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BLUE OWL CAPITAL INC.（OWL）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
BLUE OWL CAPITAL INC.的季度营收约是德太投资的1.1倍（$755.6M vs $715.1M）。德太投资净利率更高（10.8% vs 6.3%，领先4.5%）。德太投资同比增速更快（35.6% vs 19.7%）。过去两年BLUE OWL CAPITAL INC.的营收复合增速更高（21.3% vs 18.1%）
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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
OWL vs TPG — 直观对比
营收规模更大
OWL
是对方的1.1倍
$715.1M
营收增速更快
TPG
高出16.0%
19.7%
净利率更高
TPG
高出4.5%
6.3%
两年增速更快
OWL
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $755.6M | $715.1M |
| 净利润 | $47.7M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | — |
| 净利率 | 6.3% | 10.8% |
| 营收同比 | 19.7% | 35.6% |
| 净利润同比 | 129.8% | 494.1% |
| 每股收益（稀释后） | $0.07 | $0.30 |
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OWLTPG
| Q4 25 | $755.6M | $715.1M | ||
| Q3 25 | $728.0M | $596.5M | ||
| Q2 25 | $703.1M | $569.1M | ||
| Q1 25 | $683.5M | $543.5M | ||
| Q4 24 | $631.4M | $527.2M | ||
| Q3 24 | $600.9M | $524.7M | ||
| Q2 24 | $549.8M | $522.8M | ||
| Q1 24 | $513.3M | $512.3M |
净利润OWLTPG
| Q4 25 | $47.7M | $77.1M | ||
| Q3 25 | $6.3M | $67.1M | ||
| Q2 25 | $17.4M | $14.9M | ||
| Q1 25 | $7.4M | $25.4M | ||
| Q4 24 | $20.7M | $13.0M | ||
| Q3 24 | $29.8M | $9.0M | ||
| Q2 24 | $33.9M | $-14.0M | ||
| Q1 24 | $25.1M | $15.5M |
营业利润率OWLTPG
| Q4 25 | 22.2% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 18.7% | — | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 24.7% | — |
净利率OWLTPG
| Q4 25 | 6.3% | 10.8% | ||
| Q3 25 | 0.9% | 11.3% | ||
| Q2 25 | 2.5% | 2.6% | ||
| Q1 25 | 1.1% | 4.7% | ||
| Q4 24 | 3.3% | 2.5% | ||
| Q3 24 | 5.0% | 1.7% | ||
| Q2 24 | 6.2% | -2.7% | ||
| Q1 24 | 4.9% | 3.0% |
每股收益（稀释后）OWLTPG
| Q4 25 | $0.07 | $0.30 | ||
| Q3 25 | $0.01 | $0.20 | ||
| Q2 25 | $0.02 | $-0.05 | ||
| Q1 25 | $0.00 | $0.00 | ||
| Q4 24 | $0.06 | $-0.04 | ||
| Q3 24 | $0.04 | $-0.08 | ||
| Q2 24 | $0.06 | $-0.19 | ||
| Q1 24 | $0.04 | $-0.11 |
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 | $826.1M |
| 总债务越低越好 | $3.3B | $1.7B |
| 股东权益账面价值 | $2.2B | $4.1B |
| 总资产 | $12.5B | $13.5B |
| 负债/权益比越低杠杆越低 | 1.51× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资OWLTPG
| Q4 25 | $194.5M | $826.1M | ||
| Q3 25 | $137.3M | $1.1B | ||
| Q2 25 | $117.6M | $1.1B | ||
| Q1 25 | $97.6M | $822.0M | ||
| Q4 24 | $152.1M | $808.0M | ||
| Q3 24 | $115.9M | $1.2B | ||
| Q2 24 | $436.8M | $1.1B | ||
| Q1 24 | $155.8M | $1.1B |
总债务OWLTPG
| Q4 25 | $3.3B | $1.7B | ||
| Q3 25 | $3.2B | $1.8B | ||
| Q2 25 | $3.2B | $1.6B | ||
| Q1 25 | $3.2B | $1.5B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $2.1B | $1.2B |
股东权益OWLTPG
| Q4 25 | $2.2B | $4.1B | ||
| Q3 25 | $2.3B | $3.8B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.1B | $3.6B | ||
| Q3 24 | $2.0B | $3.4B | ||
| Q2 24 | $1.7B | $3.3B | ||
| Q1 24 | $1.6B | $3.3B |
总资产OWLTPG
| Q4 25 | $12.5B | $13.5B | ||
| Q3 25 | $12.5B | $13.0B | ||
| Q2 25 | $12.3B | $12.0B | ||
| Q1 25 | $12.3B | $11.3B | ||
| Q4 24 | $11.0B | $10.5B | ||
| Q3 24 | $10.8B | $10.5B | ||
| Q2 24 | $9.7B | $10.1B | ||
| Q1 24 | $9.0B | $9.9B |
负债/权益比OWLTPG
| Q4 25 | 1.51× | 0.42× | ||
| Q3 25 | 1.41× | 0.47× | ||
| Q2 25 | 1.38× | 0.45× | ||
| Q1 25 | 1.37× | 0.42× | ||
| Q4 24 | 1.22× | 0.36× | ||
| Q3 24 | 1.27× | 0.39× | ||
| Q2 24 | 1.41× | 0.37× | ||
| Q1 24 | 1.26× | 0.37× |
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 | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $359.1M | — |
| 自由现金流率自由现金流/营收 | 47.5% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | 8.03× | -0.57× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流OWLTPG
| Q4 25 | $382.9M | $-43.7M | ||
| Q3 25 | $433.1M | $492.0M | ||
| Q2 25 | $422.5M | $385.9M | ||
| Q1 25 | $17.6M | $198.2M | ||
| Q4 24 | $324.0M | $-188.1M | ||
| Q3 24 | $326.0M | $68.9M | ||
| Q2 24 | $302.3M | $214.6M | ||
| Q1 24 | $47.2M | $436.7M |
自由现金流OWLTPG
| Q4 25 | $359.1M | — | ||
| Q3 25 | $422.5M | — | ||
| Q2 25 | $412.5M | — | ||
| Q1 25 | $4.2M | — | ||
| Q4 24 | $310.1M | — | ||
| Q3 24 | $314.8M | — | ||
| Q2 24 | $269.4M | — | ||
| Q1 24 | $41.1M | — |
自由现金流率OWLTPG
| Q4 25 | 47.5% | — | ||
| Q3 25 | 58.0% | — | ||
| Q2 25 | 58.7% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 49.1% | — | ||
| Q3 24 | 52.4% | — | ||
| Q2 24 | 49.0% | — | ||
| Q1 24 | 8.0% | — |
资本支出强度OWLTPG
| Q4 25 | 3.1% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 1.2% | — |
现金转化率OWLTPG
| Q4 25 | 8.03× | -0.57× | ||
| Q3 25 | 68.64× | 7.33× | ||
| Q2 25 | 24.25× | 25.83× | ||
| Q1 25 | 2.37× | 7.80× | ||
| Q4 24 | 15.62× | -14.49× | ||
| Q3 24 | 10.94× | 7.69× | ||
| Q2 24 | 8.91× | — | ||
| Q1 24 | 1.88× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
