Latest Ratios: P/E Ratio 35.1x · EV/EBITDA 8.3x · ROE 1.4%. (2007–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.9B | $16.0B | $14.7B | $14.5B | $14.2B | $18.0B | $14.6B | $12.8B | $8.6B | $10.7B | $7.4B |
| Enterprise Value | $81.8B | $81.9B | $69.0B | $62.4B | $46.9B | $49.9B | $41.0B | $35.1B | $23.3B | $20.5B | $15.0B |
| P/E Ratio → | 35.14 | 35.45 | 264.92 | 143.14 | 405.63 | 36.85 | 143.17 | 641.33 | 53.05 | — | 26.75 |
| P/S Ratio | 0.69 | 0.69 | 0.70 | 0.81 | 0.98 | 1.56 | 1.64 | 1.94 | 1.85 | 3.01 | 3.48 |
| P/B Ratio | 0.45 | 0.45 | 0.49 | 0.43 | 0.56 | 0.68 | 0.67 | 0.58 | 0.59 | 0.79 | 0.76 |
| P/FCF | — | — | — | — | 39.88 | 25.59 | — | — | — | — | — |
| P/OCF | 2.66 | 2.68 | 3.15 | 3.55 | 4.53 | 6.51 | 5.75 | 5.99 | 6.31 | 7.20 | 9.78 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.54 | 3.28 | 3.48 | 3.25 | 4.33 | 4.62 | 5.31 | 5.00 | 5.79 | 7.09 |
| EV / EBITDA | 8.32 | 8.34 | 8.03 | 9.19 | 8.31 | 10.14 | 10.41 | 11.99 | 10.47 | 16.45 | 16.92 |
| EV / EBIT | 14.10 | 11.72 | 13.83 | 14.57 | 13.27 | 10.92 | 18.36 | 20.04 | 13.58 | 18.35 | 16.08 |
| EV / FCF | — | — | — | — | 131.70 | 70.80 | — | — | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9% | 26.9% | 25.5% | 24.9% | 27.2% | 28.5% | 26.3% | 30.1% | 52.5% | 57.3% | 49.7% |
| Operating Margin | 25.1% | 25.1% | 23.6% | 22.6% | 24.1% | 25.0% | — | 25.9% | 30.5% | 16.2% | 20.8% |
| Net Profit Margin | 1.9% | 1.9% | 1.7% | 2.0% | 2.4% | 6.6% | 3.6% | 3.2% | 4.1% | 3.5% | 17.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.4% | 1.4% | 1.1% | 1.2% | 1.3% | 3.2% | 1.5% | 1.1% | 1.4% | 1.1% | 4.4% |
| ROA | 0.4% | 0.4% | 0.3% | 0.4% | 0.5% | 1.1% | 0.6% | 0.5% | 0.6% | 0.5% | 1.9% |
| ROIC | 4.7% | 4.7% | 4.5% | 4.3% | 4.5% | 4.1% | — | 3.5% | 4.0% | 2.1% | 2.1% |
| ROCE | 5.6% | 5.6% | 5.4% | 5.3% | 5.4% | 4.8% | — | 4.0% | 4.6% | 2.4% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.95 | 1.95 | 1.89 | 1.46 | 1.32 | 1.25 | 1.25 | 1.03 | 1.03 | 0.75 | 0.86 |
| Debt / EBITDA | 7.04 | 7.04 | 6.55 | 7.30 | 6.00 | 6.73 | 6.91 | 7.84 | 6.80 | 8.16 | 9.40 |
| Net Debt / Equity | — | 1.86 | 1.82 | 1.41 | 1.28 | 1.21 | 1.22 | 1.00 | 1.00 | 0.73 | 0.79 |
| Net Debt / EBITDA | 6.71 | 6.71 | 6.32 | 7.06 | 5.79 | 6.48 | 6.72 | 7.60 | 6.60 | 7.89 | 8.60 |
| Debt / FCF | — | — | — | — | 91.83 | 45.21 | — | — | — | — | — |
| Interest Coverage | 1.81 | 1.81 | 1.64 | 1.71 | 2.21 | 3.69 | 1.89 | 1.93 | 3.09 | 2.61 | 2.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.78 | 0.78 | 0.88 | 0.68 | 0.80 | 0.57 | 0.67 | 1.07 | 0.94 | 1.15 | 1.08 |
| Quick Ratio | 0.75 | 0.75 | 0.84 | 0.64 | 0.73 | 0.52 | 0.63 | 1.03 | 0.88 | 1.07 | 1.01 |
| Cash Ratio | 0.24 | 0.24 | 0.22 | 0.21 | 0.27 | 0.21 | 0.24 | 0.16 | 0.28 | 0.37 | 0.49 |
| Asset Turnover | — | 0.18 | 0.20 | 0.18 | 0.20 | 0.16 | 0.14 | 0.12 | 0.13 | 0.12 | 0.10 |
| Inventory Turnover | 28.95 | 28.95 | 34.53 | 26.31 | 19.79 | 20.62 | 29.63 | 19.05 | 15.66 | 13.97 | 10.52 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 11.0% | 10.9% | 11.2% | 10.5% | 10.0% | 7.0% | 7.8% | 8.0% | 10.7% | 7.5% | 8.5% |
| Payout Ratio | 388.2% | 388.2% | 468.4% | 413.1% | 415.8% | 164.1% | 350.0% | 486.7% | 478.6% | 640.3% | 170.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 2.8% | 0.4% | 0.7% | 0.2% | 2.7% | 0.7% | 0.2% | 1.9% | — | 3.7% |
| FCF Yield | — | — | — | — | 2.5% | 3.9% | — | — | — | — | — |
| Buyback Yield | 1.2% | 1.2% | 0.0% | 0.1% | 1.7% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 12.2% | 12.1% | 11.2% | 10.6% | 11.7% | 7.0% | 7.8% | 8.0% | 10.7% | 7.5% | 8.6% |
| Shares Outstanding | — | $460M | $462M | $459M | $458M | $445M | $442M | $428M | $415M | $397M | $367M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying BIP stock.
