Brookfield Wealth Solutions Ltd.
BNTdata completeness 88%7 fiscal years on fileBrookfield Wealth Solutions Ltd. earns about 59% on invested capital, far above its ~9% cost of capital, but has diluted owners by 1026% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $36.87 and $735.62 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.04B1 | $4.41B2 | $6.91B3 | $14.1B3 | $11.6B3 |
| Net income | −$112M4 | $501M5 | $797M6 | $1.25B6 | $863M6 |
| Operating cash flow | $1.69B7 | $644M8 | $1.51B9 | $4.57B9 | $2.61B9 |
| Capital expenditure | $1M10 | $24M11 | $135M12 | $40M12 | $69M12 |
| Free cash flow (derived) | $1.69B7 | $620M8 | $1.37B9 | $4.53B9 | $2.55B9 |
| Total debt | $693M13 | $2.16B13 | — | — | — |
| Cash & equivalents | $393M14 | $2.15B15 | $4.31B16 | $12.2B17 | $13B17 |
| Diluted shares | 19.9M | 30.9M | 64.2M | 126.0M | 224.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $799.76 of net worth that earned you $38.52 and generated $113.6 of cash last year.
It earned about 59% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 1026% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 212% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $36.87 and $735.62 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$2.55B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$2.55B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$797M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $220.4 |
| Base | 20.0% | $428.47 |
| Bull | 20.0% | $428.47 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001837429-24-000006 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001837429-25-000009 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001837429-26-000008 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001837429-24-000006 (ProfitLoss)
- 20-F · period ending 2022-12-31 · accession 0001837429-25-000009 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0001837429-26-000008 (ProfitLoss)
- 20-F · period ending 2021-12-31 · accession 0001837429-24-000006 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001837429-25-000009 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001837429-26-000008 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001837429-24-000006 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2022-12-31 · accession 0001837429-25-000009 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2023-12-31 · accession 0001837429-26-000008 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2021-12-31 · accession 0001837429-23-000008 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001837429-25-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001837429-24-000006 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001837429-25-000009 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001837429-26-000008 (CashAndCashEquivalentsAtCarryingValue)