Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 15.3x · 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 | $4.9B | $6.0B | — | — | — | — | — |
| Enterprise Value | $11.1B | $12.2B | — | — | — | — | — |
| P/E Ratio → | 5.97 | 8.26 | — | — | — | — | — |
| P/S Ratio | 4.53 | 5.55 | — | — | — | — | — |
| P/B Ratio | 0.54 | 0.74 | — | — | — | — | — |
| P/FCF | 5.26 | 6.44 | — | — | — | — | — |
| P/OCF | 5.26 | 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 | — | 11.41 | — | — | — | — | — |
| EV / EBITDA | 15.30 | 16.80 | — | — | — | — | — |
| EV / EBIT | 15.30 | 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 | 9.2% | — | — | — | — | — | — |
| Payout Ratio | 54.7% | 54.7% | — | 56.5% | 717.5% | 19.6% | 40.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.7% | 12.1% | — | — | — | — | — |
| FCF Yield | 19.0% | 15.5% | — | — | — | — | — |
| Buyback Yield | 1.5% | — | — | — | — | — | — |
| Total Shareholder Yield | 10.7% | — | — | — | — | — | — |
| Shares Outstanding | — | $409M | $210M | $205M | $201M | $201M | $201M |
Portfolio Credit Quality Volatility
According to current market data, OTF trades at a P/B of 0.54, which, when compared to peers like HTGC at 1.37, suggests that investors are heavily discounting the firm's net asset value due to concerns regarding the underlying quality and liquidity of its technology-focused loan portfolio.
The low P/B ratio relative to the broader BDC peer group indicates that the market is pricing in significant potential for future write-downs of Level 3 assets. This valuation discount appears to reflect a lack of investor confidence in the sustainability of the firm's earnings power, particularly given the recent volatility in net margins.
Based on reported financial statements, OTF's ROIC has fluctuated from a peak of 2.2% in 2025Q3 to a negative 0.8% in 2026Q1, illustrating a pattern of decaying returns that suggests the firm is struggling to deploy capital effectively within its specialized technology-lending mandate.
The inability to maintain positive returns on invested capital over consecutive quarters points to potential inefficiencies in the underwriting process or adverse selection in the deal-sourcing funnel. Investors should monitor whether these declining returns are a structural byproduct of the firm's rapid scaling or a temporary consequence of the current credit cycle.
As reported in recent filings, OTF's DSO has shown significant variability, ranging from 19 to 88 days, which indicates that the firm's cash collection process is inconsistent and potentially sensitive to the liquidity constraints of its underlying software-focused borrower base compared to more stable industry peers.
The erratic nature of the cash conversion cycle suggests that the firm may be experiencing delays in interest recognition or fee collection, which complicates the predictability of cash inflows. This lack of operational consistency warrants further investigation into the credit terms extended to borrowers and the firm's internal collection protocols.
Based on the latest quarterly data, OTF's cash position has dwindled to a nominal $667,000, a stark departure from historical levels that leaves the firm with virtually no margin for error should it face unexpected capital calls or a sudden increase in non-accrual events.
The current liquidity profile appears highly vulnerable, as the firm lacks the cash reserves typically required to navigate periods of market stress or to fund new investment commitments without immediate external financing. This reliance on external capital markets for liquidity creates a significant risk factor that could force dilutive equity issuance.
Investors frequently misapply the 9.2% dividend yield as a proxy for sustainable income, yet as indicated by the firm's negative net margins and erratic cash flow, this yield may be supported by capital recycling rather than recurring, high-quality interest income from the underlying loan portfolio.
The dividend yield is often misinterpreted as a sign of financial strength, but in the context of OTF's volatile earnings, it may actually obscure the underlying erosion of the firm's capital base. Analysts should prioritize the analysis of Net Investment Income (NII) coverage ratios over simple yield metrics to better assess the true sustainability of distributions.
Includes 30+ ratios · 6 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OTF stock.
Blue Owl Technology Finance Corp.'s current P/E ratio is 6.0x. The historical average is 8.3x.
Blue Owl Technology Finance Corp.'s current EV/EBITDA is 15.3x. 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 6.0x. Compare with industry peers and growth rates for a complete picture.
Blue Owl Technology Finance Corp.'s current dividend yield is 9.15% 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.