Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 11.9x · ROE 9.4%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.4B | $6.3B | $5.9B | $5.8B | $4.6B | $5.6B | $4.9B | $5.8B | — | — | — |
| Enterprise Value | $14.7B | $15.6B | $12.9B | $12.3B | $11.5B | $12.2B | $9.9B | $8.5B | — | — | — |
| P/E Ratio → | 8.83 | 10.02 | 9.88 | 7.27 | 9.79 | 8.91 | 12.66 | 11.69 | — | — | — |
| P/S Ratio | 5.03 | 5.82 | 8.86 | 6.66 | 8.50 | 8.05 | 16.26 | 12.72 | — | — | — |
| P/B Ratio | 0.75 | 0.85 | 0.99 | 0.96 | 0.77 | 0.94 | 0.86 | 0.97 | — | — | — |
| P/FCF | 3.12 | 3.61 | 36.81 | 11.19 | 10.74 | — | — | 13.25 | — | — | — |
| P/OCF | 3.12 | 3.61 | 36.81 | 11.19 | 10.74 | — | — | 13.25 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.41 | 19.41 | 14.19 | 21.44 | 17.70 | 32.60 | 18.69 | — | — | — |
| EV / EBITDA | 11.87 | 12.56 | 21.28 | 15.13 | 24.12 | 18.41 | 24.02 | 17.07 | — | — | — |
| EV / EBIT | 11.98 | 12.56 | 21.28 | 15.13 | 24.12 | 19.15 | 25.07 | 17.07 | — | — | — |
| EV / FCF | — | 8.95 | 80.67 | 23.84 | 27.10 | — | — | 19.48 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.3% | 75.3% | 60.5% | 67.8% | 66.2% | 78.2% | 68.9% | 78.5% | 75.7% | 84.2% | 91.4% |
| Operating Margin | 73.2% | 73.2% | 55.2% | 63.6% | 58.9% | 72.3% | 89.6% | 85.9% | 69.3% | 74.9% | 62.5% |
| Net Profit Margin | 37.4% | 37.4% | 54.1% | 62.2% | 57.7% | 70.8% | 88.3% | 85.6% | 68.9% | 74.8% | 61.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 9.9% | 13.3% | 7.9% | 10.7% | 6.6% | 10.8% | 8.5% | 9.6% | 2.4% |
| ROA | 4.0% | 4.0% | 4.3% | 5.9% | 3.5% | 5.1% | 3.8% | 6.6% | 4.8% | 5.7% | 1.4% |
| ROIC | 6.1% | 6.1% | 3.4% | 4.6% | 2.7% | 4.0% | 2.9% | 5.1% | 3.7% | 4.4% | 1.1% |
| ROCE | 7.9% | 7.9% | 4.5% | 6.0% | 3.6% | 5.2% | 3.9% | 6.7% | 4.9% | 5.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 1.25 | 1.18 | 1.24 | 1.19 | 0.92 | 0.51 | 0.79 | 0.62 | 0.72 |
| Debt / EBITDA | 7.50 | 7.50 | 12.28 | 8.73 | 15.29 | 10.67 | 12.89 | 6.08 | 12.63 | 8.85 | 28.95 |
| Net Debt / Equity | — | 1.26 | 1.18 | 1.08 | 1.18 | 1.12 | 0.86 | 0.46 | 0.75 | 0.61 | 0.42 |
| Net Debt / EBITDA | 7.49 | 7.49 | 11.57 | 8.02 | 14.56 | 10.03 | 12.04 | 5.46 | 12.03 | 8.68 | 16.63 |
| Debt / FCF | — | 5.33 | 43.85 | 12.65 | 16.36 | — | — | 6.23 | — | — | — |
| Interest Coverage | 2.08 | 2.08 | 1.40 | 1.97 | 1.74 | 3.31 | 2.88 | 3.99 | 2.85 | 4.73 | 7.25 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 4.08 | 5.21 | 3.69 | 4.38 | 2.98 | 2.89 | 1.97 | 1.52 | — |
| Quick Ratio | — | — | 4.08 | 5.21 | 3.69 | 4.38 | 2.98 | 2.89 | 1.97 | 1.52 | — |
| Cash Ratio | — | — | 2.99 | 4.20 | 2.69 | 3.49 | 2.30 | 2.26 | 1.49 | 0.52 | — |
| Asset Turnover | — | 0.10 | 0.08 | 0.09 | 0.06 | 0.07 | 0.04 | 0.06 | 0.05 | 0.06 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.6% | 12.0% | 11.1% | 10.7% | 10.7% | 7.8% | 7.5% | 3.8% | — | — | — |
| Payout Ratio | 119.9% | 119.9% | 110.2% | 77.3% | 104.7% | 69.3% | 94.9% | 44.4% | 44.5% | 27.1% | 9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.3% | 10.0% | 10.1% | 13.8% | 10.2% | 11.2% | 7.9% | 8.6% | — | — | — |
| FCF Yield | 32.0% | 27.7% | 2.7% | 8.9% | 9.3% | — | — | 7.5% | — | — | — |
| Buyback Yield | 2.7% | 2.4% | 0.0% | 0.6% | 0.6% | 0.0% | 3.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 16.3% | 14.3% | 11.1% | 11.2% | 11.3% | 7.8% | 10.5% | 3.8% | — | — | — |
| Shares Outstanding | — | $506M | $390M | $390M | $394M | $392M | $389M | $325M | $136M | $259M | $285M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying OBDC stock.
