Brookfield Asset Management Ltd.

BAMdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

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.

i. The business — what you’d actually own

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).

iii. Is this a good business?

Moat signal · return on invested capital

70% avg · 3y

FY23 104%FY24 74%FY25 33%

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 →

Management signal · capital allocation

−0% shares · 3y

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.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

no diluted share count

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001628280-26-013098 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001628280-26-013098 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001628280-26-013098 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001937926-25-000007 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001628280-26-013098 (CashAndCashEquivalentsAtCarryingValue)