Latest Ratios: P/E Ratio 5.2x · EV/EBITDA 14.4x · ROE 12.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $6.0B | — | — | — | — | — |
| Enterprise Value | $10.5B | $12.2B | — | — | — | — | — |
| P/E Ratio → | 5.18 | 8.26 | — | — | — | — | — |
| P/S Ratio | 5.62 | 7.92 | — | — | — | — | — |
| P/B Ratio | 0.46 | 0.74 | — | — | — | — | — |
| P/FCF | 4.57 | 6.44 | — | — | — | — | — |
| P/OCF | 4.57 | 6.44 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.29 | — | — | — | — | — |
| EV / EBITDA | 14.42 | 16.80 | — | — | — | — | — |
| EV / EBIT | 14.42 | 16.80 | — | — | — | — | — |
| EV / FCF | — | 13.25 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 72.6% | 72.6% | 65.8% | 68.3% | 28.4% | 84.3% | 79.9% |
| Operating Margin | 67.9% | 67.9% | 61.6% | 64.4% | 15.3% | 80.0% | 71.7% |
| Net Profit Margin | 67.1% | 67.1% | 59.5% | 62.8% | 10.8% | 79.1% | 71.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 8.9% | 10.7% | 0.5% | 16.9% | 8.2% |
| ROA | 6.7% | 6.7% | 4.8% | 5.5% | 0.3% | 9.0% | 3.9% |
| ROIC | 5.2% | 5.2% | 3.8% | 4.4% | 0.3% | 6.9% | — |
| ROCE | 6.8% | 6.8% | 5.0% | 5.8% | 0.4% | 9.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.80 | 0.83 | 0.93 | 0.75 | 1.08 |
| Debt / EBITDA | 8.63 | 8.63 | 5.67 | 5.22 | 20.64 | 5.14 | 10.33 |
| Net Debt / Equity | — | 0.78 | 0.73 | 0.70 | 0.87 | 0.72 | 1.02 |
| Net Debt / EBITDA | 8.63 | 8.63 | 5.17 | 4.39 | 19.31 | 4.93 | 9.80 |
| Debt / FCF | — | 6.80 | 11.98 | 3.50 | — | — | 26.21 |
| Interest Coverage | 2.27 | 2.27 | 2.80 | 3.03 | 1.21 | 6.09 | 4.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 2.46 | 5.14 | 4.25 | 3.51 | — |
| Quick Ratio | — | — | 2.46 | 5.14 | 4.25 | 3.51 | — |
| Cash Ratio | — | — | 2.08 | 4.64 | 3.44 | 2.49 | — |
| Asset Turnover | — | 0.07 | 0.08 | 0.09 | 0.03 | 0.09 | 0.05 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.5% | 6.6% | — | — | — | — | — |
| Payout Ratio | 54.7% | 54.7% | 72.0% | 56.5% | 717.5% | 19.6% | 40.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.3% | 12.1% | — | — | — | — | — |
| FCF Yield | 21.9% | 15.5% | — | — | — | — | — |
| Buyback Yield | 1.7% | 1.2% | — | — | — | — | — |
| Total Shareholder Yield | 12.3% | 7.8% | — | — | — | — | — |
| Shares Outstanding | — | $409M | $210M | $205M | $201M | $201M | $201M |
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying OTF stock.
Blue Owl Technology Finance Corp.'s current P/E ratio is 5.2x. The historical average is 8.3x.
Blue Owl Technology Finance Corp.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.8x.
Blue Owl Technology Finance Corp.'s return on equity (ROE) is 12.3%. The historical average is 9.6%.
Based on historical data, Blue Owl Technology Finance Corp. is trading at a P/E of 5.2x. Compare with industry peers and growth rates for a complete picture.
Blue Owl Technology Finance Corp.'s current dividend yield is 10.54% with a payout ratio of 54.7%.
Blue Owl Technology Finance Corp. has 72.6% gross margin and 67.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Blue Owl Technology Finance Corp.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Provision volatility and NII swings
Metrics are mathematically derived from official filings.
Deep Discount Reflects Earnings Distress
OTF trades at 0.58x book value and 6.47x trailing earnings, a steep discount to peers like ARCC at 0.98x, suggesting the market prices in elevated credit risk and earnings instability, per reported figures.
The P/B of 0.58x is well below the peer median of approximately 0.79x, implying the market assigns a significant risk premium to OTF's balance sheet. The forward P/E of 9.11x versus trailing 6.47x indicates expected earnings normalization, but the low multiple still reflects skepticism about sustainable profitability. The 8.4% dividend yield, while attractive, may be unsustainable given the negative operating cash flow in 2026Q2, as per cash flow data.
ROE Volatility Masks Core Weakness
ROE swung from -2.8% in 2026Q1 to 1.8% in 2026Q2, driven by negative provisions and volatile non-interest income, while NIM compressed to 1.5%, indicating underlying profitability is strained, based on financial statements.
The DuPont decomposition reveals that ROE is heavily influenced by non-recurring items: negative provisions of $108.8M in 2026Q2 and a 13.7% fee income contribution mask the collapse in net interest income to zero. The efficiency ratio spiked to 116.8% in 2026Q1, indicating that core operations are not covering expenses without credit recoveries. Investors should monitor whether ROE can stabilize above the cost of equity, which appears unlikely given the current asset mix.
NIM Compression and Efficiency Spike
Net interest margin fell from 1.7% in 2025Q4 to 1.5% in 2026Q1, while the efficiency ratio deteriorated to 116.8%, reflecting a sharp revenue decline relative to expenses, as reported in financial statements.
The NIM decline suggests asset yields are falling faster than funding costs, a concern given the wholesale funding reliance. The efficiency ratio's volatility—from 5.3% to 116.8%—indicates that operating leverage is poor and that fixed costs are not being absorbed by revenue. This may indicate that the investment portfolio is not generating sufficient interest income to support the cost base, warranting close monitoring of future NIM trends.
Equity Cushion Thins as Assets Grow
Equity-to-assets ratio declined from 0.54 in 2024Q4 to 0.50 in 2026Q2, while total assets surged 125% to $15.1B, indicating a thinner capital buffer relative to growth, based on balance sheet data.
The declining equity ratio suggests that asset growth is outpacing retained earnings, potentially limiting future capital return capacity. With no deposit base and reliance on wholesale funding, the leverage ratio is a key risk indicator. The negative operating cash flow in 2026Q2 implies that dividend payments may be funded by debt or asset sales, which could further erode capital adequacy if sustained.
Credit Recoveries Mask Underlying Risk
Negative provisions of $108.8M in 2026Q2 boosted earnings, but the collapse in net interest income to zero suggests that credit quality improvements may be offsetting core revenue deterioration, as per SEC filings.
The reliance on negative provisions to achieve profitability is a red flag, as it may indicate that the portfolio is not generating sufficient interest income. The volatility in non-interest income, including a -155.6% fee percentage in 2024Q2, suggests that earnings quality is low. Investors should assess whether reserve releases are sustainable or if they signal a shrinking loan book, which could impair future earnings.
P/E Misleads on Earnings Quality
The trailing P/E of 6.47x appears cheap, but it is distorted by negative provisions and volatile non-interest income, obscuring the collapse in net interest income, as reported in financial statements.
For BDCs like OTF, P/E is often misapplied because earnings are heavily influenced by unrealized gains/losses and provision reversals. A more appropriate metric is P/B adjusted for credit quality, or price-to-tangible book value, which currently stands at 0.58x. Investors should also consider the sustainability of the dividend yield, which may be at risk given negative operating cash flow, and focus on core NII trends rather than headline earnings.