# Brookfield Asset Management (BAM.TO)

Canonical: https://gigainvestors.com/s/BAM.TO

Analysis as of: 2026-10-16T07:33:47.317Z. Financial observations: FY2019–FY2025.

Listing currency: CAD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 65.24 per share; close as of 2026-10-15.

Estimated value: low CAD 21.93 per share, central CAD 24.84 per share, high CAD 28.72 per share. Buy at or below the central value CAD 24.84 per share. Valuation as of 2026-10-16T07:33:47.317Z; scenarios are not confidence intervals.

Expected annual return: 5.6% at the stated quote. About 5.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.83×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.70×

- FY2020: 0.61×

- FY2021: 0.74×

- FY2022: 0.02×

- FY2023: 0.01×

- FY2024: 0.03×

- FY2025: 0.61×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 71.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 71.8 pp

- Typical gross margin (annual median): 74.7%

- Recent gross margin (lower of latest and 3-year median): 2.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 15.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 8.5%

- FY2021: 15.0%

- FY2022: 0.0%

- FY2023: 1.6%

- FY2024: 2.2%

- FY2025: 26.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.4B

- Net income, five-year total: $5.4B

- Working capital / revenue, annual change: 153.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.03×

- FY2025: 1.02×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 4.64 to 1.29 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 1.3%

- Per-share value growth: -27.4%

- Per-share value change: -$3.35

- Per-share value, starting three-year median: $4.64

- Per-share value, ending three-year median: $1.29

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 8.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 2.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: $4.75

- FY2020: $0.26

- FY2021: $4.64

- FY2022: $0.05

- FY2023: $1.16

- FY2024: $1.29

- FY2025: $1.55

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 1.3%

- Receivables to sales index (DSRI): 4.45×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.91×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -6.2%

- FY2021: 1.7%

- FY2022: 12.4%

- FY2023: -1.8%

- FY2024: -2.0%

- FY2025: 1.3%

## Holders

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Jan 2025 · sales +21%

Story as of 2026-10-16T09:59:57.755Z; price observation 2026-10-15.

Price needs cash profits to grow 13.3% a year for ten years

- 2026-05-08: Brookfield Profit Rises 7% As Fee-Bearing Capital Hits $614 Billion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/brookfield-profit-rises-7-fee-130641664.html))

- 2026-07-03: Brookfield (TSX:BN) Expands Bloom Deal To $25 Billion And Launches $100 Billion AI Fund ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/brookfield-tsx-bn-expands-bloom-150948323.html))

### Sales · FY2024–2025

sales +21%; source https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm; observed 2026-03-02.

- FY2019: $2.2B 

- FY2020: $2.3B 

- FY2021: $2.8B 

- FY2022: $48M 

- FY2023: $4.1B 

- FY2024: $4.0B 

- FY2025: $4.8B 

### Gross margin · FY2025

gross margin 67.2%; source https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm; observed 2026-03-02.

- FY2019: 74.7% 

- FY2020: 76.9% 

- FY2021: 74.8% 

- FY2022: 76.8% 

- FY2023: 1.4% 

- FY2024: 2.9% 

- FY2025: 67.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 4.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm#000162828026013098 (filed 2026-03-02); FY2025: revenue 4817000000; grossProfit 3235000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 1.4% to 67.2% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 2.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 67.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 7-year return on capital observations [[2020,0.08480171085117774],[2021,0.15020310303754517],[2022,0.0003051643192488263],[2023,0.016312741312741314],[2024,0.021714018108023727],[2025,0.2621792494037124]]; median 0.053257864479600736. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back USD 419.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 1000000; owner earnings 1918000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2020: growth capex 727676.5881830305; upkeep 19272323.41181697; owner earnings 385727676.58818305. Growth capex / owner earnings = 0.0018865034384346877.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 7127555.296641633; upkeep 27872444.703358367; owner earnings 1852127555.2966416. Growth capex / owner earnings = 0.0038483069247895645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 0; upkeep 13000000; owner earnings 19000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 3000000; upkeep 14000000; owner earnings 451000000. Growth capex / owner earnings = 0.0066518847006651885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 0; owner earnings 555000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 0; owner earnings 2568501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2019,480000000],[2020,1264000000],[2021,1395000000],[2022,3184000000],[2023,505000000],[2024,630000000],[2025,2818000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 419212279 USD.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAM.TO SharesStats.PercentInsiders = 3.5680000000000005 percentage points; cache date 2026-10-16.

### What could break it

"Inability to collect amounts owing to us could adversely impact financial performance." (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm (filed 2026-03-02); Inability to collect amounts owing to us could adversely impact financial performance.

### What the price says

The price assumes cash profits grow 13.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Ten-year compound average after fade. Initial solved rate 0.17963141036798402. Price 65.24; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2022-12: CAD 38.77 per share

- 2023-01: CAD 43.44 per share

- 2023-02: CAD 45.91 per share

- 2023-03: CAD 44.27 per share

- 2023-04: CAD 45.42 per share

- 2023-05: CAD 41.50 per share

- 2023-06: CAD 43.24 per share

- 2023-07: CAD 44.48 per share

- 2023-08: CAD 46.69 per share

- 2023-09: CAD 45.26 per share

- 2023-10: CAD 39.75 per share

- 2023-11: CAD 47.51 per share

- 2023-12: CAD 53.22 per share

- 2024-01: CAD 54.06 per share

- 2024-02: CAD 55.31 per share

- 2024-03: CAD 56.90 per share

- 2024-04: CAD 52.59 per share

- 2024-05: CAD 53.50 per share

- 2024-06: CAD 52.08 per share

- 2024-07: CAD 60.26 per share

- 2024-08: CAD 54.94 per share

- 2024-09: CAD 63.94 per share

- 2024-10: CAD 73.87 per share

- 2024-11: CAD 80.31 per share

- 2024-12: CAD 77.96 per share

- 2025-01: CAD 86.98 per share

- 2025-02: CAD 81.75 per share

- 2025-03: CAD 69.66 per share

- 2025-04: CAD 73.56 per share

- 2025-05: CAD 77.21 per share

- 2025-06: CAD 75.37 per share

- 2025-07: CAD 85.44 per share

- 2025-08: CAD 82.65 per share

- 2025-09: CAD 79.20 per share

- 2025-10: CAD 75.87 per share

- 2025-11: CAD 73.59 per share

- 2025-12: CAD 71.90 per share

- 2026-01: CAD 67.65 per share

- 2026-02: CAD 63.69 per share

- 2026-03: CAD 61.85 per share

- 2026-04: CAD 65.26 per share

- 2026-05: CAD 66.68 per share

- 2026-06: CAD 63.62 per share

- 2026-07: CAD 67.81 per share

- 2026-08: CAD 71.36 per share

- 2026-09: CAD 63.51 per share

- 2026-10: CAD 64.40 per share

## Annual estimated value (CAD per share)

- FY2023: low CAD 63.93 per share, central CAD 72.74 per share, high CAD 84.47 per share

- FY2024: low CAD 25.17 per share, central CAD 28.64 per share, high CAD 33.26 per share

- FY2025: low CAD 19.04 per share, central CAD 21.53 per share, high CAD 24.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:32.851Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.