This is a first-order ODE of degree two. Clear x2 to recognise it as a perfect square in p=dxdy, integrate the two resulting first-order ODEs, and read off the singular solution from the discriminant locus.
Solution
Write p=dxdy. Multiplying the equation by x2:
(x2−x2y2+y4)p2−2xyp+y2=0.
Key step — perfect square. Group the terms:
(px−y)2(x2p2−2xyp+y2)+p2y2(y2−x2)(−x2y2p2+y4p2)=0,
so
(px−y)2=p2y2(x2−y2).
Hence dxdy(x∓yx2−y2)=y, i.e.
xdy−ydx=±yx2−y2dy.
Integrate. Divide by y2 and recall y2xdy−ydx=−d(yx). Put u=yx, so x2−y2=yu2−1 (taking y>0):
−du=±u2−1dy⟹u2−1du=∓dy.
Integrating gives cosh−1u=∓y+const, i.e.
cosh−1(yx)=y+c⟺x=ycosh(y+c).
(The two signs collapse to one family on absorbing the sign into the arbitrary constant c.)
Singular solution. The discriminant of the quadratic in p is
B2−4AC=x44y4(x2−y2),
which vanishes on x2=y2. The lines y=x and y=−x satisfy the original equation (with y=±x, p=±1, the equation reduces to 0), so they are singular solutions.