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On July 8, 2025 Blue Owl announced a partnership with Koda Capital to launch the Blue Owl Credit Income Fund AUT for Australian advisers. On August 8, 2025 reports indicated Blue Owl would provide roughly $3 billion in equity alongside PIMCO for a $29 billion package financing Meta data-center expansion. During the window Blue Owl Digital Infrastructure completed an acquisition of South Reach Networks. Most recently (early October 2025) coverage highlighted investor skepticism toward private credit firms despite sizable AUM and growth forecasts.
Technical Analysis
ADX at 21.57 indicates only an emerging trend strength rather than a strong directional regime, implying near-term moves remain prone to reversals and range trading relative to the current price.
DI+ at 19.32 has peaked and reversed while DI- at 34.99 trends higher; that configuration signals bearish directional pressure and favors downside continuation until DI+ stabilizes or turns up.
MACD sits negative at -0.55 and declines against a -0.37 signal line, reflecting bearish momentum; absence of a MACD cross above the signal line removes a technical confirmation for bullish momentum at present.
MRO registers -10.73, which indicates the price sits below the model target and creates potential for upward correction if momentum indicators improve; this acts as a counterforce to current negative momentum.
RSI at 42.8 and decreasing shows weakening buying pressure without an oversold extreme, consistent with consolidation rather than an immediate capitulation.
Price trades below the 20-, 50- and 200-day averages (priceClose $16.52 vs 20-day $17.54, 50-day $18.48, 200-day $19.73) and the 12-day EMA trend declines; these relationships bias near-term price action toward consolidation or additional pullback toward the lower Bollinger band region (lower 1σ $16.35, lower 2σ $15.15).
SuperTrend upper boundary at $17.37 sits above the close and acts as a short-term resistance level; intraday range (high $16.56 / low $16.02) and elevated volume (current 14.43M vs 10-day avg 12.64M and 200-day avg 7.87M) suggest active positioning around current levels.
Fundamental Analysis
Revenue totaled $703,106,000 with reported revenue growth at 2.87% while quarter-over-quarter revenue contracted about -65.23% and year-over-year revenue declined -59.63%; the YoY contraction materially compresses operating leverage despite modest trailing growth.
Operating margin stands at 14.12%, up +22.37% QoQ but down -58.91% YoY; EBIT margin equals 17.99%, rising +55.90% QoQ but falling -47.66% YoY. EBIT $126,480,000 and EBITDA $222,070,000 reflect positive operating profitability despite volatile margin comparisons.
Net income registered $17,426,000 while EPS came in at $0.21, matching the $0.21 estimate and producing a 1.91% EPS surprise; forward EPS equals $0.2325 with forward PE around 81.99x.
Return on equity measures roughly 0.74% and return on assets 0.14%, both well below the industry peer mean levels; free cash flow reached $412,462,000 and free cash flow yield equals 3.32%, which sits above the industry peer mean free cash flow yield. Operating cash flow $422,507,000 and cash conversion ratio 2.17 signal solid cash generation relative to reported net income.
Leverage shows debt to assets near 29.71% and debt to equity about 155.17% (debt-to-EBITDA ~16.43x), indicating elevated financial leverage versus the industry peer mean; interest coverage around 3.01x remains positive but materially below the industry peer mean interest coverage ratio.
