# Brookfield Asset Management Ltd. (BAM)

> Source: Nexqual · https://nexqual.com/BAM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Brookfield Asset Management Ltd. (BAM), nexqual.com/BAM" · informational, not investment advice.

**Price:** USD 47.64 (+3.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.05 · day 45.49–47.76 · 52w 42.2–56.37 · market cap $76.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.74B, net income $3.06B (53.4% margin) (SEC filings).
- Valuation: P/E 24.8x, net debt $2.58B.
- 2 of 80 tracked superinvestors hold BAM (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 2.37 on a 1–5 scale) (19 analysts), mean target USD 55.81 (range 44–70).
- Total return with dividends: 1Y -7.9% vs S&P 500 +14.9%; 5Y +65.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.47, revenue estimate $1.58B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $4.06B | $3.98B | $4.82B | $5.74B |
| Net income | $2.14B | $2.11B | $2.40B | $3.06B |
| Net margin | 52.6% | 53.0% | 49.8% | 53.4% |
| Revenue growth | — | -2.0% | +21.0% | — |
| Cash + short-term investments | $9.0M | $404M | $1.58B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.8x · P/S 13.3x · EV/Sales 13.7x · P/B 8.3x · Earnings yield 4.03% · Dividend yield (paid, TTM) 3.97% · Net debt $2.58B · EV $78.7B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BAM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 0.75% | $98.4M | Unchanged |
| Van Den Berg Management I |  | 0.59% | $2.8M | Added +48.4% |

## Analysts
Consensus Buy (mean 2.37 on a 1–5 scale), 19 analysts; mean target USD 55.81 (low 44, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Neutral | $50 → $49 |
| 2026-10-13 | UBS | Target lowered | Neutral | $55 → $49 |
| 2026-10-02 | Wells Fargo | Initiated | Overweight | $51 |
| 2026-09-18 | Piper Sandler | Target lowered | Neutral | $53 → $50 |
| 2026-08-06 | UBS | Target raised | Neutral | $48 → $55 |
| 2026-07-21 | Morgan Stanley | Target lowered | Equal-Weight | $62 → $56 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-11-28) |
|---|---|---|
| Total return | -7.9% | +65.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.9% | +13.7% |
| Volatility (annualized) | 30.0% | 28.9% |
| Max drawdown | -22.2% (Dec 2025→Mar 2026) | -30.1% (Jul 2025→Mar 2026) |

## Peers (Asset Management)
KKR (KKR & Co. Inc.) USD 93.09 +3.58% · BN (Brookfield Corporation) USD 38.28 +2.05% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81% · STT (State Street Corporation) USD 167.84 -0.66% · AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · BX (Blackstone Inc.) USD 118.75 +8.38%

## More
Full page: https://nexqual.com/BAM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BAM's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1937926/000162828026013098/bam-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Class A | "If, in the future, we rely on these exemptions, but cease to be a "controlled company" and our Class A Shares continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable t…" |
| Partner | NVIDIA (NVDA) | "•On November 19, 2025, Brookfield announced the launch of a $100 billion global AI Infrastructure program in partnership with NVIDIA and the Kuwait Investment Authority ("KIA")." |
| Partner | Castlelake Group TopCo | "•"Castlelake" means our 51% economic interest in Fee-Related Earnings, 7.5% interest in carried interest, 20% of returns from general partner ("GP") commitments of Castlelake Group TopCo L.P., and 51% of GP commitments f…" |
| Related party | Brookfield Infrastructure Corp (BIPC) | "During the year ended December 31, 2025, BAM assigned part of its commitment in Brookfield Infrastructure Structured Solutions ("BISS") to a related party." |

Other companies that name BAM in their own reports (relationship from BAM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Brookfield Business Partners L.P. (BBUC) | 20-F 2026-03-31 | "He also serves as a Managing Partner of Brookfield Asset Management." |
| customer | American National Group Inc. (ANG-PD) | 10-K 2026-03-31 | "•We depend on affiliates of BAM under certain Investment Management Agreements, and our business may experience an adverse impact should we lose any of the services provided to our company thereunder." |
| partner | Brookfield Oaktree Holdings, LLC (OAK-PB) | 10-K 2026-03-24 | "Mr. Goodman joined Brookfield in 2010 and since then has held several roles, including Chief Financial Officer of Brookfield Asset Management and Chief Financial Officer of Brookfield Renewable Partne…" |
| partner | Angel Oak Mortgage REIT, Inc. (AOMN) | 10-K 2026-03-03 | "On October 1, 2025, immediately following the closing of the Strategic Transaction between Angel Oak Companies and Brookfield, the Company, our operating partnership, and our Manager, entered into a n…" |
| partner | Brookfield Renewable Partners L.P. (BEPI) | 20-F 2026-02-27 | "Unless the context requires otherwise, when used in this annual report on Form 20-F (this "Form 20-F"), the terms "Brookfield Renewable", "our group", "we", "us" and "our" refer to Brookfield Renewabl…" |
| partner | Brookfield Property Partners L.P. (BPYPP) | 20-F 2026-02-27 | "•"Property Special LP" are to Brookfield Property Special L.P., an indirect wholly-owned subsidiary of Brookfield Asset Management, which is the sole special limited partner of the Property Partnershi…" |
| partner | Brookfield Renewable Corp (BEPC) | 20-F 2026-02-27 | "Ltd.), in each case including any subsidiaries thereof; "Brookfield Renewable" and "our group", refer to Brookfield Renewable Partners L.P. and its controlled entities, including BRELP, the Holding En…" |
| partner | Cheniere Energy Partners, L.P. (CQP) | 10-K 2026-02-26 | "•Sale of limited partner units by affiliates of our general partner or affiliates of Blackstone Inc. ("Blackstone") or Brookfield Asset Management Inc. ("Brookfield")" |
| partner | Cheniere Energy, Inc. (LNG) | 10-K 2026-02-26 | "partner interest in CQP in the form of 239.9 million common units, 100% of the general partner interest and 100% of the incentive distribution rights, with the remaining non-controlling limited partne…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Infrastruture | $357.0M | 20.4% | +13.3% |
| Real Estate | $236.0M | 13.5% | +0.4% |
| Energy | $228.0M | 13.0% | +14.0% |
| Credit | $138.0M | 7.9% | +31.4% |
| Private Equity | $88.0M | 5.0% | +15.8% |
| Total revenue | $1.75B | 100% | — |
The lines above cover 59.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management Service | $919.0M | 52.4% | +12.8% |
| Incentive Fees | $128.0M | 7.3% | +10.3% |
| Incentive Distributions | $128.0M | 7.3% | +10.3% |
| Total revenue | $1.75B | 100% | — |
The lines above cover 67% of total revenue.

## Revenue by region (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $304.0M | 22.7% | -13.4% |
| United Kingdom | $209.0M | 15.6% | +3.0% |
| Canada | $208.0M | 15.5% | +13.0% |
| Other Countries | $139.0M | 10.4% | +40.4% |
| Total revenue | $1.34B | 100% | — |
The lines above cover 64.3% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "In July, we also committed approximately $3.0 billion to acquire the largest standalone energy storage business in North America expected to close later this year."
- "Deployment: We deployed $1.4 billion and signed an agreement to acquire the world's largest air freight services provider, which is expected to close later this year."
- "Our Second Quarter 2026 shareholder letter will be published on August 13, 2026, providing discussion on some of the major themes shaping Brookfield's long-term strategy and outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.47 | $0.47 | -0.4% | $1.58B | 15 |
| Next quarter (ends 2026-12-31) | $0.49 | $0.49 | -0.7% | $1.64B | 15 |
| Current fiscal year (ends 2026-12-31) | $1.83 | $1.84 | -0.5% | $6.18B | 18 |
| Next fiscal year (ends 2027-12-31) | $2.15 | $2.17 | -1.0% | $7.15B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±7.7%; last 7 reports averaged ±1.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.4% | ±7.7% |
| 2026-12-18 | 56 | 32.0% | ±10.1% |
| 2027-01-15 | 84 | 31.1% | ±11.9% |
| 2027-04-16 | 175 | 30.8% | ±16.8% |