At a glance
Blue Owl Capital Inc is worth $14.59B, about 93 times its fiscal 2025 earnings. Revenue grew 25.0% to $2.87B in fiscal 2025, with 2.7% kept as profit; over 5 years it has grown 63.0% a year. It pays a 9.88% dividend yield, raised every year for at least 5 years, and returned $1.52B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −40.4% over the past year with dividends reinvested and −7.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The business in plain English
Blue Owl Capital is an alternative asset manager. It invests clients' money in private markets rather than in public stocks and bonds, mainly through loans to companies, real estate and stakes in other investment firms. It managed $307.4 billion as of December 31, 2025. Its clients include pension funds, endowments, insurers, family offices and individuals reached through wealth management firms. It formed in May 2021 when the lender Owl Rock combined with Dyal Capital.
Almost all of its revenue comes from fees. Management fees are charged on the money Blue Owl manages, and they made up 87.9% of its $2.87 billion in revenue in 2025. Administrative, transaction and other fees added 11.2%. Performance revenue, which is a share of investment profits, added just 0.9%. About 85% of management fees came from permanent capital vehicles. These are funds with no set end date, and the company says they make its earnings steadier.
Blue Owl reports a single business segment but runs three platforms. Their sizes below are assets as of December 31, 2025. Credit ($157.8 billion) is the largest. It is led by direct lending ($115.0 billion), which means loans made straight to upper-middle-market companies. Real Assets ($80.6 billion) invests in net lease properties, which are buildings such as distribution and data centers leased to single tenants who cover most costs. It also makes real estate loans and invests in digital infrastructure. GP Strategic Capital ($69.1 billion) takes minority stakes in other private investment firms.
Price history
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OWL -40.4% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Management fees, net | $2.52B | 87.9% |
| Administrative, transaction and other fees | $321.5M | 11.2% |
| Performance revenues | $26.8M | 0.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $806.5M, up 10.8% from a year earlier, and net income was $20.0M (+216.3%).
- For fiscal 2025, revenue was $2.87B (+25.0% year over year; +63.0% a year from FY2020 to FY2025) with a 2.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +63.0% good |
|---|---|
| Free cash flow margin | 41.7% good |
| Return on equity (FY2025) | 3.6% weak |
| Return on assets (FY2025) | 0.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $249.8M | $-77.8M | $4.6M |
| FY2021 | $823.9M | $-376.2M | $276.4M |
| FY2022 | $1.37B | $-9.3M | $662.9M |
| FY2023 | $1.73B | $54.3M | $881.2M |
| FY2024 | $2.30B | $109.6M | $935.4M |
| FY2025 | $2.87B | $78.8M | $1.20B |
Valuation snapshot
| Market value | $14.59B |
|---|---|
| P/E ratio | 93.1 |
| Dividend yield | 9.88% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OWL price data to Oct 27, 2026 | -33.7% | -40.4% | -3.9% | -7.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -33.7% |
| 2025 | -32.8% |
| 2024 | +61.7% |
| 2023 | +47.3% |
| 2022 | -26.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.4% over that stretch · deepest drop along the way 40.4%, back to its old high 12 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| FMR LLC | 10% | Jun 30, 2026 |
| Capital World Investors | 8.5% | Mar 31, 2026 |
| Capital Research Global Investors | 6.4% | Jun 30, 2026 |
| BB Holdings AC LP | 5.1% | Mar 31, 2026 |
| Vanguard Capital Management | 4.98% | Sep 30, 2026 |
| Vanguard Portfolio Management | 4.09% | Jun 30, 2026 |
| Capital International Investors | 0.8% | Mar 31, 2026 |
ETFs with the most weight in OWL
| PSP Invesco Global Listed Private Equity ETF | 4.67% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 3.82% |
| GABF Gabelli Financial Services Opportunities ETF | 3.65% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.2% |
| DDIV First Trust Dorsey Wright Momentum & Dividend ETF | 2.39% |
| FDFF Fidelity Disruptive Finance ETF | 1.84% |
| GDIV Harbor Dividend Growth Leaders ETF | 1.26% |
| TPHD Timothy Plan High Dividend Stock ETF | 0.62% |
What could go wrong
- Investors may rush to cash out. Blue Owl increasingly offers products to individual investors, including funds that don't list on an exchange. A wave of requests to cash out through repurchase offers could strain those funds and slow fee growth.
