Brookfield (BN)


Market Price (10/15/2026): $35.81 | Market Cap: $80.0 BilSector: Financials | Industry: Asset Management & Custody Banks

Brookfield (BN)


Market Price (10/15/2026): $35.81
Market Cap: $80.0 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 9.3 Bil

Stock buyback support
Stock Buyback 3Y Total is 3.1 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more.

Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -0.4%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 305%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 56x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.1%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%

Key risks
BN key risks include [1] high leverage and significant exposure to downturns in the real estate market, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 9.3 Bil
1 Stock buyback support
Stock Buyback 3Y Total is 3.1 Bil
2 Low stock price volatility
Vol 12M is 27%
3 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -0.4%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 305%
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 56x
7 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.1%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%
10 Key risks
BN key risks include [1] high leverage and significant exposure to downturns in the real estate market, Show more.

BN in ETFs

Weight = BN's share of each fund

AKRE6.6%
FNDF0.17%
SCHF0.14%
CWI0.13%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Brookfield (BN) stock has lost about 15% since 6/30/2026 because of the following key factors:

1. Brookfield Corporation reported a significant miss in its GAAP earnings per share for fiscal Q2 2026. The company posted an EPS of $0.14, falling substantially short of analysts' forecast of $0.65. This shortfall likely contributed to negative investor sentiment despite a reported 15% increase in distributable earnings before realizations to $0.61 per share and revenue reaching $19.41 billion, which exceeded the forecast of $1.67 billion.

2. Concerns over valuation and a projected substantial decline in future revenue. Despite a "Moderate Buy" consensus from analysts, some views suggest Brookfield's projected "plan value" could be overvalued, with more conservative adjustments implying a 35% discount on current prices from an estimated $140 per share by 2031 to $56 per share. Compounding this, analysts forecast a significant revenue decline for fiscal Q3 2026 (July-September 2026) to approximately $1.9 billion, a 90.2% decrease compared to $18.9 billion in fiscal Q3 2025.

Show more
Updated on 10/1/2026

Brookfield (BN) stock has lost about 15% since 6/30/2026 because of the following key factors:

1. Brookfield Corporation reported a significant miss in its GAAP earnings per share for fiscal Q2 2026. The company posted an EPS of $0.14, falling substantially short of analysts' forecast of $0.65. This shortfall likely contributed to negative investor sentiment despite a reported 15% increase in distributable earnings before realizations to $0.61 per share and revenue reaching $19.41 billion, which exceeded the forecast of $1.67 billion.

2. Concerns over valuation and a projected substantial decline in future revenue. Despite a "Moderate Buy" consensus from analysts, some views suggest Brookfield's projected "plan value" could be overvalued, with more conservative adjustments implying a 35% discount on current prices from an estimated $140 per share by 2031 to $56 per share. Compounding this, analysts forecast a significant revenue decline for fiscal Q3 2026 (July-September 2026) to approximately $1.9 billion, a 90.2% decrease compared to $18.9 billion in fiscal Q3 2025.

3. Insider selling activity exceeding USD 5 million. Following the fiscal Q2 2026 earnings report, Brookfield Corporation experienced a net outflow of approximately $8 million in insider trading. This was primarily driven by substantial sales from a senior officer, which could be perceived by investors as a signal of reduced confidence from within the company.

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Stock Movement Drivers

Fundamental Drivers

The -15.4% change in BN stock from 6/30/2026 to 10/14/2026 was primarily driven by a -21.2% change in the company's P/E Multiple.
(LTM values as of)630202610142026Change
Stock Price ($)42.5135.95-15.4%
Change Contribution By: 
Total Revenues ($ Mil)75,73677,0591.7%
Net Income Margin (%)1.8%1.9%5.1%
P/E Multiple71.356.2-21.2%
Shares Outstanding (Mil)2,2422,2340.3%
Cumulative Contribution-15.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/14/2026
ReturnCorrelation
BN-15.4% 
Market (SPY)3.1%70.3%
Sector (XLF)1.7%62.2%

Fundamental Drivers

The -10.9% change in BN stock from 3/31/2026 to 10/14/2026 was primarily driven by a -18.8% change in the company's P/E Multiple.
(LTM values as of)331202610142026Change
Stock Price ($)40.3335.95-10.9%
Change Contribution By: 
Total Revenues ($ Mil)75,10077,0592.6%
Net Income Margin (%)1.7%1.9%6.5%
P/E Multiple69.356.2-18.8%
Shares Outstanding (Mil)2,2442,2340.5%
Cumulative Contribution-10.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/14/2026
ReturnCorrelation
BN-10.9% 
Market (SPY)18.6%61.9%
Sector (XLF)10.8%55.6%

Fundamental Drivers

The -20.9% change in BN stock from 9/30/2025 to 10/14/2026 was primarily driven by a -66.4% change in the company's P/E Multiple.
(LTM values as of)930202510142026Change
Stock Price ($)45.4235.95-20.9%
Change Contribution By: 
Total Revenues ($ Mil)81,04377,059-4.9%
Net Income Margin (%)0.8%1.9%145.4%
P/E Multiple167.456.2-66.4%
Shares Outstanding (Mil)2,2562,2341.0%
Cumulative Contribution-20.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/14/2026
ReturnCorrelation
BN-20.9% 
Market (SPY)16.5%66.0%
Sector (XLF)2.4%60.5%

Fundamental Drivers

The 75.9% change in BN stock from 9/30/2023 to 10/14/2026 was primarily driven by a 469.2% change in the company's Net Income Margin (%).
(LTM values as of)930202310142026Change
Stock Price ($)20.4335.9575.9%
Change Contribution By: 
Total Revenues ($ Mil)94,59677,059-18.5%
Net Income Margin (%)0.3%1.9%469.2%
P/E Multiple155.656.2-63.9%
Shares Outstanding (Mil)2,3462,2345.0%
Cumulative Contribution75.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/14/2026
ReturnCorrelation
BN75.9% 
Market (SPY)86.2%74.2%
Sector (XLF)71.6%70.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BN Return49%-35%29%44%21%-20%73%
Peers Return9%-18%16%2%8%-17%-5%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
BN Win Rate75%33%42%58%67%30% 
Peers Win Rate47%31%61%47%50%26% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BN Max Drawdown-10%-37%-25%-12%-28%-26% 
Peers Max Drawdown-27%-38%-24%-17%-26%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, GEG, FGC, RVII.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)

How Low Can It Go

EventBNS&P 500
2025 US Tariff Shock
  % Loss-26.0%-18.8%
  % Gain to Breakeven35.2%23.1%
  Time to Breakeven77 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-18.2%-9.5%
  % Gain to Breakeven22.2%10.5%
  Time to Breakeven30 days24 days
2023 SVB Regional Banking Crisis
  % Loss-21.9%-6.7%
  % Gain to Breakeven28.0%7.1%
  Time to Breakeven271 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.5%-24.5%
  % Gain to Breakeven57.5%32.4%
  Time to Breakeven649 days427 days
2020 COVID-19 Crash
  % Loss-51.2%-33.7%
  % Gain to Breakeven104.7%50.9%
  Time to Breakeven359 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-17.1%-19.2%
  % Gain to Breakeven20.6%23.8%
  Time to Breakeven57 days105 days

Compare to VRTS, SLRC, GEG, FGC, RVII

In The Past

Brookfield's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBNS&P 500
2025 US Tariff Shock
  % Loss-26.0%-18.8%
  % Gain to Breakeven35.2%23.1%
  Time to Breakeven77 days79 days
2023 SVB Regional Banking Crisis
  % Loss-21.9%-6.7%
  % Gain to Breakeven28.0%7.1%
  Time to Breakeven271 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.5%-24.5%
  % Gain to Breakeven57.5%32.4%
  Time to Breakeven649 days427 days
2020 COVID-19 Crash
  % Loss-51.2%-33.7%
  % Gain to Breakeven104.7%50.9%
  Time to Breakeven359 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.3%-12.2%
  % Gain to Breakeven25.4%13.9%
  Time to Breakeven35 days62 days
2008-2009 Global Financial Crisis
  % Loss-65.9%-53.4%
  % Gain to Breakeven193.3%114.4%
  Time to Breakeven653 days1085 days
Summer 2007 Credit Crunch
  % Loss-20.0%-8.6%
  % Gain to Breakeven25.0%9.5%
  Time to Breakeven50 days47 days

Compare to VRTS, SLRC, GEG, FGC, RVII

In The Past

Brookfield's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Brookfield (BN)

Brookfield Asset Management (BN) is a global alternative asset manager and real estate investment firm. It specializes in investing in and managing a diverse portfolio of real assets, including real estate, renewable power generation, and infrastructure. Additionally, it allocates capital to venture capital and private equity opportunities. The company operates by investing both its own capital and funds from institutional and retail clients into various public and private investment products.

Brookfield primarily targets sizeable, premier assets across global geographies. Its private equity strategy focuses on acquiring, restructuring, and growing companies, particularly those possessing significant underlying real assets in sectors such as industrials, building materials, metals, mining, and oil & gas. The firm engages in a range of investment activities, from early-stage ventures and control buyouts to financially distressed company turnarounds and corporate carve-outs, often taking either minority or majority stakes.

Serving a broad base of institutional and retail investors, Brookfield seeks to generate returns by deploying capital strategically across North America (including Brazil), Europe, Australia, and Asia-Pacific. Its core offering is managing these diverse investment products, providing clients access to a portfolio diversified across critical sectors like infrastructure, real estate, and industrial services, ultimately leveraging its expertise in managing tangible assets globally.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Brookfield (BN):

  • Brookfield is like a global Blackstone, but with a primary focus on owning and operating large-scale real estate, infrastructure, and renewable energy assets.
  • Imagine a global Berkshire Hathaway that specializes in acquiring, managing, and operating essential infrastructure and real estate assets, while also managing investment funds for other clients.

AI Analysis | Feedback

  • Real Estate Investment Management: Manages investments and properties across various real estate sectors, including serving as a REIT manager.
  • Renewable Power Investment Management: Manages investment products focused on renewable energy assets and projects.
  • Infrastructure Investment Management: Manages investment products focused on essential infrastructure assets globally.
  • Private Equity and Venture Capital Investment Management: Manages funds that invest in private companies through strategies such as acquisitions, buyouts, venture capital, and distressed investments.
  • Public Markets Investment Management: Manages investments in publicly traded debt and equity securities for clients.

AI Analysis | Feedback

Brookfield (BN) serves two primary categories of customers, both institutional and individual investors, who invest in its alternative asset management products and services:

  • Institutional Investors: This category includes a broad range of organizations such as pension funds, sovereign wealth funds, endowments, foundations, insurance companies, and other large financial institutions. These entities entrust Brookfield with managing significant capital across its various investment strategies, including real estate, renewable power, infrastructure, private equity, and venture capital.

  • Retail Investors: This category comprises individual investors who access Brookfield's investment products and services, which can include public and private investment vehicles. These investors seek exposure to Brookfield's diverse portfolio of real assets and alternative investments.

AI Analysis | Feedback

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AI Analysis | Feedback

Connor Teskey, Chief Executive Officer, Brookfield Asset Management

Connor Teskey became the Chief Executive Officer of Brookfield Asset Management in February 2026. He joined Brookfield in 2012, holding various investment and management roles, and previously worked in corporate debt origination at a Canadian bank. Teskey was named CEO of Brookfield Renewable Partners in 2020 and became President of Brookfield Asset Management in 2022. He is responsible for leading Brookfield's Renewable Power and Transition business, and also heads Brookfield's Energy group. He was instrumental in growing the company's renewables platform and co-led the Brookfield Global Transition Fund, which raised $15 billion.

Hadley Peer Marshall, Chief Financial Officer, Brookfield Asset Management

Hadley Peer Marshall was appointed Chief Financial Officer of Brookfield Asset Management, effective May 31, 2024. She joined Brookfield in New York in 2015 within the infrastructure group and serves as co-head of infrastructure debt and structured solutions. Before her tenure at Brookfield, Marshall held a senior position as co-head of the project finance and infrastructure group at a global investment bank.

Bruce Flatt, Chair of the Board, Brookfield Asset Management; Chief Executive Officer, Brookfield Corporation

Bruce Flatt is the Chair of the Board of Brookfield Asset Management and also serves as the Chief Executive Officer of Brookfield Corporation, the parent company. He joined Brookfield in 1990 and became CEO of Brookfield Corporation in 2002. He was the CEO of Brookfield Asset Management from its formation in 2022 until February 2026. Flatt has been a key figure in transforming Brookfield into a global leader in alternative asset management. He has served on numerous public company boards for over four decades.

Cyrus Madon, Executive Vice Chair, Brookfield Asset Management; Executive Chair, Private Equity Group

Cyrus Madon is the Executive Vice Chair of Brookfield Asset Management and the Executive Chair of Brookfield's Private Equity Group. In these roles, he is responsible for developing strategy, providing investment oversight, and supporting growth initiatives for the private equity business. Madon joined Brookfield in 1998 and has held various senior positions, including CEO of Brookfield's Private Equity business, Chief Financial Officer of Brookfield's real estate brokerage business, and head of the corporate lending business. He began his career at PricewaterhouseCoopers, specializing in Corporate Finance and Recovery.

Sachin Shah, Chief Executive Officer, Brookfield Wealth Solutions; Chief Investment Officer, Brookfield Asset Management; Vice Chair, Renewable Power Group

Sachin Shah is the Chief Executive Officer of Brookfield Wealth Solutions and the Chief Investment Officer of Brookfield Asset Management. He also holds the position of Vice Chair of Brookfield's Renewable Power Group. Shah joined Brookfield in 2002 and has held several senior roles, including Chief Executive Officer of Brookfield Renewable Partners, where he was instrumental in expanding the renewable power platform into a global business. He has served as a director on the boards of other companies, such as American Equity Investment Life Holding Co. and TerraForm Power, Inc.

AI Analysis | Feedback

Here are the key risks to Brookfield's business:

  1. Economic Downturns and Market Volatility: Brookfield's extensive portfolio across real estate, infrastructure, renewable power, and private equity makes its performance highly susceptible to economic cycles. During economic downturns, real estate values can decline, demand for infrastructure services may decrease, and overall investment activity can slow, directly impacting the company's revenue and profitability. Furthermore, the unpredictable nature of financial markets and market volatility can lead to fluctuations in the value of Brookfield's investments and, consequently, its stock price.
  2. Interest Rate Risk and Financial Leverage: Brookfield utilizes debt to finance its significant global investments. Changes in interest rates directly influence the cost of this borrowing, with higher rates increasing expenses and potentially reducing profits. While Brookfield aims to manage its leverage effectively, high levels of debt across its various entities, particularly in a rising interest rate environment, can compress profit margins and negatively affect asset valuations.
  3. Slowdown in Fee-Bearing Capital Growth and Investor Redemptions: As a prominent alternative asset manager, a substantial portion of Brookfield's revenue is derived from fees generated on its fee-bearing capital. A deceleration in the growth of this capital, or an increase in investor redemption requests and fund withdrawals, particularly in areas like private credit, could significantly hinder fundraising momentum and reduce fee-related earnings. Instances where competitors have limited withdrawals in private credit funds underscore the potential for this risk to impact the broader alternative asset management industry, including Brookfield.

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  • Sustained Higher Cost of Capital: A prolonged period of elevated interest rates and tighter credit conditions represents a clear emerging threat. Brookfield's investment strategy heavily involves real assets (real estate, infrastructure, renewable power) and private equity, which often rely on significant leverage and long-term asset valuations. Higher borrowing costs directly impact the profitability of new acquisitions, increase financing expenses for existing portfolio companies, and can depress the valuation of long-duration assets, challenging the fundamental economics of their investment models that have thrived in a low-interest-rate environment.
  • Increased Direct Investing by Institutional Clients: A growing trend among large institutional investors (pension funds, sovereign wealth funds, endowments), who are key limited partners for Brookfield, is to increasingly bypass traditional fund managers and invest directly in real estate, infrastructure, and private equity deals. This shift could reduce the pool of capital available for Brookfield's funds, intensify competition for attractive assets, and potentially impact their ability to grow Assets Under Management (AUM) and generate management and performance fees.
  • Accelerated Decarbonization and Stranded Asset Risk: While Brookfield is a significant investor in renewable power, its portfolio also includes investments in sectors like oil and gas, mining, manufacturing, and road fuel distribution, which are susceptible to the global push for decarbonization. Rapid advancements in green technologies, stricter environmental regulations, carbon pricing, and shifts in market demand towards sustainable alternatives could lead to certain carbon-intensive physical assets or infrastructure becoming economically unviable or significantly devalued before the end of their anticipated useful life, creating "stranded asset" risks within Brookfield's diverse real asset holdings.

AI Analysis | Feedback

Brookfield (BN) operates in significant global markets across its main products and services. Here are the addressable market sizes for Brookfield's key areas of focus:
  • Real Estate: The professionally managed global real-estate investment market was valued at approximately USD 12.5 trillion in 2024.
  • Renewable Power: The global renewable energy market size was valued at approximately USD 1.498 trillion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 14.6% from 2025 to 2034. Alternatively, it was valued at USD 1.54 trillion in 2025 and is projected to reach USD 3.40 trillion by 2030 and USD 5.79 trillion by 2035.
  • Infrastructure: The global value of infrastructure funds reached a record USD 1.35 trillion in 2025. This market is projected to grow to USD 2.3 trillion by 2030. The broader infrastructure sector market size is estimated at USD 2.89 trillion in 2025, with an expectation to reach USD 3.92 trillion by 2030.

AI Analysis | Feedback

Brookfield Corporation (BN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Expansion of Brookfield Wealth Solutions (BWS) and Annuities Business: A significant driver of growth is the rapid scaling of Brookfield's captive annuities and insurance business, Brookfield Wealth Solutions (BWS). The acquisition of Just Group is projected to expand BWS's fixed-annuity portfolio by approximately 30% to around $180 billion and establish Brookfield as a major player in the U.K. market. Management targets $200 billion in insurance assets and over $2 billion in Distributable Earnings from Wealth Solutions by the end of 2026.
  2. Growth in Fee-Related Earnings from Asset Management: Brookfield Asset Management (BAM), which constitutes over half of Brookfield Corporation's total value, is positioned for substantial growth in fee earnings, with expectations of 20% or more this year. This growth is propelled by an increase in fee-bearing capital, strong fundraising momentum from institutional and private wealth channels, and the launch of new flagship funds across infrastructure, private equity, and credit platforms.
  3. Strategic Investment in AI Infrastructure: Brookfield identifies a considerable opportunity in investing in artificial intelligence (AI) infrastructure across its various platforms. The company anticipates a need for $7 trillion in investments over the next decade to build AI factories and related infrastructure. This includes opportunities in AI data centers, new renewable power sources to support them, and credit solutions for technology companies expanding their AI capabilities, with the firm having launched the Brookfield AI Infrastructure Fund.
  4. Acceleration of Monetizations and Carried Interest Realizations: The company foresees an acceleration in monetizations and significant realizations of carried interest into income over the next three years, driven by an improving transaction environment. Brookfield reported $11.5 billion in accumulated unrealized carried interest at the end of Q3 2025.
  5. Continued Growth in Real Assets and Infrastructure: Brookfield is strategically positioned to benefit from a "once-in-a-generation investment supercycle" in infrastructure. This supercycle is fueled by major megatrends such as digitalization, decarbonization, and deglobalization, underpinning robust investment opportunities across its core real asset categories including infrastructure, renewable power, and real estate. The company aims to increase its fee-bearing credit capital from $254 billion to $640 billion by 2030, enhancing its credit investments.

AI Analysis | Feedback

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Share Repurchases

  • Brookfield Corporation repurchased $850 million in shares in Q1 2025.
  • The company was authorized to repurchase up to 143,027,158 Class A Limited Voting Shares, representing 10% of its public float, from May 27, 2025, through May 26, 2026.
  • Under a previous buyback program, Brookfield acquired 22,200,979 shares by May 15, 2025, at an average of $51.20 per share.

Share Issuance

  • Brookfield completed a three-for-two stock split of its Class A Limited Voting Shares on October 9, 2025.
  • The spin-off of Brookfield Asset Management Ltd. (BAM) in December 2022 resulted in Brookfield Corporation shareholders receiving one new BAM share for every four BN Class A shares held.
  • Brookfield reported net repurchases of equity of $-0.982 billion in 2024 and $-3.301 billion for the twelve months ending September 30, 2025.

Outbound Investments

  • In Q1 2025, Brookfield deployed $16 billion of capital, with a focus on real assets, private credit, and private equity opportunities.
  • In 2024, Brookfield deployed $48 billion of capital, including $3.2 billion into the acquisition of Neoen, a global renewable development business, and an $850 million investment into Origis Energy, a U.S. renewable energy developer.
  • Strategic acquisitions in 2023 by Brookfield Asset Management included the remaining 50% stake in Spanish solar developer X-ELIO for an equity value of $2 billion, Middle Eastern credit card processor Network International for £2.2 billion, and American Equity Investment Life for $4.3 billion.

Capital Expenditures

  • Capital expenditures for the three months ended September 2025 totaled -$3,938.00 million.
  • The Capex-to-Operating-Cash-Flow ratio for the three months ended September 2025 was 1.31, indicating a focus on growth and expansion.
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Better Bets vs. Brookfield (BN)

Peer Outperformance in Asset Management & Custody Banks

BN has outperformed 57% of its 81 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that BN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
38%
of 101 industry peers · -17.6% return
3Y
76%
of 92 industry peers · 74.4% return
5Y
57%
of 81 industry peers · 24.1% return
No Asset Management & Custody Banks peer with a comparable growth profile has beaten BN by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is BN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 20.1%65.2%115.7% SPNT 172% · RNR 142% · RGA 141%
Diversified Banks 12 30.2%130.5%97.2% CM 142% · JPM 133% · RY 125%
Investment Banking & Brokerage 13 -5.0%100.3%93.3% IBKR 406% · SNEX 198% · HOOD 173%
Life & Health Insurance 20 12.8%52.5%84.5% JXN 486% · UNM 296% · MFC 178%
Multi-Sector Holdings 4 4.8%53.2%72.5% BRK-B 87% · VOYA 58% · JEF 36%
Property & Casualty Insurance 42 9.0%72.5%63.4% PGR 174% · TRV 162% · WRB 146%
Multi-line Insurance 9 7.3%64.8%57.9% GNW 105% · L 96% · AIZ 84%
Regional Banks 263 28.1%91.6%50.7% CBC 219% · FCNCA 153% · FBP 139%
Financial Exchanges & Data 15 3.5%44.0%30.2% VIRT 162% · CBOE 150% · CME 68%
Consumer Finance 30 6.4%86.2%24.2% ENVA 391% · EZPW 303% · FCFS 177%
Diversified Financial Services 4 -6.2%18.6%10.8% FRHC 174% · EQH 89%
Insurance Brokers 15 -20.9%-2.3%7.7% LIFE 317% · ARX 88% · AJG 55%
Asset Management & Custody Banks ← 82 -11.0%16.6%6.9% WT 330% · AAMI 255% · SII 255%
Commercial & Residential Mortgage Finance 13 -58.4%15.9%-7.6% FNMA 384% · FMCC 341% · ACT 171%
Specialized Finance 3 11.8%35.4%-13.5% CACC -13% · HASI -17%
Mortgage REITs 33 -18.1%-5.3%-32.9% RITM 25% · DX 18% · AGNC 7%
Transaction & Payment Processing Services 17 2.4%-2.8%-43.2% V 85% · MA 82% · CPAY 55%
Diversified Capital Markets 20 -50.0%16.7%-62.3% LPLA 100% · TW 35% · RIOT -35%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BNVRTSSLRCGEGFGCRVIIMedian
NameBrookfie.Virtus I.SLR Inve.Great ElmFG Commu.Robinhoo. 
Mkt Price35.81122.7111.302.165.4119.0615.18
Mkt Cap80.00.80.60.10.0-0.6
Rev LTM77,05982085282-85
Op Inc LTM18,292131--14-22-58
FCF LTM-9,413-5215716-13--13
FCF 3Y Avg-4,93547136-3-6--3
CFO LTM9,343-4615716-13-16
CFO 3Y Avg8,52054136-3-6-54

Growth & Margins

BNVRTSSLRCGEGFGCRVIIMedian
NameBrookfie.Virtus I.SLR Inve.Great ElmFG Commu.Robinhoo. 
Rev Chg LTM1.3%-7.4%-12.7%70.2%271.1%-1.3%
Rev Chg 3Y Avg-6.1%0.3%12.2%55.9%62.6%-12.2%
Rev Chg Q7.3%-4.6%-59.0%88.3%16.9%-7.3%
QoQ Delta Rev Chg LTM1.7%-1.2%-15.5%21.7%1.5%-1.5%
Op Inc Chg LTM-3.2%-28.3%--75.1%-143.6%--51.7%
Op Inc Chg 3Y Avg8.1%-1.4%--15.7%---1.4%
Op Mgn LTM23.7%16.0%--50.4%-932.3%--17.2%
Op Mgn 3Y Avg21.4%18.3%--47.8%--18.3%
QoQ Delta Op Mgn LTM-0.0%-2.0%-8.3%-9.8%--1.0%
CFO/Rev LTM12.1%-5.6%183.2%56.4%-540.9%-12.1%
CFO/Rev 3Y Avg10.6%6.1%142.6%-28.7%-412.3%-6.1%
FCF/Rev LTM-12.2%-6.3%183.2%56.4%-540.9%--6.3%
FCF/Rev 3Y Avg-6.1%5.2%142.6%-28.7%-414.9%--6.1%

Valuation

BNVRTSSLRCGEGFGCRVIIMedian
NameBrookfie.Virtus I.SLR Inve.Great ElmFG Commu.Robinhoo. 
Mkt Cap80.00.80.60.10.0-0.6
P/S1.01.07.22.314.1-2.3
P/Op Inc4.46.3--4.6-1.5-1.4
P/EBIT3.52.5--1.9-0.5-1.0
P/E56.06.88.4-1.8-0.3-6.8
P/CFO8.6-17.93.94.1-2.6-3.9
Total Yield2.7%22.7%25.6%-55.1%-365.0%-2.7%
Dividend Yield1.0%8.1%13.6%0.0%0.0%-1.0%
FCF Yield 3Y Avg-6.0%2.4%17.2%-5.4%---1.5%
D/E3.33.51.91.00.1-1.9
Net D/E3.13.11.2-0.4-1.4-1.2

Returns

BNVRTSSLRCGEGFGCRVIIMedian
NameBrookfie.Virtus I.SLR Inve.Great ElmFG Commu.Robinhoo. 
1M Rtn-4.8%-14.5%-6.8%-0.9%-27.9%-17.7%-10.6%
3M Rtn-19.3%-26.0%-12.3%-2.3%-27.9%-16.9%-18.1%
6M Rtn-22.7%-11.7%-26.4%4.3%-27.9%-16.9%-19.8%
12M Rtn-20.5%-32.4%-13.4%-13.9%-27.9%-16.9%-18.7%
3Y Rtn70.4%-22.0%2.1%13.7%-27.9%-16.9%-7.4%
1M Excs Rtn-6.5%-13.9%-9.3%-4.3%-30.8%-20.9%-11.6%
3M Excs Rtn-22.6%-29.9%-16.4%-3.2%-31.5%-20.6%-21.6%
6M Excs Rtn-33.9%-22.9%-37.5%-6.8%-39.1%-28.1%-31.0%
12M Excs Rtn-36.8%-48.0%-29.7%-29.2%-45.3%-34.3%-35.6%
3Y Excs Rtn-0.8%-107.0%-76.8%-68.2%-108.4%-97.2%-87.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Private Equity28,80741,40155,73957,54046,452
Infrastructure24,22621,53018,24014,66411,941
Asset Management14,39914,62015,03913,244306
Renewable Power and Transition7,6426,4895,3105,1984,580
Real Estate5,4116,2186,2046,48912,283
Corporate Activities461300341125169
Inter-segment and other revenues-5,846-4,552-4,949-4,491 
Total75,10086,00695,92492,76975,731


Operating Income by Segment
$ Mil20122003199919981997
Commercial properties2,507    
Infrastructure1,257    
Renewable power931    
Private equity841    
Asset Management and Other353    
Corporate/Unallocated-1,101    
Funds management 0   
Investments 0   
Power Generation 0   
Real Estate 1   
Corporate  6365130
Energy Operations  644846
Financial and Management Services  916448
Natural Resource Operations  73766
Property Operations  695233
Brazilian Operations   2531
Total4,7881361261354


Assets by Segment
$ Mil20122011200920082007
Commercial properties37,62240,49727,71823,699 
Corporate/Unallocated30,903    
Infrastructure14,46314,0075,9784,414 
Renewable power14,325    
Private equity9,47613,284   
Asset Management and Other1,855    
Asset management and Other 6,416   
Renewable power generation 16,8267,043  
Asset Management  2,603  
Cash and financial assets  1,911  
Development activities  9,756  
Special situations  6,893  
Cash, financial assets, fee revenues and other   4,955 
Development and other properties   9,82212,115
Power generation   6,778 
Specialty funds   3,943 
Cash, financial assets and other    5,899
Funds management    2,676
Power Generation    7,106
Property    23,571
Timberlands and infrastructure    4,230
Total108,64491,03061,90253,61155,597


Price Behavior

Price Behavior
Market Price$35.95 
Market Cap ($ Bil)80.3 
First Trading Date12/30/1983 
Distance from 52W High-26.5% 
   50 Days200 Days
DMA Price$39.55$43.00
DMA Trenddowndown
Distance from DMA-9.1%-16.4%
 3M1YR
Volatility20.7%27.4%
Downside Capture246.81196.84
Upside Capture103.24138.74
Correlation (S&P 500)71.6%64.9%
BN Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.511.561.341.261.421.46
Up Beta1.001.580.831.121.241.34
Down Beta3.673.091.490.831.181.37
Up Capture80%81%107%107%149%420%
Bmk +ve Days6162766132424
Stock +ve Days7172959124402
Down Capture249%235%196%171%145%110%
Bmk -ve Days16263760120328
Stock -ve Days15253567127345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BN
BN-19.3%27.4%-0.80-
Sector ETF (XLF)4.8%14.6%0.0959.5%
Equity (SPY)17.1%12.7%0.9664.6%
Gold (GLD)-0.6%29.4%-0.0220.7%
Commodities (DBC)49.3%20.7%1.82-29.8%
Real Estate (VNQ)5.7%13.7%0.1542.6%
Bitcoin (BTCUSD)-27.9%43.7%-0.6334.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BN
BN4.9%31.1%0.19-
Sector ETF (XLF)8.9%18.3%0.3571.6%
Equity (SPY)13.6%17.1%0.6076.1%
Gold (GLD)17.9%18.9%0.7615.3%
Commodities (DBC)10.0%19.5%0.3912.9%
Real Estate (VNQ)1.2%18.8%-0.0565.0%
Bitcoin (BTCUSD)8.5%51.8%0.3432.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BN
BN12.2%30.2%0.44-
Sector ETF (XLF)13.0%22.1%0.5371.3%
Equity (SPY)15.4%17.9%0.7375.1%
Gold (GLD)12.0%16.4%0.609.6%
Commodities (DBC)8.2%18.1%0.3724.1%
Real Estate (VNQ)4.8%20.7%0.1967.1%
Bitcoin (BTCUSD)63.5%66.2%1.0322.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity21.5 Mil
Short Interest: % Change Since 91520263.2%
Average Daily Volume5.3 Mil
Days-to-Cover Short Interest4.1 days
Basic Shares Quantity2,233.7 Mil
Short % of Basic Shares1.0%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/17/20266-K
03/31/202605/15/20266-K
12/31/202503/18/202640-F
09/30/202511/17/20256-K
06/30/202508/12/20256-K
12/31/202403/24/202540-F
09/30/202411/14/20246-K
06/30/202408/12/20246-K
03/31/202405/14/20246-K
12/31/202303/19/202440-F
09/30/202311/14/20236-K
06/30/202308/14/20236-K
03/31/202305/16/20236-K
12/31/202203/24/202340-F
09/30/202211/14/20226-K
06/30/202208/15/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/17/20266-K
03/31/202605/15/20266-K
12/31/202503/18/202640-F
09/30/202511/17/20256-K
06/30/202508/12/20256-K
12/31/202403/24/202540-F
09/30/202411/14/20246-K
06/30/202408/12/20246-K
03/31/202405/14/20246-K
12/31/202303/19/202440-F
09/30/202311/14/20236-K
06/30/202308/14/20236-K
03/31/202305/16/20236-K
12/31/202203/24/202340-F
09/30/202211/14/20226-K
06/30/202208/15/20226-K
03/31/202205/16/20226-K
12/31/202103/31/202240-F
09/30/202111/15/20216-K
06/30/202108/16/20216-K
03/31/202105/17/20216-K
12/31/202003/24/202140-F
09/30/202011/13/20206-K
06/30/202008/14/20206-K
03/31/202005/15/20206-K
12/31/201903/27/202040-F
09/30/201911/14/20196-K
06/30/201908/14/20196-K

