Share count
2.2Bpeak FY2022
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BNJ, BROOKFIELD CORPORATION
We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.
Invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy.
We put our own capital to work alongside our investors' in virtually every transaction, aligning interests and leveraging our global presence, the synergies of our business and large-scale, flexible capital to achieve strong returns across market cycles.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$75.1B
−12.7% YoY · 4% 5-yr CAGR
Vital signs · TTM, with 5-yr average
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Private Equity (38%) and Infrastructure (32%), with 3 more segments behind.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have been roughly flat (3% a year). The dividend takes 6% of FFO, and is covered. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 6 segments, the largest Private Equity at 38%.
Revenue by reportable segment, FY2025
- Private Equity38%$28.7B
- Infrastructure32%$24.2B
- Asset management12%$8.9B
- Renewable Power and Transition10%$7.6B
- Real Estate17%$5.3B
- Corporate0%$270M
By geographyUnited States36%Canada10%Other Europe9%United Kingdom9%Brazil7%Australia7%Other20%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $24.4B | $40.8B | $56.8B | $67.8B | $62.8B | $75.7B | $92.8B | $95.9B | $86.0B | $75.1B | $75.1B | RevenueRevenue |
| $1.7B | $1.5B | $3.6B | $2.8B | ($134M) | $4.0B | $2.1B | $1.1B | $641M | $1.3B | $1.3B | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $3.7B | $3.8B | $6.7B | $7.7B | $5.7B | $10.4B | $9.7B | $10.2B | $10.4B | $11.7B | $11.7B | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 17% | 18% | 11% | 10% | 15% | 14% | 11% | 6% | 6% | 6% | 6% | Dividend payout (FFO)Payout |
| $159.8B | $192.7B | $256.3B | $324.0B | $343.7B | $391.0B | $441.3B | $490.1B | $490.4B | $519.0B | $519.0B | Total assetsAssets |
| 1.4× | 1.6× | 1.7× | 1.5× | 1.1× | 1.8× | 1.3× | — | — | — | 1.2× | Interest coverageInt. cov. |
| $69.7B | $79.9B | $97.2B | $116.8B | $122.6B | $134.7B | $141.9B | $168.2B | $165.4B | $166.2B | $166.2B | Shareholders’ equityEquity |
| Per share | |||||||||||
| — | 2.15B | 2.15B | 2.18B | 2.27B | 2.30B | 2.35B | 2.34B | 2.27B | 2.25B | 2.25B | Shares out (diluted)Shares |
| — | $1.77 | $3.10 | $3.53 | $2.50 | $4.51 | $4.14 | $4.37 | $4.58 | $5.20 | $5.20 | FFO / shareFFO/sh |
| — | $0.32 | $0.34 | $0.35 | $0.38 | $0.64 | $0.44 | $0.26 | $0.29 | $0.32 | $0.32 | Dividends / shareDiv/sh |
| — | $37.07 | $45.09 | $53.62 | $54.10 | $58.46 | $60.35 | $71.97 | $72.94 | $73.95 | $73.95 | Book value / shareBVPS |
Share counts before 2019 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Share counts before 2024 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.4%/yr (8-yr) | +3.8%/yr |
| Owner earnings / share | −16.3%/yr (8-yr) | −33.0%/yr |
| EPS | −1.9%/yr (8-yr) | — |
| Dividends / share | +0.1%/yr (8-yr) | −3.5%/yr |
| Capital spending / share | +30.4%/yr (8-yr) | +30.0%/yr |
| Book value / share | +9.0%/yr (8-yr) | +6.5%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
$75.1Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Is it a good business?
- Funds from operations (FFO) $11.7Babout $5.20 per shareNet income $1.3B + depreciation $10.4B
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Lightly coveredDividends $719M ÷ FFO $11.7BIndustry peers: median 49%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Not cleanly capturedIndustry peers: median 41%
What this means
This REIT tags its borrowings in a way the pipeline could not fully total, so we decline to show a leverage figure rather than a misleadingly low one. The debt schedule in the 10-K is where to read its true leverage.
- Adequate(operating income + depreciation) ÷ interest $10.7BIndustry peers: median -0.5×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“The sophistication of the threats continues to evolve and grow, including the risk associated with the use of emerging technologies, such as artificial intelligence and quantum computing, for nefarious purposes.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2017Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$9.6B
- Cash & short-term investments$23.6B
- Receivables$22.8B
- Inventory$5.9B
Current liabilities$10.3B
- Debt due within a year$2.5B
- Accounts payable$32.3B
Current ratio0.94×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.36×stricter: inventory excluded
Cash ratio2.29×strictest: cash alone against what's due
Working capital($667M)the cushion left after near-term bills
Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. This business collects from customers before it pays suppliers (a negative cash-conversion cycle), so the balance sheet is funded by that float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.
Debt due this year vs. cash$2.5B due · $23.6B cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2017 balance sheet
Deeper floors
Tangible book value$84.3Bequity stripped of goodwill & intangibles
Net current asset value($343.1B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$25.5B$9.2B of it operating leases
From the company's latest filing.
Peers, Real Estate Development & Services
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| BNJBROOKFIELD CORPORATION | $75.1B | 12% | 2.2% | 11% | — |
| CBRECBRE Group Inc Common Stock Class A | $40.5B | 6% | 8.6% | — | 13% |
| CWKCushman & Wakefield Ltd. | $10.3B | 2% | 2.5% | — | 41% |
| COMPCompass Inc. | $7.0B | -6% | -18.0% | — | — |
| VACMarriott Vacations Worldwide Corporation | $5.0B | 7% | 3.4% | 26% | 30% |
| AGNTAGNT Inc. | $4.8B | -0% | -3.5% | 100% | — |
| OPENOpendoor Technologies Inc | $4.4B | -8% | -11.5% | — | 48% |
| INVHInvitation Homes Inc. | $2.7B | 37% | 4.1% | 49% | 45% |
| Group median | — | 4% | 2.4% | 37% | — |
The price
What a price has to assume.
What the price implies
price / FFOEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. BROOKFIELD CORPORATION's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
A REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
$
The assumptions
FFO / share, delivered2%/yr’20→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $5.20 per share on 2247M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "BROOKFIELD CORPORATION (BNJ), the owner's record," https://ownerscorecard.com/c/BNJ, data as of 2026-07-09.
Manual order: ← BNH its page in the Manual BNR →
Industry order: ← BNH the Real Estate Development & Services chapter BOC →