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Blue Owl Capital vs Houlihan Lokey: OWL and HLI compared
Blue Owl Capital is the larger company: $807M of revenue in its latest quarter (Q3 2026) against $692M for Houlihan Lokey (Q2 FY27). Blue Owl Capital is growing faster (+11% against +5% a year earlier). Houlihan Lokey is more profitable, with an operating margin of 22.3% against 18.3%.
Where the money goes: OWL and HLI
Blue Owl Capital (OWL) · Q3 2026
Blue Owl Capital, Q3 2026: revenue $807M (+11% year over year), operating margin 18.3%, net earnings $20.0M, operating cash flow $609M. The chart follows the revenue to costs, profit and cash.
Houlihan Lokey (HLI) · Q2 FY27
Houlihan Lokey, Q2 FY27: revenue $692M (+5% year over year), operating margin 22.3%, net earnings $109M, operating cash flow $252M. The chart follows the revenue to costs, profit and cash.
| Blue Owl Capital (OWL) | Houlihan Lokey (HLI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $807M | $692M |
| Revenue growth, Y/Y | +11% | +5% |
| Gross margin | — | 34.5% |
| Operating margin | 18.3% | 22.3% |
| Net earnings | $20.0M | $109M |
| Net margin | 2.5% | 15.8% |
| Operating cash flow | $609M | $252M |
| Free cash flow | $601M | $240M |
| Market value | $6.9B | $9.8B |
| P/E | 70.1× | 24.5× |
| Analysts’ mean target | $12.64 | $161.44 |
Where the revenue comes from
Blue Owl Capital
- Total Management and Other Fees, Net: $806M (100%)
- Performance revenues: $297K (0%)
Questions
Which is bigger, Blue Owl Capital or Houlihan Lokey?
Blue Owl Capital is the larger company: $807M of revenue in its latest quarter (Q3 2026) against $692M for Houlihan Lokey (Q2 FY27).
Is Blue Owl Capital or Houlihan Lokey growing faster?
Blue Owl Capital is growing faster (+11% against +5% a year earlier).
Which is more profitable, Blue Owl Capital or Houlihan Lokey?
Houlihan Lokey is more profitable, with an operating margin of 22.3% against 18.3%.
More: Blue Owl Capital earnings · how Blue Owl Capital makes money · Houlihan Lokey earnings · how Houlihan Lokey makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.