# Brookfield Infrastructure Partners LP (BIP.US)

Canonical: https://gigainvestors.com/s/BIP

Analysis as of: 2026-10-16T07:34:21.474Z. Financial observations: FY2007–FY2025.

Listing currency: USD. 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: $37.27 per share; close as of 2026-10-15.

Estimated value: low $18.64 per share, central $26.18 per share, high $30.57 per share. Buy at or below the central value $26.18 per share. Valuation as of 2026-10-16T07:34:21.474Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.16×

- FY2018: 0.31×

- FY2019: 0.26×

- FY2020: 0.23×

- FY2021: 0.25×

- FY2022: 0.24×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.25×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.3%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 27.8%

- Recent gross margin (lower of latest and 3-year median): 25.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.5%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.5%

- FY2017: 1.9%

- FY2018: 3.9%

- FY2019: 3.2%

- FY2020: 3.7%

- FY2021: 4.8%

- FY2022: 5.0%

- FY2023: 7.4%

- FY2024: 9.4%

- FY2025: 8.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: 70.4%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 11.1%

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

- FY2021: 1.07×

- FY2022: 1.00×

- FY2023: 1.69×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 8.8%

- Per-share earnings: 0.46 to 0.80 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $7.7B

- Cumulative retained earnings: -$3.8B

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.0%

- Per-share value change: $0.33

- Per-share value, starting three-year median: $0.46

- Per-share value, ending three-year median: $0.80

- Buybacks concentrated in cheaper years (correlation): -0.66

- Average buyback yield: 0.6%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $38B

- Cumulative net income, 10 years: $3.5B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 8.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.99

- FY2017: $0.30

- FY2018: $0.46

- FY2019: $0.48

- FY2020: $0.73

- FY2021: $1.70

- FY2022: $0.74

- FY2023: $0.80

- FY2024: $0.76

- FY2025: $0.98

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 13.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 6.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -4.6%

- FY2018: -3.2%

- FY2019: -3.4%

- FY2020: -3.6%

- FY2021: -2.7%

- FY2022: -3.8%

- FY2023: -3.7%

- FY2024: -4.1%

- FY2025: -4.3%

## Holders

## Price story

Price needs cash profits to grow 11.1% a year for ten years · sales +9.8%

Story as of 2026-10-16T10:00:00.202Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2026-05-03: This Nearly 5%-Yielding Dividend Stock's Growth Accelerates as Its AI Infrastructure Investments Pay Off ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nearly-5-yielding-dividend-stocks-103500204.html))

### Sales · FY2024–2025

sales +9.8%; source https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm; observed 2026-03-17.

- FY2016: $2.1B 

- FY2017: $3.5B 

- FY2018: $4.7B 

- FY2019: $6.6B 

- FY2020: $8.9B 

- FY2021: $12B 

- FY2022: $14B 

- FY2023: $18B 

- FY2024: $21B 

- FY2025: $23B 

### Gross margin · FY2025

gross margin 26.9%; source https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm; observed 2026-03-17.

- FY2016: 49.7% 

- FY2017: 57.3% 

- FY2018: 52.5% 

- FY2019: 30.1% 

- FY2020: 26.3% 

- FY2021: 28.5% 

- FY2022: 27.2% 

- FY2023: 24.9% 

- FY2024: 25.5% 

- FY2025: 26.9% 

## Owner memo

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

### How it makes money

Operates in utilities diversified; annual sales are USD 23.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm (filed 2026-03-17); FY2025: revenue 23100000000; grossProfit 6224000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIP.US: Brookfield Infrastructure Partners L.P. engages in the utilities, transport, midstream, and data businesses. The company provides transmission of energy and natural gas, and distribution; transport infrastructure including freight, toll road operations, transportation services and intermodal logistics; midstream infrastructure, such as midstream and storage services; and data transmission and distribution operations. It also owns and operates telecommunication towers. In addition, it offers asset management, and wealth solutions. It operates in the United States, Canada, India, the United Kingdom, Brazil, Japan, Colombia, France, Australia, Germany, and internationally. The company was incorporated in 2007 and is based in Hamilton, Bermuda.

