The business behind the dividend
| Measure | OWL | Median | Formula |
|---|---|---|---|
| Return on equity | 3.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $44.53m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.20bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 12.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 2.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.51x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.6% | 5.2% | 3.6% | -0.6% | -22.6% | — | — | 3.6% |
| Return on capital employed | 6.3% | 9.9% | 7.7% | -1.5% | -65.8% | -22.8% | — | -1.5% |
| Operating margin | 12.1% | 20.4% | 14.2% | -3.6% | -226.7% | -33.0% | 10.8% | 10.8% |
| Net margin | 2.7% | 4.8% | 3.1% | -0.7% | -45.7% | -31.2% | 12.0% | 2.7% |
| Debt to equity | 1.51x | 1.22x | 1.10x | 1.01x | 0.71x | — | — | 1.10x |
| Current ratio | — | — | — | — | — | 8.99x | — | 8.99x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Blue OWL Capital pays out less than 7 of them. The median for that group is 19.5%, against this company’s 45.6%.
Closest on free cash flow
- Intercontinental Exchange (ICE) 25.8%
- Marsh & Mclennan Companies (MMC) 34.0%
- Lazard (LAZ) 38.3%
- Western Union (WU) 61.2%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →