BN
BNBrookfield Corporation is a global asset manager focused on real assets.
It distinguishes itself through a diversified, long-term ownership approach to investing in essential infrastructure, real estate, and renewable power.
更新时间：December 28, 2025, 16:00 EST
投资观点：BN值得买吗？
Analysis of BN Stock
Technical Analysis BN shows strong recovery momentum from its lows but is currently trading near 52-week highs, indicating an overbought condition. Recent underperformance versus the market (-3.98% relative strength) combined with high beta (2.01) suggests elevated volatility and potential near-term pressure. The stock’s substantial drawdown history also highlights vulnerability during market pullbacks.
Fundamental Analysis Revenue growth is positive, but profitability has weakened due to rising expenses, resulting in thin net margins. The company's financial health is concerning, with interest coverage below 1x, indicating strained ability to service debt. Operational efficiency remains weak, reflected in low ROE/ROA and a long cash conversion cycle, though negative working capital offers some funding relief.
Valuation & Risk Valuation presents a mixed picture: the high TTM P/E appears stretched, but the forward P/E of 7.96 suggests strong earnings growth expectations. Without industry benchmarks, it’s hard to gauge relative attractiveness. Key risks include high volatility, significant drawdown potential, and moderate short interest that could amplify downside moves.
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Investment Recommendation
BN exhibits promising forward earnings potential at a reasonable valuation, but this is tempered by weak debt coverage, thin margins, and high volatility. Investors with a higher risk tolerance may find the forward-looking valuation appealing, but the stock requires careful risk management due to its sensitivity to market swings. Given the balance of opportunity and financial strain, a cautious approach is advised—suitable for those comfortable with cyclical and volatile holdings.
BN未来12个月走势预测
RockFlow 模型预测：2026年三种情景
Based on the comprehensive analysis, the 12-month outlook for BN is one of high-risk, high-reward potential, heavily dependent on market sentiment.
1. Key Catalysts: The primary positive catalyst is the significant earnings growth implied by the discounted forward P/E of 7.96. A successful execution on these earnings expectations could drive the stock toward the analyst target price of $51.55.
2. Potential Risks: The outlook is clouded by substantial risks, most critically the company's weak financial health, specifically an interest coverage ratio below 1x, which signals severe distress and limits financial flexibility. Its high beta (~2.0) also makes it highly vulnerable to any broader market downturn, potentially leading to sharp drawdowns.
3. Price Outlook: While the analyst target of $51.55 offers ~10% upside, the stock's path will be volatile. A more realistic 12-month target range is $42 - $55, acknowledging the potential for both a rally on earnings delivery or a significant decline if macroeconomic conditions worsen or company-specific risks materialize.
| 情景 | 概率 | 目标价 | 关键假设 |
|---|---|---|---|
| 🟢 乐观情景 | 30% | $55.0 - $59.0 | Strong earnings growth materializes as projected by forward P/E, revenue growth accelerates, and operational efficiency improves |
| 🟡 基准情景 | 50% | $47.0 - $52.0 | Moderate growth continues with gradual improvement in profitability, but high volatility and financial constraints limit upside |
| 🔴 悲观情景 | 20% | $31.0 - $40.0 | Weak profitability persists, high interest expenses pressure earnings, and market volatility triggers significant drawdown |
华尔街共识
大多数华尔街分析师对BN未来12个月的走势持乐观态度，主流目标价集中在$51.55左右，表明普遍预期公司仍有上涨空间。
投资BN的利好利空
综合来看，BN具备一定的投资价值，但也面临多重挑战。以下是投资该股票前需要权衡的主要因素。
利好
- Stock Split Completion: Three-for-two stock split may improve liquidity and attract retail investors.
- Outperforming Finance Peers: BN stock is showing stronger performance compared to finance sector peers.
- Investment Manager Interest: Qualivian Investment Partners highlights BN as an interesting investment opportunity.
利空
- Institutional Selling Pressure: DAVENPORT & Co LLC reduced its BN holdings by 6.4% last quarter.
- Limited Fundamental News: Recent news focuses on technical factors rather than operational performance.
- Sector Concentration Risk: Heavy exposure to finance sector makes BN vulnerable to sector-wide downturns.
BN 技术面分析
BN has exhibited exceptionally strong performance from its 52-week low, though it has recently underperformed the broader market on a short-term basis.
Over the past one and three months, BN's gains of 1.66% and 0.75%, respectively, are modest. Notably, its -3.98% relative strength versus the market indicates it has lagged behind the benchmark over this recent quarter, a trend that is magnified by its high beta of 2.01, signaling significantly higher volatility.
