Blue Owl Capital Corporation (OBDC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+704.7%

$84.61

vs $10.52 price

Levered DCF

$15.86

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.46

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.02×	9.88×	7.27×	9.79×	8.91×	12.66×	11.69×	10.4×
P/B	0.85×	0.99×	0.96×	0.77×	0.94×	0.86×	0.97×	0.64×
P/S	3.75×	5.36×	4.52×	5.63×	6.3×	11.21×	9.98×	7.17×
EV / EBITDA	12.17×	21.28×	15.13×	24.12×	18.41×	24.02×	17.07×	21.65×
Gross margin	75.3%	60.5%	67.8%	66.2%	78.2%	68.9%	78.5%	75.7%
Operating margin	73.2%	55.2%	63.6%	58.9%	72.3%	89.6%	85.9%	69.3%
Net margin	37.4%	54.1%	62.2%	57.7%	70.8%	88.3%	85.6%	68.9%
Current ratio	0×	4.08×	5.21×	3.69×	4.38×	2.98×	2.89×	1.97×
Debt / equity	1.26×	1.25×	1.18×	1.24×	1.19×	0.92×	0.51×	0.79×
Interest coverage	2.06×	1.4×	1.97×	1.74×	3.31×	2.88×	3.99×	2.85×
Dividend yield	12.0%	11.1%	10.7%	10.7%	8.3%	9.2%	3.8%	4.3%
Payout ratio	119.9%	110.2%	77.3%	104.7%	73.8%	117.0%	44.4%	44.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	10.0%	13.2%	7.9%	10.5%	6.7%	8.3%	6.2%
Return on invested capital	7.0%	4.3%	5.9%	3.5%	4.7%	3.5%	5.5%	3.4%
Return on assets	3.7%	4.3%	5.9%	3.4%	4.7%	3.4%	5.4%	3.4%
Free cash flow yield	27.7%	2.7%	8.9%	9.3%	-22.1%	-31.7%	7.5%	-150.9%
Earnings yield	10.0%	10.1%	13.8%	10.2%	11.2%	7.9%	8.6%	9.6%
Enterprise value	$15.6B	$12.9B	$12.3B	$11.5B	$12.2B	$9.9B	$8.5B	$4.5B
Net debt / EBITDA	7.26×	11.57×	8.02×	14.56×	10.03×	12.04×	5.46×	11.64×
Cash conversion cycle (days)	23	-80	-83	-116	-196	-352	-356	-370