Investor Activity (13F)

Updated Oct 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Pershing Square Capital Management, L.P.$2.4 Bil17.6%11Hold13F
Greenlea Lane Capital Management, LLC$56.4 Mil16.4%9Hold13F
HughesLittle Investment Management Ltd.$62.3 Mil12.2%14Hold13F
Regents of the University of California$363.4 Mil12.1%12Hold13F
Novo Holdings A/S$141.5 Mil11.5%22Hold13F
Akre Capital Management LLC$689.1 Mil11.3%19TRIM -36.6%13F
Check Capital Management Inc/Ca$177.3 Mil10.9%49Hold13F
Maestria Partners LLC$28.3 Mil10.3%13TRIM -13.1%13F
Bruni J V & Co /Co$85.1 Mil8.9%31Hold13F
Broad Run Investment Management, LLC$49.0 Mil8.6%24Hold13F
Mcdonald Capital Investors Inc/Ca$107.0 Mil7.3%21Hold13F
Scheer, Rowlett & Associates Investment Management Ltd.$79.3 Mil5.7%33Hold13F
America First Investment Advisors, LLC$24.9 Mil4.6%41Hold13F
Partners Group Holding AG$56.2 Mil4.2%50ADD +5.2%13F
Lone Pine Capital LLC$453.6 Mil3.6%36TRIM -29.6%13F
Moerus Capital Management LLC$9.2 Mil3.4%15Hold13F
Warther Private Wealth, LLC$8.1 Mil1.9%40New13F
Archon Partners LLC$5.5 Mil0.6%39New13F
Loews Corp$17.6 Mil0.1%25ADD +33.8%13F
EdgePoint Investment Group Inc.$11.2 Mil0.1%37Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Warther Private Wealth, LLC$8.1 Mil1.9%40New13F
Archon Partners LLC$5.5 Mil0.6%39New13F
Loews Corp$17.6 Mil0.1%25ADD +33.8%13F
Partners Group Holding AG$56.2 Mil4.2%50ADD +5.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Third Point LLC$284.5 Mil3.9%44ExitedDec 31, 202513F
Soroban Capital Partners LP$262.7 Mil1.9%28ExitedDec 31, 202513F
Eldred Rock Partners, LLC$19.4 Mil5.0%32ExitedDec 31, 202513F
Akre Capital Management LLC$689.1 Mil11.3%19TRIM -36.6%Mar 31, 202613F
Lone Pine Capital LLC$453.6 Mil3.6%36TRIM -29.6%Mar 31, 202613F
Maestria Partners LLC$28.3 Mil10.3%13TRIM -13.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Pershing Square Capital Management, L.P.$2.4 Bil17.6%11Hold13F
Akre Capital Management LLC$689.1 Mil11.3%19TRIM -36.6%13F
Lone Pine Capital LLC$453.6 Mil3.6%36TRIM -29.6%13F
Regents of the University of California$363.4 Mil12.1%12Hold13F
Check Capital Management Inc/Ca$177.3 Mil10.9%49Hold13F
Novo Holdings A/S$141.5 Mil11.5%22Hold13F
Mcdonald Capital Investors Inc/Ca$107.0 Mil7.3%21Hold13F
Bruni J V & Co /Co$85.1 Mil8.9%31Hold13F
Scheer, Rowlett & Associates Investment Management Ltd.$79.3 Mil5.7%33Hold13F
HughesLittle Investment Management Ltd.$62.3 Mil12.2%14Hold13F
Greenlea Lane Capital Management, LLC$56.4 Mil16.4%9Hold13F
Partners Group Holding AG$56.2 Mil4.2%50ADD +5.2%13F
Broad Run Investment Management, LLC$49.0 Mil8.6%24Hold13F
Maestria Partners LLC$28.3 Mil10.3%13TRIM -13.1%13F
America First Investment Advisors, LLC$24.9 Mil4.6%41Hold13F
Loews Corp$17.6 Mil0.1%25ADD +33.8%13F
EdgePoint Investment Group Inc.$11.2 Mil0.1%37Hold13F
Moerus Capital Management LLC$9.2 Mil3.4%15Hold13F
Warther Private Wealth, LLC$8.1 Mil1.9%40New13F
Archon Partners LLC$5.5 Mil0.6%39New13F
Core Cache Last Updated: 10/14/2026