The business behind the dividend
| Measure | BAM | Median | Formula |
|---|---|---|---|
| Return on equity | 26.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.43bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.09bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 74.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 60.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | Median |
|---|---|---|---|---|
| Return on equity | 26.9% | 64.9% | 102.9% | 64.9% |
| Operating margin | 74.2% | 75.3% | 81.3% | 75.3% |
| Net margin | 60.8% | 62.3% | 68.0% | 62.3% |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Brookfield Asset Management pays out less than 2 of them. The median for that group is 19.5%, against this company’s 134.7%.
Closest on free cash flow
- CME Group (CME) 93.8%
- Blackstone (BX) 132.2%
- Artisan Partners Asset Management (APAM) 149.8%
- StepStone Group (STEP) 184.4%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →