At a glance
Brookfield Asset Management Inc is worth $75.38B, about 31 times its fiscal 2025 earnings. Revenue grew 21.0% to $4.82B in fiscal 2025, with 49.8% kept as profit. It pays no dividend; it spent $412.0M buying back its shares over FY2023–FY2025. The stock returned −10.9% over the past year with dividends reinvested and +0.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.4% in the 2020 crash (S&P 500: 33.7%) and 36.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 24 months after the lows.
The business in plain English
Brookfield Asset Management (BAM) invests money for clients, mainly in alternative assets: investments outside publicly traded stocks and bonds. Based in New York, it managed over $1 trillion as of December 31, 2025, across infrastructure, renewable power and transition, private equity, real estate and credit. Clients include more than 2,400 institutions, such as pension plans, sovereign wealth funds and insurers, plus about 60,000 private wealth clients who supplied over 8% of capital raised.
It earns mostly fees. Fee-Bearing Capital, the client money it charges fees on, was $603 billion as of December 31, 2025, and 87% was long-dated or perpetual, such as private funds typically committed for at least 10 years, which the company says steadies earnings. Of $4.8 billion in fiscal 2025 revenue, management fees made up about 70%, and incentive payments added about $560 million, or roughly 12%. It also earns carried interest, a share of investment profits paid as funds sell assets.
Infrastructure, where BAM calls itself one of the world's largest managers, had $247 billion of assets under management and $106 billion of Fee-Bearing Capital as of December 31, 2025. The strategy spans utilities, transport, midstream (pipelines and storage) and data infrastructure. BAM manages Brookfield Infrastructure Partners, a listed partnership worth $29.2 billion at that date, and offers an AI infrastructure fund.
Price history
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BAM -10.9% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Management Service | $3.38B | 70.3% |
| Incentive fees | $560.0M | 11.6% |
| Incentive Distributions | $560.0M | 11.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.75B, up 60.8% from a year earlier, and net income was $1.17B (+100.7%).
- For fiscal 2025, revenue was $4.82B (+21.0% year over year) with a 49.8% net margin.
Financial health check
| Free cash flow margin | 43.4% good |
|---|---|
| Return on equity (FY2025) | 26.9% good |
| Return on assets (FY2025) | 14.1% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $4.06B | $2.14B | $1.42B |
| FY2024 | $3.98B | $2.11B | $1.60B |
| FY2025 | $4.82B | $2.40B | $2.09B |
Valuation snapshot
| Market value | $75.38B |
|---|---|
| P/E ratio | 31.4 |
| Dividend yield | 4.16% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BAM price data to Oct 27, 2026 | -8.0% | -10.9% | +21.5% | +0.8% | +11.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.0% |
| 2025 | -0.3% |
| 2024 | +39.7% |
| 2023 | +45.5% |
| 2022 | -44.1% |
| 2021 | +48.0% |
| 2020 | +9.0% |
| 2019 | +52.7% |
| 2018 | -10.7% |
| 2017 | +33.8% |
| 2016 | +6.6% |
| 2015 | -4.3% |
| 2014 | +31.1% |
| 2013 | +11.4% |
| 2012 | +35.8% |
| 2011 | -16.1% |
| 2010 | +51.5% |
| 2009 | +47.1% |
| 2008 | -55.7% |
| 2007 | +11.6% |
| 2006 | +44.2% |
| 2005 | +40.7% |
| 2004 | +78.4% |
| 2003 | +50.8% |
| 2002 | +15.1% |
| 2001 | +26.3% |
| 2000 | +10.2% |
| 1999 | -1.4% |
| 1998 | -22.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 69.9% over that stretch · deepest drop along the way 70.6%, back to its old high 45.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.1% over that stretch · deepest drop along the way 51.4%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.9% over that stretch · deepest drop along the way 36.5%, back to its old high 24 months after the low |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 1.5% | Mar 31, 2025 |
ETFs with the most weight in BAM
| TGLR LAFFER TENGLER Equity Income ETF | 3.27% |
| TMFG Motley Fool Global Opportunities ETF | 2.5% |
| QINT American Century Quality Diversified International ETF | 0.41% |
| IMTM iShares MSCI Intl Momentum Factor ETF | 0.38% |
| IDMO Invesco S&P International Developed Momentum ETF | 0.32% |
| IQLT iShares MSCI Intl Quality Factor ETF | 0.27% |
| FNDF Schwab Fundamental International Equity ETF | 0.25% |
| IDHQ Invesco S&P International Developed High Quality ETF | 0.25% |
What could go wrong
- BN has major influence over BAM. BN has substantial influence over BAM. If BN's ownership changes, control of BAM could pass to a third party without shareholder approval, and conflicts of interest may be resolved in ways that don't favor shareholders.
- Growth depends on raising more client money. Fees grow mainly by adding Fee-Bearing Capital. Weak product development or marketing could slow fundraising, and poor capital allocation or investment management could push returns below targets, hurting performance income.
- Earnings and dividends can swing by quarter. Revenue, earnings and cash flow can vary materially from quarter to quarter. BAM warns this can affect earnings growth, the quarterly dividend and the share price.
- Retail sales bring legal and regulatory risk. BAM is growing sales to private wealth investors, who supplied over 8% of capital raised. Selling to retail investors across many jurisdictions exposes it to potential lawsuits and regulatory enforcement.
- Possible tax trouble for US shareholders. If BAM were classified as a passive foreign investment company, a US tax label for certain foreign firms with mostly investment-type income, US holders could face worse tax treatment. Canadian tax changes pose risks too.
- Higher rates and slower deals could hurt. Further interest rate increases could raise BAM's borrowing costs. Revenue can also fall if the businesses it manages invest less or more slowly, and weak economies can hurt the assets behind its fees.
Recent events
- Other company announcement
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- Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Acquisition or sale of assets completed
- Other company announcement
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For income and retirement investors
BAM pays a quarterly dividend and aims to pay out at least about 90% of Distributable Earnings, a company-defined profit measure. The yield was 4.16% as of October 27, 2026. Dividends per share rose from $1.28 in fiscal 2023 to $1.52 in fiscal 2024. The SEC record starts in fiscal 2023, so a longer streak of increases can't be confirmed. In fiscal 2025, the $2.8 billion paid out equaled about 118% of net income and 135% of free cash flow (cash left after running and reinvesting in the business), so neither measure fully covered it. Buybacks totaled $412 million in fiscal 2025, after none in the prior two years.
Under the BAM ticker, the shares fell about 71% in the 2008 financial crisis and took about 46 months to recover. They dropped 51% in the 2020 COVID crash and 37% in the 2022 bear market, recovering in 12 and 24 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Brookfield Asset Management make money?
It makes money mainly by charging fees to manage investments for clients. As of December 31, 2025, it had $603 billion of Fee-Bearing Capital, the client money it charges fees on, and 87% was long-dated or perpetual. In fiscal 2025, management fees made up about 70% of $4.8 billion in revenue, and incentive payments added about $560 million. It can also earn carried interest, a share of profits when funds sell assets. Net income was $2.4 billion, about 50% of revenue.
Does Brookfield Asset Management pay a dividend?
Yes. BAM pays a quarterly dividend and intends to pay out at least about 90% of its Distributable Earnings, a company-defined measure. The yield was 4.16% as of October 27, 2026. Dividends per share rose from $1.28 in fiscal 2023 to $1.52 in fiscal 2024. In fiscal 2025, dividends paid of $2.8 billion exceeded both net income and free cash flow, so those standard measures did not fully cover the payout.
Who controls Brookfield Asset Management?
BN has substantial influence over BAM, according to the company's 10-K annual report. The filing warns that BN's own ownership could change and that control of BAM could then pass to a third party without shareholder approval. It also says the ownership structure may create conflicts of interest that could be resolved in ways that don't favor BAM or its shareholders.
How has Brookfield Asset Management stock performed?
It depends on the period. As of October 27, 2026, the shares' price-based return was a loss of 8% year to date and 10.9% over one year. Under the BAM ticker, annualized returns (averaged per year) were 21.5% over three years, 0.8% over five years and 11.3% over ten years. With a one-year beta of 1.31, the stock tended to swing more than the overall market, and it fell as much as 22.2% from a peak over the past year.
What is BAM's P/E ratio?
About 31.4 as of October 27, 2026, based on fiscal 2025 earnings, with a market value of about $75.4 billion. The P/E ratio, share price divided by earnings per share, shows what investors pay for each dollar of profit. Fiscal 2025 revenue rose 21%, and in the quarter ended June 30, 2026, revenue rose 60.8% and net income 100.7% from a year earlier. BAM warns results can swing between quarters, and a higher P/E generally leaves less room for disappointment if growth slows.