# Blue Owl Capital Inc. (OWL)

> Source: Nexqual · https://nexqual.com/OWL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Blue Owl Capital Inc. (OWL), nexqual.com/OWL" · informational, not investment advice.

**Price:** USD 9.71 (+5.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.17 · day 8.96–9.72 · 52w 7.95–17.3 · market cap $15.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.99B, net income $80.9M (2.7% margin), free cash flow $1.32B (SEC filings).
- Valuation: P/E 188.1x (avg 125.0x at the last 3 fiscal year-ends), net debt $3.64B.
- Earnings quality: non-operating income -$116M vs operating income null over the last four quarters; P/E excluding non-operating income ≈83.9x (estimate: non-operating income taxed at the company's 13.2% effective rate).
- Analysts: Buy (mean 2.22 on a 1–5 scale) (18 analysts), mean target USD 12.44 (range 9–20).
- Total return with dividends: 1Y -35.7% vs S&P 500 +14.9%; 5Y -28.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.23, revenue estimate $703M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $824M | $1.37B | $1.73B | $2.30B | $2.87B | $2.99B |
| Net income | -$376M | -$9.3M | $54.3M | $110M | $78.8M | $80.9M |
| EPS (diluted) | — | -$0.02 | $0.10 | $0.20 | $0.10 | — |
| Free cash flow | $276M | $663M | $881M | $935M | $1.20B | $1.32B |
| Net margin | -45.7% | -0.7% | 3.1% | 4.8% | 2.7% | 2.7% |
| Revenue growth | +229.8% | +66.3% | +26.4% | +32.6% | +25.0% | — |
| Cash + short-term investments | $42.6M | $68.1M | $104M | $152M | $195M | — |
| Total debt | $1.17B | $1.62B | $1.68B | $2.59B | $3.32B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 188.1x · P/E ex non-operating (est.) ≈83.9x · P/S 5.1x · EV/Sales 6.3x · P/FCF 11.5x · P/B 7.6x · FCF yield 8.70% · Earnings yield 0.53% · Dividend yield (paid, TTM) 3.96% · Buyback yield (TTM) 0.51% · Net debt $3.64B · EV $18.9B
P/E at fiscal year-ends: Dec 2025 125.4x, Dec 2024 118.5x, Dec 2023 131.1x.

## Analysts
Consensus Buy (mean 2.22 on a 1–5 scale), 18 analysts; mean target USD 12.44 (low 9, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $13 → $12 |
| 2026-10-12 | TD Cowen | Target raised | Buy | $15 → $16 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $10 |
| 2026-08-27 | Oppenheimer | Target raised | Outperform | $15 → $17 |
| 2026-08-03 | Goldman Sachs | Target raised | Neutral | $9.5 → $10.5 |
| 2026-08-03 | BMO Capital | Target raised | Outperform | $11 → $12 |
| 2026-07-31 | Barclays | Target raised | Equal-Weight | $9 → $10 |
| 2026-07-17 | Oppenheimer | Target lowered | Outperform | $16 → $15 |
| 2026-07-13 | BMO Capital | Target lowered | Outperform | $12 → $11 |
| 2026-07-09 | Citizens | Target lowered | Market Outperform | $21 → $17 |
| 2026-07-09 | Barclays | Target lowered | Equal-Weight | $10 → $9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -35.7% | -28.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -35.8% | -6.5% |
| Volatility (annualized) | 45.5% | 43.8% |
| Max drawdown | -49.6% (Dec 2025→Apr 2026) | -67.1% (Jan 2025→Apr 2026) |

## Peers (Asset Management)
PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23% · CG (The Carlyle Group Inc.) USD 39.2 +5.18% · ARCC (Ares Capital Corporation) USD 18.79 +2.12% · CRBG (Corebridge Financial Inc.) USD 35.59 +0.82% · SEIC (SEI Investments Company) USD 104.5 -3.62%

## More
Full page: https://nexqual.com/OWL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name OWL in their own reports (relationship from OWL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Finance of America Companies Inc. (FOA) | 10-K 2026-03-13 | "Further, in December 2025, we announced a strategic partnership with funds managed by Blue Owl Capital, Inc. ("Blue Owl"), which includes a joint innovation and product-development initiative focused …" |
| partner | TG THERAPEUTICS, INC. (TGTX) | 10-K 2026-02-27 | "On August 2, 2024 (the New Closing Date), we entered into a term loan facility of $250 million (the Initial Term Loan) with Blue Owl Capital Corporation, as administrative agent (the Administrative Ag…" |
| partner | BridgeBio Pharma, Inc. (BBIO) | 10-K 2026-02-24 | "On January 17, 2024, we entered into a Financing Agreement with each of the guarantors, which was amended on February 12, 2024 (the "Financing Agreement") and June 20, 2024 (the Financing Agreement, a…" |
| partner | Blue Owl Technology Finance Corp. (OTF) | 10-K 2026-02-18 | "Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Tech…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Management and Other Fees, Net | $753.0M | 100.0% | +7.2% |
| Performance revenues | $102,000 | 0.0% | -89.6% |
| Total revenue | $753.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.23 | -0.2% | $702.9M | 16 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.24 | +1.7% | $747.8M | 15 |
| Current fiscal year (ends 2026-12-31) | $0.88 | $0.87 | +1.1% | $2.85B | 17 |
| Next fiscal year (ends 2027-12-31) | $0.98 | $0.98 | -0.1% | $3.14B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 66.5% | ±7.7% |
| 2026-11-06 | 14 | 58.2% | ±9.8% |
| 2026-11-13 | 21 | 53.3% | ±11.1% |
| 2026-11-20 | 28 | 52.9% | ±12.1% |
| 2026-11-27 | 35 | 48.2% | ±12.1% |
| 2026-12-04 | 42 | 56.9% | ±15.5% |
| 2026-12-18 | 56 | 47.2% | ±15.8% |
| 2027-01-15 | 84 | 45.8% | ±18.1% |