Blue Owl Capital Inc. (OWL) 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

-31.6%

$7.37

vs $10.77 price

Levered DCF

$53.16

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.58

Distress zone

Rating

Overall 2 / 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	124.5×	116.3×	124.17×	-495.33×	-16.03×	-5.04×	142.26×	1,593.75×
P/B	4.5×	6×	4.52×	2.86×	3.63×	-0.77×	-9.25×	0×
P/S	3.46×	5.56×	3.99×	3.35×	7.33×	1.57×	17.1×	26.92×
EV / EBITDA	28.41×	37.29×	28.18×	45.98×	-8.78×	-21.49×	277.08×	0×
Gross margin	55.4%	55.7%	49.7%	34.7%	-81.7%	3.6%	41.4%	50.9%
Operating margin	21.9%	26.4%	18.4%	-0.2%	-112.5%	-23.5%	14.3%	-1.4%
Net margin	2.7%	4.8%	3.1%	-0.7%	-45.7%	-31.2%	12.0%	1.7%
Current ratio	0.95×	2.52×	1.44×	1.32×	1.27×	1.8×	0.43×	0×
Debt / equity	1.75×	1.4×	1.31×	1.16×	0.76×	-0.7×	-0.81×	0×
Interest coverage	3.83×	4.98×	4.2×	-0.04×	-34×	-2.47×	4.11×	0×
Dividend yield	5.5%	2.9%	3.6%	4.0%	2.5%	20.0%	9.8%	1.4%
Payout ratio	693.4%	336.1%	456.1%	-1965.2%	-39.9%	-100.3%	1394.9%	2189.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	5.2%	3.6%	-0.6%	-22.6%	15.3%	-6.5%	0.0%
Return on invested capital	4.5%	5.0%	3.3%	-0.0%	-10.9%	-92.8%	-42.7%	0.0%
Return on assets	0.6%	1.0%	0.6%	-0.1%	-4.6%	-64.0%	40.5%	0.0%
Free cash flow yield	12.1%	7.3%	12.8%	14.4%	4.6%	1.2%	1.3%	0.5%
Earnings yield	0.8%	0.9%	0.8%	-0.2%	-6.2%	-19.9%	0.7%	0.1%
Enterprise value	$26.6B	$32.3B	$17.8B	$12.4B	$15.2B	$1.2B	$7.8B	$0
Net debt / EBITDA	3.92×	3.26×	3×	6.66×	-0.71×	-5.94×	9.92×	0×
Cash conversion cycle (days)	94	35	26	51	88	135	-22	0