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Held by 138 of 2,417 reporting institutions (92th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BX | $89.0B | 30.6× | — | 6.2× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 721 |
| APO | $68.4B | 20.9× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $42.7B | 13.5× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 444 |
| TROW | $22.2B | 11.2× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 372 |
| BEN | $16.1B | 34.8× | 25.3× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 189 |
| CG | $14.3B | 18.4× | 9.1× | 3.0× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 146 |
| EVR | $11.2B | 20.7× | — | 2.9× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 147 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 131 |
| HLI | $9.6B | 22.2× | 14.7× | 3.7× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 125 |
| MORN | $8.4B | 25.5× | 12.6× | 3.4× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 92 |
| TPG | $7.8B | 103.7× | 12.1× | 1.7× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 67 |
| OWL | $7.1B | 103.3× | 21.3× | 12.4× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 138 |
| VCTR | $6.8B | 27.1× | 13.8× | 5.2× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 88 |
| FHI | $4.4B | 11.4× | 7.9× | 2.4× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 96 |
| LAZ | $3.7B | 17.7× | 11.0× | 1.2× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 77 |
| CNS | $3.7B | 24.4× | 19.1× | 6.7× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 65 |
| APAM | $2.6B | 9.0× | 6.8× | 2.2× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 79 |
| RPC | $1.0B | 54.2× | 20.2× | 3.4× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| ABX | $828M | 23.5× | 11.1× | 3.5× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 19 |
| VRTS | $783M | 5.9× | 5.0× | 0.9× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 40 |
| GCMG | $773M | 30.1× | 7.0× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 18 |
| NOAH | $462M | 29.3× | — | 1.2× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 9 |
| HKHC | $405M | 80.4× | 30.2× | 5.6× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | — |
| WHG | $180M | 23.9× | 28.1× | 1.8× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 14 |
| RILY | $136M | 0.4× | 12.1× | 0.1× | 29.6% | 85.0% | 31.8% | -179% | 24.5% | 10.8× | 15 |
Peers = companies sharing OWL's sector (Investment Advice) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 46% of free cash flow, leaving room to grow it and fund buybacks. Last year: $546.7M dividends + $53.7M buybacks = $600.4M returned on $1.20B FCF.
4 consecutive years of dividend increases · 58%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $10.33 today, the market must believe free cash flow compounds 9.5%/yr for a decade (off $572.1M on the SBC-adjusted basis).
On the basis ($1.00B) the requirement is 1.4%/yr. The difference is what charging stock compensation costs.
The market's 9.5% is more conservative than its 6-yr track record.
Default is 11.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.68B shares (market data) · net debt $3.13B
mean -4066.9% · volatility σ 9116% · implied rate exceeded in 1/5 yrs
Central path = implied 9.5%/yr growth; shaded band = ±1σ (9116%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.9% on $3.32B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $567.8M 100.0% | $527.9M 100.0% | $387.3M 100.0% | $234.0M 100.0% | $823.9M 100.0% | $249.8M 100.0% | $190.8M 100.0% |
| Selling, General & Admin | $747.9M 131.7% | $412.9M 78.2% | $242.8M 62.7% | $220.6M 94.3% | $140.3M 17.0% | $67.8M 27.1% | $51.7M 27.1% |
| Total Operating Expenses | $2.41B 425.2% | $1.69B 319.9% | $1.41B 365.0% | $1.37B 586.4% | $1.75B 212.5% | $308.5M 123.5% | $163.5M 85.7% |
| Interest Expense | $163.8M 28.8% | $121.9M 23.1% | $75.7M 19.5% | $60.1M 25.7% | $27.7M 3.4% | $23.8M 9.5% | $6.7M 3.5% |
| Other Income (Expense), net | -$108.3M -19.1% | -$137.5M -26.1% | -$71.4M -18.4% | -$47.1M -20.1% | -$940.2M -114.1% | -$23.8M -9.5% | -$6.7M -3.5% |
| Pretax Income | $347.9M 61.3% | $469.2M 88.9% | $246.4M 63.6% | -$49.6M -21.2% | -$1.87B -226.7% | -$82.5M -33.0% | $20.7M 10.8% |
| Income Tax Expense | $42.4M 7.5% | $48.8M 9.2% | $25.6M 6.6% | -$9.4M -4.0% | -$65.2M -7.9% | -$102K -0.0% | $240K 0.1% |
| Net Income | $305.5M 53.8% | $420.4M 79.7% | $220.8M 57.0% | -$40.2M -17.2% | -$1.80B -218.8% | -$77.8M -31.2% | $23.0M 12.0% |
| Per Share | |||||||
| EPS (Basic) | $0.12 | $0.20 | $0.12 | -$0.02 | — | — | — |
| EPS (Diluted) | $0.10 | $0.20 | $0.10 | -$0.02 | — | — | — |
| Weighted Avg Shares (Basic) | 654.8M | 549.0M | 463.2M | 433.4M | — | — | — |
| Weighted Avg Shares (Diluted) | 661.9M | 558.4M | 478.0M | 433.4M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-14 | 3 co-filers Co-President | Otherindirect | 4,550,777 | — | — |
| 2026-09-14 | 3 co-filers Co-President | Otherindirect | 4,550,777 | — | — |
| 2026-09-14 | 3 co-filers Co-President | Other | 1 | — | — |
| 2026-09-11 | 2 co-filers Co-President | Giftindirect | 300,000 | — |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| — |
| 2026-09-11 | 2 co-filers Chief Financial Officer | Giftindirect | 10,000 | — | — |
| 2026-09-11 | 4 co-filers Group filing | Otherindirect | 1,010,000 | — | — |
| 2026-09-11 | 2 co-filers Co-Chief Executive Officer | Giftindirect | 1,000,000 | — | — |
| 2026-09-11 | 2 co-filers Group filing | Otherindirect | 350,000 | — | — |
| 2026-09-11 | 2 co-filers Chief Financial Officer | Giftindirect | 10,000 | — | — |
| 2026-09-11 | 2 co-filers Co-Chief Executive Officer | Giftindirect | 1,000,000 | — | — |
| 2026-09-11 | 4 co-filers Group filing | Otherindirect | 1,010,000 | — | — |
| 2026-09-11 | 2 co-filers Group filing | Otherindirect | 350,000 | — | — |
| 2026-09-11 | 2 co-filers Co-President | Giftindirect | 300,000 | — | — |
| 2026-09-01 | 2 co-filers Group filing | Otherindirect | 500,000 | — | — |
| 2026-09-01 | 2 co-filers Group filing | Otherindirect | 500,000 | — | — |
| 2026-08-06 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 736,464 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 736,464 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 681,229 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 736,464 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 1,007,678 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 736,464 | $0.00 | — |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 681,229 | $0.00 | — |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 1,007,678 | $0.00 | — |
| 2026-08-06 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 736,464 | $0.00 | — |
| 2026-08-06 | 2 co-filers Co-President | Grantindirect | 736,464 | $0.00 | — |
| 2026-06-01 | 2 co-filers Group filing | Otherindirect | 1,150,000 | — | — |
| 2026-06-01 | 2 co-filers Group filing | Otherindirect | 1,150,000 | — | — |
| 2026-05-07 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 788,882 | $0.00 | $0 |
| 2026-05-07 | Bash-Polley Stacy Ellen Director | Grant | 20,429 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 729,716 | $0.00 | $0 |
| 2026-05-07 | Ugwonali Dana Weeks Director | Grant | 20,429 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 1,072,523 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 788,882 | $0.00 | $0 |
| 2026-05-07 | Holz Claudia A Director | Grant | 20,429 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 788,882 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 788,882 | $0.00 | — |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 788,882 | $0.00 | — |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 729,716 | $0.00 | — |
| 2026-05-07 | 2 co-filers Co-Chief Executive Officer | Grantindirect | 788,882 | $0.00 | — |
| 2026-05-07 | 2 co-filers Co-President | Grantindirect | 1,072,523 | $0.00 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 6-yr range · 15th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 4% against ROIC 1% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| SG&A | 27.1 | 27.1 | 17.0 | 94.3 | 62.7 | 78.2 | 131.7 |
| Income Tax | 0.1 | -0.0 | -7.9 | -4.0 | 6.6 | 9.2 | 7.5 |
| Net Income | 12.0 | -31.2 | -218.8 | -17.2 | 57.0 | 79.7 | 53.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on OWL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -4.5pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | -29.4% | 7.6% | -37.0pts |
| FY2022 | -0.1% | 10.5% | -10.6pts |
| FY2023 | 9.1% | 9.5% | -0.4pts |
| FY2024 | 11.8% | 10.1% | 1.7pts |
| FY2025 | 7.6% | 10.7% | -3.1pts |
| Now | 1.4% | 11.8% | -10.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2019 | not reported | 14.3% | 12.0% |
| FY2020 | not reported | -23.5% | -31.2% |
| FY2021 | not reported | -112.5% | -45.7% |
| FY2022 | not reported | -1.1% | -4.0% |
| FY2023 | not reported | 82.0% | 14.0% |
| FY2024 | not reported | 114.9% | 20.8% |
| FY2025 | not reported | 80.4% | 13.9% |
Leverage and buybacks account for 2 points of the 4% return on equity in FY2025. The business earns 1% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
The spread has been narrowing over the last three years.
Free cash flow of $1.20B exceeds revenue of $568M, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.
Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.
Missing from our data, so excluded from this answer: free cash flow attributable to the company.
Stressed coverage of 2.0x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.79x |
| 5% | 2.65x |
| 10% | 2.51x |
| 15% | 2.37x |
| 20% | 2.23x |
| 25% | 2.09x |
| 30% | 1.95x |
| 35% | 1.81x |
| 40% | 1.67x |
| 45% | 1.53x |
| 50% | 1.39x |
| 55% | 1.25x |
| 60% | 1.11x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 6.5x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $10.33, free cash flow must compound 9.53%/yr for 10 years. It has done 51.8%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −89.3% | 9.5% |
| FY2021 | −20373.7% | 9.5% |
| FY2023 | 134.9% | 9.5% |
| FY2024 | 9.5% | 9.5% |
| FY2025 | −15.7% | 9.5% |
This is solved on free cash flow AFTER stock compensation ($572M against $1.00B before it). On the unadjusted figure the requirement would be 1.35%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.