OWL · Financials(investment advice) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Blue OWL Capital Inc. reported revenue of $2.9 billion in fiscal 2025. Of the $4.3 billion its operations generated over 10 years, 56.5% went to acquisitions and 32.7% to dividends. On the accounting screens, it passes 4 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20252.9B
Operating margin17.8%gross margin —
Return on invested capital8.1%-7.7% on average over 5 years
Free cash flow after stock pay524.8M18.3% of revenue
Net debt ÷ EBITDA5.8×net debt 3.1B
Piotroski F-score4/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-2.0B02.0B4.0B
2018
2019Revenue 190.8MOperating income 27.4M
2020
2020
2020Revenue 249.8MOperating income -58.7M
2021Revenue 823.9MOperating income -1.8B
2022Revenue 1.4BOperating income 10.5M
2023Revenue 1.7BOperating income 322.1M
2024Revenue 2.3BOperating income 591.1M
2025Revenue 2.9BOperating income 511.7M
2018201920202020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+28.0%
+63.0%
—
Operating income
+265.8%
—
—
Free cash flow per share
+5.8%
—
—
Dividend per share
+25.2%
—
—
Shares
+15.2%
—
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
3.6%
Return on assets
0.6%
Asset turnover
0.23×
Overheads (SG&A)
26.1% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-1.0B01.0B2.0B
2018
2019Net income 23.0MFree cash flow 42.9MAfter stock-based pay 42.9M
2020
2020
2020Net income -77.8MFree cash flow 4.6MAfter stock-based pay 4.6M
2021Net income -376.2MFree cash flow 276.4MAfter stock-based pay -928.9M
2022Net income -9.3MFree cash flow 662.9MAfter stock-based pay 242.1M
2023Net income 54.3MFree cash flow 881.2MAfter stock-based pay 568.7M
2024Net income 109.6MFree cash flow 935.4MAfter stock-based pay 622.8M
2025Net income 78.8MFree cash flow 1.2BAfter stock-based pay 524.8M
2018201920202020202020212022202320242025
Where 10 years of operating cash went, 2018–2025
4.3B generated by the business. Each band is its share of that total.
Reinvested in the business 6%262.5M
Acquisitions 57%2.4B
Dividends 33%1.4B
Share buybacks 3%132.5M
Kept, or used to pay down debt 2%67.3M
Over the same years it paid 2.9B in stock. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-0.50$0.00$0.50$1.00$1.50$2.00
2018
2019
2020
2020
2020
2021
2022Earnings per share $-0.02Free cash flow per share $1.53Dividend per share $0.42
2023Earnings per share $0.11Free cash flow per share $1.84Dividend per share $0.52
2024Earnings per share $0.20Free cash flow per share $1.68Dividend per share $0.66
2025Earnings per share $0.12Free cash flow per share $1.81Dividend per share $0.83
2018201920202020202020212022202320242025
Shares outstanding
Diluted shares
0200.0M400.0M600.0M800.0M
2018
2019
2020
2020Diluted shares 6.9M
2020
2021
2022Diluted shares 433.4M
2023Diluted shares 478.0M
2024Diluted shares 558.4M
2025Diluted shares 661.9M
2018201920202020202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
01.0B2.0B3.0B4.0B
2018
2019
2020
2020
2020Net debt 344.8M
2021Net debt 1.1B
2022Net debt 1.6B
2023Net debt 1.6B
2024Net debt 2.4B
2025Net debt 3.1B
2018201920202020202020212022202320242025
Net debt ÷ EBITDA
5.8×
Interest coverage
3× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Net debt is 5.8 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 7 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
