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BLUE OWL CAPITAL INC.（OWL）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
BLUE OWL CAPITAL INC.的季度营收约是罗塞塔石碑的1.3倍（$755.6M vs $586.5M）。BLUE OWL CAPITAL INC.净利率更高（6.3% vs -21.0%，领先27.4%）。罗塞塔石碑同比增速更快（73.0% vs 19.7%）。BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $26.7M）。过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 21.3%）
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
OWL vs STEP — 直观对比
营收规模更大
OWL
是对方的1.3倍
$586.5M
营收增速更快
STEP
高出53.3%
19.7%
净利率更高
OWL
高出27.4%
-21.0%
自由现金流更多
OWL
多$332.4M
$26.7M
两年增速更快
STEP
近两年复合增速
21.3%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $755.6M | $586.5M |
| 净利润 | $47.7M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | -33.2% |
| 净利率 | 6.3% | -21.0% |
| 营收同比 | 19.7% | 73.0% |
| 净利润同比 | 129.8% | 35.7% |
| 每股收益（稀释后） | $0.07 | $-1.55 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收OWLSTEP
| Q4 25 | $755.6M | $586.5M | ||
| Q3 25 | $728.0M | $454.2M | ||
| Q2 25 | $703.1M | $364.3M | ||
| Q1 25 | $683.5M | $377.7M | ||
| Q4 24 | $631.4M | $339.0M | ||
| Q3 24 | $600.9M | $271.7M | ||
| Q2 24 | $549.8M | $186.4M | ||
| Q1 24 | $513.3M | $356.8M |
净利润OWLSTEP
| Q4 25 | $47.7M | $-123.5M | ||
| Q3 25 | $6.3M | $-366.1M | ||
| Q2 25 | $17.4M | $-38.4M | ||
| Q1 25 | $7.4M | $-18.5M | ||
| Q4 24 | $20.7M | $-192.0M | ||
| Q3 24 | $29.8M | $17.6M | ||
| Q2 24 | $33.9M | $13.3M | ||
| Q1 24 | $25.1M | $30.8M |
营业利润率OWLSTEP
| Q4 25 | 22.2% | -33.2% | ||
| Q3 25 | 7.6% | -148.8% | ||
| Q2 25 | 12.0% | -5.6% | ||
| Q1 25 | 5.9% | 2.6% | ||
| Q4 24 | 11.7% | -101.7% | ||
| Q3 24 | 18.7% | 21.3% | ||
| Q2 24 | 28.4% | 29.4% | ||
| Q1 24 | 24.7% | 26.5% |
净利率OWLSTEP
| Q4 25 | 6.3% | -21.0% | ||
| Q3 25 | 0.9% | -80.6% | ||
| Q2 25 | 2.5% | -10.5% | ||
| Q1 25 | 1.1% | -4.9% | ||
| Q4 24 | 3.3% | -56.6% | ||
| Q3 24 | 5.0% | 6.5% | ||
| Q2 24 | 6.2% | 7.2% | ||
| Q1 24 | 4.9% | 8.6% |
每股收益（稀释后）OWLSTEP
| Q4 25 | $0.07 | $-1.55 | ||
| Q3 25 | $0.01 | $-4.66 | ||
| Q2 25 | $0.02 | $-0.49 | ||
| Q1 25 | $0.00 | $-0.37 | ||
| Q4 24 | $0.06 | $-2.61 | ||
| Q3 24 | $0.04 | $0.26 | ||
| Q2 24 | $0.06 | $0.20 | ||
| Q1 24 | $0.04 | $0.47 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $194.5M | — |
| 总债务越低越好 | $3.3B | $270.2M |
| 股东权益账面价值 | $2.2B | $-378.8M |
| 总资产 | $12.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.51× | — |
8季度趋势，按日历期对齐
现金及短期投资OWLSTEP
| Q4 25 | $194.5M | — | ||
| Q3 25 | $137.3M | — | ||
| Q2 25 | $117.6M | — | ||
| Q1 25 | $97.6M | — | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $115.9M | — | ||
| Q2 24 | $436.8M | — | ||
