $1.26B |
| Capital Expenditure | -$3.2M | -$1.2M | -$652,000 | -$5.3M | -$65.5M | -$67.9M | -$64.2M | -$57.7M |
| Acquisitions | 0 | 0 | 0 | -$1.58B | -$114.5M | -$26.3M | -$445.2M | -$244.6M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$78.8M | -$18.6M | -$38.8M | -$53.7M |
| Dividends Paid | -$44.8M | -$320.3M | -$78.1M | -$150.2M | -$182.6M | -$247.9M | -$368.3M | -$546.7M |
| Free Cash Flow | $15.4M | $42.9M | $4.6M | $276.4M | $662.9M | $881.2M | $935.4M | $1.20B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $433.1M | $382.9M | $102.8M | $461.3M |
| Capital Expenditure | -$10.6M | -$23.7M | -$13.8M | -$8.3M |
| Free Cash Flow | $422.5M | $359.1M | $89.0M | $452.9M |
| Dividends Paid | -$146.5M | -$149.4M | -$150.5M | -$155.4M |
| Stock-based Compensation | $173.1M | $161.7M | $195.5M | $185.9M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +57.4% | +30.9% | +229.8% | +66.3% | +26.4% | +32.6% | +25.0% | |
| Net Income Growth (YoY) | +1,021.0% | -439.0% | -383.3% | +97.5% | +685.0% | +101.7% | -28.1% | |
| EPS Growth (YoY) | +1,020.3% | -3,252.0% | +58.8% | +97.7% | +660.7% | +66.7% | -40.0% | |
| Shares Change (YoY) | +0.0% | -89.3% | +1,077.9% | +7.0% | +10.3% | +16.8% | +19.0% | |
| FCF Growth (YoY) | +178.0% | -89.3% | +5,932.2% | +139.8% | +32.9% | +6.1% | +28.1% | |
| Gross Margin | 50.9% | 41.4% | 3.6% | -81.7% | 34.7% | 49.7% | 55.7% | 55.4% |
| Operating Margin | -1.4% | 14.3% | -23.5% | -112.5% | -0.2% | 18.4% | 26.4% | 21.9% |
| EBITDA Margin | -1.1% | 14.8% | -23.2% | -209.4% | 19.7% | 36.5% | 37.7% | 32.6% |
| Net Margin | 1.7% | 12.0% | -31.2% | -45.7% | -0.7% | 3.1% | 4.8% | 2.7% |
| FCF Margin | 12.7% | 22.5% | 1.8% | 33.5% | 48.4% | 50.9% | 40.7% | 41.7% |
| Effective Tax Rate | 6.5% | 1.2% | 0.1% | 3.5% | 18.9% | 10.4% | 10.4% | 12.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.05 | $0.13 | $0.13 | $0.68 | $1.53 | $1.84 | $1.68 | $1.80 |
| Dividends Per Share | $0.14 | $1.00 | $2.27 | $0.37 | $0.42 | $0.52 | $0.66 | $0.82 |
| Shares Outstanding (Basic) | 320.0 M | 320.0 M | 34.4 M | 404.9 M | 433.4 M | 463.2 M | 549.0 M | 664.8 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 3.76% |
| Return on Invested Capital | 5.65% |
| Return on Assets | 0.66% |
| Gross Margin | 61.07% |
| Operating Margin | 22.60% |
| Net Margin | 2.71% |
Financial Health
| Debt / Equity | 2.18 |
| Current Ratio | 0.32 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.35 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 1,593.75 | 142.26 | -5.04 | -16.03 | -495.33 | 124.17 | 116.30 | 124.50 |
| P/B | 0.00 | -9.25 | -0.77 | 3.63 | 2.86 | 4.52 | 6.00 | 4.50 |
| P/S | 26.92 | 17.10 | 1.57 | 7.33 | 3.35 | 3.99 | 5.56 | 3.46 |
| Gross Margin | 50.9% | 41.4% | 3.6% | -81.7% | 34.7% | 49.7% | 55.7% | 55.4% |
| Operating Margin | -1.4% | 14.3% | -23.5% | -112.5% | -0.2% | 18.4% | 26.4% | 21.9% |
| Net Margin | 1.7% | 12.0% | -31.2% | -45.7% | -0.7% | 3.1% | 4.8% | 2.7% |
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Explore sector: Financial Services · Asset Management
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