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what it is
Blue Owl manages other people's money in private credit, GP stakes, and real estate, then collects fees for doing it.
how it gets paid
Last year Blue Owl Capital made $2.9B in revenue. Credit was the main engine at $1.60B, or 55% of sales.
why it's growing
Revenue grew 25.0% last year on the $2.9B bridge. The old $2.1B / +190% lines contradicted that annual math. EPS is messy across GAAP vs adjusted screens — this page’s earnings block uses the $0.24 vs $0.07 beat; treat $0.03 as a different accounting line if you see it in EDGAR.
what just happened
Blue Owl's last reported quarter came in at $0.24 a share versus a $0.07 estimate, a 242.86% surprise.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
157.8x trailing p/e — you're paying up for this one
6.2% dividend yield — cash in your pocket every quarter
15.0% return on capital — nothing to write home about
xvary composite: 42/100 — below average
What they do
Blue Owl manages other people's money in private credit, GP stakes, and real estate, then collects fees for doing it.
AUM → money clients let Blue Owl manage → the fee base. That pool hit $251.1 billion on 12/31/24, which gives Blue Owl a huge pile of assets to charge against. The machine is lean too: $2.9 billion of annual revenue and a 45.5% operating margin mean a lot of each dollar stays in the building.
How they make money
$2.9B
annual revenue · their business grew +25.0% last year
Credit
$1.60B
GP Strategic Capital
$0.70B
Real Estate
$0.40B
Other and investment income
$0.20B
The products that matter
fee-based alternative asset management
Asset Management Platform
$2.9B revenue · 100% of sales shown here
this is the entire business in the current snapshot: $2.9B annual revenue and +25.0% vs. prior year on the bridge (replacing the stray 35.7% / 4.2% pair that did not match). segment detail still matters because it shows whether credit fees, GP stakes, or real estate income are doing the lifting.
entire story
shareholder income stream
Dividend
6.2% yield
a 6.2% dividend yield is high enough that yield support becomes part of the thesis. if growth disappoints, that payout is what keeps many holders in the stock.
income hook
valuation setup
Multiple
157.8x trailing p/e
you're paying 157.8× trailing earnings while this page also shows 45.5% operating margin and ~15% return on capital in the score strip — net margin in the health row is bridged to that P/E (thin trailing EPS vs sales). the multiple is still demanding.
the bet
Key numbers
$251.1B
assets managed
AUM → client money under management → the pool Blue Owl charges fees on. Bigger AUM usually means bigger fee revenue.
45.5%
operating margin
Operating margin → profit after running the business → how much room management has when markets get messy.
157.8x
trailing p/e
Trailing P/E → price versus past earnings → you are paying a huge multiple for a company that earned very little recently.
6.2%
dividend yield
Dividend yield → cash paid to shareholders each year → you are getting paid while waiting for earnings to catch up.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $3.2B (12% of capital)
- net profit margin ~5.5% — implied net margin if ~$25B cap ÷ 157.8x trailing P/E matches $2.9B revenue (reconciles the multiple strip)
- return on equity ~7% — ROE at the same implied net income as that P/E check (confirm equity on the 10-K)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in OWL 3 years ago → it's now worth $14,490.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Blue Owl's last reported quarter came in at $0.24 a share versus a $0.07 estimate, a 242.86% surprise.
Full-year revenue stays $2.9B (+25% vs. prior year) on the bridge above. Latest quarter revenue in the news strip is about ~$735M — not $2.1B. EPS: headline uses $0.24 vs $0.07; some filings show $0.03 on a different earnings definition.
~$735M
quarter revenue (approx.)
$0.24
eps (Q)
242.86%
surprise
the number that mattered
The number that mattered was the $0.24 versus $0.07 beat, because it explains why investors keep tolerating a stock that still looks expensive on trailing earnings.
-
blue owl capital likely posted solid fourth-quarter results.
-
revenues probably expanded to about $735.4 million, aided by growth in assets under management (aum), which climbed to $284 billion at the end of the third quarter of 2025 and likely grew further, thanks to solid fundraising and good portfolio prices.
-
the firm raised $14 billion during the september period and benefited from capital raising across its credit, real assets, and gp strategic capital platforms.digital infrastructure investments gained traction, with $50 billion of data center projects announced, including deals with meta and oracle.
-
elevated compensation expenses and a sizable debt load likely drove costs up.
-
we think a $0.07 per-share gain was recorded during the december period. we expect modest growth in 2026.the alternative asset manager has often purchased smaller operations to increase its private equity strategies, adding to assets under management. this should benefit from strong fundraising efforts, as institutional capital raising has doubled vs. prior year in recent quarters. additionally, expansion in digital infrastructure and alternative credit positions blue owl well for sustained fee growth.
source: wall street consensus and EDGAR, 2026
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What could go wrong
the #1 risk is fee growth decelerating while the premium multiple stays premium.
high
slower fee growth
The revenue bridge shows +25.0% vs. prior year on $2.9B. If quarterly cadence cools from the strong fundraising/AUM stretch described in the news strip, the 157.8× trailing multiple has little cushion.
a premium multiple on slowing growth is how expensive stocks become cheaper the hard way
med
rate and credit sensitivity
Higher rates can pressure fundraising, transaction activity, and financing conditions across private markets. Even fee businesses feel it when capital gets choosier.
this matters because the stock already fell from $27 to the current mid-teens range
med
dividend pressure
A 6.2% yield helps the story. It also raises the stakes. If earnings growth or cash generation disappoints, income-focused holders stop being patient.
high-yield stocks usually get repriced quickly when payout confidence wobbles
low
thin disclosure on segment drivers in this snapshot
You do not get a segment split here. That limits conviction because you cannot see which revenue streams are carrying growth or margin quality.
when the data is thin, the multiple deserves less blind trust
A stock at 157.8x trailing earnings does not need disaster to fall. It just needs growth to look ordinary for long enough.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
revenue growth reacceleration
Watch whether +25% vs. prior year fee revenue can persist next to ~$735M-style quarters and rising AUM — not the old 35.7% / 4.2% glitch.
metric
eps catch-up
This page’s headline quarter is $0.24 vs $0.07 est; some feeds still print $0.03 on a different GAAP line (same warning as the basics card). You need trailing EPS to scale into the multiple.
risk
dividend durability
A 6.2% yield is support until it becomes a question. Watch for any change in payout tone, coverage, or capital-return language.
calendar
next earnings release
This is the kind of stock where one quarter can change the argument. You are looking for proof that earnings growth is catching up to the story.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the weakest near-term ranking. in human-speak, analysts expect this to lag most stocks over the next 6–12 months.
risk profile
average
stability score 3 — neither especially safe nor unusually fragile. You are taking normal market risk with above-normal valuation risk.
chart momentum
average
technical score 3 — the chart is not helping you. There is no strong price trend here doing the work for the thesis.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 281 buyers vs. 187 sellers in 3q2025. total institutional holdings: 0.6B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$14
$43
$16
current price
$29
target midpoint · +84% from current · 3-5yr high: $30 (+90% · 21% ann'l return)
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