Detailed financial statements for Brookfield Asset Management Ltd. (BAM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Brookfield Asset Management operates as a prominent alternative asset manager and real estate investment trust (REIT), specializing in real estate, renewable energy, infrastructure, venture capital, and private equity assets. The firm provides a comprehensive range of public and private investment products and services to institutional and retail clients globally.
Analysis Summary
Brookfield Asset Management Ltd. reported revenue of $4.61B in the most recent fiscal year, growing at a 5-year CAGR of 16.4%. Net income reached $2.48B, with a 45.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 76.6%, operating margin 66.2%, net margin 50.4%. Free cash flow grew at 3.5% CAGR over 5 years.
At $48.26 (closing price, October 30, 2026), BAM trades at a P/E of 28.06 and an ROE of 34.28%. Market capitalisation stands at $77.1B, placing it among large-cap names.
Balance sheet quality for BAM: current ratio of 1.4, net debt of $1.36B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $2.10B represents 85% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.15B | $2.79B | $3.63B | $4.06B | $3.98B | $4.61B |
| Cost of Revenue | 0 | $519.0M | $703.0M | $700.0M | $1.05B | $1.15B | $1.37B |
| Gross Profit | $2.17B | $2.15B | $2.08B | $2.93B | $3.01B | $2.83B | $3.23B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $92.0M | $114.0M | $132.0M | $81.0M | $56.0M | $64.0M | $56.0M |
| Operating Expenses | $957.0M | $910.0M | $18.0M | $81.0M | $56.0M | $64.0M | $201.0M |
| Operating Income | $1.22B | $1.24B | $2.07B | $2.85B | $2.96B | $2.76B | $3.03B |
| EBITDA | $562.0M | $1.46B | $3.74B | $2.62B | $2.63B | $2.43B | $3.23B |
| Interest Expense | $154.0M | $257.0M | $171.0M | $3.0M | $71.0M | $136.0M | $115.0M |
| Pre-tax Income | $1.72B | $783.0M | $3.35B | $3.49B | $2.55B | $2.55B | $2.92B |
| Income Tax | -$375.0M | $226.0M | $504.0M | $627.0M | $417.0M | $438.0M | $527.0M |
| Net Income | $1.91B | $382.0M | $1.87B | $1.92B | $1.84B | $2.17B | $2.48B |
| EPS | $0.00 | $0.99 | $4.64 | $4.83 | $1.16 | $1.35 | $1.54 |
| EPS (Diluted) | $0.00 | $0.99 | $4.64 | $4.83 | $1.16 | $1.34 | $1.52 |
| Shares Outstanding (Diluted) | 0 | 402.7 M | 402.7 M | 396.2 M | 1,590.6 M | 1,613.6 M | 1,628.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.14B | $1.24B | $1.32B | $1.71B |
| Gross Profit | $761.0M | $905.0M | $1.09B | $1.58B |
| Operating Income | $763.0M | $947.0M | $643.0M | $921.8M |
| EBITDA | $838.0M | $976.0M | $745.7M | $1.17B |
| Net Income | $716.0M | $560.0M | $608.5M | $904.0M |
| EPS | $0.45 | $0.35 | $0.38 | $0.56 |
| EPS (Diluted) | $0.44 | $0.34 | $0.38 | $0.56 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.10B | $2.49B | $1.0M | $9.0M | $12.0M | $1.58B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $6.59B | $6.57B | $782.0M | $886.0M | $968.0M | $3.61B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.93B | $9.26B | $783.0M | $895.0M | $980.0M | $5.20B |
| Property, Plant & Equipment | $21.0M | $48.0M | $68.0M | 0 | 0 | $92.0M |
| Goodwill | $249.0M | $249.0M | $249.0M | 0 | $251.0M | $236.0M |
| Intangible Assets | $71.0M | $64.0M | $59.0M | 0 | $38.0M | $234.0M |
| Total Assets | $22.47B | $25.73B | $3.16B | $3.21B | $4.39B | $17.05B |
| Accounts Payable | $611.0M | $561.0M | $781.0M | $859.0M | $879.0M | $2.46B |
| Short-term Debt | 0 | $461.0M | $3.0M | $256.0M | $219.0M | $462.0M |
| Total Current Liabilities | $5.27B | $6.60B | $784.0M | $1.12B | $1.11B | $3.64B |
| Long-term Debt | $4.78B | $4.10B | 0 | 0 | 0 | $2.48B |
| Total Liabilities | $10.52B | $11.40B | $784.0M | $1.12B | $1.11B | $6.74B |
| Retained Earnings | 0 | 0 | $19.0M | -$35.0M | -$143.0M | -$851.0M |
