Operational volatility remains high as evidenced by a 2026Q1 net margin of -7.56% and a significant contraction in FFO per share from $3.65 in 2025Q4 to $1.41 in 2026Q1.
| 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 |
|---|
| Revenue | 6.37B | 6.52B | 5.88B | 5.04B | 4.71B | 4.1B | 3.82B | 3.97B | 3.8B | 2.63B | 2.45B | 1.63B | 1.7B | 1.71B | 1.31B | 1.17B | 1.08B | -71.05M | -30.07M | -42.98M | -33.11M | -30.15M | -29.79M | -20.85M | -16.56M | -6.95M | -5.15M | 4.59M |
| Revenue Growth % | 6.8% | 10.95% | 16.63% | 6.94% | 15.01% | 7.23% | -3.8% | 4.58% | 44.65% | 7.06% | 50.61% | -4.46% | -0.12% | 30.33% | 11.98% | 8.34% | 1618.58% | -136.33% | 30.04% | -29.8% | -9.81% | -1.22% | -42.84% | -25.96% | -138.04% | -34.97% | -212.28% | - |
| Property Operating Expenses | 4.18B | 5.42B | 2.58B | 1.93B | 1.43B | 1.36B | 1.27B | 1.26B | 1.27B | 978M | 1.04B | 552M | 524M | 530M | 486M | 407M | 328M | 0 | 0 | 44.82M | 43M | 37.96M | 37.85M | 30.53M | 21.92M | 8.41M | 8.76M | 994.94K |
| Net Operating Income (NOI) | 2.19B | 1.1B | 3.3B | 3.1B | 3.28B | 2.73B | 2.55B | 2.71B | 2.52B | 1.65B | 1.41B | 1.08B | 1.18B | 1.18B | 823M | 762M | 751M | -71.05M | -30.07M | -87.8M | -76.11M | -68.11M | -67.64M | -51.38M | -38.47M | -15.46M | 27.32M | 3.59M |
| NOI Margin % | 34.36% | 16.84% | 56.09% | 61.63% | 69.56% | 66.67% | 66.65% | 68.19% | 66.47% | 62.74% | 57.67% | 66.09% | 69.25% | 68.93% | 62.87% | 65.18% | 69.6% | 100% | 100% | 204.28% | 229.86% | 225.89% | 227.08% | 246.39% | 232.4% | 222.24% | -530.08% | 78.32% |
| Operating Expenses | 1.47B | 226.9M | 2.21B | 2.07B | 1.85B | 1.86B | 235M | 2.71B | 2.52B | 1.65B | 1.41B | 1.08B | 1.18B | 1.18B | 823M | 427M | 446M | -276.33M | -146.85M | -163.99M | -182.76M | -68.11M | -67.64M | -51.38M | -86.51M | -38.38M | -33.2M | 1.48M |
| G&A Expenses | 246.93M | 226.9M | 0 | 205M | 243M | 288M | 235M | 135M | 94M | 82M | 62M | 48M | 51M | 41M | 36M | 1M | 0 | 1.91M | 2.44M | 2.9M | 2.3M | 2.01M | 2.47M | 2.14M | 1.55M | 2.13M | 2.61M | 211.97K |
| EBITDA | 3.11B | 3.34B | 3.09B | 2.9B | 3.03B | 2.38B | 3.69B | 2.34B | 1.86B | 1.5B | 1.3B | 1.03B | 1.13B | 1.14B | 787M | 803M | 751M | 275M | 115.51M | 109.22M | 69.63M | 52.17M | 65.33M | -22.99M | 60.81M | 29.3M | 24.77M | 2.77M |
| EBITDA Margin % | 48.89% | 51.21% | 52.62% | 57.56% | 64.28% | 58.23% | 96.52% | 58.99% | 48.96% | 57.07% | 52.92% | 63.14% | 66.26% | 66.53% | 60.12% | 68.69% | 69.6% | -387.03% | -384.19% | -254.13% | -210.29% | -173.01% | -219.31% | 110.25% | -367.34% | -421.33% | -480.7% | 60.4% |
| Depreciation & Amortization | 2.39B | 2.47B | 2.01B | 1.86B | 1.6B | 1.51B | 1.38B | 1.27B | 1.15B | 782M | 781M | 616M | 548M | 535M | 483M | 468M | 446M | 69.72M | 27.22M | 32.77M | 26.21M | 23.85M | 22.72M | 18.87M | 12.77M | 6.29M | 5.48M | 653.86K |
| D&A / Revenue % | 37.55% | 37.85% | 34.21% | 36.98% | 33.92% | 36.99% | 36.02% | 32.01% | 30.31% | 29.79% | 31.85% | 37.84% | 32.16% | 31.36% | 36.9% | 40.03% | 41.33% | -98.12% | -90.52% | -76.24% | -79.17% | -79.1% | -76.28% | -90.48% | -77.16% | -90.47% | -106.38% | 14.25% |
| Operating Income | 721.8M | 870.98M | 1.08B | 1.04B | 1.43B | 870M | 2.31B | 1.07B | 708M | 716M | 516.71M | 412M | 581M | 600M | 304M | 335M | 305M | 205.28M | 88.29M | 76.45M | 43.41M | 28.32M | 42.61M | -41.86M | 48.04M | 23.01M | 19.29M | 2.12M |
| Operating Margin % | 11.33% | 13.36% | 18.41% | 20.58% | 30.35% | 21.24% | 60.5% | 26.98% | 18.65% | 27.28% | 21.07% | 25.31% | 34.1% | 35.17% | 23.22% | 28.66% | 28.27% | -288.91% | -293.67% | -177.89% | -131.12% | -93.92% | -143.04% | 200.73% | -290.18% | -330.86% | -374.32% | 46.15% |
| Interest Expense | 4M | 2.5B | 1.99B | 1.63B | 1.22B | 981M | 976M | 1B | 973M | 632M | 606M | 429M | 415M | 410M | 411M | 411M | 95.89M | 71.05M | 32.31M | 42.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.04x | 0.90x | 1.35x | 1.11x | 0.95x | 0.97x | 1.12x | 1.25x | 1.22x | 0.98x | 1.10x | 1.46x | 1.53x | 0.67x | -0.20x | 7.58x | -2.96x | -2.29x | -2.89x | - | - | - | - | - | - | - | - |
| Non-Operating Income | -1.74B | -1.73B | -706M | -1.16B | 70M | -59M | 1.37B | 158M | 119M | -13.66M | -22M | -72.76M | -26M | -26M | 28M | 417M | -422M | 415.86M | 190.9M | 200.28M | 121.82M | 84.33M | 135.44M | 0 | 100.84M | 40.61M | 41.23M | 994.94K |
| Pretax Income | -27.08M | 99.72M | -200M | 568M | 136M | -52M | 102M | 123M | 261.93M | 141.93M | -13M | 43M | 192M | 216M | -135M | -493M | 323M | -281.63M | 89.39M | -954K | 43.41M | 28.32M | 42.61M | 33.44M | 18.71M | 9.77M | 14.14M | 0 |
| Pretax Margin % | -0.43% | 1.53% | -3.4% | 11.27% | 2.89% | -1.27% | 2.67% | 3.1% | 6.9% | 5.41% | -0.53% | 2.64% | 11.27% | 12.66% | -10.31% | -42.17% | 29.94% | 396.37% | -297.33% | 2.22% | -131.12% | -93.92% | -143.04% | -160.35% | -113.02% | -140.52% | -274.32% | 0% |
| Income Tax | -566.59M | -624.75M | -191M | -48M | -2M | 14M | 147M | 43M | -343M | 88M | -53M | -60M | -11M | 1M | -40M | -28M | 29M | 373.02M | 40.8M | -1.67M | 2.35M | 4.15M | 1.08M | 1.56M | -894K | -9.42K | 16.05M | -995K |
| Effective Tax Rate % | 2092.23% | -626.53% | 95.5% | -8.45% | -1.47% | -26.92% | 144.12% | 34.96% | -130.95% | 62% | 407.69% | -139.53% | -5.73% | 0.46% | 29.63% | 5.68% | 8.98% | -132.45% | 45.64% | 174.74% | 5.4% | 14.65% | 2.53% | 4.66% | -4.78% | -0.1% | 113.56% | - |
| Net Income | 191.9M | -19.33M | -218M | -50M | -122M | -136M | -250M | -44M | 61M | -4M | -21M | 3M | 58M | 69M | -35M | -238M | 294M | -167.7M | 48.76M | 712.91K | 41.07M | 24.17M | 41.3M | 31.88M | 19.6M | 9.78M | 14.14M | 2.12M |
| Net Margin % | 3.01% | -0.3% | -3.71% | -0.99% | -2.59% | -3.32% | -6.54% | -1.11% | 1.61% | -0.15% | -0.86% | 0.18% | 3.4% | 4.04% | -2.67% | -20.36% | 27.25% | 236.02% | -162.19% | -1.66% | -124.03% | -80.16% | -138.66% | -152.88% | -118.42% | -140.66% | -274.32% | 46.16% |
