Brookfield Asset Management Ltd. (BAM)

Price$50.60Cached quoteAs of 2026-09-05 14:05 UTC

AI: Overvalued

Price checkThe shares price in strong growth and leave little room for fundraising or earnings disappointments.

The observed market value is about 29 times trailing distributable earnings, using Brookfield's $2.84 billion of last-twelve-month distributable earnings, which means earnings available for distributions and reinvestment. It is also about 26 times trailing fee-related earnings. Those are demanding multiples even though fee-related earnings grew 19% and distributable earnings grew 12%. A value investor therefore needs continued double-digit growth to justify today's valuation; merely stable earnings would make the shares look expensive.

Big pictureThe core fee business is growing quickly, but shareholder cash payouts have outrun reported operating cash.

The supplied SEC history shows revenue rising from $3.14 billion in 2023 to $3.94 billion in 2025, while net income reached $2.40 billion. Operating cash flow also improved from $1.44 billion to $2.10 billion, and capital spending remained negligible, supporting a durable asset-light model. However, 2025 dividends were $2.82 billion, above reported operating cash flow. Through the first half of 2026, dividends totaled $1.61 billion against $883 million of operating cash flow, so cash coverage deserves monitoring.

Business strengthLong-lived client capital supports recurring fees, while rising debt makes the balance sheet less pristine.

Brookfield reported $672 billion of fee-bearing capital, up 19% in a year, with 88% classified as long-term, permanent, or perpetual. That makes fee income less dependent on clients redeeming money during short market swings. The supplied June balance sheet shows $1.50 billion of cash, $4.08 billion of debt, and $9.19 billion of shareholder equity, leaving $2.58 billion of net debt. Diluted shares fell about 1% year over year in the quarter, although the Oaktree purchase introduces new share issuance that Brookfield intends to offset with repurchases.

What could change the storyFaster fee growth could justify the premium, while slower fundraising would expose the valuation quickly.

The bull case is unusually strong fundraising and deployment. Brookfield raised $77 billion in the second quarter, while $68 billion of commitments not yet earning fees could generate about $680 million of additional annual revenue once invested. Full ownership of Oaktree also expands the credit platform. The bear case is that today's roughly 29-times distributable-earnings valuation already assumes much of that growth arrives. If fee-related earnings settle near single-digit growth, or higher interest expense absorbs more gains, the current multiple would offer little downside protection.

AI: News

Record second quarterFundraising surged and recurring fee earnings grew strongly, reinforcing expectations for continued profit growth.

Brookfield reported its second-quarter results on August 5. Fee-related earnings rose 20% to $808 million, while distributable earnings increased 15% to $707 million. The company raised a record $77 billion during the quarter and $163 billion over the preceding twelve months. These figures matter because new fee-bearing capital expands the recurring revenue base. The results support a premium valuation, although the shares already embed substantial future growth rather than simply reflecting current earnings.

Oaktree acquisition closesBrookfield completed full ownership of Oaktree, expanding its credit earnings while adding financing and integration demands.

The acquisition closed July 31 and was announced August 3. Brookfield bought the remaining 26% of Oaktree for about $3 billion, using cash and shares from Brookfield Asset Management and Brookfield Corporation. The combined credit platform is approximately $365 billion. Full ownership gives Brookfield a larger share of Oaktree's fee earnings and investment performance, but investors should also watch financing costs and share issuance. Brookfield previously said corresponding share purchases were intended to keep dilution minimal.

Nvidia financing partnershipA huge artificial-intelligence financing initiative could create a new pool of long-duration assets for Brookfield.

On August 10, Nvidia named Brookfield among six financial partners developing platforms intended to mobilize more than $500 billion of third-party capital for computing infrastructure. The structure could give Brookfield additional opportunities to earn management fees from data centers and related financing. However, no individual commitment, expected Brookfield revenue, or deployment timetable was disclosed. The announcement is strategically important, but attributing any specific BAM share-price movement to it would be uncertain.

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Revenue

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2023

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2025

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$3.94B	$3.38B	$3.14B	$0
Operating expenses	$2.04B	$1.68B	$1.55B	$36.0M
Operating income	$1.90B	$1.70B	$1.60B	−$2.0M
Operating margin	48.17%	50.31%	50.80%	—
EBITDA	$1.94B	$1.72B	$1.61B	$35.0M
EBITDA margin	49.19%	50.72%	51.24%	—
Net income	$2.40B	$2.11B	$2.14B	$19.0M
Net profit margin	60.80%	62.35%	68.01%	—
Basic EPSper basic share	$1.54	$1.33	$1.15	$0.05
Diluted EPSper diluted share	$1.52	$1.33	$1.13	$0.05

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Community posts

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@tickerstat20 days ago
Brookfield plans up to $600 million investment in ACME green fuels
Brookfield ($BAM) plans to invest up to $600 million in ACME Cleantech Ventures to support green-ammonia and green-methanol projects. The investment will be made through its Global Transition Fund strategy and will back development and cons ...
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@tickerstat21 days ago
Brookfield agrees to acquire Reliance Worldwide for $2.8 billion
Brookfield ($BAM) agreed to acquire all shares in Reliance Worldwide, the plumbing and heating products manufacturer, for US$3.38 per share in cash. The agreement values the business at approximately US$2.8 billion including debt. Reliance’ ...
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Brookfield Asset Management Ltd. (BAM)

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Brookfield plans up to $600 million investment in ACME green fuels

Brookfield agrees to acquire Reliance Worldwide for $2.8 billion