Latest Ratios: P/E Ratio -17.2x · EV/EBITDA 5.8x · ROE -11.6%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $5.4B | $4.8B | $5.0B | $4.4B | $5.0B | $3.3B | — | — | — |
| Enterprise Value | $17.2B | $18.2B | $16.4B | $16.6B | $8.5B | $8.2B | $7.7B | — | — | — |
| P/E Ratio → | -17.22 | — | — | 45.23 | 2.71 | — | — | — | — | — |
| P/S Ratio | 1.17 | 1.45 | 1.36 | 1.98 | 2.42 | 3.08 | 2.16 | — | — | — |
| P/B Ratio | 2.11 | 2.70 | 2.14 | 1.24 | — | — | — | — | — | — |
| P/FCF | 19.95 | 24.71 | 7.27 | — | — | 11.83 | 9.82 | — | — | — |
| P/OCF | 2.67 | 3.30 | 2.73 | 4.76 | 4.91 | 5.98 | 4.45 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.89 | 4.69 | 6.50 | 4.72 | 5.06 | 5.10 | — | — | — |
| EV / EBITDA | 5.79 | 6.14 | 5.75 | 8.04 | 5.98 | 6.37 | 6.33 | — | — | — |
| EV / EBIT | 7.50 | 8.10 | 11.45 | 9.62 | 3.67 | 11.44 | 29.06 | — | — | — |
| EV / FCF | — | 83.40 | 24.99 | — | — | 19.42 | 23.20 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6% | 63.6% | 62.4% | 68.9% | 71.3% | 68.0% | 63.1% | 65.9% | 64.4% | 65.4% |
| Operating Margin | 61.5% | 61.5% | 60.4% | 66.2% | 67.6% | 65.0% | 60.8% | 64.1% | 62.9% | 63.5% |
| Net Profit Margin | -6.6% | -6.6% | -16.6% | 4.4% | 58.0% | -22.4% | -38.6% | 12.2% | 12.9% | 15.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -11.6% | -11.6% | -18.4% | 6.1% | — | — | -43.0% | 6.2% | 4.5% | 4.0% |
| ROA | -1.0% | -1.0% | -2.4% | 0.7% | 10.4% | -3.8% | -6.1% | 2.1% | 2.0% | 2.2% |
| ROIC | 12.0% | 12.0% | 10.7% | 13.1% | 32.9% | 28.1% | 13.1% | 12.2% | 10.4% | 9.3% |
| ROCE | 14.2% | 14.2% | 12.6% | 14.4% | 24.9% | 20.2% | 11.5% | 11.6% | 10.1% | 9.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.63 | 6.63 | 5.53 | 2.96 | — | — | — | 1.08 | 1.00 | 0.33 |
| Debt / EBITDA | 4.46 | 4.46 | 4.32 | 5.85 | 3.23 | 2.85 | 3.81 | 2.56 | 2.63 | 1.55 |
| Net Debt / Equity | — | 6.42 | 5.22 | 2.83 | — | — | — | 1.01 | 0.97 | 0.32 |
| Net Debt / EBITDA | 4.32 | 4.32 | 4.08 | 5.59 | 2.91 | 2.49 | 3.65 | 2.41 | 2.55 | 1.48 |
| Debt / FCF | — | 58.69 | 17.72 | — | — | 7.59 | 13.38 | 5.38 | 5.06 | — |
| Interest Coverage | 1.92 | 1.92 | 1.34 | 2.47 | 4.27 | 2.45 | 1.23 | 6.55 | 7.04 | 12.02 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.26 | 0.26 | 0.62 | 0.44 | 0.24 | 0.32 | 0.21 | 1.20 | 1.25 | 1.21 |
| Quick Ratio | 0.26 | 0.26 | 0.62 | 0.44 | 0.25 | 0.32 | 0.21 | 1.20 | 1.25 | 1.21 |
| Cash Ratio | 0.06 | 0.06 | 0.10 | 0.09 | 0.11 | 0.08 | 0.07 | 0.41 | 0.28 | 0.22 |
| Asset Turnover | — | 0.16 | 0.15 | 0.11 | 0.18 | 0.16 | 0.16 | 0.17 | 0.16 | 0.14 |
| 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 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 1.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 126.9% | 353.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 2.2% | 36.9% | — | — | — | — | — |
| FCF Yield | 5.0% | 4.0% | 13.8% | — | — | 8.5% | 10.2% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | — | — | — |
| Shares Outstanding | — | $119M | $119M | $143M | $113M | $110M | $67M | $70M | $70M | $70M |
Includes 30+ ratios · 9 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 BIPC stock.