Brookfield Infrastructure Partners L.P.'s current P/E ratio is 35.1x. The historical average is 51.1x. This places it at the 46th percentile of its historical range.
Brookfield Infrastructure Partners L.P.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Brookfield Infrastructure Partners L.P.'s return on equity (ROE) is 1.4%. The historical average is 10.6%.
Based on historical data, Brookfield Infrastructure Partners L.P. is trading at a P/E of 35.1x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Brookfield Infrastructure Partners L.P.'s current dividend yield is 11.00% with a payout ratio of 388.2%.
Brookfield Infrastructure Partners L.P. has 26.9% gross margin and 25.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Brookfield Infrastructure Partners L.P.'s Debt/EBITDA ratio is 7.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage constrains growth capacity
Yield Premium Masks Growth Profile
BIP's 10.4% dividend yield and 37.03x P/E suggest the market is pricing it primarily as a high-yield bond proxy, potentially overlooking its embedded growth from asset recycling and inflation-linked contracts.
The current valuation appears to be driven by income-seeking capital rather than growth expectations, as evidenced by the high dividend yield relative to peers like Enbridge (7.4%) and TC Energy (3.9%). The elevated P/E ratio, however, is not reflective of traditional earnings power but rather the market's willingness to pay for the distribution yield in a lower-rate environment. This creates a vulnerability: if interest rates rise or the distribution is perceived as at risk, the stock could reprice sharply, as the valuation is anchored to yield rather than fundamental earnings growth.
Earned ROE Far Below Cost of Capital
BIP's reported ROE has averaged just 0.2% over the past ten quarters, a stark underperformance that suggests the current asset base is not generating returns sufficient to cover its cost of equity, let alone create value.
The persistent gap between the earned ROE and any reasonable cost of equity estimate (likely 8-10% for this risk profile) indicates that recent capital deployments have not yet translated into proportional earnings growth. This is consistent with the prior finding that EPS has been flat despite 14% revenue growth. For a regulated utility, this would be a critical red flag; for BIP, it suggests the 'growth' phase of its buy-fix-sell cycle is currently consuming capital without generating commensurate returns, placing pressure on the distribution and future funding capacity.
Leverage Elevated Beyond Utility Norms
With a Debt-to-Capital ratio of 0.67 and Debt-to-Equity of 2.05, BIP's leverage is significantly above the 1.3-1.7 range typical for regulated utilities, indicating limited headroom for additional debt financing.
The leverage profile is a direct consequence of the company's growth strategy, which relies heavily on debt to fund acquisitions and capital projects. While the FFO/Debt ratio of 2.40x provides a reasonable coverage buffer, the interest coverage ratio of 1.63x is thin and leaves little margin for error in a rising rate environment. This capital structure is sustainable only if the company can consistently recycle assets at premiums and maintain access to capital markets; any disruption to this model could quickly strain the balance sheet.
Distribution Yield Driven by Price Decline
The 10.4% dividend yield appears elevated primarily due to the stock's price decline rather than a sustainable increase in the distribution, as the payout ratio from earnings is minimal at 8.9%.
The high yield is a function of the market's reassessment of BIP's risk profile, not a reflection of robust cash flow generation supporting a higher payout. While operating cash flow has historically covered distributions, the chronic negative free cash flow means the distribution is effectively funded by external capital raises. This creates a circular dependency: the company must access markets to fund both growth and the distribution, making the yield highly sensitive to investor sentiment and market conditions.
Valuation Discount to Pure-Play Peers
BIP trades at a significant P/B discount (0.47x) to peers like TC Energy (2.44x) and Enbridge (1.68x), suggesting the market is applying a conglomerate discount to its diversified, multi-jurisdictional model.
The valuation discount appears to reflect investor uncertainty about the quality and predictability of BIP's cash flows compared to more focused, regulated utilities. While peers like Enbridge benefit from stable, regulated throughput, BIP's mix of transport, midstream, and data assets introduces more complexity and perceived risk. However, this discount may also represent an opportunity if management can successfully demonstrate that its asset recycling strategy generates superior risk-adjusted returns over time.
P/E Ratio Misleads on Utility Value
The P/E ratio is the most commonly misapplied metric to BIP, as it is distorted by non-cash charges and does not reflect the underlying cash flow generation or the regulated utility component of its business.
Analysts comparing BIP's P/E to traditional utilities are making an apples-to-oranges comparison. BIP's earnings are heavily impacted by depreciation, amortization, and fair value adjustments, making the P/E ratio volatile and uninformative. A more appropriate metric would be EV/EBITDA (8.41x), which better captures the cash flow generation of its asset base, or a sum-of-the-parts analysis that separately values the regulated utility segment using a traditional P/E or DCF approach. The current P/E of 37.03x is not comparable to a pure-play utility's P/E and should not be used to assess relative value.