Detailed financial statements for Brookfield Oaktree Holdings, LLC 6.625 % Non-Cum Red Perp Pfd Units Series A (OAK-PA): 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 Oaktree Holdings, LLC is a privately owned investment manager. It operates as a global investment management firm that focuses on alternative markets. It manage investments in a number of strategies within seven asset classes, including distressed debt; corporate debt, including high yield debt and senior loans; control investing; convertible securities; real estate; listed equities and private equity.
Analysis Summary
Brookfield Oaktree Holdings, LLC 6.625 % Non-Cum Red Perp Pfd Units Series A reported revenue of $731.8M in the most recent fiscal year, growing at a 5-year CAGR of 17.8%. Net income reached $249.2M, with a 8.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 88.4%, operating margin 123.6%, net margin 51.1%. Free cash flow grew at -7.0% CAGR over 5 years.
At the current price of $20.07, OAK-PA trades at a P/E of 8.08 and an ROE of 14.87%. Market capitalisation stands at $2.4B.
Balance sheet quality for OAK-PA: current ratio of 0.2, net debt of $1.31B. 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 strong: free cash flow of $454.2M represents 182% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.15B | $1.47B | $1.38B | $921.1M | $322.7M | $1.49B | $491.4M | $762.0M | $841.4M | $731.8M |
| Cost of Revenue | $206.5M | $458.1M | $402.3M | $239.6M | $141.7M | $674.3M | $175.6M | $200.6M | $103.2M | $84.3M |
| Gross Profit | $944.4M | $1.01B | $977.1M | $681.5M | $181.0M | $819.5M | $315.8M | $561.4M | $738.2M | $647.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.2M |
| Operating Expenses | $704.6M | $502.8M | $775.5M | $779.1M | $368.5M | $96.0M | $191.3M | -$29.1M | -$148.6M | $35.7M |
| Operating Income | $239.9M | $506.6M | $201.6M | -$97.6M | -$187.5M | $723.5M | $124.5M | $590.4M | $886.8M | $611.9M |
| EBITDA | $745.5M | $1.09B | $675.3M | $614.4M | $251.7M | $1.33B | $728.0M | $590.4M | $886.8M | $611.9M |
| Interest Expense | $120.6M | $169.9M | $160.1M | $197.2M | $157.7M | $155.3M | $248.4M | $50.3M | $99.8M | $88.6M |
| Pre-tax Income | $608.6M | $904.9M | $489.3M | $397.0M | $91.9M | $1.17B | $478.0M | $540.2M | $787.1M | $523.2M |
| Income Tax | $42.5M | $215.4M | $24.8M | $9.6M | $8.2M | $12.4M | $14.9M | 0 | 0 | 0 |
| Net Income | $194.7M | $231.5M | $223.4M | $154.8M | $165.7M | $631.7M | $203.6M | $221.2M | $307.5M | $249.2M |
| EPS | $3.11 | $3.61 | $2.99 | $1.59 | $1.40 | $6.10 | $1.73 | $1.80 | $2.45 | $1.88 |
| EPS (Diluted) | $3.11 | $3.61 | $2.99 | $1.59 | $1.40 | $6.10 | $1.73 | $1.80 | $2.45 | $1.88 |
| Shares Outstanding (Diluted) | $62.6M | $64.1M | $70.5M | $80.0M | $98.5M | $99.0M | $102.0M | $107.6M | $114.5M | $118.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $191.6M | $200.6M | $87.7M | $161.2M |
| Gross Profit | $175.4M | $181.8M | $66.3M | $143.4M |
| Operating Income | $198.1M | $266.5M | $146.8M | $180.9M |
| EBITDA | $198.1M | $266.5M | $146.8M | $180.9M |
| Net Income | $66.5M | $166.1M | $39.3M | $55.9M |
| EPS | $0.50 | $1.35 | $0.27 | $0.41 |
