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Blue Owl Capital
(NYSE:OBDC)
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Rating:70Outperform
Price Target:
$12.50
â–²(10.04% Upside)
Action:Reiterated
Date:09/09/26
OBDC scores well primarily due to strong profitability and improved, sizable recent cash generation, supported by a favorable earnings update featuring covered dividends, reduced leverage, and strong liquidity. The score is held back by historically volatile revenue/cash-flow patterns and only mixed near-term technical momentum; valuation is helped by the high dividend yield but tempered by a mid-range P/E.
Positive Factors
Dividend coverage and recurring income
Adjusted NII exceeded the base dividend and supported a supplemental payout, indicating meaningful current-income capacity. The coverage cushion and retained spillover income provide resilience for shareholder distributions across the next several quarters.
Negative Factors
Structural balance-sheet leverage
Meaningful leverage can amplify returns but also increases exposure to borrower losses, refinancing conditions, and interest expense. If credit performance weakens or funding becomes more expensive, leverage could reduce earnings capacity and financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Dividend coverage and recurring income
Adjusted NII exceeded the base dividend and supported a supplemental payout, indicating meaningful current-income capacity. The coverage cushion and retained spillover income provide resilience for shareholder distributions across the next several quarters.
Read all positive factors
Blue Owl Capital (OBDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.33B
Dividend Yield9.9%
Average Volume (3M)2.86M
Price to Earnings (P/E)19.3
Beta (1Y)0.80
Revenue Growth1.32%
EPS Growth-62.13%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.56
Shares Outstanding493,142,580
10 Day Avg. Volume3,029,867
30 Day Avg. Volume2,860,191
Financial Highlights & Ratios
PEG Ratio-0.53
Price to Book (P/B)0.85
Price to Sales (P/S)3.75
P/FCF Ratio3.61
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$12.68Price Target Upside11.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.3
Revenue Forecast (FY)$1.57B
Blue Owl Capital Business Overview & Revenue Model
Company Description
Blue Owl Capital Corporation operates as a business development company (BDC). The firm strategically allocates capital across a diverse range of financial instruments, including senior secured, unsecured, subordinated, and mezzanine debt. Additio...
How the Company Makes Money
OBDC makes money primarily from investment income generated by its portfolio of private credit investments, especially directly originated loans to middle-market borrowers. The key revenue stream is interest income earned on these loans, which oft...
Blue Owl Capital Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
Overall the call communicated a largely positive operational and financial update: NII and ROE improved, dividend coverage was healthy with a supplemental payout, leverage was reduced to the lowest level in over two years, liquidity and funding structure were strengthened, and the portfolio continued to show stable credit metrics and diversified, defensive exposures. The primary negatives were a modest NAV decline driven by a single-name markdown (Loparex), muted new-deal activity and refinancing in the market, some reliance on one-time realizations for elevated income, and modestly higher funding costs — but these negatives were isolated and outweighed by the quarter's constructive developments.Positive Updates
Adjusted NII and ROE Improvement
Adjusted net investment income (NII) was $0.34 per share in Q2, up from $0.31 in Q1 (~+9.7%), translating into a 9.6% annualized ROE — up over 100 basis points quarter-over-quarter and providing a healthy cushion above the base dividend.
Negative Updates
Modest NAV Decline
Net asset value (NAV) per share declined to $14.26 from $14.41 last quarter, a drop of ~$0.15 (~-1.0%), primarily driven by a credit-specific markdown rather than broad spread widening.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted NII and ROE Improvement
Adjusted net investment income (NII) was $0.34 per share in Q2, up from $0.31 in Q1 (~+9.7%), translating into a 9.6% annualized ROE — up over 100 basis points quarter-over-quarter and providing a healthy cushion above the base dividend.