| Net Income Growth % | 175.25% | 91.13% | -336% | 59.02% | 10.29% | 45.6% | -468.18% | -172.13% | 1625% | 80.95% | -800% | -94.83% | -15.94% | 297.14% | 85.29% | -180.95% | 275.31% | -443.9% | 6740.11% | -98.26% | 69.92% | -41.48% | 29.56% | 62.61% | 100.4% | -30.8% | 567.33% | - |
| Funds From Operations (FFO) | 2.58B | 2.45B | 1.79B | 1.81B | 1.48B | 1.38B | 1.13B | 1.23B | 1.21B | 778M | 760M | 619M | 606M | 604M | 448M | 230M | 740M | -97.98M | 75.98M | 33.48M | 67.28M | 48.02M | 64.02M | 50.75M | 32.38M | 16.07M | 19.62M | 2.77M |
| FFO Margin % | 40.57% | 37.55% | 30.5% | 35.99% | 31.33% | 33.67% | 29.48% | 30.9% | 31.92% | 29.64% | 31% | 38.02% | 35.56% | 35.4% | 34.22% | 19.67% | 68.58% | 137.9% | -252.72% | -77.9% | -203.21% | -159.25% | -214.94% | -243.36% | -195.58% | -231.13% | -380.7% | 60.4% |
| FFO Growth % | 163.75% | 36.61% | -1.16% | 22.83% | 7.03% | 22.47% | -8.23% | 1.24% | 55.78% | 2.37% | 22.78% | 2.15% | 0.33% | 34.82% | 94.78% | -68.92% | 855.22% | -228.96% | 126.95% | -50.24% | 40.12% | -25% | 26.16% | 56.73% | 101.43% | -18.06% | 607.68% | - |
| FFO per Share | 8.52 | 8.53 | 6.28 | 6.42 | 5.36 | 5.01 | 4.10 | 5.58 | 5.53 | 2.88 | 3.24 | 2.88 | 2.91 | 3.03 | 2.25 | 1.15 | 4.71 | -0.93 | 1.05 | 0.46 | 0.93 | 0.66 | 0.88 | 0.70 | 0.51 | 0.47 | 0.59 | 0.08 |
| FFO Payout Ratio % | 45.41% | 47.38% | 56.36% | 55.61% | 59.54% | 61.38% | 71.9% | 57.04% | 50.35% | 78.7% | 67.86% | 68.59% | 75.53% | 60.69% | 81.12% | 46.05% | 18.39% | -85.42% | 64.34% | 182.63% | 76.53% | 104.46% | 75.52% | 102.7% | 93.49% | 94.72% | 69.52% | 0% |
| EPS (Diluted) | 0.63 | -0.07 | -0.89 | -0.32 | -0.60 | -0.69 | -0.61 | -0.40 | 0.11 | -0.12 | -0.15 | 0.01 | 0.27 | 0.35 | -0.18 | -1.19 | 1.87 | -1.58 | 0.67 | 0.01 | 0.57 | 0.33 | 0.57 | 0.44 | 0.31 | 0.29 | 0.42 | 0.06 |
| EPS Growth % | 159.43% | 92.43% | -178.13% | 46.67% | 13.04% | -13.11% | -52.5% | -463.64% | 191.67% | 20% | -1262.79% | -95.22% | -22.86% | 294.44% | 84.87% | -163.64% | 218.35% | -335.82% | - | -98.82% | 72.73% | -42.11% | 29.55% | 41.94% | 6.9% | -30.95% | 561.42% | - |
| EPS (Basic) | - | -0.07 | -0.89 | -0.32 | -0.60 | -0.69 | -0.61 | -0.40 | 0.11 | -0.12 | -0.15 | 0.01 | 0.27 | 0.35 | -0.18 | -1.19 | 1.87 | -1.58 | 0.67 | 0.01 | 0.57 | 0.33 | 0.57 | 0.44 | 0.31 | 0.29 | 0.42 | 0.06 |
| Diluted Shares Outstanding | 303.28M | 286.96M | 285.18M | 282.4M | 275.36M | 275.08M | 274.84M | 220M | 219.05M | 270.58M | 234.78M | 214.91M | 208.2M | 199.35M | 199.2M | 199.2M | 157.08M | 105.9M | 72.41M | 72.41M | 72.41M | 72.41M | 72.41M | 72.41M | 63.47M | 33.95M | 33.44M | 33.44M |
Persistent negative net income
As reported in recent financial statements, BEPH achieved a 10.95% year-over-year revenue growth, yet the trajectory remains inconsistent as quarterly revenue fluctuated from $1.3 billion to $1.7 billion, suggesting that the company's project-based delivery model is highly sensitive to the timing of large-scale asset closings.
