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OWL

Blue Owl Capital Inc.

OWL

Blue Owl Capital Inc. • NYSE
$15.00 ▲ 1.69% (+0.25)
Market Cap $23.45 B
52w High $26.73
52w Low $13.25
Dividend Yield 0.85%
P/E 187.5
Volume 5.12M
Outstanding Shares 1.56B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $727.99M ▲ $615.314M ▲ $6.31M ▼ 0.867% ▼ $0.009 ▼ $97.673M ▼
Q2-2025 $703.106M ▲ $277.524M ▼ $17.426M ▲ 2.478% ▲ $0.027 ▲ $222.07M ▲
Q1-2025 $683.486M ▲ $280.252M ▲ $7.43M ▼ 1.087% ▼ $0.01 ▼ $173.896M ▼
Q4-2024 $631.361M ▲ $198.049M ▲ $20.743M ▼ 3.285% ▼ $0.04 ▼ $188.272M ▼
Q3-2024 $600.878M $190.003M $29.805M 4.96% $0.052 $219.838M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $137.275M ▲ $12.469B ▲ $6.291B ▲ $2.296B ▼
Q2-2025 $117.613M ▲ $12.279B ▼ $5.919B ▲ $2.351B ▲
Q1-2025 $97.618M ▼ $12.286B ▲ $5.857B ▲ $2.336B ▲
Q4-2024 $152.089M ▲ $10.992B ▲ $5.186B ▲ $2.128B ▲
Q3-2024 $115.902M $10.752B $4.873B $2.004B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $47.373M ▼ $433.089M ▲ $-21.469M ▲ $-391.958M ▼ $19.662M ▼ $422.457M ▲
Q2-2025 $70.696M ▲ $422.507M ▲ $-65.183M ▲ $-337.329M ▼ $19.995M ▲ $412.462M ▲
Q1-2025 $36.67M ▼ $17.586M ▼ $-197.023M ▼ $124.966M ▲ $-54.471M ▼ $4.246M ▼
Q4-2024 $71.055M ▼ $324.019M ▼ $-46.28M ▲ $-241.552M ▼ $36.187M ▲ $310.101M ▼
Q3-2024 $99.324M $325.995M $-441.844M $-205M $-320.849M $314.758M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Administrative Service
Administrative Service
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Asset Management
Asset Management
 $560.00M ▲$600.00M ▲$620.00M ▲$650.00M ▲
Digital Infrastructure
Digital Infrastructure
 $0 ▲$0 ▲$50.00M ▲$30.00M ▼
Management Service Incentive
Management Service Incentive
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Net Lease
Net Lease
 $50.00M ▲$0 ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Blue Owl’s income statement shows a young firm scaling up quickly. Revenue has risen sharply every year since going public, reflecting strong growth in assets under management and fee income. Profitability has moved from early-stage losses to consistent, if still modest, profits. Margins have improved as the business has grown, with operating and EBITDA performance now clearly positive. That said, net earnings remain relatively small compared with the size of the revenue base, so the story is still one of a growing platform that is building, not yet a mature profit machine. Overall, the trajectory is clearly upward, but the earnings profile is still in the development phase.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly as Blue Owl has grown, with total assets climbing and shareholder equity shifting from negative at the time of listing to a solid positive position. This signals that past restructuring and build-out costs have been absorbed and that value has accumulated for shareholders. Debt levels have risen alongside this growth, meaning the firm uses meaningful leverage, which is common in alternative asset managers but still a factor to watch. Cash on hand is relatively small compared with total assets, implying that liquidity management and access to funding lines are important. In short, it’s a larger, more established balance sheet than at IPO, but with a reliance on borrowing that adds some financial risk.

Cash Flow

Cash Flow Cash flow is a relative strength. Operating cash flow has been consistently positive and has grown over time, showing that the business converts its fee-driven model into real cash. Capital spending needs are low, so most operating cash turns into free cash flow, which has also been positive for several years. This capital-light profile is typical of asset managers and gives Blue Owl flexibility to pay expenses, service debt, invest in new strategies, or return capital, depending on management’s choices. The strong divergence between historically modest accounting profits and much healthier cash flows underlines how cash generative the core franchise has become.

Competitive Edge

Competitive Edge Blue Owl has built a differentiated position in alternative asset management by focusing on direct lending, GP strategic capital, and real assets such as digital infrastructure. A core advantage is its large base of long-duration and permanent capital, which provides stable management fees and visibility into future revenue. Scale in direct lending and deep relationships with many private equity sponsors help it win recurring, often proprietary deal flow. Its focus on specialized niches like GP stakes, asset-based finance, and digital infrastructure creates higher barriers to entry for new competitors. However, the firm still operates in a crowded and highly competitive space, facing large global rivals and sensitivity to credit conditions, fundraising cycles, and regulation. Maintaining underwriting discipline and performance through downturns will be critical to sustaining its current competitive edge.

Innovation and R&D

Innovation and R&D Although not a technology company, Blue Owl leans heavily on data and analytics as a differentiator. Proprietary sourcing systems and Python-based data science tools are used to screen opportunities, underwrite asset-based finance, and monitor portfolios in close to real time. The GP Strategic Capital business uses its own data platforms and deep industry expertise to evaluate complex minority stakes in private equity firms. On the client side, digital initiatives like the TALON tax-education platform and “The Nest” aim to make alternatives more accessible to financial advisors and their clients. Product innovation is also notable, with a push into digital infrastructure funds, asset-based finance, insurance-focused strategies, and future offerings in real estate credit and European net lease. These efforts can enhance growth and differentiation but also add execution complexity and require ongoing investment in talent, systems, and risk management.

Summary

Blue Owl looks like a rapidly scaling alternative asset manager transitioning from early build-out to more mature, cash-generative operations. The income statement shows strong growth and improving profitability; the balance sheet has moved from fragile to more solid, though with meaningful leverage; and cash flow is a clear bright spot, reflecting a capital-light, fee-driven model. Competitively, the firm benefits from permanent capital, strong sponsor relationships, and focused expertise in areas like direct lending, GP stakes, asset-based finance, and digital infrastructure—positions that align it with long-term trends such as private credit growth and the build-out of AI-related data infrastructure. At the same time, it faces the usual industry risks: dependence on market cycles, credit quality, fundraising conditions, regulation, and intense competition from large global managers. Overall, Blue Owl presents the profile of a growing, innovative platform with strengthening financial foundations, but still with a relatively short public track record and exposure to the ups and downs of the private markets it serves.

NEWS

November 26, 2025 · 8:00 AM UTC

Blue Owl Capital Inc. to Present at the Goldman Sachs 2025 US Financial Services Conference

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November 19, 2025 · 9:10 AM UTC

Blue Owl Capital Corporation and Blue Owl Capital Corporation II Announce Termination of Merger

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November 18, 2025 · 4:22 PM UTC

Lost Investment in Blue Owl Capital Inc. (OWL)? Levi & Korsinsky Launches Securities Fraud Investigation

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November 17, 2025 · 8:21 PM UTC

Blue Owl Capital Inc. (OWL) Shareholders Who Lost Money – Contact Law Offices of Howard G. Smith About Securities Fraud Investigation

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November 17, 2025 · 7:00 PM UTC

Securities Fraud Investigation Into Blue Owl Capital Inc. (OWL) Announced – Shareholders Who Lost Money Urged to Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm

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