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BLUE OWL CAPITAL INC.（OWL）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是BLUE OWL CAPITAL INC.的1.1倍（$846.8M vs $755.6M），Trade Desk (The)净利率更高（22.1% vs 6.3%，领先15.8%），BLUE OWL CAPITAL INC.同比增速更快（19.7% vs 14.3%），BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $285.3M），过去两年Trade Desk (The)的营收复合增速更高（31.3% 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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
OWL vs TTD — 直观对比
营收规模更大
TTD
是对方的1.1倍
$755.6M
营收增速更快
OWL
高出5.4%
14.3%
净利率更高
TTD
高出15.8%
6.3%
自由现金流更多
OWL
多$73.9M
$285.3M
两年增速更快
TTD
近两年复合增速
21.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $755.6M | $846.8M |
| 净利润 | $47.7M | $186.9M |
| 毛利率 | — | 80.7% |
| 营业利润率 | 22.2% | 30.3% |
| 净利率 | 6.3% | 22.1% |
| 营收同比 | 19.7% | 14.3% |
| 净利润同比 | 129.8% | 2.6% |
| 每股收益（稀释后） | $0.07 | $0.39 |
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OWLTTD
| Q4 25 | $755.6M | $846.8M | ||
| Q3 25 | $728.0M | $739.4M | ||
| Q2 25 | $703.1M | $694.0M | ||
| Q1 25 | $683.5M | $616.0M | ||
| Q4 24 | $631.4M | $741.0M | ||
| Q3 24 | $600.9M | $628.0M | ||
| Q2 24 | $549.8M | $584.5M | ||
| Q1 24 | $513.3M | $491.3M |
净利润OWLTTD
| Q4 25 | $47.7M | $186.9M | ||
| Q3 25 | $6.3M | $115.5M | ||
| Q2 25 | $17.4M | $90.1M | ||
| Q1 25 | $7.4M | $50.7M | ||
| Q4 24 | $20.7M | $182.2M | ||
| Q3 24 | $29.8M | $94.2M | ||
| Q2 24 | $33.9M | $85.0M | ||
| Q1 24 | $25.1M | $31.7M |
毛利率OWLTTD
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
营业利润率OWLTTD
| Q4 25 | 22.2% | 30.3% | ||
| Q3 25 | 7.6% | 21.8% | ||
| Q2 25 | 12.0% | 16.8% | ||
| Q1 25 | 5.9% | 8.8% | ||
| Q4 24 | 11.7% | 26.4% | ||
| Q3 24 | 18.7% | 17.3% | ||
| Q2 24 | 28.4% | 16.2% | ||
| Q1 24 | 24.7% | 5.8% |
净利率OWLTTD
| Q4 25 | 6.3% | 22.1% | ||
| Q3 25 | 0.9% | 15.6% | ||
| Q2 25 | 2.5% | 13.0% | ||
| Q1 25 | 1.1% | 8.2% | ||
| Q4 24 | 3.3% | 24.6% | ||
| Q3 24 | 5.0% | 15.0% | ||
| Q2 24 | 6.2% | 14.5% | ||
| Q1 24 | 4.9% | 6.4% |
每股收益（稀释后）OWLTTD
| Q4 25 | $0.07 | $0.39 | ||
| Q3 25 | $0.01 | $0.23 | ||
| Q2 25 | $0.02 | $0.18 | ||
| Q1 25 | $0.00 | $0.10 | ||
| Q4 24 | $0.06 | $0.36 | ||
| Q3 24 | $0.04 | $0.19 | ||
| Q2 24 | $0.06 | $0.17 | ||
| Q1 24 | $0.04 | $0.06 |
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 | $1.3B |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $2.2B | $2.5B |
| 总资产 | $12.5B | $6.2B |
| 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OWLTTD
| Q4 25 | $194.5M | $1.3B | ||
| Q3 25 | $137.3M | $1.4B | ||
