Liquidity is strained by an aggressive capital expenditure profile that reached $1.2 billion in 2026Q1, resulting in a negative free cash flow of -$1.1 billion for the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 1.26B | 1.52B | 1.21B | 1.9B | 1.64B | 727.54M | 1.36B | 1.24B | 1.05B | 961.37M | 624.4M | 674.18M | 667.49M | 723.45M | 399.58M | 339.11M | 132.14M | -204.38M | 87.85M | 64.54M | 74.5M | 51.54M | 80.95M | 36.29M | 30.2M | 15.81M | 21.65M | 1.45M |
| Operating CF Growth % | 38.97% | 25.17% | -36.14% | 15.58% | 125.86% | -46.68% | 10.02% | 18.48% | 8.88% | 53.97% | -7.38% | 1% | -7.74% | 81.05% | 17.83% | 156.63% | 164.65% | -332.66% | 36.12% | -13.38% | 44.54% | -36.33% | 123.09% | 20.14% | 91% | -26.97% | 1393.47% | - |
| Operating CF / Revenue % | 19.79% | 23.29% | 20.64% | 37.7% | 34.88% | 17.76% | 35.72% | 31.23% | 27.57% | 36.62% | 25.46% | 41.41% | 39.17% | 42.41% | 30.53% | 29.01% | 12.25% | 287.65% | -292.18% | -150.16% | -225.01% | -170.95% | -271.76% | -174.01% | -182.45% | -227.38% | -420.23% | 31.59% |
| Net Income | 191.9M | -19.33M | -207.53M | -50.92M | -117.17M | -134.8M | -136.87M | 10.23M | 58.84M | -4.14M | -20.75M | 2.76M | 55.31M | 66.91M | -35.14M | -461.54M | 45.59M | -167.54M | 48.07M | 715.34K | 41.14M | 24.03M | 41.44M | 31.88M | 19.6M | 9.78M | 14.14M | 2.12M |
| Depreciation & Amortization | 2.4B | 2.47B | 1.91B | 1.9B | 1.53B | 1.5B | 1.45B | 816.55M | 777.23M | 810.12M | 771.61M | 567.34M | 522.55M | 518.83M | 484.92M | 454.73M | 106.38M | 69.71M | 26.83M | 32.88M | 26.26M | 23.71M | 22.8M | 18.87M | 12.77M | 6.29M | 5.48M | 653.86K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -573.37M | -287.95M | -189.45M | -251.53M | 574.31M | 97.14M | 377.96M | 480.93M | 356.83M | 125.35M | 93.86M | 249.59M | 145.89M | 154.19M | 26.1M | 406.15M | -603.83K | 3.42M | 832.73K | 4.36M | 1.24M | -1.1M | 453.2K | 771 | 0 | 90.45K | 0 | 0 |
| Working Capital Changes | -381.34M | -270.66M | -274.17M | 483.71M | -204.56M | -707.72M | -101.07M | -53.21M | -61.69M | -20.72M | -124.48M | -73.68M | -28.61M | 969.78K | -22.09M | -11.66M | 603.83K | -5.01M | 6.78M | -1.67M | 3.52M | 774.73K | 15.18M | -16.02M | -1.28M | -177.77K | 2.04M | -1.32M |
| Cash from Investing | -5.47B | -10.02B | -4.54B | -2.05B | -3.16B | -1.8B | -74.75M | 44M | -315.07M | -339.8M | -3.15B | -706.42M | -1.94B | -395.67M | -816.23M | -1.06B | -188.4M | -102.6M | -22.64M | -36.66M | -72.52M | -28.22M | -26.39M | -37.79M | -420.06M | -44.97M | -3.66M | -219.92M |
| Acquisitions (Net) | 1.87B | -5.74B | 169.45M | 1.8B | -503.24M | 89.21M | 559.05M | 99.26M | 269.52M | -87.02M | -2.85B | -478.93M | -1.75B | -233.72M | -778.08M | 0 | -40.26M | -72.42M | 0 | 0 | 0 | 1.61M | 0 | -28.51M | -405.24M | -36.43M | 0 | -219.65M |
| Purchase of Investments | -650.87M | 0 | -1.33B | -1.39B | -699.15M | -156.61M | -492.72M | -198.51M | -398.58M | -534.56M | -59.28M | -16.58M | -23.84M | 0 | -28.11M | -322.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 2.74B | 2.79B | 174.21M | 438.9M | 157.5M | 218.06M | 270.58M | 7.16M | 44.6M | 16.58M | 6.92M | 0 | 0 | 0 | 172.68M | 5.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -3.11B | -374.44M | 0 | -35.64M | -7.68M | -4.96M | 58.96M | 335.63M | -7.59M | 632.97M | 115.59M | 51.58M | 11.44M | 57.22M | 180.71M | 0 | -402.56K | 0 | 0 | 0 | 0 | 0 | 0 | 28.51M | 405.24M | 26.95M | 0 | 219.38M |
