Blue Owl Capital Corp OBDC

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 10.56 USD on Nov 2, 2026, −6.9% year to date

Quant rating

Quant rating C Rank 346 of 799 in Financials

Growth C 322 of 799
Valuation B 242 of 799
Quality B 245 of 799
Revisions B 207 of 799
Momentum D 681 of 799

Wall Street consensus Buy (1.77)Average target 13.17 USD +24.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.2B
Enterprise value: 12.9B
52-week range: 9.81 – 13.57
3-year range: 9.81 – 16.86
Dividend yield: 9.72%
Beta (5 years): 0.70
Shares outstanding: 493M
Next earnings: Nov 4, 2026

About the company

Blue Owl Capital Corporation is a specialty finance company focused on lending to United States middle-market companies. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns, including senior secured, subordinated, or mezzanine loans and equity-related instruments. Its investment strategy is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. It has investments in approximately 219 portfolio companies. Its portfolio by industry includes Internet software and services, insurance, food and beverage, asset-based lending and fund finance, healthcare providers and services, healthcare technology, buildings and real estate, consumer products, manufacturing, aerospace and defense, distribution, business services, and others. It is externally managed by Blue Owl Credit Advisors LLC.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,851	1,597	1,582	1,202	1,021	–
Revenue growth	15.9%	0.9%	31.6%	17.7%	27.2%	18.2%
EPS (basic, normalized)	1.51	1.89	1.93	1.41	1.24	–
EPS growth	−20.1%	−2.1%	36.9%	13.7%	–	–
Gross margin	45.3%	48.9%	50.1%	49.2%	51.0%	48.9%
Net margin	33.9%	37.3%	50.1%	38.8%	61.2%	44.3%
ROE	–	12.4%	12.7%	9.5%	8.4%	10.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	218
Current ratio	–
Long-term debt (mil)	6,079
Net debt (mil)	7,686
Total equity (mil)	7,032
Net debt / equity	1.09x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,851	+15.9%	7.0x	14.81	–	0.7x	1.51	−20.1%	7.0x
2026	1,579	−14.7%	8.2x	14.40	−2.8%	0.7x	1.30	−13.6%	8.1x
2027	1,569	−0.6%	8.2x	14.61	+1.5%	0.7x	1.30	−0.4%	8.1x
2028	1,531	−2.4%	8.4x	–	–	–	1.21	−6.9%	8.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,579	+0.1%	−0.6%	−4.6%	1.30	+0.1%	+2.5%	−3.8%
2027	1,569	+0.6%	−1.6%	−3.2%	1.30	+0.2%	−0.1%	−2.1%
2028	1,531	0.0%	−1.2%	−6.8%	1.21	0.0%	−4.0%	−5.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	400	397	406	394	465	486	453	448	397	401
Sales mean (mil)	400	392	400	396	473	483	467	455	422	397
Surprise	−0.2%	+1.1%	+1.5%	−0.3%	−1.9%	+0.7%	−3.0%	−1.7%	−6.0%	+1.1%
EPS reported	0.47	0.48	0.47	0.47	0.39	0.40	0.36	0.36	0.31	0.34
EPS mean	0.48	0.47	0.48	0.46	0.43	0.40	0.40	0.36	0.35	0.32
Surprise	−1.6%	+4.0%	−1.7%	+2.4%	−9.3%	+0.2%	−9.1%	+0.4%	−10.9%	+6.5%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OBDC Blue Owl Capital Corp	5.2B	–	33.9%	0.74x	8.1x	8.1x	–	–
ARCC Ares Capital Corp	14.0B	–	42.6%	1.01x	10.3x	10.0x	–	–
BXSL Blackstone Secured Lending Fund	5.5B	–	39.7%	0.93x	8.4x	9.3x	–	–
MAIN Main Street Capital Corp	5.3B	–	87.1%	1.66x	15.0x	14.6x	–	–
OTF Blue Owl Technology Finance Corp	4.5B	–	62.9%	0.59x	16.2x	6.9x	–	–
GBDC Golub Capital BDC Inc	3.3B	–	43.3%	0.90x	20.9x	10.1x	–	–
Mean		–	51.6%	0.97x	13.1x	9.8x	–	–
Median		–	42.9%	0.92x	12.7x	9.6x	–	–

Technical analysis

1M+2.5%
3M+1.3%
1Y−8.4%
3Y+8.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Blue Owl Capital Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,851	1,597	1,582	1,202	1,021	803
Cost of revenue	1,012	816	789	610	501	392
Gross profit	839	780	793	592	521	411
Selling, general & administrative expenses	40.8	40.0	40.7	30.9	29.7	25.5
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−1.9	−0.6	−1.1	4.3	0.8	−0.6
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	−131
Operating income	800	741	754	557	490	517
Net interest income (expense)	−170	−145	44.3	−86.4	143	−126
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	630	596	798	470	633	391
Provision for taxes	3.1	0.7	4.6	4.0	8.6	3.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	627	595	793	466	625	388
Extraordinary items	–	–	–	–	–	–
Net income	627	595	793	466	625	388
EBIT, normalized	798	740	752	561	491	517
EBITDA, normalized	798	740	752	561	491	–
Basic EPS, normalized	1.51	1.89	1.93	1.41	1.24	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Blue Owl Capital Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	521	432	573	349	426	349
Receivables	26.8	17.0	23.0	17.7	4.0	8.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	15.5	34.0	3.2	3.6	23.7	38.6
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	16,471	13,195	12,713	13,010	12,742	10,842
Note receivable	105	106	112	108	81.7	57.1
Other long-term assets	611	565	686	466	475	405
Total assets	17,186	13,866	13,511	13,585	13,298	11,304
Liabilities
Accounts payable	63.1	49.1	47.7	47.6	46.8	35.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	190	216	183	203	77.1	51.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,500	925	400	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	7,800	6,533	6,677	7,282	7,079	5,293
Minority interest	–	–	–	–	–	–
Other liabilities	1,989	1,380	813	421	281	265
Total liabilities	9,789	7,913	7,490	7,702	7,360	5,558
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.0	3.9	3.9	3.9	3.9	3.9
Additional paid-in capital	7,512	5,920	5,924	5,971	5,990	5,941
Retained earnings (accumulated deficit)	−120	29.4	93.5	−92.2	−56.4	−198
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	7,397	5,953	6,021	5,882	5,938	5,746
Total liabilities & shareholders' equity	17,186	13,866	13,511	13,585	13,298	11,304

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Blue Owl Capital Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	627	595	793	466	625	388
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	39.1	−93.7	−255	−70.0	−259	55.1
Changes in working capital	1,075	−341	598	−179	−1,593	−2,003
Cash from operations	1,742	160	1,136	217	−1,227	−1,560
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	−20.9	−33.5	−12.7	−15.5	−44.9	−64.0
Cash dividends paid	−753	−656	−613	−488	−461	−453
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−914	383	−295	285	1,822	2,119
Cash from financing	−1,687	−306	−921	−219	1,316	1,601
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	54.4	−146	215	−2.1	89.2	40.8
Free cash flow	1,742	160	1,136	217	−1,227	−1,560

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.