olivLaw · US equity research
Brookfield Infrastructure Corp BIPC
Natural Gas Transmisison & Distribution · SIC 4923 · Vertical: Natural Gas Transmisison & Distribution (SIC 4923)
Brookfield Infrastructure Corp (BIPC) owns regulated or contracted infrastructure assets: natural gas transmission in Brazil, regulated distribution in the U.K. and global intermodal logistics. Revenues of about 3668 million USD in fiscal 2025 show the stability of its cash flows, which matters to investors seeking predictable income.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Brookfield Infrastructure Corp (BIPC) stock was 38.39 USD (+2.07% on the day), with market capitalisation 1.7 bn USD, beta 0.73, 52-week range 34.53–51.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.4
- strong (55–70)
- Bollinger (20, 2)
- 36.42 – 38.26
- above the upper band · %B 1.07 · band width 4.9%
- SMA 50 / 200
- 36.93 / 40.89
- mixed trend
- MACD (12, 26, 9)
- 0.26 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.6% | −1.1% | +6.7 pp | — |
| 3 months | −4.4% | −0.5% | −3.9 pp | — |
| 6 months | −2.8% | +4.4% | −7.2 pp | — |
| Year to date | −15.4% | +12.3% | −27.8 pp | — |
| 1 year | −16.3% | +13.5% | −29.8 pp | +4.0% |
| 3 years | +25.4% | +76.4% | −51.0 pp | +35.8% |
| 5 years | −8.2% | +63.7% | −71.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 1.4 bn | 1.6 bn | 1.9 bn | 2.5 bn | 3.7 bn | 3.7 bn |
| Revenue YoY | unavailable | +3.7% | −11.7% | +14.9% | +14.8% | +32.7% | +46.5% | +0.1% |
| Net income | 202.0 m | 197.0 m | -552.0 m | -368.0 m | 1.1 bn | 111.0 m | -608.0 m | -241.0 m |
| Net income YoY | unavailable | −2.5% | −380.2% | unavailable | unavailable | −89.9% | −647.7% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 12.9% | 12.2% | -38.6% | -22.4% | 58.0% | 4.4% | -16.6% | -6.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | 465.0 m | 340.0 m | 2.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 431.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.0 bn USD
- Total assets
- 24.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.38x
- ROE
- -11.4%
- ROA
- -1.0%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.6 bn | 1.9 bn | 2.5 bn | 3.7 bn | 3.7 bn | SEC (XBRL)· 17 Mar 2026verified |
| Cost of revenue | 527.0 m | 526.0 m | 542.0 m | 778.0 m | 1.4 bn | 1.3 bn | SEC (XBRL)· 17 Mar 2026verified |
| Gross profit | 903.0 m ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.7 bn ≈ | 2.3 bn ≈ | 2.3 bn ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Operating income | 870.0 m | 1.1 bn | 1.3 bn | 1.7 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 283.0 m | 236.0 m | 211.0 m | 365.0 m | 775.0 m | 668.0 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | 1.2 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | 2.0 bn ≈ | 3.0 bn ≈ | 2.9 bn ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Pre-tax income | 37.0 m | 432.0 m | 1.9 bn | 974.0 m | 437.0 m | 1.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Income tax | 269.0 m | 405.0 m | 262.0 m | 368.0 m | 365.0 m | 385.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Net income | -552.0 m | -368.0 m | 1.1 bn | 111.0 m | -608.0 m | -241.0 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 192.0 m | 469.0 m | 445.0 m | 539.0 m | 674.0 m | 431.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | 394.0 m | 448.0 m | 499.0 m | 939.0 m | 786.0 m | 928.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | 586.0 m | 2.0 bn | 1.6 bn | 2.8 bn | 4.8 bn | 2.9 bn | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 5.1 bn | 4.8 bn | 4.7 bn | 14.2 bn | 12.6 bn | 14.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 528.0 m | 489.0 m | 518.0 m | 1.7 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.9 bn | 2.7 bn | 2.8 bn | 3.7 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 9.3 bn | 10.1 bn | 10.2 bn | 23.9 bn | 23.6 bn | 24.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 505.0 m | 605.0 m | 781.0 m | 1.1 bn | 994.0 m | 1.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Current liabilities | 2.8 bn | 6.2 bn | 4.6 bn | 6.4 bn | 7.6 bn | 7.7 bn | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 9.9 bn | 11.5 bn | 10.5 bn | 19.8 bn | 21.4 bn | 22.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Equity | -572.0 m | -1.4 bn | -361.0 m | 4.1 bn | 2.2 bn | 2.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Shares outstanding at year end | 45.0 m | — | — | — | — | — | SEC (XBRL)· 16 Feb 2021verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 730.0 m | 839.0 m | 893.0 m | 1.1 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 17 Mar 2026verified |
| Capex | — | — | — | 594.0 m | 1.4 bn | 1.6 bn | SEC (XBRL)· 17 Mar 2026verified |
| Free cash flow | — | — | — | 465.0 m ≈ | 340.0 m ≈ | 2.0 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Investing cash flow | -399.0 m | 326.0 m | -1.0 bn | -3.2 bn | -1.1 bn | -612.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | -317.0 m | -868.0 m | -4.0 m | 2.2 bn | -428.0 m | -1.3 bn | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.6% | 0 (on a fixed band) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 24.8% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.1% | 1 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial1/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BROOKFIELD INFRASTRUCTURE CORPORATION (BIPC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth 0.1%; net margin -6.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 24.8%
What contradicts it
- Net margin: -6.6%
- Current ratio: 0.4x
- FCF yield: 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmisison & Distribution (SIC 4923) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OKEONEOK, Inc. | 55.9 bn | 13.8 | 17.9% | 9.4% | +55.0% | +22% / +29% |
| SWXSouthwest Gas Holdings, Inc. | 6.7 bn | 12.2 | 14.1% | — | +9.6% | +11% / +56% |
| CPKChesapeake Utilities Corp | 3.4 bn | 22.6 | 9.5% | 15.1% | +18.1% | +2% / +48% |
| CTRICenturi Holdings, Inc. | 2.1 bn | 67.1 | 4.0% | 0.9% | +13.1% | −9% / unavailable |
| BIPCBrookfield Infrastructure Corporation | 1.7 bn | — | — | -6.6% | +0.1% | −16% / +25% |
| NEXTNextdecade Corporation | 1.7 bn | 129.9 | 292.6% | — | unavailable | +2% / +25% |
| RGCORGC Resources, Inc. | 248.3 m | 17.8 | 11.7% | 13.1% | +12.6% | +6% / +36% |
1- and 3-year price returns: for BIPC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (31 Aug 2026), 6-K (28 Aug 2026), 6-K (05 Aug 2026), 6-K (28 Jul 2026), 6-K (22 Jul 2026).