Price multiples appear extended: trailing PE at 970.6x (driven by low trailing EPS) and P/B at 5.28x sit above the industry peer mean and median measures. Enterprise multiple near 71.81 and forward PE around 82x reflect a valuation stretched relative to many comparables. WMDST values the stock as over-valued given multiples relative to earnings and tangible capital metrics, even as cash-flow generation provides a partial offset.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-10-30 |
| CASH FLOW | Begin Period Cash Flow | $ 97.6 M |
| Operating Cash Flow | $ 422.5 M | |
| Capital Expenditures | $ -10.04 M | |
| Change In Working Capital | $ 102.1 M | |
| Dividends Paid | $ -140.77 M | |
| Cash Flow Delta | $ 20.0 M | |
| End Period Cash Flow | $ 117.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 703.1 M | |
| Forward Revenue | $ 1.5 B | |
| COSTS | ||
| Cost Of Revenue | $ 326.3 M | |
| Depreciation | $ 6.1 M | |
| Depreciation and Amortization | $ 95.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 603.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 376.8 M | |
| EBITDA | $ 222.1 M | |
| EBIT | $ 126.5 M | |
| Operating Income | $ 99.3 M | |
| Interest Income | $ 11.0 M | |
| Interest Expense | $ 42.0 M | |
| Net Interest Income | $ -30.97 M | |
| Income Before Tax | $ 84.5 M | |
| Tax Provision | $ 13.8 M | |
| Tax Rate | 16.3 % | |
| Net Income | $ 17.4 M | |
| Net Income From Continuing Operations | $ 70.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.21 | |
| EPS Actual | $ 0.21 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 1.91 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.3 B | |
| Intangible Assets | $ 8.7 B | |
| Net Tangible Assets | $ -6.34 B | |
| Total Current Assets | $ 813.7 M | |
| Cash and Short-Term Investments | $ 117.6 M | |
| Cash | $ 117.6 M | |
| Net Receivables | $ 25.4 M | |
| Inventory | — | |
| Long-Term Investments | $ 384.3 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 489.6 M | |
| Net Debt | $ 3.1 B | |
| Total Debt | $ 3.6 B | |
| Total Liabilities | $ 5.9 B | |
| EQUITY | ||
| Total Equity | $ 2.4 B | |
| Retained Earnings | $ -1.37 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.61 | |
| Shares Outstanding | 651.092 M | |
| Revenue Per-Share | $ 1.08 | |
| VALUATION | Market Capitalization | $ 12.4 B |
| Enterprise Value | $ 15.9 B | |
| Enterprise Multiple | 71.806 | |
| Enterprise Multiple QoQ | -21.379 % | |
| Enterprise Multiple YoY | 89.424 % | |
| Enterprise Multiple IPRWA | high: 382.869 OWL: 71.806 mean: 63.873 median: 57.97 low: -385.981 |
|
| EV/R | 22.679 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.223 | |
| Asset To Liability | 2.074 | |
| Debt To Capital | 0.608 | |
| Debt To Assets | 0.297 | |
| Debt To Assets QoQ | 1.399 % | |
| Debt To Assets YoY | 724.05 % | |
| Debt To Assets IPRWA | high: 0.84 OWL: 0.297 mean: 0.188 median: 0.188 low: 0.0 |
|
| Debt To Equity | 1.552 | |
| Debt To Equity QoQ | 0.681 % | |
| Debt To Equity YoY | 678.365 % | |
| Debt To Equity IPRWA | high: 2.968 OWL: 1.552 mean: 0.859 median: 0.769 low: -0.953 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.282 | |
| Price To Book QoQ | -0.364 % | |
| Price To Book YoY | -3.414 % | |
| Price To Book IPRWA | high: 6.103 OWL: 5.282 median: 3.546 mean: 3.225 low: -0.233 |
|
| Price To Earnings (P/E) | 970.606 | |
| Price To Earnings QoQ | 733.866 % | |
| Price To Earnings YoY | 937.918 % | |
| Price To Earnings IPRWA | OWL: 970.606 high: 167.136 mean: 82.616 median: 76.585 low: -57.167 |
|
| PE/G Ratio | 41.251 | |
| Price To Sales (P/S) | 17.659 | |
| Price To Sales QoQ | -2.511 % | |
| Price To Sales YoY | 1.646 % | |
| Price To Sales IPRWA | high: 81.86 mean: 29.89 median: 26.9 OWL: 17.659 low: -43.485 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 81.992 | |
| Forward PE/G | 3.485 | |
| Forward P/S | 8.131 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 21.032 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.057 | |
| Asset Turnover Ratio QoQ | -2.52 % | |