| Q1 24 | $155.8M | — |
总债务OWLSTEP
| Q4 25 | $3.3B | $270.2M | ||
| Q3 25 | $3.2B | $269.9M | ||
| Q2 25 | $3.2B | $269.6M | ||
| Q1 25 | $3.2B | $269.3M | ||
| Q4 24 | $2.6B | $168.9M | ||
| Q3 24 | $2.5B | $172.3M | ||
| Q2 24 | $2.5B | $172.1M | ||
| Q1 24 | $2.1B | $148.8M |
股东权益OWLSTEP
| Q4 25 | $2.2B | $-378.8M | ||
| Q3 25 | $2.3B | $-233.5M | ||
| Q2 25 | $2.4B | $153.9M | ||
| Q1 25 | $2.3B | $179.4M | ||
| Q4 24 | $2.1B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $1.7B | $366.9M | ||
| Q1 24 | $1.6B | $324.5M |
总资产OWLSTEP
| Q4 25 | $12.5B | $5.2B | ||
| Q3 25 | $12.5B | $5.3B | ||
| Q2 25 | $12.3B | $4.8B | ||
| Q1 25 | $12.3B | $4.6B | ||
| Q4 24 | $11.0B | $4.3B | ||
| Q3 24 | $10.8B | $4.0B | ||
| Q2 24 | $9.7B | $3.8B | ||
| Q1 24 | $9.0B | $3.8B |
负债/权益比OWLSTEP
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.38× | 1.75× | ||
| Q1 25 | 1.37× | 1.50× | ||
| Q4 24 | 1.22× | 0.81× | ||
| Q3 24 | 1.27× | 0.43× | ||
| Q2 24 | 1.41× | 0.47× | ||
| Q1 24 | 1.26× | 0.46× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $382.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $359.1M | $26.7M |
| 自由现金流率自由现金流/营收 | 47.5% | 4.6% |
| 资本支出强度资本支出/营收 | 3.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 8.03× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $18.6M |
8季度趋势，按日历期对齐
经营现金流OWLSTEP
| Q4 25 | $382.9M | $27.2M | ||
| Q3 25 | $433.1M | $16.2M | ||
| Q2 25 | $422.5M | $46.3M | ||
| Q1 25 | $17.6M | $-66.5M | ||
| Q4 24 | $324.0M | $27.6M | ||
| Q3 24 | $326.0M | $53.7M | ||
| Q2 24 | $302.3M | $50.2M | ||
| Q1 24 | $47.2M | $7.6M |
自由现金流OWLSTEP
| Q4 25 | $359.1M | $26.7M | ||
| Q3 25 | $422.5M | $15.9M | ||
| Q2 25 | $412.5M | $45.2M | ||
| Q1 25 | $4.2M | $-69.2M | ||
| Q4 24 | $310.1M | $27.0M | ||
| Q3 24 | $314.8M | $52.4M | ||
| Q2 24 | $269.4M | $49.6M | ||
| Q1 24 | $41.1M | $6.7M |
自由现金流率OWLSTEP
| Q4 25 | 47.5% | 4.6% | ||
| Q3 25 | 58.0% | 3.5% | ||
| Q2 25 | 58.7% | 12.4% | ||
| Q1 25 | 0.6% | -18.3% | ||
| Q4 24 | 49.1% | 8.0% | ||
| Q3 24 | 52.4% | 19.3% | ||
| Q2 24 | 49.0% | 26.6% | ||
| Q1 24 | 8.0% | 1.9% |
资本支出强度OWLSTEP
| Q4 25 | 3.1% | 0.1% | ||
| Q3 25 | 1.5% | 0.1% | ||
| Q2 25 | 1.4% | 0.3% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 2.2% | 0.2% | ||
| Q3 24 | 1.9% | 0.5% | ||
| Q2 24 | 6.0% | 0.3% | ||
| Q1 24 | 1.2% | 0.3% |
现金转化率OWLSTEP
| Q4 25 | 8.03× | — | ||
| Q3 25 | 68.64× | — | ||
| Q2 25 | 24.25× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 15.62× | — | ||
| Q3 24 | 10.94× | 3.05× | ||
| Q2 24 | 8.91× | 3.76× | ||
| Q1 24 | 1.88× | 0.25× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
