Latest Ratios: P/E Ratio 29.8x · EV/EBITDA 24.2x · ROE 36.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $72.3B | $86.2B | $60.8B | $15.6B | $11.4B | — | — |
| Enterprise Value | $74.3B | $88.3B | $61.0B | $15.9B | $11.4B | — | — |
| P/E Ratio → | 29.78 | 34.47 | 40.74 | 35.87 | 5.94 | — | — |
| P/S Ratio | 16.09 | 19.20 | 15.81 | 3.91 | 3.13 | — | — |
| P/B Ratio | 7.24 | 8.38 | 18.54 | 7.49 | 4.78 | — | — |
| P/FCF | 34.40 | 41.05 | 37.69 | 10.85 | — | — | — |
| P/OCF | 34.40 | 41.05 | 37.69 | 10.85 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 19.66 | 15.86 | 3.97 | 3.13 | — | — |
| EV / EBITDA | 24.18 | 28.73 | 21.96 | 5.34 | 3.97 | — | — |
| EV / EBIT | 24.50 | 27.64 | 25.25 | 6.06 | 4.35 | — | — |
| EV / FCF | — | 42.04 | 37.82 | 11.02 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 72.0% | 72.0% | 73.5% | 75.5% | 80.8% | 79.7% | 113.5% |
| Operating Margin | 67.5% | 67.5% | 71.9% | 74.1% | 78.5% | 79.0% | 65.6% |
| Net Profit Margin | 55.3% | 55.3% | 56.4% | 46.1% | 52.8% | 71.4% | 20.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 80.9% | 82.4% | 22.9% | 14.2% | 3.2% |
| ROA | 23.0% | 23.0% | 57.1% | 57.8% | 13.3% | 7.8% | 1.7% |
| ROIC | 26.1% | 26.1% | 71.0% | 94.0% | 20.1% | 8.7% | 5.6% |
| ROCE | 31.4% | 31.4% | 103.0% | 132.6% | 26.5% | 11.4% | 7.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.07 | 0.12 | 0.00 | 0.32 | 0.40 |
| Debt / EBITDA | 1.19 | 1.19 | 0.08 | 0.09 | 0.00 | 2.20 | 3.82 |
| Net Debt / Equity | — | 0.20 | 0.06 | 0.12 | 0.00 | 0.14 | 0.22 |
| Net Debt / EBITDA | 0.67 | 0.67 | 0.07 | 0.08 | 0.00 | 1.00 | 2.14 |
| Debt / FCF | — | 0.99 | 0.13 | 0.17 | — | 1.47 | 1.52 |
| Interest Coverage | 27.78 | 27.78 | 17.76 | 36.85 | 870.00 | 21.82 | 5.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.20 | 4.20 | 0.88 | 0.80 | 1.00 | 1.40 | 1.69 |
| Quick Ratio | 4.20 | 4.20 | 0.88 | 0.80 | 1.00 | 1.40 | 1.69 |
| Cash Ratio | 1.34 | 1.34 | 0.01 | 0.01 | 0.00 | 0.38 | 0.40 |
| Asset Turnover | — | 0.26 | 0.88 | 1.25 | 1.15 | 0.10 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 3.3% | 4.1% | 13.5% | 28.0% | — | — |
| Payout Ratio | 113.4% | 113.4% | 114.3% | 114.2% | 166.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 2.9% | 2.5% | 2.8% | 16.8% | — | — |
| FCF Yield | 2.9% | 2.4% | 2.7% | 9.2% | — | — | — |
| Buyback Yield | 0.6% | 0.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.4% | 3.7% | 4.1% | 13.5% | 28.0% | — | — |
| Shares Outstanding | — | $1.6B | $1.1B | $389M | $396M | $403M | $0 |
Includes 30+ ratios · 6 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BAM stock.
Brookfield Asset Management Ltd.'s current P/E ratio is 29.8x. The historical average is 29.3x. This places it at the 25th percentile of its historical range.
