Blue Owl Capital Corporation (OBDC)
NYSE:OBDC
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Blue Owl Capital
(NYSE:OBDC)
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Rating:64Neutral
Price Target:
$12.00
▲(1.78% Upside)
Action:Reiterated
Date:05/22/26
The score is supported by strong profitability/cash generation and constructive earnings-call fundamentals (healthy credit performance, improved leverage/liquidity, and buybacks). It is held back by weakening recent operating trends (revenue down and margin compression), a dividend reset/NAV decline, and weak technical momentum.
Positive Factors
Strong cash generation & profitability
Consistently high net margins and strong operating/free cash flow provide durable distributable income and internal funding for dividends, buybacks, and loss absorption. This cash generation supports the BDC model long-term and cushions earnings variability from market cycles.
Negative Factors
Dividend reset and earnings pressure
Management cut the base dividend to align payouts with lower forward earnings, signaling structural sensitivity of distributable income to rate moves and deal activity. For income-focused investors, this reduces reliably recurring cash returns until earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & profitability
Consistently high net margins and strong operating/free cash flow provide durable distributable income and internal funding for dividends, buybacks, and loss absorption. This cash generation supports the BDC model long-term and cushions earnings variability from market cycles.
Read all positive factors
Blue Owl Capital (OBDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.47B
Dividend Yield12.83%
Average Volume (3M)3.89M
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth17.46%
EPS Growth-54.41%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.70
Shares Outstanding496,305,420
10 Day Avg. Volume3,554,720
30 Day Avg. Volume3,891,999
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 Cap2.54
Enterprise Value/Revenue10.60
Enterprise Value/Gross Profit16.63
Enterprise Value/Ebitda21.36
Forecast
1Y Price Target
$13.25Price Target Upside12.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.31
Revenue Forecast (FY)$1.61B
Blue Owl Capital Business Overview & Revenue Model
Company Description
Owl Rock Capital Corporation is a business development company. The fund makes investments in senior secured or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred st...
How the Company Makes Money
OBDC makes money primarily by investing in privately negotiated loans to middle-market companies and earning income and gains from those investments. Key revenue and earnings drivers include: (1) Interest income on debt investments: The largest so...
Blue Owl Capital Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call described a quarter with near-term earnings pressure driven by lower base rates, spread widening and slower deal activity that led to a NAV decline and a base dividend reset. However, underlying credit fundamentals remained solid (no new non-accruals, healthy borrower EBITDA/revenue growth), the balance sheet and liquidity were materially strengthened (net leverage reduced to 1.13x, >$4B liquidity, Moody's upgrade), active share repurchases and a larger repurchase authorization were executed, and management emphasized readiness to deploy into a more attractive spread environment. On balance, the strengths in credit performance, capital position, and long-term track record outweighed the transitory valuation and earnings headwinds.Positive Updates
Strong credit performance and low losses
No new non-accruals in the quarter; non-accrual rate declined to 1% at fair value. Historical loss experience remains low with average annual loss rates of ~31 basis points since inception.
Negative Updates
Earnings headwinds and base dividend reduction
Quarter reflected earnings pressure from lower base rates (three cuts totaling 75 bps between Sept and Dec), tighter market spreads, and lower leverage; the company reduced the base dividend back to $0.31 per share to align with forward earnings.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong credit performance and low losses
No new non-accruals in the quarter; non-accrual rate declined to 1% at fair value. Historical loss experience remains low with average annual loss rates of ~31 basis points since inception.
Read all positive updates
Company Guidance
Management guided that OBDC is resetting its base dividend to $0.31 per share for Q2 (implying ~8.6% yield on NAV and >10% yield at current share price) while keeping the supplemental framework to pay 50% of NII above the base; Q1 adjusted NII was $0.31/share with spillover income of ~$0.28/share and NAV of $14.41 (down from $14.81, ~75% of the decline driven by spread widening). They said the portfolio remains healthy—non‑accruals at ~1% (three‑year avg ~1%), interest coverage ~2.0x, average loan marked at 95.4, average spread in the book 560 bps, average LTV 47% (software ~48%)—and emphasized lower leverage (ending net leverage 1.13x, in a 0.90x–1.25x target range), ample liquidity (>$4B after a $400M note), recent fundings of $525M vs ~ $1.5B of repayments/sales, $35M of buybacks this quarter ($183M over two quarters) under a new $300M repurchase authorization (~$265M remaining), and an expectation that spreads (currently ~50–75 bps wider on new deals) and deal activity should create opportunities to selectively deploy capital.Blue Owl Capital Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
63
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.68B | 1.10B | 1.27B | 808.76M | 882.31M |
| Gross Profit | 835.06M | 1.26B | 665.75M | 864.33M | 535.63M | 689.66M |
| EBITDA | 650.40M | 1.24B | 607.34M | 810.68M | 476.13M | 637.50M |
| Net Income | 360.39M | 627.41M | 594.98M | 793.31M | 466.36M | 624.88M |
Balance Sheet | ||||||
| Total Assets | 16.02B | 17.19B | 13.87B | 13.51B | 13.58B | 13.30B |
| Cash, Cash Equivalents and Short-Term Investments | 39.29M | 9.84M | 431.77M | 572.59M | 348.67M | 425.66M |
| Total Debt | 8.45B | 9.30B | 7.46B | 7.08B | 7.28B | 7.08B |
| Total Liabilities | 8.86B | 9.79B | 7.91B | 7.49B | 7.70B | 7.36B |
| Stockholders Equity | 7.15B | 7.40B | 5.95B | 6.02B | 5.88B | 5.94B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Operating Cash Flow | 1.08B | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Investing Cash Flow | 1.59B | 0.00 | 0.00 | 621.24M | -206.52M | 0.00 |
| Financing Cash Flow | -2.73B | -1.69B | -305.72M | -921.04M | -219.33M | 1.32B |
Blue Owl Capital Technical Analysis
Negative
11.79
Price Trends
11.16
Negative
11.34
Negative
11.79
Negative
Market Momentum
-0.06
Positive
43.15
Neutral
43.67
Neutral
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 11.79 is above the 20-day moving average (MA) of 11.35, above the 50-day MA of 11.16, and below the 200-day MA of 11.79, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.15 is Neutral, neither overbought nor oversold. The STOCH value of 43.67 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $9.98B | 19.31 | 15.91% | 0.99% | 14.39% | 27.91% | |
68 Neutral | $5.70B | 8.37 | 29.39% | ― | 4.52% | 72.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $5.47B | -56.58 | 4.83% | 12.83% | 17.46% | -54.41% | |
64 Neutral | $4.18B | 3.40 | 31.16% | 1.88% | 1.73% | 28.93% | |
64 Neutral | $6.18B | 6.91 | 23.62% | 6.07% | 7.80% | 42.28% | |
63 Neutral | $4.63B | 16.35 | 11.39% | 0.87% | 8.64% | 117.05% |
* Financial Sector Average
OBDC
Blue Owl Capital
11.03
-1.68
-13.19%
CACC
Credit Acceptance
544.80
67.99
14.26%
FCFS
FirstCash
227.59
101.34
80.26%
NNI
Nelnet
128.95
15.64
13.80%
SLM
SLM
22.15
-10.79
-32.76%
OMF
OneMain Holdings
53.48
6.86
14.70%
Blue Owl Capital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Blue Owl Capital Completes $400 Million Unsecured Notes Offering
Positive
May 21, 2026
On May 21, 2026, Blue Owl Capital Corporation executed an eleventh supplemental indenture with Deutsche Bank Trust Company Americas and closed a $400 million offering of 6.300% unsecured notes maturing on August 15, 2031. The notes pay semiannual ...
Business Operations and StrategyPrivate Placements and Financing
Blue Owl Capital Issues New Unsecured Notes for Refinancing
Positive
Apr 16, 2026
On April 16, 2026, Blue Owl Capital Corporation executed a Tenth Supplemental Indenture with Deutsche Bank Trust Company Americas covering a new $400 million issuance of 6.450% unsecured notes maturing on September 15, 2028, which bear semiannual ...
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.