# Brookfield (BN.TO)

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

Analysis as of: 2026-10-16T07:33:44.984Z. Financial observations: FY1996–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 52.27 per share; close as of 2026-10-15.

Estimated value: low CAD 12.30 per share, central CAD 13.35 per share, high CAD 14.74 per share. Buy at or below the central value CAD 13.35 per share. Valuation as of 2026-10-16T07:33:44.984Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.15×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.21×

- FY2025: 0.29×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 20.8%

- Recent gross margin (lower of latest and 3-year median): 21.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: 3.5%

- FY2018: 6.3%

- FY2019: 3.6%

- FY2020: 2.4%

- FY2021: 3.4%

- FY2022: 4.4%

- FY2023: 5.3%

- FY2024: 5.2%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.1B

- Net income, five-year total: $9.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.3 pp

- Working capital / revenue, change between three-year averages: -20.0 pp

- Working capital / revenue, final three-year average: -7.0%

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

- FY2021: 1.00×

- FY2022: 1.22×

- FY2023: 1.17×

- FY2024: -0.40×

- FY2025: -0.35×

### management: fail

- 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: 3.7% vs 5.3%

- Per-share earnings: 0.66 to 0.47 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: $74B

- Cumulative retained earnings: $5.1B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.1%

- Per-share value change: -$0.19

- Per-share value, starting three-year median: $0.66

- Per-share value, ending three-year median: $0.47

- Buybacks concentrated in cheaper years (correlation): -0.16

- Average buyback yield: 0.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $110B

- Cumulative net income, 10 years: $18B

- ROIC, first three-year median: 3.7%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.59

- FY2017: $0.66

- FY2018: $1.63

- FY2019: $1.21

- FY2020: -$0.06

- FY2021: $1.63

- FY2022: $0.85

- FY2023: $0.47

- FY2024: $0.27

- FY2025: $0.55

### accounting: pass

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

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 2.58×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.38×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.71×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.9%

- FY2017: -1.4%

- FY2018: -0.5%

- FY2019: -1.1%

- FY2020: -2.5%

- FY2021: -1.0%

- FY2022: -1.5%

- FY2023: -1.1%

- FY2024: -1.3%

- FY2025: -1.9%

## Holders

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

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

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

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

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

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

- [Martin Whitman](https://gigainvestors.com/TA): 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.

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

## Price story

Down 21% since Nov 2025 · sales -11.5%

Story as of 2026-10-16T09:59:57.618Z; price observation 2026-10-15.

Price needs cash profits to grow 22.8% 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))

### Sales · FY2024–2025

sales -11.5%; source https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm; observed 2026-03-18.

- FY2016: $24B 

- FY2017: $41B 

- FY2018: $57B 

- FY2019: $68B 

- FY2020: $63B 

- FY2021: $76B 

- FY2022: $93B 

- FY2023: $96B 

- FY2024: $86B 

- FY2025: $76B 

### Gross margin · FY2025

gross margin 38.8%; source https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm; observed 2026-03-18.

- FY2016: 27.4% 

- FY2017: 20.6% 

- FY2018: 19.8% 

- FY2019: 22.3% 

- FY2020: 24.5% 

- FY2021: 15.5% 

- FY2022: 15.4% 

- FY2023: 15.1% 

- FY2024: 21.0% 

- FY2025: 38.8% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are USD 76.1 billion.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2025-12-31 (filed 2026-03-18); FY2025: revenue 76128000000; grossProfit 29534000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BN.TO: Brookfield Corporation is a multi-asset manager focused on real estate, credit, renewable power and transition, infrastructure, venture capital, and private equity including growth capital and emerging growth investments. It manages a range of public and private investment products and services for institutional and retail clients. It typically makes investments in sizeable, premier assets across geographies and asset classes. It invests both its own capital as well as capital from other investors. Within private equity and venture capital, it focuses on acquisitions, early ventures, control buyouts, financially distressed buyouts, corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnarounds, and underperforming midmarket companies. It invests in both public debt and equity markets. It invests in private equity sectors with focus on business services including infrastructure, healthcare, road fuel distribution and marketing, and real estate; industrials including manufacturers of automotive batteries, graphite electrodes, smart cards, returnable plastic packaging, consumable products for lab testing, and sanitation management and development; and residential/infrastructure services. The firm provides essential business services including business process outsourcing, financial services, software and technology services, and real estate"related services, among others. The firm also invests in energy transition. It targets companies that likely possess underlying real assets, primarily in sectors such as industrial products, building materials, metals, mining, homebuilding, oil and gas, paper and packaging, manufacturing, and forest products. It invests globally with focus on North America including Brazil, the United States, and Canada; Europe; Australia; the Middle East and North Africa; and Asia-Pacific. The firm considers equity investments in the range of $2 million to $500 million. It has a four-year

