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NEW YORK STOCK EXCHANGE, INC. · Utilities · CIK 0001406234
$37.29
+2.53% · live
Updated
$17.07B market value
From Brookfield Infrastructure Partners L.P.'s FY2025 20-F, filed Mar 17, 2026 · read the filing
Brookfield Infrastructure Partners L.P ships freight by sea. It took in $23.10B last year, which makes it a large company. Of every dollar it sells, about 11 cents is left as profit.
The financial picture is mixed, with profitability and growth needing attention and debt weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.38
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Brookfield Infrastructure Partners L.P.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$1.68B → $2.53B
Free cash flow
-$322.0M → -$53.0M
Cash
$2.07B → $3.20B
Gross profit
$5.36B → $6.22B
Measured against FY2024, from the 20-F filed Mar 17, 2026
Improved: +50.4%
$1.68B to $2.53BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote live), and what was published around it
BIP rose 2.53% on the latest quote. The average Industrials company tracked here moved +0.33%, and the S&P 500 −1.04%. That is 2.2 points above its sector and 3.6 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 15 analysts covering this company, as of . Their views, not this site's.
Of 15 analysts publishing on this company, 3 say strong buy, 9 say buy and 3 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 11 cents of every dollar of sales as profit, earning $2.53B last year. Note that after $6.02B of spending on property and equipment, it consumed $53.0M more cash than it generated.
Slowly. Sales grew 9.8% last year.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 66 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 28% of the cash its operations generated. It has paid in each of the last 11 years.
GoodNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $2.53B and generated $5.97B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202520-F · Mar 17, 2026Filing for FY2025 | FY202420-F · Mar 24, 2025Filing for FY2024 | FY202320-F · Mar 18, 2024Filing for FY2023 | FY202220-F · Mar 17, 2023Filing for FY2022 | FY202120-F · Mar 9, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $23.10B | $21.04B | $17.93B | $14.43B | $11.54B | +9.8% |
| Cost of revenue | $16.88B | $15.68B | $13.47B | $10.51B | $8.25B | +7.7% |
| Gross profit | $6.22B† | $5.36B† | $4.46B† | $3.92B† | $3.29B† | +16.1% |
| Gross marginGross profit ÷ revenueWhat is this? | 26.9% | 25.5% | 24.9% | 27.2% | 28.5% | +1.5 pts |
| Selling, general and administrative | $426.0M | $405.0M | $413.0M | $433.0M | $406.0M | +5.2% |
| Operating income | $5.80B | $4.96B | $4.05B | $3.48B | $2.88B | +16.9% |
| Operating marginOperating income ÷ revenueWhat is this? | 25.1% | 23.6% | 22.6% | 24.1% | 25.0% | +1.5 pts |
| Interest expense | $3.87B | $3.39B | $2.50B | $1.85B | $1.47B | +14.2% |
| Income before tax | $3.12B | $1.95B | $2.03B | $1.94B | $3.33B | +59.8% |
| Net income | $2.53B | $1.68B | $1.45B | $1.38B | $2.72B | +50.4% |
| Net marginNet income ÷ revenueWhat is this? | 11.0% | 8.0% | 8.1% | 9.5% | 23.6% | +3.0 pts |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingWrite down why you are following Brookfield Infrastructure Partners L.P., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 11 subsidiaries named in its 20-F, incorporated across 11 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from BIP's 20-F for fiscal year 2025 (period ending 2025-12-31, filed Mar 17, 2026), reported under the IFRS taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 7 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 5/7 | 20-F, filed Mar 17, 2026 |
| FY2024 | 6.0 | 7/7 | 20-F, filed Mar 24, 2025 |
| FY2023 | 6.0 | 4/7 | 20-F, filed Mar 18, 2024 |
| FY2022 | 6.0 | 5/7 | 20-F, filed Mar 17, 2023 |
| FY2021 | 7.3 | 6/7 | 20-F, filed Mar 9, 2022 |
| FY2020 | 7.3 | 6/8 | 20-F, filed Mar 18, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 7 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 2 could not be evaluated and are excluded from the total rather than counted as failures.
0.38
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: $269.0M narrower
-$322.0M to -$53.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +54.6%
$2.07B to $3.20BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +16.1%
$5.36B to $6.22BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +16.9%
$4.96B to $5.80BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Changed: +21.1%
$4.97B to $6.02BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +9.8%
$21.04B to $23.10BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +1.5 pts
25.5% to 26.9%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +1.5 pts
23.6% to 25.1%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +3.0 pts
8.0% to 11.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Changed: +6.7%
$1.58B to $1.68BNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Manageable. For every $1 it owes, it owns $1.38 in assets. A bankruptcy-risk model also places it in its distress range.
The trailing P/E is 6.7x — investors pay $6.7 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
Report filed on Form 6-K
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingAnnual report for FY2025
Revenue +9.8% · Operating margin +1.5 pts · Profit +50.4% — against FY2024
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingSource: Exhibit 21 of the 20-F filed 2026-03-17. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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