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Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025. Anchored by a strong Permanent Capital base, we deploy private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients.
The business is unprofitable at the operating level (-325.17% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 7.6%, steady but not accelerating. Margins contracted 105.3pp, which offsets some of the top-line progress.
ROIC dropped from -21.24% to -26.10%, capital efficiency is deteriorating. Operating margin contracted 105.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$573M
▲ +7.6% YoY
Net Income (TTM)
$87M
▼ -28.1% YoY
Op. Margin
-327.76%
▼ -105.3pp YoY
ROIC
-24.14%
▼ -4.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.28B
▲ +28.1% YoY
Op. Cash Flow (TTM)
$1.34B
▲ +25.7% YoY
Net Debt
$4.17B
Cash & Equiv.
$190M
5Y CAGR: +17.8%
5Y CAGR: +204.4%
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