### Why customers stay

Margins ranged from 15.1% to 38.8% during 2023–25; it earns 4% on its capital.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2023-12-31 (filed 2026-03-18); FY2023: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2024-12-31 (filed 2026-03-18); FY2024: grossProfit / revenue = 21%.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2025-12-31 (filed 2026-03-18); FY2025: grossProfit / revenue = 38.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.03665445118340828],[2017,0.03497420333623066],[2018,0.06313262087472342],[2019,0.0364125301009718],[2020,0.023974351986669886],[2021,0.03449667593547881],[2022,0.043935085257201335],[2023,0.05295943798232215],[2024,0.05230528725921333],[2025,0.053589164962484746]]; median 0.04029476822030481. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 15% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm (filed 2026-03-18); Gross margin observations: [[2021,0.1549035401618888],[2022,0.15369358298569566],[2023,0.15131770985363413]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.2 billion of shares.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2016-12-31 (filed 2026-03-18); FY2016: growth capex 0; upkeep 1454297032; owner earnings 2216702968. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2017-12-31 (filed 2026-03-18); FY2017: growth capex 0; upkeep 1750778000; owner earnings 2056222000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2018-12-31 (filed 2026-03-18); FY2018: growth capex 0; upkeep 1861944000; owner earnings 4824056000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2019-12-31 (filed 2026-03-18); FY2019: growth capex 0; upkeep 3053000000; owner earnings 4630000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2020-12-31 (filed 2026-03-18); FY2020: growth capex 0; upkeep 4012000000; owner earnings 1645000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2021-12-31 (filed 2026-03-18); FY2021: growth capex 444000000; upkeep 6437000000; owner earnings 3966000000. Growth capex / owner earnings = 0.11195158850226929.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2022-12-31 (filed 2026-03-18); FY2022: growth capex 0; upkeep 7236000000; cash acquisitions 23478000000; owner earnings 2503000000. Growth capex plus acquisitions / owner earnings = 9.379944067119457.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2023-12-31 (filed 2026-03-18); FY2023: growth capex 0; upkeep 8216976000; cash acquisitions 14468000000; owner earnings 1319924999.0205681. Growth capex plus acquisitions / owner earnings = 10.961228865833874.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,633000000],[2017,685000000],[2018,726000000],[2019,772000000],[2020,867000000],[2021,1486000000],[2022,1029000000],[2023,602000000],[2024,663000000],[2025,719000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/BN.US.json#2025-12-31 (filed 2026-03-18); FY2025: cash repurchases 1188000000 USD.

### Are managers owners

Insiders own 17.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BN.TO SharesStats.PercentInsiders = 17.639 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.31931802806302645. Price 52.27; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.302258978206631 → FY2025 -0.19554238323472592. Closing-price date 2026-10-15.