Brookfield Infrastructure Corporation's current P/E ratio is -17.2x. The historical average is 24.0x.
Brookfield Infrastructure Corporation's current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
Brookfield Infrastructure Corporation's return on equity (ROE) is -11.6%. The historical average is -7.5%.
Based on historical data, Brookfield Infrastructure Corporation is trading at a P/E of -17.2x. Compare with industry peers and growth rates for a complete picture.
Brookfield Infrastructure Corporation has 63.6% gross margin and 61.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Brookfield Infrastructure Corporation's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage overwhelms operating profitability
Valuation Anchored to Yield, Not Earnings
With a negative TTM P/E of -17.77, BIPC's valuation is entirely divorced from reported earnings and instead reflects its utility-like yield profile and asset base, as indicated by its P/B of 2.18 and EV/EBITDA of 5.83.
The negative P/E renders traditional earnings-based valuation meaningless, forcing investors to rely on asset-based (P/B) and cash flow-based (EV/EBITDA) metrics. The P/B of 2.18, while high relative to book value, is a poor proxy for intrinsic value given the company's negative equity base. The EV/EBITDA of 5.83 appears low for a regulated utility, but this may reflect market skepticism about the sustainability of reported EBITDA given the high leverage and non-cash charges that dominate the income statement.
Earned ROE Volatility Obscures Regulatory Reality
The extreme volatility in quarterly ROE, ranging from -32.8% to +15.4% over the past ten quarters, suggests that reported GAAP returns are not indicative of the underlying regulated earned return, which is likely anchored to a stable authorized ROE set by regulators.
For a regulated utility, the authorized ROE is the critical benchmark for performance. BIPC's erratic reported ROE, driven by non-cash items and financing costs, makes it impossible to assess operational performance against this regulatory benchmark using public filings alone. The negative ROE in recent quarters (-4.5% in Q2 2026) is a function of the capital structure and accounting, not a failure of the regulated business to earn its allowed return on the rate base.
Leverage Exceeds Typical Utility Thresholds
The debt-to-capital ratio of 0.88 in Q2 2026, translating to a debt-to-equity ratio exceeding 7x, represents a capital structure significantly more aggressive than regulated utility norms and warrants close monitoring of interest coverage.
A debt-to-capital ratio of 88% is at the extreme end for regulated utilities, where 50-60% is more common. While the FFO/Debt ratio of 2.21% in Q2 2026 appears low, the interest coverage ratio of 1.46x suggests the company is generating sufficient operating cash flow to service its interest obligations, albeit with limited margin for error. This high leverage magnifies both returns in good times and risks in a rising rate environment, as refinancing costs could pressure cash available for distributions.
Dividend Sustainability Relies on External Funding
The absence of a consistent dividend payout ratio and the historical OCF-to-dividend coverage below 1.0x, as noted in prior cash flow analysis, indicate that shareholder distributions are not fully supported by operating cash flow alone.
The intermittent dividend yield (8.8% in Q1 2026, 8.9% in Q3 2025) and lack of a reported payout ratio in most quarters suggest an irregular distribution policy. This pattern implies that dividends are funded from a mix of operating cash flow and capital raises, which is sustainable only as long as access to capital markets remains open. For a utility, this is an atypical and riskier model than the standard practice of funding dividends from a stable, covered portion of regulated earnings.
Valuation Discount Reflects Leverage and Complexity
BIPC trades at a significant EV/EBITDA discount (5.83x) to pure-play regulated peers like American Water Works (15.69x) and Algonquin Power (11.73x), a gap that likely reflects its higher leverage, complex corporate structure, and negative equity base.
The valuation discount is rational given BIPC's financial profile. Its negative ROE and high debt-to-equity contrast sharply with American Water's 10.2% ROE and 1.47x D/E. The market appears to be applying a substantial conglomerate and complexity discount to BIPC, penalizing it for the opacity of its financials and the risk embedded in its capital structure, despite its potentially attractive inflation-linked cash flows.
The Misleading Utility P/E Ratio
The most commonly misapplied ratio is the P/E, which for BIPC is negative and meaningless, obscuring the fact that its regulated operating assets generate strong, stable cash flows that are overwhelmed by non-cash charges and financing costs at the consolidated level.
Comparing BIPC's negative P/E to the positive P/E of peers like American Water (24.47) is an analytical error. The correct approach is to analyze the regulated business segments' cash flow generation (FFO or Adjusted EBITDA) and compare their yields and growth to peers. The consolidated net loss is an artifact of aggressive leverage, depreciation, and potentially mark-to-market items, not a reflection of the core utility's ability to earn a return on its rate base.