Blue Owl Capital Inc. (OWL)

Price$9.13Cached quoteAs of 2026-09-24 19:31 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash earnings are offset by real balance-sheet risks.

At the observed price, Blue Owl trades at about 13.6 times the last twelve months of distributable earnings, a management measure of earnings available for payouts or reinvestment. Those earnings were about $1.37 billion, up 14% from the prior twelve months, while the $0.92 annual dividend implies a yield near 7.8%. The valuation needs continued earnings growth because the dividend slightly exceeds recent per-share earnings. Because this adjusted measure adds back large stock-award costs, a premium valuation would be hard to justify. SEC+2SEC+2

Big pictureBlue Owl is still growing, but credit-fund withdrawals have slowed its strongest engine.

Revenue rose 25% in 2025, then only 7% year over year in the second quarter of 2026. Assets under management, meaning client money Blue Owl oversees, reached $319 billion; $190.6 billion was already paying fees, while $31.1 billion not yet paying fees could add about $380 million of annual management fees once invested. The weak spot is fundraising: second-quarter equity commitments fell to $7.6 billion from $12.1 billion a year earlier. Growth therefore depends heavily on restoring investor confidence in private credit. SEC+1

Business strengthLong-lived client money supports durable fees, but rising debt and stock awards limit the cushion.

Cash generation is strong: 2025 cash from operations was $1.26 billion and capital spending was only $58 million, leaving about $1.20 billion after running and investing in the business. In the first half of 2026, cash from operations rose 28% to $564 million. The balance sheet is less comfortable: debt reached $3.81 billion against $169 million of cash. Stock awards cost $381 million in the half, while buybacks were only $25 million; the economic share count receiving distributions still rose about 1.4% year over year. SEC+2SEC+2

What could change the storyLower withdrawals and new fee-paying assets could lift value, while leverage or dilution could erode it.

The strongest bull case is that second-quarter redemption requests fell to $4.7 billion from $5.4 billion, while $31.1 billion of committed assets begins paying fees and $225 billion of longer-lived capital supports steadier revenue. The bear case is continued weak fundraising in credit, shrinking the future fee base while interest costs stay high on a debt-heavy balance sheet. Blue Owl also estimates about $1.7 billion of future payments under a tax-sharing agreement tied to its ownership structure. The valuation needs continued low-double-digit earnings growth and no renewed liquidity scare. Reuters+2SEC+2

AI: News

Redemption pressure easedWithdrawal requests stayed extremely high, but the second-quarter decline eased fears of a worsening investor run.

On July 2, Blue Owl said investors sought about $4.7 billion from two private-credit funds in the second quarter, down from $5.4 billion in the first. The firm kept the normal 5% quarterly withdrawal limit, so requests still greatly exceeded available exits. Reuters reported the shares rose about 6% as investors focused on easing pressure. That reaction supports improved sentiment, but it does not prove redemptions have normalized; the remaining backlog still threatens fundraising and future fee growth. Reuters+1

Second-quarter results reassuredFee earnings grew and management signaled stronger results ahead, despite weaker credit fundraising.

On July 30, Blue Owl reported $351 million of distributable earnings for the quarter, up 9% year over year, with assets under management at $319 billion. Equity fundraising fell to $7.6 billion from $12.1 billion a year earlier, and credit assets edged down from the prior quarter. Reuters reported the stock rose as much as 6.3% after management said results should exceed market expectations for 2026. The gain reflected relief around diversification and fee growth, not a disappearance of credit-outflow risk. SEC+1

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$2.87B	$2.30B	$1.73B	$1.37B	$823.9M	$249.8M	$190.8M
Operating expenses	$2.41B	$1.69B	$1.41B	$1.37B	$1.75B	$308.5M	$163.5M
Operating income	$456.3M	$606.8M	$317.8M	−$2.5M	−$927.3M	−$58.7M	$27.4M
Operating margin	15.90%	26.43%	18.35%	−0.18%	−112.55%	−23.51%	14.34%
EBITDA	$838.6M	$881.7M	$628.4M	$256.7M	−$812.7M	−$58.1M	$28.2M
EBITDA margin	29.22%	38.41%	36.29%	18.74%	−98.64%	−23.24%	14.77%
Net income	$78.8M	$109.6M	$54.3M	−$9.3M	−$376.2M	−$77.8M	$23.0M
Net profit margin	2.75%	4.77%	3.14%	−0.68%	−45.66%	−31.16%	12.03%
Basic EPSper basic share	$0.12	$0.20	$0.12	-$0.02	—	—	—
Diluted EPSper diluted share	$0.10	$0.20	$0.10	-$0.02	—	—	—

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$7.14M disclosed value

Sells (SEC code S)7$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 2, 2025Form 4	Ostrover Douglas ICo-Chief Executive Officer	BuyClass A Shares · indirect	139.3K	$15.06	$2.10M	158.0K
Dec 2, 2025Form 4	LIPSCHULTZ MARC SCo-Chief Executive Officer	BuyClass A Shares · indirect	69.7K	$15.06	$1.05M	79.0K
Dec 2, 2025Form 4	LIPSCHULTZ MARC SCo-Chief Executive Officer	BuyClass A Shares	69.7K	$15.06	$1.05M	79.0K
Dec 2, 2025Form 4	Packer CraigCo-President	BuyClass A Shares · indirect	27.3K	$15.06	$411.7K	31.0K
Dec 2, 2025Form 4	Packer CraigCo-President	BuyClass A Shares · indirect	82.9K	$15.06	$1.25M	94.0K