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

- 2016-11: CAD 16.07 per share

- 2016-12: CAD 15.92 per share

- 2017-01: CAD 16.17 per share

- 2017-02: CAD 17.19 per share

- 2017-03: CAD 17.41 per share

- 2017-04: CAD 18.13 per share

- 2017-05: CAD 18.37 per share

- 2017-06: CAD 18.28 per share

- 2017-07: CAD 17.42 per share

- 2017-08: CAD 17.75 per share

- 2017-09: CAD 18.51 per share

- 2017-10: CAD 19.44 per share

- 2017-11: CAD 19.27 per share

- 2017-12: CAD 19.66 per share

- 2018-01: CAD 18.50 per share

- 2018-02: CAD 17.87 per share

- 2018-03: CAD 18.04 per share

- 2018-04: CAD 18.28 per share

- 2018-05: CAD 18.58 per share

- 2018-06: CAD 19.16 per share

- 2018-07: CAD 19.72 per share

- 2018-08: CAD 20.03 per share

- 2018-09: CAD 20.66 per share

- 2018-10: CAD 19.30 per share

- 2018-11: CAD 20.93 per share

- 2018-12: CAD 18.80 per share

- 2019-01: CAD 20.31 per share

- 2019-02: CAD 21.36 per share

- 2019-03: CAD 22.37 per share

- 2019-04: CAD 23.21 per share

- 2019-05: CAD 22.28 per share

- 2019-06: CAD 22.51 per share

- 2019-07: CAD 23.24 per share

- 2019-08: CAD 24.67 per share

- 2019-09: CAD 25.28 per share

- 2019-10: CAD 26.17 per share

- 2019-11: CAD 27.61 per share

- 2019-12: CAD 26.96 per share

- 2020-01: CAD 29.10 per share

- 2020-02: CAD 28.84 per share

- 2020-03: CAD 22.41 per share

- 2020-04: CAD 25.35 per share

- 2020-05: CAD 23.30 per share

- 2020-06: CAD 24.08 per share

- 2020-07: CAD 23.31 per share

- 2020-08: CAD 23.72 per share

- 2020-09: CAD 23.75 per share

- 2020-10: CAD 21.34 per share

- 2020-11: CAD 28.27 per share

- 2020-12: CAD 28.36 per share

- 2021-01: CAD 26.70 per share

- 2021-02: CAD 27.70 per share

- 2021-03: CAD 30.13 per share

- 2021-04: CAD 30.20 per share

- 2021-05: CAD 32.35 per share

- 2021-06: CAD 34.08 per share

- 2021-07: CAD 36.30 per share

- 2021-08: CAD 37.83 per share

- 2021-09: CAD 36.58 per share

- 2021-10: CAD 40.27 per share

- 2021-11: CAD 38.45 per share

- 2021-12: CAD 41.17 per share

- 2022-01: CAD 37.73 per share

- 2022-02: CAD 37.33 per share

- 2022-03: CAD 38.09 per share

- 2022-04: CAD 34.54 per share

- 2022-05: CAD 34.47 per share

- 2022-06: CAD 30.86 per share

- 2022-07: CAD 34.24 per share

- 2022-08: CAD 34.05 per share

- 2022-09: CAD 30.46 per share

- 2022-10: CAD 29.08 per share

- 2022-11: CAD 34.18 per share

- 2022-12: CAD 28.39 per share

- 2023-01: CAD 33.00 per share

- 2023-02: CAD 30.27 per share

- 2023-03: CAD 29.35 per share

- 2023-04: CAD 29.31 per share

- 2023-05: CAD 27.18 per share

- 2023-06: CAD 29.73 per share

- 2023-07: CAD 30.69 per share

- 2023-08: CAD 30.75 per share

- 2023-09: CAD 28.31 per share

- 2023-10: CAD 26.93 per share

- 2023-11: CAD 31.91 per share

- 2023-12: CAD 35.43 per share

- 2024-01: CAD 35.57 per share

- 2024-02: CAD 37.33 per share

- 2024-03: CAD 37.79 per share

- 2024-04: CAD 36.81 per share

- 2024-05: CAD 39.57 per share

- 2024-06: CAD 37.93 per share

- 2024-07: CAD 44.89 per share

- 2024-08: CAD 45.20 per share

- 2024-09: CAD 47.89 per share

- 2024-10: CAD 49.22 per share

- 2024-11: CAD 57.36 per share

- 2024-12: CAD 55.08 per share

- 2025-01: CAD 59.24 per share

- 2025-02: CAD 55.81 per share

- 2025-03: CAD 50.21 per share

- 2025-04: CAD 49.37 per share

- 2025-05: CAD 52.83 per share

- 2025-06: CAD 56.19 per share

- 2025-07: CAD 61.87 per share

- 2025-08: CAD 60.18 per share

- 2025-09: CAD 63.66 per share

- 2025-10: CAD 64.59 per share

- 2025-11: CAD 65.98 per share

- 2025-12: CAD 63.02 per share

- 2026-01: CAD 62.07 per share

- 2026-02: CAD 59.82 per share

- 2026-03: CAD 56.37 per share

- 2026-04: CAD 61.35 per share

- 2026-05: CAD 62.81 per share

- 2026-06: CAD 60.51 per share

- 2026-07: CAD 59.58 per share

- 2026-08: CAD 57.08 per share

- 2026-09: CAD 51.92 per share

- 2026-10: CAD 52.15 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 17.96 per share, central CAD 19.94 per share, high CAD 22.58 per share

- FY2017: low CAD 39.34 per share, central CAD 53.63 per share, high CAD 62.44 per share

- FY2018: low CAD 52.17 per share, central CAD 71.58 per share, high CAD 82.89 per share

- FY2019: low CAD 41.74 per share, central CAD 47.04 per share, high CAD 54.09 per share

- FY2020: low CAD 34.08 per share, central CAD 38.04 per share, high CAD 43.32 per share

- FY2021: low CAD 35.76 per share, central CAD 39.23 per share, high CAD 43.86 per share

- FY2022: low CAD 34.88 per share, central CAD 39.19 per share, high CAD 44.92 per share

- FY2023: low CAD 18.82 per share, central CAD 21.15 per share, high CAD 24.24 per share

- FY2024: low CAD 17.78 per share, central CAD 19.81 per share, high CAD 22.51 per share

- FY2025: low CAD 10.43 per share, central CAD 11.37 per share, high CAD 12.63 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 40-F filing](https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm); period 2025-12-31, filed 2026-03-18.

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.