| Total Equity | $9.10B | $9.80B | $2.38B | $2.08B | $3.25B | $8.12B |
| Total Debt | $4.78B | $4.56B | $3.0M | $256.0M | $219.0M | $2.94B |
| Net Debt | $2.68B | $2.07B | $2.0M | $247.0M | $207.0M | $1.36B |
| Working Capital | $3.66B | $2.67B | -$1.0M | -$225.0M | -$128.0M | $1.55B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.06B | $1.58B | $1.10B | $1.50B |
| Total Assets | $16.52B | $17.05B | $17.94B | $20.08B |
| Total Liabilities | $5.85B | $6.74B | $6.70B | $8.21B |
| Total Equity | $8.46B | $8.12B | $7.59B | $7.51B |
| Total Debt | $2.80B | $2.94B | $2.93B | $4.05B |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | $2.10B | $557.0M | $2.83B | $2.87B | $2.14B | $2.11B | $2.40B |
| Depreciation & Amortization | $6.0M | $7.0M | $11.0M | $13.0M | $14.0M | $14.0M | $40.0M |
| Stock-based Compensation | $182.0M | $99.0M | $199.0M | -$48.0M | $87.0M | $172.0M | $352.0M |
| Change in Working Capital | -$756.0M | $203.0M | -$187.0M | -$3.02B | -$624.0M | -$616.0M | -$18.0M |
| Operating Cash Flow | $829.0M | $1.79B | $1.44B | -$374.0M | $1.44B | $1.61B | $2.10B |
| Capital Expenditure | -$1.0M | -$20.0M | -$35.0M | -$13.0M | 0 | 0 | 0 |
| Acquisitions | -$1.59B | -$25.0M | -$23.0M | -$279.0M | 0 | 0 | $58.0M |
| Stock Repurchased | -$480.0M | -$1.26B | -$1.40B | 0 | 0 | 0 | -$412.0M |
| Dividends Paid | 0 | 0 | 0 | -$3.18B | -$2.10B | -$2.48B | -$2.82B |
| Free Cash Flow | $1.43B | $1.77B | $1.41B | -$387.0M | $1.44B | $1.61B | $2.10B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $745.0M | $706.0M | $339.0M | $392.8M |
| Capital Expenditure | -$4.0M | 0 | 0 | 0 |
| Free Cash Flow | $741.0M | $706.0M | $339.0M | $392.8M |
| Dividends Paid | -$706.0M | -$703.0M | -$809.0M | -$802.0M |
| Stock-based Compensation | $32.0M | $258.0M | $37.0M | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.9% | +29.4% | +30.1% | +12.0% | -2.0% | +15.8% | |
| Net Income Growth (YoY) | -80.0% | +389.3% | +2.5% | -4.0% | +17.9% | +14.6% | |
| EPS Growth (YoY) | +368.7% | +4.1% | -76.0% | +16.4% | +14.1% | ||
| Shares Change (YoY) | +0.0% | -1.6% | +301.5% | +1.4% | +0.9% | ||
| FCF Growth (YoY) | +23.4% | -20.3% | -127.5% | +471.8% | +12.0% | +30.3% | |
| Gross Margin | 100.0% | 100.0% | 74.8% | 80.7% | 74.2% | 71.0% | 70.2% |
| Operating Margin | 56.0% | 57.8% | 74.1% | 78.5% | 72.8% | 69.4% | 65.8% |
| EBITDA Margin | 25.9% | 67.5% | 134.3% | 72.3% | 64.7% | 61.0% | 70.2% |
| Net Margin | 88.0% | 17.7% | 67.0% | 52.8% | 45.3% | 54.5% | 53.9% |
| FCF Margin | 65.9% | 82.0% | 50.5% | -10.7% | 35.4% | 40.5% | 45.6% |
| Effective Tax Rate | -21.8% | 28.9% | 15.0% | 18.0% | 16.3% | 17.2% | 18.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.39 | $3.50 | $-0.98 | $0.90 | $1.00 | $1.29 | |
| Dividends Per Share | $0.00 | $0.00 | $8.04 | $1.32 | $1.54 | $1.73 | |
| Shares Outstanding (Basic) | 0 | 402.7 M | 402.7 M | 396.2 M | 1,585.8 M | 1,603.4 M | 1,612.2 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 34.28% |
| Return on Invested Capital | 16.20% |
| Return on Assets | 13.88% |
| Gross Margin | 76.62% |
| Operating Margin | 66.24% |
| Net Margin | 50.40% |
Financial Health
| Debt / Equity | 0.54 |
| Current Ratio | 2.97 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 8.42 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 32.32 | 6.90 | 5.94 | 34.63 | 40.14 | 34.02 |
| P/B | 0.00 | 1.42 | 1.32 | 4.78 | 30.68 | 26.76 | 10.40 |
| P/S | 0.00 | 5.98 | 4.62 | 3.13 | 15.68 | 21.83 | 18.33 |
| Gross Margin | 100.0% | 100.0% | 74.8% | 80.7% | 74.2% | 71.0% | 70.2% |
| Operating Margin | 56.0% | 57.8% | 74.1% | 78.5% | 72.8% | 69.4% | 65.8% |
| Net Margin | 88.0% | 17.7% | 67.0% | 52.8% | 45.3% | 54.5% | 53.9% |
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