OBDC
Blue Owl Capital Corporation
OBDC's fundamentals are mixed, but it looks expensive: trading at 16x earnings, above its usual 9.4x. Analysts expect earnings to hold roughly steady.
OBDC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
OBDC's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like OBDC.
OBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $5.31 | -51% |
| Forward | 8.2x | $10.90 | — |
| Fair | 9.4x | $6.39 | -41% |
| Expensive | 16x | $11.04 | +1.3% |
| Current | 16x | $10.90 | — |
Historical ranges are pointers, not guarantees.
OBDC's PE is in its expensive range at 16x. On analysts' estimates for next year's earnings, today's price would be 8.2x, in its cheap range.
OBDC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect OBDC's profitability to improve, with its earnings and revenue holding steady.
OBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.34 | +96% |
| Q3 2026 | $0.68 | -52% |
| Q2 2026 | $0.56 | -63% |
| Q1 2026 | $0.70 | -55% |
| Q4 2025 | $1.24 | -19% |
| Q3 2025 | $1.41 | -12% |
| Q2 2025 | $1.51 | -16% |
| Q1 2025 | $1.55 | -22% |
| Q4 2024 | $1.53 | -25% |
OBDC's earnings per share have fallen from their peak: $0.68 over the past year, against $2.22 in early 2021.
OBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $39.8M | -81% |
| Q1 2022 | $112.4M | -48% |
| Q4 2021 | $241.8M | +6% |
| Q3 2021 | $212.7M | -2% |
| Q2 2021 | $212.4M | -31% |
| Q4 2020 | $228M | +64% |
OBDC's revenue has slid since its 2020 peak: $40M last quarter, down 81% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -84% | -155 points |
| Q1 2022 | 40% | -35 points |
| Q4 2021 | 72% | -9.2 points |
| Q3 2021 | 70% | -29 points |
| Q2 2021 | 72% | -27 points |
| Q1 2021 | 75% | N/A |
| Q4 2020 | 82% | -19 points |
| Q3 2020 | 99% | N/A |
OBDC's operating margin was −84% last quarter, down 155 points from the same quarter a year ago, near the bottom of its range since 2019.
OBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $62.6M | +$193.5M |
| Q2 2026 | $547.3M | -46% |
| Q1 2026 | $967.4M | +2384% |
| Q4 2025 | $822.9M | +85% |
| Q3 2025 | -$131M | -$127.4M |
| Q2 2025 | $1B | +$1.7B |
| Q1 2025 | $38.9M | -91% |
| Q4 2024 | $446M | +7.8% |
OBDC's free cash flow was $2.4B over the past year, up 76% from the year before. Free cash flow isn't a meaningful measure for financial services companies like OBDC.
OBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -3.1M shares |
| 1 year | -3.7% | -18.8M shares |
| 3 years | +26% | +102M shares |
| 5 years | +26% | +100M shares |
| Available history | +26% | +103M shares |
OBDC has 492M diluted shares, down 3.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $35.2M |
| Q2 2026 | $35.1M |
| Q1 2026 | $35.2M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
OBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 19.9x | High |
| Q1 2022 | 12.8x | High |
| Q4 2021 | 10.3x | High |
| Q3 2021 | 9.5x | High |
| Q2 2021 | 8.1x | High |
| Q1 2021 | 6.1x | High |
| Q4 2020 | 12.6x | High |
| Q3 2020 | 11.8x | High |
OBDC's net debt is about 20 years of its operating earnings (EBITDA), up from 8.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like OBDC.
OBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 42.9 | Neutral |
OBDC's weekly RSI is 49 (neutral) and its Stochastic is 43 (neutral).
OBDC PE vs Financial Services Sector
| Metric | OBDC | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 23% above |
| PE % | 82 | 63 | 19 pts above |
OBDC is trading at 16x earnings, a 23% premium to the Financial Services sector's median of 13x.
OBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.5 | 4.3% above |
| 20 week MA | $10.9 | 0.2% above |
| 50 week MA | $11.3 | 3.9% below |
| 100 week MA | $12.8 | 15% below |
| 200 week MA | $13.6 | 20% below |
OBDC has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 20% below its 200-week average.
OBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.1 | $13.0 | -32% |
| 2021 | $13.0 | $14.4 | +11% |
| 2022 | $14.4 | $11.9 | -18% |
| 2023 | $11.9 | $14.8 | +24% |
| 2024 | $14.8 | $15.5 | +4.8% |
| 2025 | $15.5 | $12.7 | -18% |
| 2026 YTD | $12.7 | $10.9 | -14% |
OBDC has finished lower in three of the last six years. It's down 14% so far in 2026.