In brief
Brookfield Infrastructure Corp (BIPC) owns regulated or contracted infrastructure assets: natural gas transmission in Brazil, regulated distribution in the U.K. and global intermodal logistics. Revenues of about 3668 million USD in fiscal 2025 show the stability of its cash flows, which matters to investors seeking predictable income.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Regulatory dependencemedium
Tariffs and returns are set by regulators, and reviews can change revenue 1.
- Interest rate riskhigh
Variable-rate debt in Brazil and the cost of exchangeable dividends can increase financing expense 1.
- Currency riskmedium
Results are reported in dollars, and exchange rates weighed on net income in 2025 1.
- Remeasurement of shares classified as liabilitiesmedium
Exchangeable shares classified as liabilities create accounting losses when the market price falls, affecting net income 1.
- Geographic concentrationlow
Most activity is in the U.K. and Brazil, exposing the company to economic conditions in those two countries 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Evolution of RAB tariffs in Brazil after the first ship-or-pay contract expires2026
- Interest cost on variable-rate debt in BrazilQ1 2027
- Use of the at-the-market program for exchangeable shares before expiry2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (31 Aug 2026), 6-K (28 Aug 2026), 6-K (05 Aug 2026), 6-K (28 Jul 2026), 6-K (22 Jul 2026).
The business
The company is an indirect subsidiary of one of the world's largest diversified infrastructure owners and operators, and its exchangeable shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BIPC 1. Activity is organized in three businesses: regulated gas transmission in Brazil, regulated distribution in the U.K. and global intermodal logistics, all earning returns on a regulated asset base or under long-term contracts 1. Revenues are mostly regulated or contractual, which supports dividend stability 1.
Segments
U.K. regulated distribution
This is the leading independent last-mile multi-utility connection provider, with about 3.5 million operating connections and a leading share of new-build housing connection sales 1. Connection rates adjust annually with inflation, and revenue does not vary materially with volume transported 1.
Market context
Main operations are in the U.K. and Brazil, but shareholders gain exposure to eight markets through the exchange feature of the shares, across utilities, transport, midstream and data 1. Container demand is supported by containerized trade and the decentralization of supply chains, while natural gas is presented as an efficient, lower-carbon energy source in Brazil 1. The market remains tied to each jurisdiction's regulatory framework 1.
Trends
- Inflation indexationtailwind
Revenues in Brazil and the U.K. rise with inflation, which supported 2025 results 1. If inflation falls, this benefit could shrink.
- Higher interest costsheadwind
Interest expense rose in 2025 because of variable rates on non-recourse borrowings in Brazil and dividends classified as interest 1. A higher-rate environment could pressure margins.
- Brazil shift to RAB regimemixed
Ship-or-pay contracts expire gradually and tariffs move to a RAB basis between 2026 and 2031 1. The change could add growth but also uncertainty over future revenue.
- Container demandmixed
Containerized trade and supply chain decentralization support demand for containers, and the company relies on disciplined fleet investment 1. A downturn in global trade could reduce returns.
Competitive position
In the U.K. the company competes with other connection providers for contracts to build, own and operate home connections across seven product lines 1. In intermodal logistics, competition comes from other container owners and lessors, although the company presents itself as the largest in the field 1. The sources do not identify competitors with specific tickers.
The advantages cited are franchise frameworks and economies of scale that help win projects to expand the asset base 1. If these advantages erode, the competitive position could be affected.
- Other independent U.K. connection providers
Compete for contracts to build and operate home connections, according to the filing 1.
- Other intermodal container owners and lessors
Compete in container leasing to major shipping lines, as described in the filing 1.
- Brazilian gas pipeline operators
Compete in gas transport under the authorization regime and new entry-exit models 1.
- Other regulated infrastructure operators
Compete for projects to expand the regulated asset base, per the sources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Brookfield Infrastructure's 2026 Outlook: Digital Data Segment Expansion Drives GrowthYahoo Finance — News · 12 Sept 2026 · EN
The latest news item in our archive is from 12 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)20 May 2026
- Current report (foreign issuer)08 May 2026
- Current report (foreign issuer)27 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Brookfield Infrastructure Corp · 17 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.