Read all positive updates
Company Guidance
Management reiterated a Q3 base dividend of $0.31 (paid Oct. 15; record Sept. 30) plus a $0.02 supplemental (paid Sept. 15; record Aug. 31), supported by Q2 adjusted NII of $0.34 (up from $0.31 prior quarter) which translated to a 9.6% annualized ROE (up >100 bps) and quarterly base dividend coverage of ~110%, with spillover income of roughly $0.29/share; NAV was $14.26 (down from $14.41), aided by $35M of share repurchases in Q2 (about $220M since Q4) that were accretive ~ $0.03 to NAV. Balance sheet guidance emphasized flexibility: net leverage ended 1.11x (target range 0.9–1.25x; lowest in >2 years), fundings of $429M vs $747M of repayments, total liquidity ~$3.5B (including a $4B revolver), ~$800M of unsecured debt raised to cover ~ $1B of maturities, and elimination of two secured facilities. Credit and portfolio metrics reinforced confidence: non‑accruals 0.8% at fair value (platform 1% of cost), platform loss rate since inception 12 bps, PIK as % of investment income ~10.7% (down from >13%), portfolio revenue/EBITDA growth mid‑to‑high single digits, avg position ~40 bps, software 18% of portfolio, interest coverage ~2x, avg company net leverage 5.8x, LTVs ~47%, and management noted the forward rate curve is roughly 100 bps higher and spreads/terms are more attractive—supporting a patient, selective deployment posture as the opportunity set improves.Blue Owl Capital Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.41B | 1.68B | 1.10B | 1.27B | 808.76M | 882.31M |
| Gross Profit | 954.58M | 1.26B | 665.75M | 864.33M | 535.63M | 689.66M |
| EBITDA | 818.73M | 1.24B | 607.34M | 810.68M | 476.13M | 663.31M |
| Net Income | 288.63M | 627.41M | 594.98M | 793.31M | 466.36M | 624.88M |
Balance Sheet | ||||||
| Total Assets | 15.35B | 17.19B | 13.87B | 13.51B | 13.58B | 13.30B |
| Cash, Cash Equivalents and Short-Term Investments | 237.44M | 9.84M | 431.77M | 572.59M | 348.67M | 425.66M |
| Total Debt | 6.10B | 9.30B | 7.46B | 7.08B | 7.28B | 7.08B |
| Total Liabilities | 8.32B | 9.79B | 7.91B | 7.49B | 7.70B | 7.36B |
| Stockholders Equity | 7.03B | 7.40B | 5.95B | 6.02B | 5.88B | 5.94B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Operating Cash Flow | 1.15B | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Investing Cash Flow | 1.06B | 0.00 | 0.00 | 621.24M | -206.52M | 0.00 |
| Financing Cash Flow | -2.33B | -1.69B | -305.72M | -921.04M | -219.33M | 1.32B |
Blue Owl Capital Technical Analysis
Negative
11.36
Price Trends
11.18
Negative
11.00
Negative
11.06
Negative
Market Momentum
-0.08
Positive
36.48
Neutral
6.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OBDC, the sentiment is Negative. The current price of 11.36 is above the 20-day moving average (MA) of 11.17, above the 50-day MA of 11.18, and above the 200-day MA of 11.06, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 36.48 is Neutral, neither overbought nor oversold. The STOCH value of 6.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OBDC.
Blue Owl Capital Risk Analysis
Blue Owl Capital disclosed 105 risk factors in its most recent earnings report. Blue Owl Capital reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blue Owl Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.73B | 19.09 | 0.02% | 9.92% | -17.25% | -53.04% | |
73 Outperform | $13.79B | 14.22 | 6.78% | 10.00% | 10.38% | -34.10% | |
70 Outperform | $5.33B | 19.30 | 3.95% | 9.90% | 1.32% | -62.13% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $3.24B | 22.65 | 3.82% | 11.08% | -8.83% | -54.08% | |
63 Neutral | $5.75B | 19.41 | 4.78% | 12.49% | -14.94% | -55.20% | |
60 Neutral | $3.11B | -8.33 | -6.65% | 18.13% | -35.39% | -272.02% |
* Financial Sector Average
OBDC
Blue Owl Capital
10.77
-0.92
-7.85%
GBDC
Golub Capital Bdc
12.49
0.16
1.29%
ARCC
Ares Capital
19.13
0.63
3.43%
TSLX
Sixth Street Specialty Lending
18.11
-2.60
-12.55%
FSK
FS KKR Capital
11.16
-1.47
-11.67%
BXSL
Blackstone Secured Lending Fund
24.39
0.66
2.79%
Blue Owl Capital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Blue Owl Capital expands funding via new CLO securitization
Positive
Sep 8, 2026
On September 2, 2026, Blue Owl Capital Corporation completed a $398 million term debt securitization via Owl Rock CLO XXVI, LLC, backed by a portfolio of middle market loans and related interests. The transaction comprised multiple classes of secu...
Business Operations and StrategyPrivate Placements and Financing
Blue Owl Capital Extends Revolving Credit, Simplifies Financing
Positive
Jun 30, 2026
On June 25, 2026, Blue Owl Capital Corporation amended its senior secured revolving credit agreement, extending the revolver availability from November 2028 to June 2030 and pushing the scheduled maturity date from November 2029 to June 2031. The ...
Executive/Board ChangesShareholder Meetings
Blue Owl Shareholders Elect Directors, Ratify KPMG Auditor
Positive
Jun 26, 2026
At its Annual Meeting of Shareholders held on June 25, 2026, Blue Owl Capital Corporation shareholders elected Eric Kaye and Victor Woolridge to the board of directors, each to serve until the 2029 annual meeting and until their successors are ele...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.