- Partner firms must keep raising money. GP Strategic Capital holds minority stakes in other private investment firms, which Blue Owl calls Partner Managers. If those firms struggle to raise new funds or grow their assets, Blue Owl's products can lose money.
- Growth depends on new fundraising. Management fees were 87.9% of 2025 revenue. If Blue Owl can't raise new and successor funds against intense competition, growth in fee-paying assets and fees would slow or reverse.
- Private asset values involve judgment. Many investments in Blue Owl's funds have no market price, so their values rest on estimates. What the assets eventually sell for could differ materially, which would hurt returns and investor confidence.
- Borrowed money magnifies losses. Many Blue Owl products borrow to make bigger investments, which can magnify losses. The company itself had $3.8 billion of debt and $169 million of cash and investments as of June 30, 2026.
- Voting power sits with insiders. Blue Owl is a "controlled company" under NYSE rules. Its multi-class share structure concentrates voting power with insiders it calls the Principals. Outside shareholders get fewer protections and less say over a sale.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Other company announcement
For income and retirement investors
Blue Owl has raised its dividend per share every year since payments began in 2021, from $0.13 to $0.855 in 2025. Reported profits don't cover it. Diluted earnings were $0.10 a share in 2025, so dividends came to about 693% of earnings. Free cash flow (cash left after capital spending) did cover it, with dividends using 45.6% of it. Buybacks are small: $132.5 million over FY2021–FY2025, against $1.39 billion of dividends. The yield was 9.88% as of October 27, 2026. It was high partly because the price fell 40.4% over the prior year.
The price has swung widely. In the 2022 bear market the stock fell 40.4% between January 3 and October 12, 2022, and took about 12 months to recover. Its worst drop since listing was 67%. Blue Owl formed in May 2021, so its record doesn't include the 2008 crisis or the 2020 COVID crash. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Blue Owl Capital make money?
Mostly from fees for managing other people's money. In 2025, management fees made up 87.9% of Blue Owl's $2.87 billion in revenue. These fees are charged on assets across its Credit, Real Assets and GP Strategic Capital platforms. Administrative, transaction and other fees added 11.2%. Performance revenue, a share of investment profits, added only 0.9%. About 85% of management fees came from permanent capital vehicles, which are funds with no fixed end date.
Does Blue Owl raise its dividend every year?
So far, yes, though the record is short. Dividends per share grew from $0.13 in 2021 to $0.43 in 2022, $0.55 in 2023, $0.68 in 2024 and $0.855 in 2025. The company formed in May 2021, so that is its full history. The 2025 dividend was far above diluted earnings of $0.10 a share, but dividends paid used 45.6% of free cash flow. Past increases don't guarantee future ones.
Why is Blue Owl's dividend yield so high?
Mainly because the share price fell. The dividend yield was 9.88% as of October 27, 2026. By then the stock had fallen 33.7% since the start of 2026 and 40.4% over the prior year. When the price falls and the dividend holds, the yield rises. A very high yield can mean investors doubt future growth or the payout's safety. Blue Owl's dividends came to about 693% of 2025 earnings, though free cash flow covered them.
How much money does Blue Owl manage?
Blue Owl managed $307.4 billion in assets as of December 31, 2025. Of that, $187.7 billion was fee-paying assets, the part that earns management fees. Credit was the largest platform at $157.8 billion, led by direct lending at $115.0 billion. Real Assets held $80.6 billion and GP Strategic Capital $69.1 billion. Management fees make up most of revenue, so growth in fee-paying assets drives Blue Owl's income.
Is Blue Owl stock volatile?
Yes, more than the broad market. Its beta was 1.69 for the year to October 27, 2026, which means it tended to move about 1.7 times as much as the market. Over that year its worst peak-to-trough drop was 50.3%. Calendar-year price returns swung from gains of 47.31% in 2023 and 61.74% in 2024 to a 32.76% loss in 2025. In the 2022 bear market it fell 40.4% and took about 12 months to recover.