- Price
- $37.23
- LSEG rating
- 2.17
- Next earnings
- 2026-11-13
- Next earnings is estimate
- Yes
- Company name
- Brookfield Corporation
- Sector
- Diversified holding company (asset management & insurance)
- About
- Brookfield Corporation is a global investment firm based in Toronto. It grows its value through three parts. The first part owns about 73% of Brookfield Asset Management (BAM), a public asset manager with more than $1 trillion under management. The second part is Wealth Solutions, an insurance business. It invests the money customers pay for annuities and other policies. The third part is a group of operating businesses in renewable power, infrastructure, private equity, and real estate. In 2026, Brookfield agreed to merge its insurance arm back into the parent company, to make the structure simpler.
- Thesis
- Management tracks its own estimate of the company's worth, called "plan value." This estimate was $67 per share as of June 30, 2026, and the goal is to reach $140 per share by 2031. The stock trades near $37, far below this estimate. The underlying businesses keep growing. Fee-bearing capital reached $672 billion, up 19% from a year earlier, and per-share distributable earnings grew 15% in the same quarter. Brookfield is also investing tens of billions of dollars in AI data centers and nuclear power, two areas with strong long-term demand. If Brookfield keeps growing near its planned pace, the market may start to trust management's plan-value estimate more, and the discount can close. The market may instead keep pricing in a discount, since Brookfield's structure is complex, its official IFRS profit is far lower and choppier than its distributable earnings, and management already pushed its $140 plan-value target back by one year.
- Risks
- Brookfield's structure has many layers: the parent company, a majority-owned asset manager, an insurance arm, and several other listed affiliates, with transactions between them. This complexity makes the business hard to analyze, and it is a likely reason the stock trades at a persistent discount to management's own estimate of its worth.
Management's $140 per share plan-value target already slipped back by one year, from 2030 to 2031, and the estimate itself fell slightly, from $68 to $67, over the year to June 30, 2026. A further slip would weaken the case that the company can keep compounding value at its planned pace.
Brookfield's official IFRS net income is far lower and more volatile than the distributable earnings figure management highlights. Investors who focus on IFRS profit may see a business that looks weaker than its cash-based results suggest.
Regulators and outside critics have raised concerns about transactions between Brookfield's asset-management funds and its own insurance companies. A regulatory finding against these transactions could force changes to how Brookfield runs its insurance business.
Brookfield has announced large AI data center and nuclear power projects, worth tens of billions of dollars. Most of this is still in the financing stage. These projects must move from announcements to earning assets before they add to Brookfield's results.
- Recent events
- 2026-09-17: At its 2026 Investor Day, Brookfield set a new target: grow plan value per share from about $67 to $140 by 2031. This is the same $140 target management set before, but the target date moved back one year, from 2030 to 2031.
2026-08-13: Brookfield reported Q2 2026 results. Distributable earnings before realizations were $1.4 billion, up 15% per share from a year earlier. Fee-bearing capital reached $672 billion, up 19%, after a record $77 billion of fundraising in the quarter.
2026-07-16: Shareholders approved a plan to merge Brookfield Corporation and Brookfield Wealth Solutions into one company, to be listed as "BN." The merger is expected to close by the end of 2026.
2026-04-01: Brookfield closed its acquisition of Just Group, a UK insurer, for about $3.2 billion. This added roughly 700,000 customers and pushed Brookfield's insurance assets to about $180 billion.
2026-02-04: Brookfield named Connor Teskey, age 38, as the new CEO of Brookfield Asset Management. Bruce Flatt remains BAM's chairman and stays on as CEO of Brookfield Corporation.