Blue Owl Capital Corporation's current P/E ratio is 8.8x. The historical average is 10.0x. This places it at the 14th percentile of its historical range.
Blue Owl Capital Corporation's current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Blue Owl Capital Corporation's return on equity (ROE) is 9.4%. The historical average is 8.9%.
Based on historical data, Blue Owl Capital Corporation is trading at a P/E of 8.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Blue Owl Capital Corporation's current dividend yield is 13.58% with a payout ratio of 119.9%.
Blue Owl Capital Corporation has 75.3% gross margin and 73.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Blue Owl Capital Corporation's Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
NII volatility and negative fee income
Metrics are mathematically derived from official filings.
Discount Deepens as Earnings Falter
OBDC trades at 0.79x book value, a steep discount to peers like ARCC at 0.98x, reflecting market skepticism about earnings sustainability. According to the latest quarterly data, the P/B has compressed from 14.19x in 2026Q2, indicating a re-rating.
The P/B of 0.79x implies the market prices OBDC as a commodity balance sheet rather than a premium franchise, consistent with its declining ROE and NIM compression. The forward P/E of 9.07x suggests investors expect earnings to stabilize, but the 12.9% dividend yield may be unsustainable if NII continues to deteriorate. The discount to tangible book value (P/TBV of 0.79x) may indicate concerns about asset quality or the sustainability of the dividend.
ROE Collapses on Margin and Fee Pressures
ROE fell to 0.9% in 2026Q2 from 3.5% in 2025Q1, as per reported figures, driven by a NIM of just 1.0% and negative fee income. The DuPont decomposition shows leverage (equity/assets of 0.46) is not the issue; profitability is.
The DuPont analysis reveals that OBDC's ROE is being crushed by a combination of thin net interest margins and negative non-interest income, which offset the benefits of high leverage. The efficiency ratio spiked to 25.3% in 2026Q2, but this is misleading because it is driven by a revenue drop, not cost control. The negative fee income in five of the last six quarters suggests a structural reliance on NII, which is vulnerable to rate cuts.
NIM Compression Signals Rate Sensitivity
Net interest margin contracted to 1.0% in 2026Q2 from 1.6% in the prior quarter, as reported in financial statements, indicating a deteriorating spread environment. The efficiency ratio jumped to 25.3% from 9.8% in 2025Q4, reflecting revenue decline rather than cost growth.
The NIM compression is likely driven by falling asset yields as interest rates decline, while funding costs remain sticky. The efficiency ratio spike is a red flag because it indicates that operating expenses are not adjusting to the shrinking revenue base. Investors should monitor whether management can reduce expenses or reposition the portfolio to stabilize NIM.
Leverage Stable but Capital Return at Risk
Equity-to-assets ratio held steady at 0.46 in 2026Q2, as per reported figures, indicating a stable capital base despite asset shrinkage. However, the 12.9% dividend yield may be unsustainable if earnings continue to decline.
The stable leverage ratio suggests OBDC is not over-leveraged, but the capital adequacy is not the binding constraint; earnings are. The dividend payout appears to be funded by operating cash flow, which was $1.5B in 2026Q2, but this is not a reliable source if cash flow normalizes. The lack of provisioning in most quarters may indicate that reserves are being drawn down, which could threaten future capital.
Provision Reversals Mask Credit Trends
OBDC recorded a $40.8M provision benefit in 2026Q1, but no provisions in other quarters, according to SEC filings, suggesting possible reserve releases that may not be repeatable. This may indicate that credit quality is deteriorating but is being masked by accounting adjustments.
The absence of provisions in most quarters is unusual for a BDC, especially given the NII decline. The $40.8M benefit in 2026Q1 could be a one-time release of reserves, which would not be available to offset future losses. Investors should scrutinize the allowance for loan losses and charge-off trends to assess whether the current reserve levels are adequate.
P/E Misleads on Provision Volatility
The P/E ratio of 9.31x is misleading for OBDC because earnings are volatile due to provision reversals and negative fee income, as reported in financial statements. A more appropriate metric is P/B, which at 0.79x reflects the market's view of asset quality.
For BDCs, P/E can be distorted by non-recurring items such as provision reversals and realized gains/losses on investments. OBDC's P/E appears low, but this is not a sign of undervaluation; it is a reflection of depressed earnings. The P/B ratio is more meaningful because it captures the net asset value, which is the primary driver of BDC valuations. Investors should also consider the dividend yield, which at 12.9% may be unsustainable if earnings do not recover.