Brookfield Infrastructure Partners L.P. BIP_u

UtilitiesConsumer Goods ConglomeratesBermuda

Last close 52.26 CAD on Nov 1, 2026, +13.5% year to date

Quant rating

Quant rating A+ Rank 1 of 16 in Utilities

Growth A 1 of 16
Valuation B 5 of 16
Quality B 5 of 16
Revisions B 9 of 16
Momentum B 5 of 16

Wall Street consensus Buy (2.00)Average target 63.73 CAD +21.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 23.9B
Enterprise value: 150.3B
52-week range: 45.84 – 61.60
3-year range: 34.61 – 61.60
Dividend yield: 4.82%
Beta (5 years): 1.35
Shares outstanding: 458M
Next earnings: Nov 6, 2026

About the company

Brookfield Infrastructure Partners L.P. is a global infrastructure company that owns and operates long-life assets in the utilities, transport, midstream and data sectors across the United States, Asia Pacific, and Europe. The Company’s segments include Utilities, Transport, Midstream, and Data. The Utilities segment consists of regulated transmission (natural gas and electricity) and commercial and residential distribution (electricity, natural gas, and water connections) operations. The Transport segment includes infrastructure assets that provide transportation, storage and handling services for merchandise goods, commodities, and passengers. The Transport segment consists of diversified terminals, rail, and toll roads. The Midstream segment comprises systems that provide natural gas transmission, gathering and processing, and storage services. The Data segment includes critical infrastructure that provides telecommunication, fiber, and data storage services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	31,702	30,254	23,750	19,547	14,576	–
Revenue growth	4.8%	27.4%	21.5%	34.1%	28.9%	22.9%
EPS (basic, normalized)	1.21	0.06	0.19	0.19	1.47	–
EPS growth	1,994.9%	−69.1%	0.5%	−87.3%	–	–
Gross margin	44.4%	42.8%	40.2%	42.1%	28.5%	39.6%
Net margin	1.8%	0.1%	0.4%	0.4%	4.5%	1.4%
ROE	13.0%	5.6%	5.6%	5.1%	12.5%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,985
Current ratio	0.89x
Long-term debt (mil)	87,956
Net debt (mil)	128,275
Total equity (mil)	7,749
Net debt / equity	16.55x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	31,702	+4.8%	4.7x	14.40	–	3.6x	1.21	+1,994.9%	43.0x
2026	13,018	−58.9%	11.5x	–	–	–	1.31	+7.9%	39.9x
2027	14,308	+9.9%	10.5x	–	–	–	2.14	+63.2%	24.5x
2028	15,228	+6.4%	9.9x	–	–	–	2.03	−5.1%	25.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,018	0.0%	0.0%	0.0%	1.31	−2.6%	−2.6%	−41.0%
2027	14,308	0.0%	0.0%	0.0%	2.14	0.0%	0.0%	−23.9%
2028	15,228	0.0%	0.0%	0.0%	2.03	0.0%	−19.4%	−35.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5,187	5,138	5,270	5,444	5,392	5,429	5,975	6,304	6,301	6,482
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.10	−0.10	−0.18	0.22	0.04	−0.03	0.44	0.45	−0.20	−0.07
EPS mean	0.12	0.32	0.08	0.11	0.13	0.34	0.39	–	0.18	0.17
Surprise	−16.7%	−131.7%	−325.0%	+100.0%	−69.2%	−108.8%	+12.8%	–	−211.1%	−141.2%

Peer comparison Consumer Goods Conglomerates

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BIP_u Brookfield Infrastructure Partners L.P.	23.9B	9.68x	1.8%	3.13x	39.9x	24.5x	23.1x	21.0x
BIP Brookfield Infrastructure Partners L.P.	23.9B	9.20x	1.8%	3.13x	52.5x	25.4x	23.1x	20.9x
JMHLY Jardine Matheson Holdings Limited	23.6B	–	3.2%	0.60x	–	–	–	–
KPELY Keppel Ltd.	20.1B	–	–	–	–	–	–	–
LFCBY Lifco AB (publ)	16.7B	1.24x	12.9%	5.74x	14.9x	13.5x	16.3x	15.1x
KWHIY Kawasaki Heavy Industries, Ltd.	16.4B	–	4.7%	1.98x	–	–	–	–
Mean		6.71x	4.9%	2.91x	35.8x	21.1x	20.8x	19.0x
Median		9.20x	3.2%	3.13x	39.9x	24.5x	23.1x	20.9x

Technical analysis

1M+5.8%
3M−10.5%
1Y+13.4%
3Y+105.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Brookfield Infrastructure Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	31,702	30,254	23,750	19,547	14,576	11,311
Cost of revenue	17,638	17,302	14,213	11,316	10,419	6,165
Gross profit	14,064	12,952	9,536	8,231	4,157	5,145
Selling, general & administrative expenses	585	582	547	587	513	397
Research & development	–	–	–	–	–	–
Depreciation/amortization	5,523	5,240	3,628	2,924	–	2,170
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	7,957	7,130	5,362	4,720	3,644	2,578
Net interest income (expense)	−5,200	−4,277	−2,861	−2,223	−1,642	−1,354
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1,526	−44.6	187	125	2,210	298
Net income before taxes	4,283	2,808	2,687	2,622	4,211	1,521
Provision for taxes	808	388	770	759	776	370
Minority interest	−2,417	−1,915	−1,432	−1,401	−2,467	−738
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,058	505	486	462	968	412
Extraordinary items	–	–	–	–	–	–
Net income	1,058	505	486	462	968	412
EBIT, normalized	7,957	7,130	5,362	4,720	3,644	2,578
EBITDA, normalized	13,480	12,370	8,989	7,644	4,822	4,748
Basic EPS, normalized	1.21	0.06	0.19	0.19	1.47	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Brookfield Infrastructure Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,126	3,440	3,095	2,996	2,407	1,733
Receivables	6,435	5,569	4,946	3,173	2,430	1,949
Total inventory	800	653	678	719	505	281
Prepaid expenses	1,051	972	1,338	427	414	588
Other current assets	5,026	3,181	511	1,744	430	173
Total current assets	16,439	13,815	10,568	9,059	6,186	4,724
Property, plant & equipment	95,475	80,399	70,038	51,474	49,664	40,866
Goodwill	26,364	20,277	19,189	11,908	11,344	8,445
Intangibles	21,636	20,881	20,987	16,018	17,958	14,979
Long-term investments	8,867	8,352	7,391	7,444	6,182	7,161
Note receivable	4,942	4,579	3,856	1,475	967	950
Other long-term assets	2,151	2,098	1,460	1,488	1,142	950
Total assets	175,873	150,400	133,488	98,866	93,442	78,074
Liabilities
Accounts payable	3,439	3,097	2,984	2,536	2,371	1,860
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,642	2,978	2,616	2,016	1,550	1,329
Short-term debt	0	0	0	629	545	0
Current portion of long-term debt	10,099	6,337	8,588	4,197	3,938	2,407
Other current liabilities	3,762	3,266	1,315	1,971	2,538	1,436
Total current liabilities	20,943	15,679	15,503	11,350	10,942	7,032
Long-term debt	84,784	74,729	57,099	41,035	37,387	32,243
Minority interest	40,629	34,384	36,365	25,667	24,662	20,738
Other liabilities	21,371	17,065	15,832	11,858	11,771	11,210
Total liabilities	167,726	141,856	124,800	89,910	84,762	71,223
Shareholders' equity
Preferred stock	34.3	38.8	37.1	36.6	39.2	24.2
Common stock	8,508	8,930	8,207	8,254	7,674	7,035
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−5,809	−5,726	−4,299	−3,600	−2,685	−2,909
Treasury stock	–	–	–	–	–	–
Other equity	5,414	5,302	4,744	4,265	3,652	2,701
Total equity	8,147	8,545	8,689	8,956	8,681	6,851
Total liabilities & shareholders' equity	175,873	150,400	133,488	98,866	93,442	78,074

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Brookfield Infrastructure Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,475	2,420	1,918	1,863	3,435	1,151
Depreciation, depletion & amortization	5,523	5,240	3,628	2,924	2,572	2,170
Deferred taxes	−214	−466	6.6	117	303	68.7
Non-cash items	−28.8	−178	694	564	−2,147	111
Changes in working capital	−622	−325	−845	−1,275	−662	−280
Cash from operations	8,133	6,691	5,401	4,192	3,502	3,221
Investing activities
Capital expenditures	−8,267	−7,154	−3,294	−3,760	−2,611	−1,874
Other investing cash flows	−9,109	−2,770	−13,911	−799	1,129	−3,993
Cash from investing	−17,376	−9,924	−17,205	−4,559	−1,482	−5,867
Financing activities
Financing cash flow items	2,382	−6,050	7,030	−2,607	−2,018	1,735
Cash dividends paid	−1,947	−1,938	−1,652	−1,591	−1,324	−1,208
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	10,294	11,744	7,097	4,273	2,085	2,179
Cash from financing	10,729	3,756	12,475	75.9	−1,257	2,706
Foreign exchange effects	64.5	−216	94.0	119	−82.1	−8.9
Net change in cash	1,551	308	766	−172	681	50.9
Free cash flow	−134	−463	2,107	432	891	1,347

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.