| Asset Turnover Ratio YoY | -2.95 % | |
| Asset Turnover Ratio IPRWA | high: 0.28 OWL: 0.057 mean: 0.042 median: 0.017 low: -0.117 |
|
| Receivables Turnover | 26.39 | |
| Receivables Turnover Ratio QoQ | 5.172 % | |
| Receivables Turnover Ratio YoY | -43.546 % | |
| Receivables Turnover Ratio IPRWA | OWL: 26.39 high: 10.527 mean: 2.08 median: 0.175 low: 0.035 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 3.458 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.169 | |
| CapEx To Revenue | -0.014 | |
| CapEx To Depreciation | -1.642 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.6 B | |
| Net Invested Capital | $ 5.6 B | |
| Invested Capital | $ 5.6 B | |
| Net Tangible Assets | $ -6.34 B | |
| Net Working Capital | $ 324.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.24 | |
| Current Ratio | 1.662 | |
| Current Ratio QoQ | -5.082 % | |
| Current Ratio YoY | -30.749 % | |
| Current Ratio IPRWA | high: 7.864 mean: 1.689 OWL: 1.662 median: 1.547 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 16.426 | |
| Cost Of Debt | 0.969 % | |
| Interest Coverage Ratio | 3.012 | |
| Interest Coverage Ratio QoQ | 47.15 % | |
| Interest Coverage Ratio YoY | -47.847 % | |
| Interest Coverage Ratio IPRWA | high: 98.692 mean: 19.354 median: 13.204 OWL: 3.012 low: -58.51 |
|
| Operating Cash Flow Ratio | 0.236 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.124 | |
| Dividend Payout Ratio | 8.078 | |
| Dividend Rate | $ 0.22 | |
| Dividend Yield | 0.011 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.059 % | |
| Revenue Growth | 2.871 % | |
| Revenue Growth QoQ | -65.225 % | |
| Revenue Growth YoY | -59.632 % | |
| Revenue Growth IPRWA | high: 108.319 % mean: 7.871 % median: 4.2 % OWL: 2.871 % low: -129.816 % |
|
| Earnings Growth | 23.529 % | |
| Earnings Growth QoQ | -223.525 % | |
| Earnings Growth YoY | 99.992 % | |
| Earnings Growth IPRWA | high: 70.0 % OWL: 23.529 % median: -4.167 % mean: -5.026 % low: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 53.592 % | |
| Gross Margin QoQ | 2.447 % | |
| Gross Margin YoY | -8.697 % | |
| Gross Margin IPRWA | high: 99.211 % median: 71.532 % mean: 65.048 % OWL: 53.592 % low: 0.618 % |
|
| EBIT Margin | 17.989 % | |
| EBIT Margin QoQ | 55.897 % | |
| EBIT Margin YoY | -47.656 % | |
| EBIT Margin IPRWA | high: 123.183 % mean: 52.237 % median: 46.113 % OWL: 17.989 % low: -61.06 % |
|
| Return On Sales (ROS) | 14.12 % | |
| Return On Sales QoQ | 22.368 % | |
| Return On Sales YoY | -58.914 % | |
| Return On Sales IPRWA | high: 66.743 % median: 38.96 % mean: 35.128 % OWL: 14.12 % low: -44.966 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 412.5 M | |
| Free Cash Flow Yield | 3.322 % | |
| Free Cash Flow Yield QoQ | 9670.588 % | |
| Free Cash Flow Yield YoY | 17.801 % | |
| Free Cash Flow Yield IPRWA | high: 17.702 % OWL: 3.322 % mean: 1.744 % median: 1.35 % low: -16.617 % |
|
| Free Cash Growth | 9614.131 % | |
| Free Cash Growth QoQ | -9847.575 % | |
| Free Cash Growth YoY | 1631.072 % | |
| Free Cash Growth IPRWA | OWL: 9614.131 % high: 579.954 % median: -51.153 % mean: -71.529 % low: -602.593 % |
|
| Free Cash To Net Income | 23.669 | |
| Cash Flow Margin | 16.415 % | |
| Cash Flow To Earnings | 6.623 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.142 % | |
| Return On Assets QoQ | 121.875 % | |
| Return On Assets YoY | -60.989 % | |
| Return On Assets IPRWA | high: 6.322 % mean: 1.293 % median: 0.582 % OWL: 0.142 % low: -5.111 % |
|
| Return On Capital Employed (ROCE) | 1.073 % | |
| Return On Equity (ROE) | 0.007 | |
| Return On Equity QoQ | 133.019 % | |
| Return On Equity YoY | -61.863 % | |
| Return On Equity IPRWA | high: 0.177 mean: 0.058 median: 0.038 OWL: 0.007 low: -0.151 |
|
| DuPont ROE | 0.744 % | |
| Return On Invested Capital (ROIC) | 1.892 % | |
| Return On Invested Capital QoQ | 45.875 % | |
| Return On Invested Capital YoY | -101.003 % | |
| Return On Invested Capital IPRWA | high: 16.804 % median: 5.813 % mean: 4.984 % OWL: 1.892 % low: -11.843 % |
|