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Blue Owl Capital vs StepStone Group: OWL and STEP compared
Blue Owl Capital is the larger company: $807M of revenue in its latest quarter (Q3 2026) against $773M for StepStone Group (Q2 FY27). StepStone Group is growing faster (+70% against +11% a year earlier). Blue Owl Capital is more profitable, with an operating margin of 18.3% against 6.2%.
Where the money goes: OWL and STEP
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.
StepStone Group (STEP) · Q2 FY27
StepStone Group, Q2 FY27: revenue $773M (+70% year over year), operating margin 6.2%, net earnings $65.4M. The chart follows the revenue to costs, profit and cash.
| Blue Owl Capital (OWL) | StepStone Group (STEP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $807M | $773M |
| Revenue growth, Y/Y | +11% | +70% |
| Operating margin | 18.3% | 6.2% |
| Net earnings | $20.0M | $65.4M |
| Net margin | 2.5% | 8.5% |
| Operating cash flow | $609M | — |
| Free cash flow | $601M | — |
| Market value | $6.9B | $3.9B |
| P/E | 70.1× | — |
| Analysts’ mean target | $12.64 | $64.60 |
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 StepStone Group?
Blue Owl Capital is the larger company: $807M of revenue in its latest quarter (Q3 2026) against $773M for StepStone Group (Q2 FY27).
Is Blue Owl Capital or StepStone Group growing faster?
StepStone Group is growing faster (+70% against +11% a year earlier).
Which is more profitable, Blue Owl Capital or StepStone Group?
Blue Owl Capital is more profitable, with an operating margin of 18.3% against 6.2%.
More: Blue Owl Capital earnings · how Blue Owl Capital makes money · StepStone Group earnings · how StepStone Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 8-K filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.