### Why customers stay

Margins ranged from 24.9% to 26.9% during 2023–25; it earns 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2023: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2024: grossProfit / revenue = 25.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm (filed 2026-03-17); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); 10-year return on capital observations [[2016,0.0353605805315437],[2017,0.019317023418569532],[2018,0.038863065520727116],[2019,0.03180309354475503],[2020,0.0370853086689492],[2021,0.04789922373482513],[2022,0.05021012420782537],[2023,0.07429631148693708],[2024,0.09402231882358977],[2025,0.08842878525819235]]; median 0.04338114462777612. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 70.4% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2016: growth capex 243000000; upkeep 447000000; owner earnings 369000000. Growth capex / owner earnings = 0.6585365853658537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2017: growth capex 43000000; upkeep 671000000; owner earnings 124000000. Growth capex / owner earnings = 0.3467741935483871.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2018: growth capex 38000000; upkeep 801000000; owner earnings 192000000. Growth capex / owner earnings = 0.19791666666666666.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2019: growth capex 0; upkeep 1144000000; owner earnings 281000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2020: growth capex 0; upkeep 1426000000; owner earnings 603000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2021: growth capex 0; upkeep 1982000000; owner earnings 820000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2022: growth capex 576000000; upkeep 2158000000; owner earnings 341000000. Growth capex / owner earnings = 1.689149560117302.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2023: growth capex 0; upkeep 2487000000; owner earnings 619000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2024: growth capex 1331000000; upkeep 3644000000; owner earnings 351000000. Growth capex / owner earnings = 3.792022792022792.

- Source: https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm (filed 2026-03-17); FY2025: growth capex 1679000000; upkeep 4024000000; owner earnings 449000000. Growth capex / owner earnings = 3.739420935412027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Incremental return on capital 0.7038943723304584, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Dividend observations: [[2016,628000000],[2017,794000000],[2018,919000000],[2019,1027000000],[2020,1134000000],[2021,1257000000],[2022,1418000000],[2023,1516000000],[2024,1644000000],[2025,1743000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm (filed 2026-03-17); FY2025: cash repurchases 190000000 USD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIP.US SharesStats.PercentInsiders = 0.01 percentage points; cache date 2026-10-16.

### What could break it

Brookfield Infrastructure 17 Infrastructure assets may be subject to competition risk.

- Source: https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm (filed 2026-03-17); The enhanced litigation risk for distressed companies is further elevated by the potential that Brookfield or Brookfield Infrastructure may have controlling or influential positions in these companies. Brookfield Infrastructure 17 Infrastructure assets may be subject to competition risk. Some assets may be affected by the existence of other competing assets owned and operated by other parties.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Ten-year compound average after fade. Initial solved rate 0.14707844917229218. Price 37.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.0658030022619782 → FY2025 0.9758748098239514. Closing-price date 2026-10-15.

