The company maintains a vulnerable capital structure with a debt-to-equity ratio of 1.28 and a tight liquidity buffer reflected by a current ratio of only 0.30.
| 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 |
|---|
| Total Current Assets | 3.64B | 3.4B | 8.11B | 9.04B | 7.09B | 15.44B | 8.67B | 6.84B | 11.9B | 7.6B | 4.2B | 6.2B | 8.34B | 3.01B | 2.1B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 2.31B | 2.15B | 2.21B | 2.34B | 4.02B | 2.58B | 2.47B | 1.44B | 3.29B | 1.49B | 1.46B | 1.03B | 1.28B | 1.37B | 894M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 234M | 0 | 176M | 574M | 256M | 87M | 619M | 1.24B | 1.93B | 713M | 3.85B | -312M | 325M |
| Days Inventory Outstanding | 10.29 | - | 19.85 | - | 19.34 | 66.83 | 31.65 | 8.8 | 72.58 | 159.83 | 289.48 | 112.27 | 641.46 | - | 64.93 |
| Other Current Assets | 0 | 0 | 4B | 3.58B | 1.38B | 10.99B | 332M | 300M | 2.25B | 1.9B | 2.2B | 1.5B | 4.89B | 0 | 717M |
| Total Non-Current Assets | 98.16B | 95.88B | 94.48B | 122.54B | 105.43B | 96.57B | 99.28B | 104.8B | 110.62B | 76.75B | 73.93B | 65.67B | 57.24B | 49.44B | 45.59B |
| Property, Plant & Equipment | 9.28B | 6.98B | 5.48B | 11.09B | 9.4B | 5.62B | 5.24B | 7.28B | 7.51B | 5.46B | 5.36B | 5.02B | 2.48B | 2.43B | 2.97B |
| Fixed Asset Turnover | 1.00x | 1.02x | 1.66x | 0.86x | 0.78x | 1.26x | 1.26x | 1.13x | 0.96x | 1.12x | 1.00x | 0.97x | 1.76x | 1.76x | 1.27x |
| Goodwill | 1.17B | 1.18B | 931M | 1.45B | 946M | 832M | 1.08B | 1.04B | 1.11B | 1.08B | 761M | 888M | 78M | 120M | 138M |
| Intangible Assets | 1.07B | 1.06B | 899M | 1.05B | 966M | 964M | 982M | 1.16B | 1.18B | 1.19B | 1.14B | 1.32B | 307M | 326M | 460M |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 101.8B | 99.28B | 102.59B | 131.58B | 112.52B | 112B | 107.95B | 111.64B | 122.52B | 84.35B | 78.13B | 71.87B | 65.58B | 52.45B | 47.68B |
| Asset Turnover | 0.07x | 0.07x | 0.09x | 0.07x | 0.07x | 0.06x | 0.06x | 0.07x | 0.06x | 0.07x | 0.07x | 0.07x | 0.07x | 0.08x | 0.08x |
| Asset Growth % | -51.41% | -3.23% | -22.03% | 16.94% | 0.46% | 3.75% | -3.31% | -8.88% | 45.26% | 7.96% | 8.71% | 9.59% | 25.03% | 9.99% | - |
| Total Current Liabilities | 12.22B | 14.25B | 21.67B | 35.26B | 24.18B | 20.65B | 9.23B | 8.8B | 6.21B | 9.45B | 8.28B | 3.27B | 3.62B | 6.97B | 5.16B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 3.78B | 18.45B | 24.18B | -17.27B | 2.99B | 2.87B | -139M | -11.12B | -7.6B | -11.72B | -5.53B | -6.79B | 1.76B |
| Current Ratio | 0.30x | 0.24x | 0.37x | 0.26x | 0.29x | 0.75x | 0.94x | 0.78x | 1.92x | 0.80x | 0.51x | 1.90x | 2.30x | 0.43x | 0.41x |
| Quick Ratio | 0.30x | 0.24x | 0.36x | 0.26x | 0.29x | 0.72x | 0.91x | 0.77x | 1.82x | 0.67x | 0.27x | 1.68x | 1.24x | 0.48x | 0.34x |
| Cash Conversion Cycle | 10.29 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 47.39B | 42.46B | 42.67B | 82.99B | 46.6B | 46.35B | 57.2B | 57.91B | 69.57B | 39.77B | 35.69B | 37.66B | 33.66B | 20.48B | 18.52B |
| Long-Term Debt | 40.98B | 35.98B | 35.98B | 42.12B | 0 | 39.27B | 54.34B | 55.39B | 0 | 36.45B | 28.42B | 21.98B | 27.01B | 18.7B | 16.45B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 59.6B | 56.71B | 64.34B | 82.99B | 70.78B | 67B | 66.43B | 66.71B | 75.78B | 49.22B | 43.97B | 40.93B | 37.28B | 27.46B | 23.68B |
| Total Debt | 54.03B | 51.07B | 54.28B | 73.83B | 60.17B | 54.07B | 54.34B | 55.39B | 59.3B | 36.45B | 34.02B | 30.53B | 27.01B | 21.64B | 19.85B |
| Net Debt | 51.73B | 48.93B | 52.08B | 71.16B | 56.15B | 51.49B | 51.86B | 53.95B | 56.01B | 34.96B | 32.56B | 29.49B | 25.72B | 20.27B | 18.95B |
| Debt / Equity | 1.28x | 1.20x | 1.42x | 1.52x | 0.81x | 0.67x | 0.77x | 0.73x | 0.73x | 0.75x | 0.56x | 0.56x | 0.54x | 0.46x | 0.57x |
| Debt / EBITDA | 19.24x | 17.35x | 13.90x | 19.08x | 17.56x | 15.92x | 50.64x | 13.45x | 16.91x | 13.21x | 13.99x | 15.45x | 14.36x | 11.96x | 11.08x |
| Net Debt / EBITDA | 18.42x | 16.62x | 13.34x | 18.39x | 16.38x | 15.16x | 48.34x | 13.10x | 15.97x | 12.67x | 13.39x | 14.92x | 13.68x | 11.21x | 10.58x |
| Interest Coverage | - | 0.96x | 0.64x | 0.53x | 1.48x | 2.54x | 0.29x | 2.15x | 2.52x | 2.35x | 2.27x | 3.53x | 5.45x | 3.08x | 4.07x |
| Total Equity | 42.19B | 42.57B | 38.25B | 48.59B | 74.55B | 80.5B | 70.63B | 76.17B | 81.12B | 48.35B | 60.78B | 54.44B | 50.01B | 47.45B | 34.84B |
| Equity Growth % | -9.31% | 11.31% | -21.28% | -34.83% | -7.39% | 13.97% | -7.27% | -6.1% | 67.79% | -20.46% | 11.66% | 8.85% | 5.39% | 36.18% | - |
| Book Value per Share | 100.57 | 103.71 | 108.91 | 151.34 | 249.36 | 269.25 | 139.81 | 149.92 | 204.75 | 146.88 | 165.93 | 146.92 | 202.13 | 566.21 | 434.45 |
| Total Shareholders' Equity | 9.01B | 9.02B | 8.42B | 8.79B | 41.74B | 45.01B | 41.52B | 44.94B | 46.74B | 35.12B | 34.16B | 30.93B | 28.3B | 24.99B | 24B |
| Common Stock | 9.35B | 9.16B | 7.19B | 7.17B | 6.56B | 6.56B | 9.27B | 9.68B | 8.99B | 5.62B | 5.75B | 5.82B | 5.61B | 2.47B | 12.96B |
| Retained Earnings | -2.98B | -2.77B | -1.91B | -935M | -65M | 459M | 488M | 2.54B | 2.24B | 1.88B | 2.09B | 1.79B | 1.01B | 62M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.64B | 2.63B | 2.44B | 2.56B | 2.42B | 2.48B | 2.66B | 1.48B | -1B | -750M | -719M | -531M | -378M | -266M | -160M |
| Minority Interest | 33.19B | 33.55B | 29.83B | 39.8B | 32.82B | 35.5B | 29.11B | 31.24B | 34.38B | 13.22B | 26.62B | 23.5B | 21.71B | 22.46B | 10.84B |
High leverage and liquidity
As reported in financial statements, BPYPO has seen total assets decline from $131.6 billion in 2023Q4 to $101.8 billion in 2026Q1, reflecting a significant reduction in the firm's overall scale as it navigates a challenging environment for its global real estate portfolio.
The reduction in total assets suggests a strategic pivot toward portfolio pruning or the impact of fair value markdowns on its trophy assets. Investors should monitor whether this contraction is a controlled divestment strategy or a forced liquidation of assets to meet debt obligations.
Based on BPYPO's reported figures, total debt has decreased from $73.8 billion in 2023Q4 to $54.0 billion in 2026Q1, yet the debt-to-equity ratio remains elevated at 1.28, indicating that the company continues to rely heavily on external financing to support its operations.
While the absolute debt load has declined, the persistent D/E ratio suggests that the company's equity base is not growing, likely due to ongoing net losses. This leverage profile warrants further investigation into the maturity schedule of the remaining debt and the company's ability to refinance in a high-rate environment.
According to recent SEC filings, BPYPO's current ratio has remained consistently low, fluctuating between 0.24 and 0.45 over the last ten quarters, which indicates a limited buffer of liquid assets to cover short-term liabilities as they come due.
A current ratio well below 1.0 suggests that the company is highly dependent on continuous cash flow from operations or external capital support to meet its immediate obligations. This lack of liquidity may force the company to prioritize debt service over capital reinvestment, potentially hindering future growth.
As indicated by the company's balance sheet data, retained earnings have remained in negative territory throughout the last ten quarters, reaching -$3.0 billion in 2026Q1, which highlights the persistent impact of net losses on the firm's total equity base.
The consistent negative retained earnings suggest that the company is struggling to generate sufficient operational profit to offset its capital costs and depreciation. This trend may indicate that the underlying business model is currently failing to create long-term value for equity holders.
Based on the provided financial data, the company's reliance on fair value accounting for its $9.3 billion in net PPE suggests that headline asset values may be subject to significant volatility if market conditions for commercial real estate continue to deteriorate.
The discrepancy between the book value of assets and their actual market liquidity could lead to further impairment charges, which would directly impact the already strained equity position. Investors should be cautious of the potential for non-cash valuation adjustments to mask underlying operational weaknesses.
Quick answers to the most common questions about buying BPYPO stock.
As of 2025, Brookfield Property Partners L.P. (BPYPO) had total assets of $99.28B including $3.40B in current assets.
Brookfield Property Partners L.P. (BPYPO) carries total debt of $51.07B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brookfield Property Partners L.P. (BPYPO) has total shareholders' equity (book value) of $9.02B ($103.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brookfield Property Partners L.P. (BPYPO) reported a current ratio of 0.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.