The firm maintains robust operational efficiency with gross margins frequently exceeding 90%, though net income remains volatile due to non-operating items and tax obligations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 625.49M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 567.71M | 647.56M | 738.2M | 561.37M | 315.8M | 819.52M | 181.01M | 681.48M | 977.15M | 1.01B | 944.42M | 1.03B | 1.9B | 3.7B | 4.7B | 4.47B | 5.16B | 2.23B |
| Gross Margin % | 90.76% | 88.49% | 87.73% | 73.67% | 64.27% | 54.86% | 56.09% | 73.98% | 70.84% | 68.79% | 82.06% | 73.44% | 81.69% | 99.81% | 99.84% | 99.85% | 99.87% | 99.7% |
| Gross Profit Growth % | - | -12.28% | 31.5% | 77.76% | -61.47% | 352.74% | -73.44% | -30.26% | -3.2% | 6.88% | -8.4% | -45.73% | -48.59% | -21.34% | 5.13% | -13.41% | 131.12% | - |
| Operating Expenses | -92.54M | 35.7M | -148.63M | -29.07M | 191.26M | 95.98M | 368.46M | 779.07M | 775.54M | 502.82M | 704.56M | 4.58B | 1.64B | -678.6M | -6.18M | 4.7B | -190.54M | -9.69B |
| OpEx % of Revenue | - | 4.88% | -17.66% | -3.82% | 38.92% | 6.43% | 114.17% | 84.58% | 56.22% | 34.26% | 61.22% | 325.91% | 70.63% | -18.33% | -0.13% | 105.11% | -3.69% | -432.8% |
| Selling, General & Admin | 1.98M | 3.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 0.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 660.25M | 611.86M | 886.84M | 590.44M | 124.54M | 723.53M | -187.45M | -97.59M | 201.61M | 506.6M | 239.86M | -3.54B | 257.35M | 4.37B | 4.7B | -235.41M | 5.35B | 11.93B |
| Operating Margin % | 105.56% | 83.61% | 105.4% | 77.49% | 25.35% | 48.44% | -58.08% | -10.59% | 14.62% | 34.52% | 20.84% | -252.48% | 11.07% | 118.14% | 99.97% | -5.26% | 103.56% | 532.49% |
| Operating Income Growth % | - | -31.01% | 50.2% | 374.1% | -82.79% | 485.98% | -92.08% | -148.41% | -60.2% | 111.21% | 106.77% | -1477.39% | -94.12% | -7.02% | 2098.49% | -104.4% | -55.13% | - |
| EBITDA | 660.25M | 611.86M | 886.84M | 590.44M | 126.12M | 725.87M | -185.4M | -77.3M | 227.47M | 522.37M | 256.08M | -3.53B | 265.36M | 4.38B | 4.71B | -228.82M | 5.36B | 11.93B |
| EBITDA Margin % | 105.56% | 83.61% | 105.4% | 77.49% | 25.67% | 48.59% | -57.45% | -8.39% | 16.49% | 35.6% | 22.25% | -251.48% | 11.41% | 118.33% | 100.13% | -5.11% | 103.69% | 532.8% |
| EBITDA Growth % | -2.77% | -31.01% | 50.2% | 368.16% | -82.63% | 491.51% | -139.84% | -133.98% | -56.45% | 103.99% | 107.25% | -1430.57% | -93.94% | -7.02% | 2159.22% | -104.27% | -55.1% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 1.58M | 2.33M | 2.05M | 20.29M | 25.86M | 15.78M | 16.22M | 14.02M | 8M | 7.12M | 7.4M | 6.58M | 6.48M | 6.79M |
| EBIT | 549.45M | 611.86M | 886.84M | 590.44M | 726.42M | 1.33B | 249.63M | 594.12M | 649.43M | 1.07B | 729.23M | -1.3B | 2.32B | 6.3B | 6.75B | -236.61M | 5.36B | 11.93B |
| Net Interest Income | 481.58M | 590.9M | 548.99M | 357.32M | 309.44M | 233.99M | 160.52M | 171.71M | 127.04M | 255.01M | 229.76M | 1.79B | 1.8B | 1.8B | 1.95B | 2.52B | 2.32B | 1.8B |
| Interest Income | 536.1M | 679.55M | 648.76M | 407.6M | 557.84M | 389.25M | 318.21M | 368.87M | 287.15M | 424.89M | 350.37M | 2.01B | 1.93B | 1.86B | 1.99B | 2.58B | 2.38B | 1.84B |
| Interest Expense | 35.03M | 88.65M | 99.77M | 50.27M | 248.4M | 155.26M | 157.69M | 197.16M | 160.11M | 169.89M | 120.61M | 216.8M | 129.94M | 61.16M | 45.77M | 50.94M | 55.92M | 34.94M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 622.28M | 523.22M | 787.06M | 540.17M | 478.02M | 1.17B | 91.95M | 396.96M | 489.32M | 904.92M | 608.62M | -1.52B | 2.19B | 6.24B | 6.7B | -287.56M | 5.31B | 11.89B |
| Pretax Margin % | 99.49% | 71.49% | 93.54% | 70.89% | 97.28% | 78.31% | 28.49% | 43.1% | 35.47% | 61.67% | 52.88% | -107.94% | 94.35% | 168.44% | 142.45% | -6.42% | 102.7% | 530.93% |
| Income Tax | 94.92M | 0 | 0 | 0 | 14.93M | 12.39M | 8.21M | 9.62M | 24.78M | 215.44M | 42.52M | 17.55M | 18.54M | 26.23M | 30.86M | 21.09M | 26.4M | 18.27M |
| Effective Tax Rate % | 15.25% | 0% | 0% | 0% | 3.12% | 1.06% | 8.93% | 2.42% | 5.06% | 23.81% | 6.99% | -1.16% | 0.84% | 0.42% | 0.46% | -7.33% | 0.5% | 0.15% |
| Net Income | 286.67M | 249.24M | 307.52M | 221.18M | 203.65M | 631.66M | 165.72M | 154.84M | 223.42M | 231.49M | 194.71M | 71.35M | 126.28M | 222M | 107.81M | -95.97M | -49.45M | -57.06M |
| Net Margin % | 45.83% | 34.06% | 36.55% | 29.03% | 41.44% | 42.28% | 51.35% | 16.81% | 16.2% | 15.77% | 16.92% | 5.08% | 5.43% | 6% | 2.29% | -2.14% | -0.96% | -2.55% |
| Net Income Growth % | 30.95% | -18.95% | 39.04% | 8.61% | -67.76% | 281.16% | 7.03% | -30.7% | -3.49% | 18.89% | 172.89% | -43.5% | -43.12% | 105.92% | 212.33% | -94.06% | 13.33% | - |