| EPS (Diluted) | $0.50 | $1.35 | $0.27 | $0.41 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $959.2M | $959.5M | $831.7M | $841.8M | $1.20B | $1.16B | $176.1M | $336.7M | $449.9M | $6.8M |
| Short-term Investments | $757.6M | $176.6M | $546.5M | $9.2M | $9.6M | $2.1M | 0 | 0 | 0 | 0 |
| Receivables | $357.6M | $440.2M | $547.2M | $247.9M | $265.9M | $643.7M | $274.7M | $389.2M | $57.0M | $28.0M |
| Inventory | 0 | 0 | 0 | -$10.04B | -$11.54B | -$16.20B | -$6.10B | 0 | 0 | 0 |
| Total Current Assets | $2.07B | $1.58B | $1.93B | $323.6M | $329.3M | $1.2M | $1.2M | $66.3M | $56.4M | $257.1M |
| Property, Plant & Equipment | 0 | 0 | 0 | $53.8M | $51.2M | $44.8M | 0 | 0 | 0 | 0 |
| Goodwill | $69.3M | $69.3M | 0 | $3.1M | $4.2M | $3.5M | $18.4M | $18.4M | 0 | 0 |
| Intangible Assets | $18.3M | $331.2M | $314.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7.65B | $9.01B | $10.43B | $210.6M | $2.08B | $14.40B | $5.65B | $7.56B | $7.07B | $6.80B |
| Accounts Payable | $162.3M | $176.8M | $159.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | $5.72B | $6.54B | $1.39B | $1.05B | 0 | $1.47B | $1.32B |
| Total Current Liabilities | $1.09B | $1.22B | $1.24B | $11.3M | $6.68B | $7.8M | $4,483 | 0 | $1.47B | $1.32B |
| Long-term Debt | $4.28B | $4.83B | $5.74B | 0 | $44.1M | $39.3M | $158.8M | $1.17B | 0 | 0 |
| Total Liabilities | $5.76B | $6.99B | $7.94B | $6.70B | $2.08B | $10.40B | $1.57B | $1.63B | $1.60B | $1.46B |
| Retained Earnings | $54.5M | $80.1M | $100.7M | $1.20B | $1.34B | $251.8M | $246.4M | $334.3M | $329.6M | $76.4M |
| Total Equity | $805.9M | $869.0M | $1.40B | $9.26B | $2.60B | $1.66B | $1.55B | $2.25B | $2.39B | $2.25B |
| Total Debt | $4.28B | $4.83B | $5.74B | $16.2M | $72.8M | $8.98B | $1.21B | $1.17B | $1.47B | $1.32B |
| Net Debt | $2.57B | $3.69B | $4.36B | -$834.9M | -$1.14B | $7.82B | $1.04B | $835.0M | $1.02B | $1.31B |
| Working Capital | $980.7M | $358.4M | $684.3M | $312.2M | -$6.35B | -$6.6M | $1.2M | $66.3M | -$1.42B | -$1.06B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.6M | $6.8M | $1.9M | $11.6M |
| Total Assets | $6.63B | $6.80B | $7.31B | $7.07B |
| Total Liabilities | $1.35B | $1.46B | $1.57B | $1.71B |
| Total Equity | $2.17B | $2.25B | $2.34B | $2.05B |
| Total Debt | $1.17B | $1.32B | $1.37B | $1.50B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $566.1M | $689.5M | $464.5M | $154.8M | $165.7M | $631.7M | $203.6M | $221.2M | $787.1M | $523.2M |
| Depreciation & Amortization | $16.2M | $15.8M | $25.9M | $20.3M | $2.1M | $2.3M | $1.6M | 0 | 0 | 0 |
| Stock-based Compensation | $63.7M | $59.3M | $63.0M | $65.5M | $17.4M | $10.5M | $6.6M | $14.6M | -$91.9M | $27,000 |
| Change in Working Capital | $121.2M | $224.5M | -$72.4M | $182.0M | $60.1M | $263.5M | -$131.1M | -$26.8M | $253.6M | -$55.7M |
| Operating Cash Flow | -$317.9M | -$336.3M | -$617.0M | $1.15B | $652.1M | $1.56B | $438.9M | $487.0M | $850.3M | $454.2M |
| Capital Expenditure | -$70.4M | -$29.4M | -$5.8M | -$6.8M | -$710,000 | -$583,000 | -$466,000 | 0 | 0 | 0 |
| Acquisitions | -$113.5M | -$478.1M | -$442.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$12.8M | -$12.3M | -$231.7M | -$12.2M | 0 | 0 | -$17,446 | 0 | 0 | 0 |
| Dividends Paid | -$394.5M | -$562.0M | -$223.2M | -$466.7M | -$97.1M | -$493.0M | -$217.9M | -$124.6M | -$340.8M | -$6.1M |
| Free Cash Flow | -$388.3M | -$365.7M | -$622.8M | $1.14B | $651.4M | $1.56B | $438.5M | $487.0M | $850.3M | $454.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $267.2M | $25.1M | -$212.9M | -$273.4M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $267.2M | $25.1M | -$212.9M | -$273.4M |
| Dividends Paid | -$169.3M | -$59.7M | -$5.6M | -$3.8M |
| Stock-based Compensation | $101,000 | 0 | -$291,000 | $538,000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +27.5% | -6.0% | -33.2% | -65.0% | +362.9% | -67.1% | +55.1% | +10.4% | -13.0% | |
| Net Income Growth (YoY) | +18.9% | -3.5% | -30.7% | +7.0% | +281.2% | -67.8% | +8.6% | +39.0% | -19.0% | |
| EPS Growth (YoY) | +16.1% | -17.1% | -46.8% | -12.1% | +335.7% | -71.6% | +4.0% | +36.1% | -23.3% | |
| Shares Change (YoY) | +2.5% | +9.9% | +13.5% | +23.1% | +0.5% | +3.0% | +5.4% | +6.4% | +3.7% | |
| FCF Growth (YoY) | +5.8% | -70.3% | +282.9% | -42.8% | +139.4% | -71.9% | +11.1% | +74.6% | -46.6% | |
| Gross Margin | 82.1% | 68.8% | 70.8% | 74.0% | 56.1% | 54.9% | 64.3% | 73.7% | 87.7% | 88.5% |
| Operating Margin | 20.8% | 34.5% | 14.6% | -10.6% | -58.1% | 48.4% | 25.3% | 77.5% | 105.4% | 83.6% |
| EBITDA Margin | 64.8% | 74.3% | 49.0% | 66.7% | 78.0% | 88.9% | 148.2% | 77.5% | 105.4% | 83.6% |
| Net Margin | 16.9% | 15.8% | 16.2% | 16.8% | 51.3% | 42.3% | 41.4% | 29.0% | 36.5% | 34.1% |
| FCF Margin | -33.7% | -24.9% | -45.2% | 123.7% | 201.8% | 104.4% | 89.2% | 63.9% | 101.1% | 62.1% |
| Effective Tax Rate | 7.0% | 23.8% | 5.1% | 2.4% | 8.9% | 1.1% | 3.1% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.21 | $-5.70 | $-8.83 | $14.23 | $6.61 | $15.75 | $4.30 | $4.53 | $7.43 | $3.83 |
| Dividends Per Share | $6.30 | $8.76 | $3.17 | $5.83 | $0.99 | $4.98 | $2.14 | $1.16 | $2.98 | $0.05 |
| Shares Outstanding (Basic) | $62.6M | $64.1M | $70.5M | $80.0M | $98.5M | $99.0M | $102.0M | $107.6M | $114.5M | $118.7M |
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 | 14.87% |
| Return on Invested Capital | 11.67% |
| Return on Assets | 4.64% |
| Gross Margin | 88.41% |
| Operating Margin | 123.58% |
| Net Margin | 51.13% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 0.03 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.93 | 6.83 | 7.66 | 16.90 | 19.68 | 4.38 | 12.36 | 12.03 | 8.89 | 11.16 |
| P/B | 1.91 | 1.82 | 1.16 | 0.23 | 1.05 | 1.59 | 1.41 | 1.03 | 1.04 | 1.10 |
| P/S | 1.34 | 1.08 | 1.17 | 2.34 | 8.41 | 1.77 | 4.44 | 3.06 | 2.96 | 3.40 |
| Gross Margin | 82.1% | 68.8% | 70.8% | 74.0% | 56.1% | 54.9% | 64.3% | 73.7% | 87.7% | 88.5% |
| Operating Margin | 20.8% | 34.5% | 14.6% | -10.6% | -58.1% | 48.4% | 25.3% | 77.5% | 105.4% | 83.6% |
| Net Margin | 16.9% | 15.8% | 16.2% | 16.8% | 51.3% | 42.3% | 41.4% | 29.0% | 36.5% | 34.1% |
Related companies: APAM · BBUC · BUR · ECC · HTGC · OAK-PB · PAX
Explore sector: Financial Services · Asset Management
More sections of OAK-PA: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks