Brookfield Asset Management Ltd. earns about 70% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $3.14B1 | $3.38B1 | $3.94B1 |
| Net income | $2.14B2 | $2.11B2 | $2.4B2 |
| Operating cash flow | $1.44B3 | $1.61B3 | $2.1B3 |
| Capital expenditure | — | — | — |
| Free cash flow (derived) | — | — | — |
| Total debt | — | — | — |
| Cash & equivalents | $9M4 | $404M5 | $1.58B5 |
| Diluted shares | 396.5M | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
It earned an average 70% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-013098 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-013098 (NetIncomeLoss)
- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-013098 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-17 · period ending 2023-12-31 · accession 0001937926-25-000007 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-02 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-013098 (CashAndCashEquivalentsAtCarryingValue)