The company's financial leverage has intensified, with the debt-to-equity ratio climbing to 1.95 as of 2025Q2, reflecting a reliance on debt to fund asset growth.
| Total Current Assets | 12.17B | 4.03B | 7.98B | 6.69B | 4.9B | 3.71B | 5.84B | 2.28B | 1.51B | 1.63B | 1.55B | 1.56B | 1.27B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.2B | -1.82B | 91M | 1.01B | 272M | 102M | 2.55B | 184M | 53M | 205M | 662M | 740M | 30M |
| Total Non-Current Assets | 96.53B | 100.56B | 92.81B | 66.28B | 69.06B | 57.62B | 50.47B | 34.3B | 27.96B | 19.64B | 16.18B | 14.94B | 14.41B |
| Property, Plant & Equipment | 52.5B | 55.91B | 48.55B | 37.29B | 38.66B | 31.58B | 23.01B | 12.81B | 9.94B | 8.66B | 7.63B | 8.08B | 7.76B |
| Fixed Asset Turnover | 0.41x | 0.38x | 0.37x | 0.39x | 0.30x | 0.28x | 0.29x | 0.36x | 0.36x | 0.24x | 0.24x | 0.24x | 0.24x |
| Goodwill | 14.54B | 14.1B | 14.49B | 8.79B | 8.98B | 6.63B | 6.55B | 3.86B | 1.3B | 502M | 79M | 84M | 48M |
| Intangible Assets | 16.51B | 14.52B | 15.85B | 11.82B | 14.21B | 11.77B | 14.39B | 11.63B | 9.89B | 4.46B | 3.3B | 3.58B | 4.01B |
| Long-Term Investments | 24.27B | 5.93B | 5.93B | 5.98B | 5.17B | 5.9B | 5.62B | 5.3B | 5.87B | 5.38B | 4.53B | 2.83B | 2.22B |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 108.69B | 104.59B | 100.78B | 72.97B | 73.96B | 61.33B | 56.31B | 36.58B | 29.48B | 21.27B | 17.73B | 16.5B | 15.68B |
| Asset Turnover | 0.20x | 0.20x | 0.18x | 0.20x | 0.16x | 0.14x | 0.12x | 0.13x | 0.12x | 0.10x | 0.10x | 0.12x | 0.12x |
| Asset Growth % | 19.57% | 3.78% | 38.12% | -1.34% | 20.59% | 8.92% | 53.93% | 24.1% | 38.55% | 19.96% | 7.52% | 5.18% | - |
| Total Current Liabilities | 13.77B | 1.21B | 11.71B | 8.38B | 8.66B | 5.52B | 5.44B | 2.42B | 1.56B | 1.51B | 1.21B | 821M | 598M |
| Accounts Payable | 5.34B | 2.15B | 2.25B | 1.87B | 1.88B | 1.46B | 973M | 463M | 246M | 266M | 196M | 264M | 222M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 4.63B | 0 | 6.14B | 3.25B | 3.19B | 1.8B | 1.38B | 985M | 463M | 574M | 302M | 41M | 71M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 3.17B | -1.55B | 1.16B | 1.48B | 2.08B | 1.3B | 2.23B | 384M | 455M | 401M | 563M | 367M | 117M |
| Current Ratio | 0.88x | 3.33x | 0.68x | 0.80x | 0.57x | 0.67x | 1.07x | 0.94x | 0.97x | 1.08x | 1.28x | 1.90x | 2.12x |
| Quick Ratio | 0.88x | 3.33x | 0.68x | 0.80x | 0.57x | 0.67x | 1.07x | 0.94x | 0.97x | 1.08x | 1.28x | 1.90x | 2.12x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 65.27B | 73.53B | 55.06B | 39.04B | 38.91B | 34.13B | 28.69B | 19.5B | 14.44B | 10.12B | 9.35B | 9.35B | 8.48B |
| Long-Term Debt | 48.01B | 51.09B | 40.18B | 27.27B | 26.33B | 22.07B | 19.87B | 14.24B | 9.73B | 7.81B | 7.12B | 6.93B | 6.22B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 79.04B | 74.74B | 66.77B | 47.41B | 47.57B | 39.66B | 34.13B | 21.91B | 16B | 11.63B | 10.56B | 10.17B | 9.08B |
| Total Debt | 57.73B | 51.09B | 49.95B | 33.94B | 33.35B | 27.68B | 22.86B | 15.23B | 10.19B | 8.38B | 7.42B | 6.97B | 6.32B |
| Net Debt | 55.39B | 49.02B | 48.09B | 32.28B | 31.53B | 26.6B | 22.03B | 14.69B | 9.82B | 7.59B | 7.22B | 6.78B | 5.78B |
| Debt / Equity | 1.95x | 1.71x | 1.47x | 1.33x | 1.26x | 1.28x | 1.03x | 1.04x | 0.76x | 0.87x | 1.03x | 1.10x | 0.96x |
| Debt / EBITDA | 6.42x | 5.94x | 7.36x | 6.02x | 6.78x | 7.42x | 7.82x | 6.86x | 5.70x | 9.46x | 8.04x | 7.24x | 7.07x |
| Net Debt / EBITDA | 6.16x | 5.70x | 7.09x | 5.72x | 6.41x | 7.13x | 7.54x | 6.61x | 5.49x | 8.57x | 7.83x | 7.04x | 6.47x |
| Interest Coverage | 1.47x | 1.46x | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 29.65B | 29.85B | 34.02B | 25.55B | 26.39B | 21.67B | 22.18B | 14.67B | 13.47B | 9.64B | 7.18B | 6.32B | 6.61B |
| Equity Growth % | -35.68% | -12.24% | 33.11% | -3.17% | 21.77% | -2.27% | 51.19% | 8.86% | 39.71% | 34.39% | 13.51% | -4.28% | - |
| Book Value per Share | 64.27 | 64.67 | 74.04 | 55.78 | 59.29 | 49.02 | 51.77 | 35.31 | 33.95 | 26.27 | 20.03 | 18.70 | 19.86 |
| Total Shareholders' Equity | 5.27B | 5.62B | 6.24B | 6.29B | 6.84B | 5.36B | 5.98B | 5.45B | 5.56B | 4.99B | 4.03B | 3.53B | 3.75B |
| Common Stock | 6.2B | 6.21B | 6.2B | 6.09B | 6.07B | 5.53B | 5.5B | 4.91B | 4.91B | 4.21B | 3.72B | 3.2B | 3.2B |
| Retained Earnings | -4.34B | -3.98B | -3.25B | -2.66B | -2.13B | -2.29B | -1.43B | -856M | -953M | -483M | -559M | -400M | -213M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.58B | 2.48B | 2.37B | 1.94B | 1.75B | 992M | 983M | 458M | 1.01B | 879M | 681M | 732M | 765M |
| Minority Interest | 24.38B | 24.23B | 27.78B | 19.26B | 19.55B | 16.31B | 16.19B | 9.22B | 7.91B | 4.66B | 3.15B | 2.79B | 2.85B |
High debt service burden
As reported in financial statements, BIPH has aggressively expanded its total asset base from $81.7 billion in 2023Q2 to $108.7 billion by 2025Q2, a trajectory that appears to be fueled primarily by debt accumulation rather than internal capital generation or equity issuance.
The rapid growth in total assets suggests a strategy focused on scaling the infrastructure footprint to capture market share. However, the stagnation of equity over the same period indicates that this expansion is not creating meaningful book value for shareholders, potentially signaling a reliance on external leverage to sustain growth.
According to recent SEC filings, BIPH's debt-to-equity ratio has climbed from 1.36 in 2023Q2 to 1.95 by 2025Q2, indicating that the company is increasingly reliant on debt financing to maintain its global infrastructure operations and acquisition pipeline.
This rising leverage profile suggests that the company's capital structure is becoming more sensitive to interest rate volatility. Investors should monitor whether this debt burden remains manageable given the thin net margins, as the current trajectory may limit the company's flexibility to navigate future economic downturns.
Based on the provided balance sheet data, net PPE has grown to $52.5 billion while goodwill has reached $14.5 billion as of 2025Q2, reflecting a business model that is heavily dependent on physical asset performance and the successful integration of acquired entities.
The significant concentration in PPE underscores the capital-intensive nature of the business, which requires constant reinvestment to maintain operational efficiency. The rising goodwill balance warrants further investigation, as it may indicate potential impairment risks if the acquired infrastructure assets fail to meet their projected cash flow targets.
As evidenced by the quarterly balance sheet data, BIPH has consistently reported negative retained earnings, which widened from -$2.8 billion in 2023Q2 to -$4.3 billion by 2025Q2, suggesting that the company is not generating sufficient organic profit to build a sustainable equity base.
This persistent deficit appears to be a structural feature of the financing vehicle, likely driven by aggressive dividend distributions and accounting treatments that prioritize cash flow to the parent over GAAP net income. This trend suggests that the company's equity quality is weak and heavily dependent on external capital injections.
Data from recent filings reveals that the current ratio has remained consistently below 1.0, with a reading of 0.88 in 2025Q2, which suggests that the company maintains a limited buffer to cover its short-term obligations without relying on external refinancing.
The consistently low current ratio indicates that the company operates with minimal working capital, which may leave it vulnerable to liquidity shocks. This tight positioning appears to be a deliberate choice to maximize capital deployment, but it necessitates a high degree of confidence in the company's ability to access credit markets.
Quick answers to the most common questions about buying BIPH stock.
As of 2024, Brookfield Infrastructure Corpo (BIPH) had total assets of $104.59B including $4.03B in current assets.
Brookfield Infrastructure Corpo (BIPH) carries total debt of $51.09B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brookfield Infrastructure Corpo (BIPH) has total shareholders' equity (book value) of $5.62B ($64.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brookfield Infrastructure Corpo (BIPH) reported a current ratio of 3.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.