Brookfield Asset Management
Brookfield Asset Management's revenue rose 21.0% to $4.8 billion in fiscal 2025. Its net margin was 49.8%, down from 53.0% a year earlier. Free cash flow was $2.1 billion, up 30.4%. It paid out $3.2 billion in dividends and buybacks, 154% of free cash flow.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Brookfield Asset Management does
Brookfield Asset Management is an alternative asset manager based in New York. It invests money for other people and organizations, with a focus on real assets such as infrastructure, renewable power, private equity, real estate and credit (lending). It says it manages over $1 trillion of assets for more than 2,400 institutional clients, including pension plans, endowments, sovereign wealth funds and insurers, plus a growing number of private wealth investors.
It earns asset management income: fees on the money clients commit to its funds, plus performance income such as carried interest, a share of a fund's profits when investments do well. It also invests some of Brookfield's own capital alongside its clients. The amount of client money that earns fees, which it calls Fee-Bearing Capital, was $603 billion at the end of 2025. Of that, 87% is long-dated or perpetual, meaning committed for at least 10 years or with no set end date. It says it plans to pay out at least about 90% of its Distributable Earnings to shareholders each quarter.
The company has more than 5,800 investment and asset management professionals and other employees in 32 offices, and invests in more than 50 countries. It also points to about 250,000 operating employees at the businesses it manages. It is working on new growth areas such as AI infrastructure, and it joined with Oaktree in 2019.
Its biggest risks, as it describes them
- Fund managers like it depend on investor confidence, so a hit to its reputation could make it harder to raise client money and earn fees.
- Conflicts of interest among its many funds and lines of business, whether real or perceived.
- Falling value of its investments from political instability, changing economic conditions, inflation or higher interest rates.
- The assets it manages, such as utilities, transport and data businesses, face environmental, safety and catastrophe risks.
- Heavy regulation in many countries, with penalties and lost business if it falls short.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2023 to 2025, net income grew 5.9% a year; the filings' structured data doesn't give diluted earnings per share.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Brookfield Asset Management yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Brookfield Asset Management's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need Brookfield Asset Management's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.
- Last close, October 26, 2026
- $47.04
- Value on these assumptions, against the last close
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- Cash flows in years 1 to 10, valued today
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- Everything after year 10, valued today
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- Plus net cash
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- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Brookfield Asset Management's latest diluted earnings per share were not available.
Balance sheet
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | 9 | 404 | 1,583 |
| Debt incl. finance leases | — | — | — |
| Net debt (negative means net cash) | — | — | — |
| Net debt to EBITDA | — | — | — |
| Debt to equity | — | — | — |
| Interest coverage | 284.8x | 116.7x | 34.6x |
| Current ratio | — | — | — |
| Quick ratio | — | — | — |
Insider trades
No officer, director or 10% owner of Brookfield Asset Management reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | Pass | Pass |
| Cash from operations is positive | Pass | Pass |
| Return on assets rose | — | Fail |
| Cash from operations exceeds net income | Fail | Fail |
| Debt fell relative to assets | — | — |
| Current ratio rose | — | — |
| Share count didn't rise | — | — |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | Fail |
| F-score | — | — |
| Accruals ratio | 5.7% | 1.9% |
Compare
Put Brookfield Asset Management side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Brookfield Asset Management | FY25 | 21.0% | — | 43.4% | — | — | — | |
| Carlyle Group | FY25 | −11.9% | — | −70.6% | 13.7% | 0.7x | — | Compare |
| Ares Management | FY25 | 28.9% | — | — | — | — | — | Compare |
| TPG | FY25 | 33.4% | — | — | 15.2% | 1.0x | — | Compare |
| Invesco | FY25 | 5.1% | −10.9% | 22.6% | −3.8% | — | — | Compare |
3 years of figures
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | 4,062 | 3,980 | 4,817 |
| Revenue growth | — | −2.0% | 21.0% |
| Gross profit | — | — | — |
| Research and development | — | — | — |
| Operating income | — | — | — |
| Net income | 2,137 | 2,108 | 2,398 |
| Diluted EPS (US$) | — | — | — |
| Diluted shares (millions) | — | — | — |
| Cash flow | |||
| Cash from operations | 1,439 | 1,612 | 2,101 |
| Capital expenditure | 17 | 8 | 9 |
| Free cash flow | 1,422 | 1,604 | 2,092 |
| Dividends paid | 2,101 | 2,478 | 2,818 |
| Share buybacks | 319 | 0 | 412 |
| Acquisitions | 0 | 0 | 6 |
| Stock-based compensation | 33 | 103 | 123 |
| Balance sheet at fiscal year end | |||
| Cash and short-term investments | 9 | 404 | 1,583 |
| Debt incl. finance leases | — | — | — |
| Total assets | 3,205 | 14,157 | 17,047 |
| Total liabilities | 1,120 | 2,966 | 6,737 |
| Shareholders' equity | 2,076 | 3,247 | 8,912 |
| Margins and ratios | |||
| Gross margin | — | — | — |
| Operating margin | — | — | — |
| Net margin | 52.6% | 53.0% | 49.8% |
| Free cash flow margin | 35.0% | 40.3% | 43.4% |
| Return on capital | — | — | — |
| Return on equity | — | 79.2% | 39.4% |
| Return on assets | — | 24.3% | 15.4% |
| Net debt to EBITDA | — | — | — |