Brookfield Asset Management Ltd.'s current EV/EBITDA is 24.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
Brookfield Asset Management Ltd.'s return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 40.0%.
Based on historical data, Brookfield Asset Management Ltd. is trading at a P/E of 29.8x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Brookfield Asset Management Ltd.'s current dividend yield is 3.78% with a payout ratio of 113.4%.
Brookfield Asset Management Ltd. has 72.0% gross margin and 67.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Brookfield Asset Management Ltd.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Dependence on fee-bearing capital growth
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Fee Engine
BAM trades at 8.94x book and 36.75x trailing earnings, a premium to peers like KKR and Apollo, reflecting its asset-light model and strong fee-related earnings growth, as per recent market data.
The P/B of 8.94x is significantly above the peer average, indicating the market prices BAM as a premium franchise rather than a commodity balance sheet. This premium appears justified by the 20% growth in fee-related earnings and the 19% increase in fee-bearing capital, which support a higher quality earnings stream. However, the forward P/E of 30.37x implies expectations of continued double-digit earnings growth, which may be optimistic if fundraising momentum slows.
ROE Volatility Masks Underlying Strength
ROE swung from 21.1% in 2024Q4 to 1.0% in 2026Q2, reflecting the impact of a massive balance sheet expansion and non-recurring items, as reported in quarterly financials.
The DuPont decomposition reveals that ROE is highly sensitive to leverage and non-interest income. The equity/assets ratio fell from 0.75 to 0.32, amplifying the effect of net income on ROE. The sharp decline in ROE in 2026Q2 is likely due to a one-time gain in prior periods and a temporary dip in net income, but the core fee-related earnings remain strong. Investors should focus on fee-related earnings growth rather than reported ROE, which is distorted by balance sheet changes.
Efficiency Ratio Signals Scalability
The efficiency ratio improved to 38.6% in 2026Q2 from negative levels in prior quarters, indicating strong operating leverage, as per the latest financial statements.
The efficiency ratio, which measures operating expenses as a percentage of revenue, has been volatile but generally improving, reflecting the high-margin nature of the asset-light model. The negative ratios in 2025 were due to unusual revenue recognition, but the 38.6% in 2026Q2 suggests that incremental fee revenue is being generated with minimal additional cost. This scalability is a key driver of margin expansion and supports the case for multiple expansion.
Leverage Increase Reflects Strategic Shift
Equity/assets fell from 0.75 to 0.32 over the past two years, indicating higher leverage, but the balance sheet remains healthy with $46.6B in equity, as per balance sheet data.
The increase in leverage is a result of the strategic transformation that expanded total assets from $4.4B to $525.5B, likely due to the consolidation of investment vehicles. While this raises the risk profile, the asset-light nature of the management company means that the balance sheet is not the primary source of value. The capital adequacy appears adequate, but investors should monitor the quality of assets and the potential for off-balance-sheet risks.
Credit Provisions Signal Improving Quality
Loan loss provisions declined 32% to $127.7M in 2026Q2 from $187.4M in Q1, suggesting improving credit conditions, as per the latest income statement.
The decline in provisions, along with a reduction in charge-offs, indicates that the credit quality of the underlying portfolio is stabilizing. However, the provision volatility in prior quarters (swinging from $331M to $127.7M) suggests that the portfolio is sensitive to market conditions. Given the firm's exposure to real estate and infrastructure, investors should monitor the impact of interest rates on asset valuations and the potential for future provisions.
P/E Misleads Due to Earnings Volatility
The P/E ratio is often misapplied to BAM because reported earnings include volatile unrealized carry and one-time items, obscuring the stable fee-related earnings, as per financial disclosures.
For asset managers, the P/E ratio can be misleading because it is based on net income that includes non-cash, unrealized carried interest and investment gains. A more appropriate metric is the price-to-fee-related earnings (P/FRE) ratio, which isolates the recurring management fees. BAM's P/FRE is likely lower than its P/E suggests, making the stock appear more expensive than it is. Investors should adjust for these items to get a true picture of valuation.