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what it is
Brookfield manages money, sells annuity-style insurance, and owns big real-world assets like power, infrastructure, and property.
how it gets paid
Last year Brookfield made $86.0B in revenue. Renewable Power was the main engine at $28.0B, or 33% of sales.
what just happened
Brookfield posted quarterly EPS of $0.30, beating the $0.21 estimate by 42.9%, while revenue hit $36.0B.
At a glance
A balance sheet — strong enough to weather a downturn
30/100 earnings predictability — expect surprises
95.9x trailing p/e — you're paying up for this one
0.7% dividend yield — cash in your pocket every quarter
5.0% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Brookfield manages money, sells annuity-style insurance, and owns big real-world assets like power, infrastructure, and property.
Scale is the moat here. Brookfield says its asset-management arm oversees more than $1 trillion in assets at 12/31/24, which means you are betting on a firm big enough to get first look at giant deals. That size feeds fee-related earnings, and those fees rose 17% in the latest nine-month period.
How they make money
$86.0B
annual revenue
Asset Management
$4.0B
+17.0%
Wealth Solutions
$12.0B
+21.0%
Renewable Power
$28.0B
+99.0%
Infrastructure
$22.0B
+99.0%
Private Equity
$10.0B
+99.0%
Real Estate
$10.0B
+99.0%
The products that matter
manages third-party capital
Asset Management
$30.0B revenue · +17% growth
this $30.0B segment is the cleanest part of the story. fee-related earnings grew 17% last quarter, which is why the market keeps looking through the messy headline p/e.
fee engine
annuity-based reinsurance
Insurance Solutions
$24.0B revenue · $139B assets
insurance assets reached $139B, up 21% from a year ago, with management targeting $200B by 2026. that's a lot of low-cost capital if they hit it.
growth lever
owns and monetizes real assets
Operating Businesses
$32.0B revenue · asset recycling
it's the largest revenue bucket at $32.0B and the least simple one to value. brookfield sold $91B of assets in 2025, which tells you how much of the model depends on capital recycling.
valuation wrinkle
Key numbers
95.9x
earnings multiple
P/E → price compared with earnings → so what: you are paying a luxury multiple for a business with just 9.5% upside to the 18-month target.
$74B
2026 revenue est
Revenue estimate → expected annual sales → so what: even with $74 billion of projected revenue, sales growth is forecast at only 1.5%.
39.0%
operating margin
Operating margin → profit after running the business → so what: Brookfield keeps $0.39 from each revenue dollar before interest and taxes.
5.0%
return on capital
Return on capital → profit earned on money put into the business → so what: $100 invested produces just $5 in operating profit, which is thin for this valuation.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- net profit margin 7.4% — keeps 7 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in BN 3 years ago → it's now worth $20,870.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Brookfield posted quarterly EPS of $0.30, beating the $0.21 estimate by 42.9%, while revenue hit $36.0B.
Latest-quarter revenue rose 99% vs. prior year to $36.0B, and EPS rose 13% to $0.17 on the SEC-reported basis. In Brookfield's own operating view, distributable earnings before realizations reached $1.64 for the first nine months, while fee-related earnings in asset management climbed 17%.
$36.0B
revenue
$0.17
eps
n/a
n/a
the number that mattered
The 42.9% earnings beat matters most because it shows Brookfield can still clear a low bar, but the bigger problem is the huge gap between reported EPS and forward estimates.
-
brookfield corp. probably delivered a solid performance for 2025.while final results for the year won’t be released until next month, the progress made through the september quarter was generally encouraging.
-
for the nine months, distributable earnings before realizations, a closely watched performance indicator, totaled $1.64 per share, an increase of 15% from the prior-year period.
-
the most profitable business, asset management, continues to benefit from rising fee-related earnings, which climbed 17% in the third quarter.meanwhile, the company continues to build up the wealth solutions unit, which has been the key driver of distributable earnings growth.
-
aided by strong annuity sales, insurance assets reached $139 million as of the end of september, up about 21% from one year earlier.
-
the wealth solutions division is preparing to expand its footprint.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the market never closing brookfield's complexity discount.
high
complexity discount
management's own net asset value estimate is $68 per share versus a $38 stock price. that's a 44% gap.
if investors keep treating bn like an opaque holding company instead of a cleaner asset manager, that gap can stay open for years.
med
insurance execution
insurance assets reached $139B, and management is aiming for $200B by 2026.
missing that target would slow one of the few parts of the company currently compounding above 20%.
med
capital markets dependency
brookfield completed $91B in asset sales in 2025. that capital recycling model works best when financing markets stay open and buyers stay willing.
if deal activity freezes, realizations slow, reported value stays trapped, and the stock loses one of its main catalysts.
a stock at $38 against a management nav estimate of $68 tells you the risk in one line: brookfield may be right on value and still fail to get paid for it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
scheduled for may 07, 2026. you want updates on fee-related earnings, insurance assets, and whether capital returns stay elevated.
trend
insurance asset march to $200B
the current figure is $139B. if that line keeps climbing, brookfield gets more permanent capital and a cleaner growth narrative.
metric
distributable earnings per share
the first nine months produced $1.64 per share before realizations. that is the number to watch if you want to know whether the machine is actually scaling.
risk
asset sale pace
$91B of asset sales in 2025 is a lot of recycling. if that pace drops sharply, one of the easiest ways to surface value goes with it.
Analyst rankings
earnings predictability
30 / 100
in human-speak, the earnings stream is hard to model because brookfield mixes fees, insurance, and asset realizations.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 364 buyers vs. 326 sellers in 3q2025. total institutional holdings: 1.5B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$26
$58
$38
current price
$42
target midpoint · +9% from current · 3-5yr high: $70 (+45% · 10% ann'l return)
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