| Cash from Financing | 4.45B | 7.4B | 5.35B | 255.6M | 1.63B | 1.44B | -1.22B | -1.34B | -1.31B | -27.97M | 2.68B | -30.39M | 1.24B | -255.05M | 336.33M | 786.07M | 49.92M | 330.62M | -63.1M | -53.87M | -24.27M | 10.79M | -43.32M | 3.46M | 293.75M | 118.21M | -14.35M | 222.95M |
| Dividends Paid | -1.17B | -1.16B | -1.01B | -1.01B | -878.75M | -846.49M | -864.37M | -743.9M | -645.32M | -665.09M | -552.28M | -424.59M | -457.71M | -366.58M | -363.44M | -105.91M | -136.06M | -83.7M | -48.88M | -61.14M | -51.49M | -50.16M | -48.35M | -52.12M | -30.27M | -15.23M | -13.64M | 0 |
| Common Dividends | -1.17B | -1.16B | -1.01B | -1.01B | -878.75M | -846.49M | -809.62M | -699.9M | -610.21M | -612.25M | -515.72M | -424.59M | -457.71M | -366.58M | -363.44M | -105.91M | -136.06M | -83.7M | -48.88M | -61.14M | -51.49M | -50.16M | -48.35M | -52.12M | -30.27M | -15.23M | -13.64M | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K |
| Share Repurchases | -92.27M | 0 | -173.26M | -43.79M | -242.02M | -151.65M | 0 | -1.02M | -48.4M | 0 | 0 | -9.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.17B | 608.47M | 4.18B | -1.25B | -877.78M | -757.28M | -299M | -749.02M | -549.47M | -258.99M | 950.43M | 203.54M | 402.4M | 104.74M | 397.57M | 245.83M | -6.74M | -8.12M | -501.42K | -785.25K | -1.13M | -6.38M | -3.64M | -2.67M | -4.48M | -2.86M | -713.57K | -69.05M |
| Net Change in Cash | 27.4M | -1.33B | 1.98B | 307.09M | 112.87M | 384.61M | 370M | -40M | -662M | 640M | 73M | -102M | 27M | 39M | 146M | 125.66M | -9.59M | 24.99M | 1.9M | -3.19M | -3.42M | 11.65M | 0 | 1.96M | -96.11M | 89.06M | 3.64M | 4.48M |
| Exchange Rate Effect | -222.65M | -227.82M | -45.68M | 200.17M | -8.14M | 19.85M | 300.51M | 15.26M | -84.06M | 46.39M | -75.2M | -39.37M | 63.24M | -33.73M | 226.32M | 59.59M | -3.25M | 1.35M | -211.9K | 22.81M | 18.86M | -22.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.31B | 3.42B | 1.44B | 1.14B | 1.02B | 639M | 269M | 309M | 971M | 331M | 258M | 360M | 333M | 294M | 148M | 22.34M | 31.93M | 6.93M | 5.04M | 8.23M | 11.65M | 0 | 0 | 1.86M | 97.65M | 7.5M | 4.33M | 0 |
| Cash at End | 2.47B | 2.09B | 3.42B | 1.44B | 1.14B | 1.02B | 639M | 269M | 309M | 971M | 331M | 258M | 360M | 333M | 294M | 148M | 22.34M | 31.93M | 6.93M | 5.04M | 8.23M | 11.65M | 13.24M | 3.82M | 1.54M | 96.56M | 7.97M | 4.48M |
| Free Cash Flow | -5.06B | -5.18B | -2.34B | -961.31M | -460.02M | -1.22B | 893.85M | 1.04B | 823.73M | 593.61M | 259.84M | 411.69M | 490.13M | 504.28M | 36.14M | -403.24M | -15.6M | -234.56M | 66.39M | 28.31M | 1.98M | 21.72M | 54.56M | -1.5M | -809.92M | -29.15M | 17.99M | -438.12M |
| FCF Growth % | -64.85% | -121.46% | -143.51% | -108.97% | 62.36% | -236.73% | -14.11% | 26.33% | 38.77% | 128.45% | -36.89% | -16% | -2.81% | 1295.25% | 108.96% | -2485% | 93.35% | -453.28% | 134.49% | 1326.96% | -90.86% | -60.2% | 3730.1% | 99.81% | -2678.04% | -262.05% | 104.11% | - |
| FCF / Revenue % | -79.38% | -79.52% | -39.84% | -19.08% | -9.76% | -29.84% | 23.4% | 26.21% | 21.69% | 22.61% | 10.6% | 25.29% | 28.76% | 29.56% | 2.76% | -34.49% | -1.45% | 330.11% | -220.83% | -65.88% | -5.99% | -72.02% | -183.16% | 7.21% | 4892.23% | 419.19% | -349.14% | -9546.26% |
Negative AFFO dividend coverage
According to the provided financial data, BEPH consistently reports negative AFFO, with a 2026Q1 figure of -$813.6 million, which indicates that the company is currently funding its dividend distributions entirely through capital reserves rather than recurring cash flow generated from its underlying real estate development operations.
The consistent gap between dividend payments and negative AFFO suggests that the current distribution policy is not supported by operational earnings. Investors should monitor whether this reliance on balance sheet liquidity to fund payouts is a temporary strategic choice or a structural issue that may eventually necessitate a dividend reduction.
As reported in the quarterly cash flow statements, BEPH maintains an aggressive capital expenditure profile, with quarterly outflows frequently exceeding $1.5 billion, a trend that reflects the significant cash requirements for ongoing land development and infrastructure projects within its master-planned community portfolio.
The scale of these capital outlays relative to operating cash flow suggests that the entity is in a perpetual state of reinvestment. This high level of maintenance and development spending appears to be the primary driver behind the negative AFFO, as the cash costs of entitlement and construction consistently outpace the cash inflows from asset sales.
Based on the reported figures, the relationship between FFO and Net Income is highly volatile, with FFO/NI ratios reaching extreme levels such as 33.45 in 2023Q4, which highlights the significant distortion caused by non-cash depreciation and the accounting treatment of development-related costs.
The wide variance in the FFO/NI ratio suggests that GAAP net income is an unreliable metric for assessing the company's true cash-generating capacity. Analysts should focus on the underlying project delivery timelines, as FFO appears to be heavily influenced by the timing of asset recognition rather than stable, recurring operational performance.
Analysis of the cash flow statement reveals that the company's reported FCF is consistently negative, often exceeding -$1 billion per quarter, which suggests that the true economic cost of maintaining the land bank is significantly higher than what is captured in standard operating metrics.
The persistent negative FCF, despite the company's large cash reserves, implies that the entity is absorbing substantial carrying costs that are likely being capitalized into inventory. This accounting practice may be masking the true cash burn rate associated with long-dated development projects, warranting further investigation into the sustainability of these capital-intensive operations.
Quick answers to the most common questions about buying BEPH stock.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) generated $1.52B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) reported negative free cash flow of $5.18B in 2025, indicating capital requirements exceeded cash from operations.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) spent $6.70B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) returned $1.16B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.