MeritValue

Brookfield Infrastructure Corp

BIPCdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.64B1$1.89B2$2.5B3$3.67B3$3.67B3
Net income−$368M4$1.09B5$111M6−$608M6−$241M6
Operating cash flow$839M7$893M8$1.06B9$1.74B9$1.61B9
Capital expenditure——$594M10$1.4B10$1.61B10
Free cash flow (derived)——$465M9$340M9$2M9
Total debt—————
Cash & equivalents$469M11$445M12$539M12$674M12$431M12
Diluted shares—————

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 equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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
  1. 20-F · period ending 2021-12-31 · accession 0001628280-24-011578 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001628280-25-014377 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001788348-26-000001 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001628280-24-011578 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001628280-25-014377 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001788348-26-000001 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001628280-24-011578 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001628280-25-014377 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001788348-26-000001 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001788348-26-000001 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001628280-25-014377 (CashAndCashEquivalents)
  12. 20-F · period ending 2022-12-31 · accession 0001788348-26-000001 (CashAndCashEquivalents)