MeritValue

Brookfield Oaktree Holdings, LLC

OAK-PAdata completeness 75%16 fiscal years on file
The thesis, from the filings

Brookfield Oaktree Holdings, LLC earns about 82% on invested capital, but has diluted owners by 19% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $21.85 a share.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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.45B1$1.1B2$688.8M3$778M3$679.5M3
Net income$631.7M4$203.6M5$221.2M6$307.5M6$249.2M6
Operating cash flow−$2.73B7−$1.89B8−$730.7M9−$538.6M9$471M9
Capital expenditure$583,00010$466,00011$011$011—
Free cash flow (derived)−$2.73B7−$1.89B8−$730.7M9−$538.6M9—
Total debt—————
Cash & equivalents$1.16B12$176.1M13$336.7M13$449.9M13$190.7M13
Diluted shares99.0M102.0M107.6M114.5M118.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$190.79
your share of equity
Profit it earned you last year
$21.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $190.79 of net worth that earned you $21.09 last year.

iii. Is this a good business?
Moat signal · return on invested capital
82% avg · 5y
FY21 262%FY22 51%FY23 31%FY24 40%FY25 25%

It earned an average 82% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$21.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$249.2M
  • growthAssumed0.0%
Graham Number
$28.41
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001403528-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001403528-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001403528-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001403528-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001403528-25-000013 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001403528-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001403528-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001403528-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001403528-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001403528-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001403528-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001403528-25-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2022-12-31 · accession 0001403528-26-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)