| Net Income (Continuing) | 494.93M | 523.22M | 787.06M | 540.17M | 463.09M | 1.16B | 83.73M | 387.34M | 464.55M | 689.48M | 566.1M | -1.53B | 2.18B | 6.21B | 6.67B | -308.64M | 5.28B | 11.87B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.39B | 3.07B | 3.07B | 3.67B | 2.54B | 2.34B | 1.26B | 5.12B | 1.09B | 1.15B | 1.08B | 1.07B | 1.29B | 1.23B | 1.09B | 935.86M | 45.5B | 40.22B |
| EPS (Diluted) | - | 1.88 | 2.45 | 1.80 | 1.73 | 6.10 | 1.40 | 1.59 | 2.99 | 3.61 | 3.11 | 1.45 | 2.97 | 6.35 | 3.83 | -3.18 | -1.64 | -1.89 |
| EPS Growth % | 21.47% | -23.27% | 36.11% | 4.05% | -71.64% | 335.71% | -12.12% | -46.79% | -17.07% | 16.08% | 114.48% | -51.18% | -53.23% | 65.8% | 220.44% | -94.06% | 13.32% | - |
| EPS (Basic) | - | 1.88 | 2.45 | 1.80 | 1.73 | 6.10 | 1.40 | 1.59 | 2.99 | 3.61 | 3.11 | 1.45 | 2.97 | 6.35 | 3.83 | -3.18 | -1.64 | -1.89 |
| Diluted Shares Outstanding | 0 | 118.67M | 114.45M | 107.59M | 102.04M | 99.03M | 98.51M | 80.05M | 70.53M | 64.15M | 62.56M | 49.32M | 42.58M | 34.98M | 28.17M | 30.18M | 30.18M | 30.18M |
| Basic Shares Outstanding | 0 | 118.67M | 114.45M | 107.59M | 102.04M | 99.03M | 98.51M | 80.05M | 70.53M | 64.15M | 62.56M | 49.32M | 42.58M | 34.98M | 28.17M | 30.18M | 30.18M | 30.18M |
| Dividend Payout Ratio | - | - | 3.14% | 56.34% | 107% | 78.05% | 58.6% | 301.44% | 221.76% | 242.79% | 202.6% | 522.3% | 436.18% | 352.21% | 393.35% | - | - | - |
Cyclical performance fee volatility
As evidenced by the quarterly revenue fluctuations ranging from $32.5 million to $351.1 million, OAK-PA's top-line trajectory remains highly sensitive to the timing of fund realizations, suggesting that investors should monitor the underlying performance fee cycle rather than relying on short-term revenue growth trends.
The significant variance in quarterly revenue highlights the firm's reliance on episodic incentive income rather than purely recurring management fees. This pattern suggests that the business model is inherently lumpy, making period-over-period growth comparisons less indicative of long-term operational health than the underlying fee-earning asset base.
According to the provided income statement data, OAK-PA maintains robust gross margins that frequently exceed 90%, which underscores the firm's ability to scale its asset management operations without incurring proportional increases in direct costs, despite the inherent volatility of its performance-based revenue streams.
The high gross margin profile suggests that the firm possesses significant operating leverage, provided that the intellectual capital required to manage distressed assets remains stable. However, the occasional compression in margins warrants further investigation into whether these periods reflect shifts in fund mix or temporary increases in direct investment-related expenses.
Based on the reported financial figures, the disparity between operating income and net income, exemplified by the 2025Q1 net loss despite positive operating income, suggests that non-operating items and tax obligations significantly impact the bottom line, potentially obscuring the true cash-generating capacity of the preferred units.
The volatility in net income relative to operating income indicates that investors should focus on distributable earnings rather than GAAP net income to assess dividend coverage. The presence of significant non-operating charges may imply that the firm's capital structure or tax positioning creates a persistent drag on earnings available to preferred unit holders.
As reported in recent financial statements, the firm's minimal cash position of approximately $6.8 million relative to its revenue scale suggests a potential reliance on external liquidity, which may pose a risk to consistent distribution payments if market conditions limit the firm's ability to harvest gains.
While the firm's low debt-to-equity ratio is often cited as a strength, the lack of significant cash on hand may limit the firm's flexibility during periods of market stress. This vulnerability suggests that the firm's ability to meet its obligations is heavily contingent on the timely realization of performance fees from its credit portfolios.
Quick answers to the most common questions about buying OAK-PA stock.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) is profitable, generating $249.2M in net income for the fiscal year ending 2025 with a net profit margin of 34.1%.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) reported an operating income of $611.9M, resulting in an operating profit margin of 83.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) generated $647.6M in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.