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

- 2016-10: $22.55 per share

- 2016-11: $21.00 per share

- 2016-12: $22.31 per share

- 2017-01: $23.30 per share

- 2017-02: $24.05 per share

- 2017-03: $25.78 per share

- 2017-04: $26.25 per share

- 2017-05: $27.00 per share

- 2017-06: $27.27 per share

- 2017-07: $26.97 per share

- 2017-08: $29.42 per share

- 2017-09: $28.76 per share

- 2017-10: $28.25 per share

- 2017-11: $28.56 per share

- 2017-12: $29.87 per share

- 2018-01: $28.61 per share

- 2018-02: $26.89 per share

- 2018-03: $27.76 per share

- 2018-04: $27.24 per share

- 2018-05: $25.40 per share

- 2018-06: $25.60 per share

- 2018-07: $27.29 per share

- 2018-08: $26.00 per share

- 2018-09: $26.59 per share

- 2018-10: $24.88 per share

- 2018-11: $25.45 per share

- 2018-12: $23.02 per share

- 2019-01: $26.11 per share

- 2019-02: $26.68 per share

- 2019-03: $27.91 per share

- 2019-04: $27.59 per share

- 2019-05: $27.53 per share

- 2019-06: $28.63 per share

- 2019-07: $29.52 per share

- 2019-08: $31.33 per share

- 2019-09: $33.07 per share

- 2019-10: $33.45 per share

- 2019-11: $34.73 per share

- 2019-12: $33.33 per share

- 2020-01: $36.27 per share

- 2020-02: $33.69 per share

- 2020-03: $23.98 per share

- 2020-04: $26.13 per share

- 2020-05: $27.11 per share

- 2020-06: $27.41 per share

- 2020-07: $27.89 per share

- 2020-08: $29.03 per share

- 2020-09: $31.75 per share

- 2020-10: $28.60 per share

- 2020-11: $33.21 per share

- 2020-12: $32.93 per share

- 2021-01: $34.78 per share

- 2021-02: $33.97 per share

- 2021-03: $35.50 per share

- 2021-04: $35.85 per share

- 2021-05: $36.15 per share

- 2021-06: $37.03 per share

- 2021-07: $36.05 per share

- 2021-08: $37.65 per share

- 2021-09: $37.41 per share

- 2021-10: $39.22 per share

- 2021-11: $37.88 per share

- 2021-12: $40.54 per share

- 2022-01: $39.36 per share

- 2022-02: $39.54 per share

- 2022-03: $44.15 per share

- 2022-04: $41.62 per share

- 2022-05: $39.77 per share

- 2022-06: $38.22 per share

- 2022-07: $39.83 per share

- 2022-08: $41.99 per share

- 2022-09: $35.90 per share

- 2022-10: $36.38 per share

- 2022-11: $37.51 per share

- 2022-12: $30.99 per share

- 2023-01: $35.34 per share

- 2023-02: $33.01 per share

- 2023-03: $33.77 per share

- 2023-04: $34.83 per share

- 2023-05: $35.89 per share

- 2023-06: $36.50 per share

- 2023-07: $35.69 per share

- 2023-08: $31.91 per share

- 2023-09: $29.40 per share

- 2023-10: $22.64 per share

- 2023-11: $26.20 per share

- 2023-12: $31.49 per share

- 2024-01: $31.39 per share

- 2024-02: $28.48 per share

- 2024-03: $31.21 per share

- 2024-04: $26.87 per share

- 2024-05: $28.89 per share

- 2024-06: $27.44 per share

- 2024-07: $31.58 per share

- 2024-08: $32.15 per share

- 2024-09: $35.04 per share

- 2024-10: $34.24 per share

- 2024-11: $34.97 per share

- 2024-12: $31.79 per share

- 2025-01: $32.81 per share

- 2025-02: $31.72 per share

- 2025-03: $29.79 per share

- 2025-04: $30.01 per share

- 2025-05: $33.11 per share

- 2025-06: $33.50 per share

- 2025-07: $31.20 per share

- 2025-08: $31.45 per share

- 2025-09: $32.89 per share

- 2025-10: $34.17 per share

- 2025-11: $36.09 per share

- 2025-12: $34.74 per share

- 2026-01: $36.15 per share

- 2026-02: $39.04 per share

- 2026-03: $36.12 per share

- 2026-04: $35.85 per share

- 2026-05: $39.04 per share

- 2026-06: $36.49 per share

- 2026-07: $41.76 per share

- 2026-08: $37.80 per share

- 2026-09: $35.55 per share

- 2026-10: $36.72 per share

## Annual estimated value (USD per share)

- FY2016: low $2.67 per share, central $2.78 per share, high $2.92 per share

- FY2017: low $4.00 per share, central $4.45 per share, high $5.05 per share

- FY2018: low $6.65 per share, central $7.35 per share, high $8.27 per share

- FY2019: low $9.99 per share, central $13.59 per share, high $15.69 per share

- FY2020: low $11.25 per share, central $13.03 per share, high $14.90 per share

- FY2021: low $17.45 per share, central $23.80 per share, high $27.51 per share

- FY2022: low $18.77 per share, central $26.58 per share, high $31.13 per share

- FY2023: low $23.34 per share, central $32.98 per share, high $38.60 per share

- FY2024: low $21.09 per share, central $28.08 per share, high $32.74 per share

- FY2025: low $16.78 per share, central $23.69 per share, high $27.72 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

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1406234/000140623426000002/bip-20251231.htm); period 2025-12-31, filed 2026-03-17.

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.