Blue Owl Capital Corporation (OBDC)
NYSE:OBDC
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Blue Owl Capital
(NYSE:OBDC)
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Rating:71Outperform
Price Target:
$13.00
▲(10.26% Upside)
Action:UpgradedDate:04/17/26
The score is led by attractive valuation (low P/E and high yield) and supportive earnings-call signals (asset sale validation, buybacks, credit metrics, and rating upgrade). Offsetting this are financial statement volatility/discontinuities and only moderately improving technicals with the stock still below its 200-day average, alongside guidance for near-term earnings pressure from rates/spreads.
Positive Factors
High Profitability/Margins
Sustained, very high net margins demonstrate durable earnings power from interest and fee income and provide a cushion for credit losses. High margins support dividend coverage and ROE (historically ~8%–13%), enabling capital returns and reinvestment even through cyclical credit phases.
Negative Factors
Balance-sheet discontinuity
A reporting discontinuity (2025 showing zero debt) complicates trend analysis and obscures whether reported deleveraging is structural or classificatory. Given historical leverage around 0.9x–1.25x, this uncertainty hinders reliable assessment of covenant risk, true capital structure, and resilience under credit stress.
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Positive Factors
Negative Factors
High Profitability/Margins
Sustained, very high net margins demonstrate durable earnings power from interest and fee income and provide a cushion for credit losses. High margins support dividend coverage and ROE (historically ~8%–13%), enabling capital returns and reinvestment even through cyclical credit phases.
Read all positive factors
Blue Owl Capital (OBDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.60B
Dividend Yield12.83%
Average Volume (3M)6.00M
Price to Earnings (P/E)10.0
Beta (1Y)0.74
Revenue Growth11.17%
EPS Growth-18.40%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.38
Shares Outstanding496,755,400
10 Day Avg. Volume5,093,693
30 Day Avg. Volume5,996,635
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 Cap2.66
Enterprise Value/Revenue10.61
Enterprise Value/Gross Profit16.93
Enterprise Value/Ebitda18.92
Forecast
1Y Price Target
$14.00Price Target Upside18.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.36
Revenue Forecast (FY)$1.65B
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:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong validations of portfolio quality: a $1.4B asset sale executed at ~99.7% of book value, a sizable accretive share buyback, a Moody's upgrade, healthy portfolio revenue/EBITDA growth, low nonaccruals and ample liquidity. These operational and credit strengths were tempered by macro-driven headwinds—lower base rates, ~30 bps spread compression, modest NAV decline and public-market skepticism that keeps the shares trading at a notable discount. Management has taken decisive capital-allocation actions (sales, buybacks, deleveraging) to position the fund for opportunities and to return capital to investors. Overall, the positive validations and proactive actions outweigh the challenges, though rate/spread trends and market sentiment remain watchpoints.Positive Updates
Large Asset Sales at Book Value
Completed a $1.4 billion opportunistic private asset sale across Blue Owl BDCs (including $600 million from OBDC II, ~35% of that fund, and $400 million from OBDC). Sales executed at average price ~99.7% of book value across ~130 names, validating valuation process and portfolio quality.
Negative Updates
NAV Slight Decline and Watchlist Write-Downs
NAV per share fell modestly to $14.81 from $14.89 QoQ, primarily driven by write-downs on a small handful of watchlist names, partially offset by share repurchases (repurchases added ~ $0.05 to NAV).
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Q4-2025 Updates
Positive
Negative
Large Asset Sales at Book Value
Completed a $1.4 billion opportunistic private asset sale across Blue Owl BDCs (including $600 million from OBDC II, ~35% of that fund, and $400 million from OBDC). Sales executed at average price ~99.7% of book value across ~130 names, validating valuation process and portfolio quality.
Read all positive updates
Company Guidance
The call’s guidance emphasized that the board is maintaining the base dividend at $0.37 (to be reviewed each quarter) while warning forward earnings will be pressured by lower base rates flowing through the majority floating‑rate book and by spread compression (≈30 bps over the last year); key metrics cited to support confidence in the portfolio included adjusted NII of $0.36/share (spillover income $0.36), quarter ROE of 9.7%, NAV $14.81 (down from $14.89), nonaccruals 1.1% (FV), interest coverage ≈2x, portfolio revenue/EBITDA growth +8%/+11% YoY (software LTM rev/EBITDA +10%/+16%; health care rev/EBITDA +11%/+10%), PIK income 10.3% (down from 13.2%), 3–5 rated names 9% of the portfolio, net leverage 1.19x (within 0.9–1.25x target), ~$4bn total cash + capacity (exceeding unfunded commitments), Moody’s upgrade to BAA2, and capital‑allocation actions: a $1.4bn asset sale at average price ~99.7% (including $600m from OBDC II, $400m from OBDC across ~130 names, average ~$5m/~5% position slices) that reduces leverage ~0.05x and frees ~ $1bn of deployable capital, plus $148m of repurchases in Q4 (11.6m shares) at an average 14% discount to NAV (bought at ~86% of book, accreting NAV ≈ $0.05) and a newly authorized repurchase program up to $300m.Blue Owl Capital Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.68B | 1.10B | 1.27B | 808.76M | 882.31M |
| Gross Profit | 1.26B | 665.75M | 864.33M | 535.63M | 689.66M |
| EBITDA | 1.24B | 607.34M | 810.68M | 476.13M | 637.50M |
| Net Income | 627.41M | 594.98M | 793.31M | 466.36M | 624.88M |
Balance Sheet | |||||
| Total Assets | 17.19B | 13.87B | 13.51B | 13.58B | 13.30B |
| Cash, Cash Equivalents and Short-Term Investments | 9.84M | 431.77M | 572.59M | 348.67M | 425.66M |
| Total Debt | 9.30B | 7.46B | 7.08B | 7.28B | 7.08B |
| Total Liabilities | 9.79B | 7.91B | 7.49B | 7.70B | 7.36B |
| Stockholders Equity | 7.40B | 5.95B | 6.02B | 5.88B | 5.94B |
Cash Flow | |||||
| Free Cash Flow | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Operating Cash Flow | 1.74B | 160.22M | 514.37M | 423.79M | -1.23B |
| Investing Cash Flow | 0.00 | 0.00 | 621.24M | -206.52M | 0.00 |
| Financing Cash Flow | -1.69B | -305.72M | -921.04M | -219.33M | 1.32B |
Blue Owl Capital Technical Analysis
Positive
11.79
Price Trends
11.04
Positive
11.54
Positive
12.03
Negative
Market Momentum
0.14
Negative
66.16
Neutral
92.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OBDC, the sentiment is Positive. The current price of 11.79 is above the 20-day moving average (MA) of 10.97, above the 50-day MA of 11.04, and below the 200-day MA of 12.03, indicating a neutral trend. The MACD of 0.14 indicates Negative momentum. The RSI at 66.16 is Neutral, neither overbought nor oversold. The STOCH value of 92.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.45B | 19.31 | 15.91% | 0.99% | 14.39% | 27.91% | |
71 Outperform | $5.60B | 10.03 | 8.25% | 12.83% | 11.17% | -18.40% | |
69 Neutral | $4.34B | 3.40 | 31.01% | 1.88% | 1.73% | 28.93% | |
68 Neutral | $6.78B | 10.25 | 23.40% | 6.07% | 9.09% | 55.11% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $5.38B | 11.59 | 26.63% | ― | 7.16% | 84.53% | |
54 Neutral | $5.13B | 11.27 | 11.96% | 0.87% | 6.65% | 135.72% |
* Financial Sector Average
OBDC
Blue Owl Capital
11.27
-1.15
-9.27%
CACC
Credit Acceptance
500.62
13.20
2.71%
FCFS
FirstCash
215.67
83.16
62.76%
NNI
Nelnet
142.48
37.43
35.63%
SLM
SLM
22.99
-5.37
-18.93%
OMF
OneMain Holdings
57.91
14.28
32.72%
Blue Owl Capital Corporate Events
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.