Blue Owl Capital Inc.

NYSE-OWL

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	16.2	23.3	14.9	10.6	14.9	11.4
Total Shares Outstanding	664.8	608.3	464.4	445.1	404.9	34.4
Market Cap	10,789.7	14,150.1	6,919.9	4,718.4	6,037.3	391.2
Total Enterprise Value (TEV)	18,312	20,655.2	12,566.2	10,459.1	11,441.4	742.5
Dividend Yield	5%	3%	3.7%	4.1%	4.2%	33%
Buyback Yield	0.7%	0.3%	0.3%	1.7%	—	-2.4%
Debt Paydown Yield	-6.3%	-6.5%	-0.8%	-9.6%	-13.5%	-17.7%
Shareholder Yield	-5.3%	-6.1%	-0.3%	-7.5%	-13.2%	-17.1%
P/S	3.9	6.2	4	3.4	7.3	1.6
P/Gross Profit	7.4	11.1	8	9.9	-9	43.1
P/E	270.5	116.3	149	-530	-11.1	-10.7
Earnings Yield	0.4%	0.9%	0.7%	-0.2%	-9%	-9.3%
P/OCF	9	14.2	7.3	6.5	21.4	74.7
P/FCF	9.4	15.1	7.9	7.1	21.8	85.4
FCF Yield	10.7%	6.6%	12.7%	14%	4.6%	1.2%
P/B	4.7	6.7	4.5	2.9	3.6	-0.8
EV/Sales	6.7	9	7.3	7.6	13.9	3
EV/Gross Profit	12.6	16.2	14.6	22	-17	81.7
EV/EBITDA	22.9	23.4	20	40.7	-14.1	-12.8
EV/EBIT	42.8	34	39.5	-4,212.3	-12.3	-12.6
EV/OCF	15.3	20.7	13.2	14.4	40.6	141.9
EV/FCF	15.9	22.1	14.3	15.8	41.4	162

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Dividend Yield	5%	3%	3.7%	4.1%	4.2%	33%
DPS	0.8	0.7	0.5	0.4	0.6	3.8
Payout Ratio	126.5%	336.1%	456.1%	-1,965.2%	-39.9%	-100.3%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	53.1%	55.7%	49.7%	34.7%	-81.7%	3.6%
Operating Margin	15.6%	26.4%	18.4%	-0.2%	-112.5%	-23.5%
EBITDA Margin	29.1%	38.4%	36.3%	18.7%	-98.6%	-23.2%
Net Profit Margin	8.2%	18.3%	12.7%	-2.9%	-218.8%	-33%
Effective Tax Rate	11.2%	10.4%	10.4%	18.9%	3.5%	0.1%
Pre-Tax Profit Margin	9.3%	20.4%	14.2%	-3.6%	-226.7%	-33%
Free Cash Flow Margin	41.9%	40.7%	50.9%	48.4%	33.5%	1.8%
OCF / Sales	43.6%	43.5%	54.8%	53.2%	34.2%	2.1%
OCF / Net Income	530.2%	237.7%	429.9%	-1,810.5%	-15.6%	-6.3%
FCF / OCF	96%	93.6%	92.8%	91%	98.1%	87.5%
FCF / Net Income	509%	222.5%	399.2%	-1,647.6%	-15.3%	-5.6%
FCF / EBITDA	143.9%	106.1%	140.2%	258.2%	-34%	-7.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	3.1%	5.6%	3.3%	-0%	-21.4%	-52.1%
Return on Assets	3.2%	5.5%	3.2%	-0%	-21.3%	-96.5%
Return on Equity	3.8%	7.6%	4.1%	-0.7%	-67.4%	32.9%
Return on Total Capital	5%	8.8%	4.9%	-0%	-30.8%	-32.3%
Return on Capital Employed	3.6%	6.5%	3.8%	-0%	-23.5%	81.1%
Return on Tangible Assets	5.8%	14.3%	9.3%	-2.1%	-219.2%	-135.6%
Payables Turnover	7.3	6.7	6.6	9.2	23.6	8.2
Days Payables Outstanding	50.1	54.7	55.6	39.8	15.5	44.3
Cash Conversion Cycle	-50.1	-54.7	-55.6	-39.8	-15.5	-44.3
Asset Turnover	0.2	0.2	0.2	0.2	0.2	4.1
Fixed Asset Turnover	7	7.6	6.8	8.8	19.2	—
CapEx to OCF	0	0.1	0.1	0.1	0	0.1
CapEx to Revenue	0	0	0	0	0	0
CapEx to Depreciation	0.1	0.2	0.2	0.3	0	1

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	3,776.9	2,978.8	2,000.8	1,864.6	1,262.6	356.4
Net Debt	3,639.6	2,826.8	1,896.6	1,796.5	1,220.1	344.8
Current Ratio	1.2	1.2	0.9	1	1.2	0.4
Quick Ratio	0.2	0.3	0.2	0.2	0.2	0
Cash Ratio	0.2	0.3	0.2	0.2	0.2	0
Debt Ratio	0.3	0.3	0.2	0.2	0.2	2.9
Assets to Equity	2	1.9	1.7	1.6	1.4	-0.2
Cash Flow to Debt Ratio	0.3	0.3	0.5	0.4	0.2	0
Long-term Debt to Assets	0.3	0.3	0.2	0.2	0.2	2.9
Intangibles to Total Assets	0.7	0.7	0.7	0.7	0.8	—
Net Current Asset Value	-9,378.8	-8,163.9	-6,818.1	-6,862.4	-6,335.7	-525
Goodwill / Assets	0.5	0.4	0.5	0.5	0.5	—
Debt / Equity	0.6	0.5	0.4	0.3	0.2	-0.7
Total Debt / Capitalization	0.5	0.4	0.3	0.3	0.2	1
Long Term Debt / Capitalization	0.5	0.4	0.3	0.3	0.2	1
Long-Term Debt / Equity	0.6	0.5	0.4	0.3	0.2	-0.7
Net Debt / EBITDA	4.6	3.2	3	7	-1.5	-5.9
EBIT / Interest Expense	2.8	5	4.2	-0	-33.5	-2.5
EBITDA / Interest Expense	5.1	7.2	8.3	4.3	-29.4	-2.4
(EBITDA - Capex) / Interest Expense	4.8	6.7	7.4	3.2	-29.6	-2.5

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	4.4	4.3	3.8	3.2	3.4	12
Basic EPS	0.1	0.2	0.1	-0	-1.3	-1
Diluted EPS	0.1	0.2	0.1	-0	-1.3	-1.1
Book Value per Share	3.7	4	3.4	3.7	6.9	-24.4
Tangible Book Value per Share	-10.1	-10.3	-10.6	-11.5	-21.2	-24.4
Cash per Share	0.2	0.3	0.2	0.2	0.2	0.6
Operating Cash Flow per Share	1.9	1.9	2.1	1.7	1.2	0.3
Free Cash Flow per Share	1.8	1.8	1.9	1.5	1.2	0.2
CapEx per Share	0.1	0.1	0.2	0.2	0	0
Weighted Avg. Shares Outstanding	621.4	530.6	451.9	421.3	239.4	20.8
Weighted Avg. Shares Outstanding Diluted	621.4	530.6	451.9	433.4	239.4	20.8

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
SG&A to Revenue	24.8%	18%	14%	16.1%	17%	27.1%
Stock-based Comp to Revenue	22.6%	13.6%	18.1%	30.7%	146.3%	—