| Q2 25 | $117.6M | $1.7B | ||
| Q1 25 | $97.6M | $1.7B | ||
| Q4 24 | $152.1M | $1.9B | ||
| Q3 24 | $115.9M | $1.7B | ||
| Q2 24 | $436.8M | $1.5B | ||
| Q1 24 | $155.8M | $1.4B |
总债务OWLTTD
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.1B | — |
股东权益OWLTTD
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.4B | $2.7B | ||
| Q1 25 | $2.3B | $2.7B | ||
| Q4 24 | $2.1B | $2.9B | ||
| Q3 24 | $2.0B | $2.6B | ||
| Q2 24 | $1.7B | $2.4B | ||
| Q1 24 | $1.6B | $2.2B |
总资产OWLTTD
| Q4 25 | $12.5B | $6.2B | ||
| Q3 25 | $12.5B | $5.9B | ||
| Q2 25 | $12.3B | $6.0B | ||
| Q1 25 | $12.3B | $5.7B | ||
| Q4 24 | $11.0B | $6.1B | ||
| Q3 24 | $10.8B | $5.5B | ||
| Q2 24 | $9.7B | $5.2B | ||
| Q1 24 | $9.0B | $4.7B |
负债/权益比OWLTTD
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.38× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.41× | — | ||
| Q1 24 | 1.26× | — |
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 | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $359.1M | $285.3M |
| 自由现金流率自由现金流/营收 | 47.5% | 33.7% |
| 资本支出强度资本支出/营收 | 3.1% | 3.1% |
| 现金转化率经营现金流/净利润 | 8.03× | 1.67× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $795.7M |
8季度趋势，按日历期对齐
经营现金流OWLTTD
| Q4 25 | $382.9M | $311.6M | ||
| Q3 25 | $433.1M | $224.7M | ||
| Q2 25 | $422.5M | $165.0M | ||
| Q1 25 | $17.6M | $291.4M | ||
| Q4 24 | $324.0M | $199.4M | ||
| Q3 24 | $326.0M | $273.3M | ||
| Q2 24 | $302.3M | $81.3M | ||
| Q1 24 | $47.2M | $185.5M |
自由现金流OWLTTD
| Q4 25 | $359.1M | $285.3M | ||
| Q3 25 | $422.5M | $158.3M | ||
| Q2 25 | $412.5M | $119.8M | ||
| Q1 25 | $4.2M | $232.3M | ||
| Q4 24 | $310.1M | $179.2M | ||
| Q3 24 | $314.8M | $224.6M | ||
| Q2 24 | $269.4M | $59.1M | ||
| Q1 24 | $41.1M | $178.2M |
自由现金流率OWLTTD
| Q4 25 | 47.5% | 33.7% | ||
| Q3 25 | 58.0% | 21.4% | ||
| Q2 25 | 58.7% | 17.3% | ||
| Q1 25 | 0.6% | 37.7% | ||
| Q4 24 | 49.1% | 24.2% | ||
| Q3 24 | 52.4% | 35.8% | ||
| Q2 24 | 49.0% | 10.1% | ||
| Q1 24 | 8.0% | 36.3% |
资本支出强度OWLTTD
| Q4 25 | 3.1% | 3.1% | ||
| Q3 25 | 1.5% | 9.0% | ||
| Q2 25 | 1.4% | 6.5% | ||
| Q1 25 | 2.0% | 9.6% | ||
| Q4 24 | 2.2% | 2.7% | ||
| Q3 24 | 1.9% | 7.8% | ||
| Q2 24 | 6.0% | 3.8% | ||
| Q1 24 | 1.2% | 1.5% |
现金转化率OWLTTD
| Q4 25 | 8.03× | 1.67× | ||
| Q3 25 | 68.64× | 1.94× | ||
| Q2 25 | 24.25× | 1.83× | ||
| Q1 25 | 2.37× | 5.75× | ||
| Q4 24 | 15.62× | 1.09× | ||
| Q3 24 | 10.94× | 2.90× | ||
| Q2 24 | 8.91× | 0.96× | ||
| Q1 24 | 1.88× | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