The revenue expansion appears to be driven by active deliveries, but the lack of consistent quarter-over-quarter growth indicates a reliance on lumpy transactional income. Investors should monitor whether the current development pipeline can sustain this momentum given the broader headwinds in the housing market.
According to the provided income statement data, the company maintains a lean operating margin of 13.36%, yet this operational efficiency is undermined by a negative net margin of -0.30%, indicating that non-operational costs or intercompany obligations are effectively neutralizing the profitability generated at the property level.
While the operating margin suggests a disciplined approach to property-level expenses, the persistent negative net income warrants further investigation into the entity's debt-servicing requirements. It appears that the corporate structure may be prioritizing parent-level objectives over standalone profitability, which complicates the assessment of true shareholder value.
Based on reported figures, FFO per share has exhibited significant variance, peaking at $3.65 in 2025Q4 before contracting to $1.41 in 2026Q1, a trend that suggests the company's earnings quality is heavily influenced by the timing of project completions rather than stable, recurring rental income streams.
The wide swings in FFO metrics make it difficult to establish a reliable baseline for dividend safety or long-term growth projections. Analysts should be cautious in extrapolating recent FFO peaks, as they may reflect one-time gains from land sales rather than sustainable operational improvements.
Financial data reveals a striking divergence between a $2.3 billion cash reserve and a negative net income, which may indicate that the entity is functioning as a strategic liquidity vehicle for the parent rather than a traditional, earnings-focused real estate development trust for public shareholders.
The combination of a near-zero debt-to-equity ratio and negative net margins is highly unusual for a developer, suggesting that the company's capital allocation strategy is not driven by standard return-on-equity metrics. This warrants further investigation into whether the entity is being positioned for a specific corporate restructuring or if its cost of capital is being artificially managed.
Quick answers to the most common questions about buying BEPH stock.
For fiscal year 2025, Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) reported total revenue of $6.52B. This represents a 141947.4% increase compared to $4.6M in 1999.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) reported a net loss of $19.3M for the fiscal year ending 2025.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) reported an operating income of $871.0M, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes (BEPH) generated $1.10B in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.