Currently trading near $46.74, the stock is positioned at approximately 94% of its 52-week high of $49.47, placing it in technically overbought territory. This proximity to the high, combined with its significant 27.84% maximum drawdown over the past year, underscores both the substantial recovery and the inherent risk at these elevated levels.
| 时间段 | BN涨跌幅 | 标普500 |
|---|---|---|
| 1m | +1.7% | +2.6% |
| 3m | +0.8% | +4.7% |
| 6m | +19.3% | +16.8% |
| 1y | +23.3% | +17.4% |
| ytd | +22.6% | +19.5% |
BN 基本面分析
Revenue & Profitability BN reported Q3 2025 revenue of $18.9 billion, showing sequential growth from $18.1 billion in Q2. However, profitability has weakened, with net income declining to $219 million (1.2% margin) from $272 million (1.5% margin) in the prior quarter, primarily due to higher interest expenses and other expenses impacting bottom-line performance.
Financial Health The company maintains moderate leverage with a debt ratio of 49.5% but faces significant interest coverage challenges at 0.91x, indicating EBIT barely covers interest obligations. Cash flow coverage of debt is minimal at 0.008x, though the negative cash conversion cycle of -191 days provides some operational funding flexibility through extended payables.
Operational Efficiency BN demonstrates weak operational efficiency with low returns (ROE of 0.58% and ROA of 0.05%) and poor asset utilization (asset turnover of 0.036x). The company's operational cycle of 330 days reflects lengthy receivables collection periods, though this is partially offset by even longer payables terms, resulting in negative working capital requirements.
最近两年营收 & 净利润走势
公司主要靠什么赚钱？
估值分析：BN是否被高估？
The stock exhibits a stark contrast between its TTM and forward PE ratios. While the TTM PE of 129.83 suggests a highly inflated valuation, the forward PE of 7.96 indicates significantly improved earnings expectations are priced in, pointing to a potentially undervalued state when looking ahead. The PB ratio of 2.47 and PS ratio of 1.37 are moderate, while the EV/EBITDA of 15.15 suggests a reasonable enterprise value relative to operating cash flow, aligning with the forward-looking valuation being fair or slightly attractive.
A peer comparison cannot be performed as industry average data is not available. Without benchmark ratios for the sector, it is impossible to determine if BN's valuation multiples are high or low relative to its competitors. Therefore, any assessment of relative valuation remains incomplete absent this contextual industry data.
投资风险提示
Volatility Risk: BN exhibits high volatility risk with a beta of 2.014, indicating it is approximately twice as volatile as the broader market. This is compounded by a significant 1-year maximum drawdown of -27.84%, demonstrating substantial downside risk during market corrections.
Other Risks: The stock faces moderate pressure from a 6.5% short interest, signaling some skepticism among investors. While not extreme, this level of short interest can contribute to price declines and increased volatility, particularly in a risk-off market environment.
常见问题
Neutral to slightly bearish. While analysts are bullish and the forward P/E suggests value, the stock is technically overbought near its 52-week high, has weak profitability metrics (declining net income, low ROE), and carries high volatility (beta >2). This mix of high risk and weak current fundamentals makes it suitable primarily for speculative investors comfortable with significant price swings, rather than conservative or value-focused buyers.
Based on the forward-looking metrics, BN stock appears undervalued. While the current PE of 129.8 is extremely high, the forward PE of 7.96 is very low and suggests a significant expected earnings recovery. Key valuation metrics like the moderate Price-to-Sales (PS) ratio of 1.37 and reasonable EV/EBITDA of 15.15 support this view. The primary reason for the undervaluation appears to be the market pricing in a dramatic improvement in profitability, despite the company's current challenges with weak margins and low operational efficiency.
Based on the provided information, the key risks of holding BN are:
1. High Financial Risk: The company's critically low interest coverage ratio of 0.91x indicates that its operating profits are insufficient to cover its interest expenses, creating a high risk of financial distress. 2. Elevated Market Volatility: With a beta of 2.01, the stock is approximately twice as volatile as the broader market, exposing investors to significant price swings and a substantial 1-year maximum drawdown of -27.84%. 3. Weak Operational Profitability: Declining net income margins (1.2%) and extremely low returns on equity (0.58%) and assets (0.05%) signal fundamental inefficiency and an inability to generate strong profits from its operations. 4. Technical Overbought Position: Trading at 94% of its 52-week high places the stock in overbought territory, increasing the risk of a near-term price pullback, especially given its recent underperformance relative to the market.
Based on the provided analysis, my forecast for BN stock through 2026 is cautious due to fundamental financial weaknesses.
My 2026 target price range is $48 - $62, with a base case of ~$50, reflecting modest upside contingent on successful restructuring or improved market conditions. Key growth drivers are the discounted valuation offering recovery potential, operational improvements from the negative cash conversion cycle, and any successful debt management that alleviates the severe interest coverage risk. The main assumptions are that the company avoids a liquidity crisis and that macroeconomic conditions do not severely deteriorate.
However, this forecast is highly uncertain, as the severely weak interest coverage ratio poses a significant threat to the company's viability, making the stock's path extremely volatile.
Based on BN's risk profile and fundamental characteristics, I recommend a medium-term holding period.
Long-term investors (3+ years) should approach BN cautiously due to its weak financial health and operational inefficiency - only consider if comfortable with high volatility and cyclical exposure. Medium-term investors (6 months-3 years) are best positioned to capitalize on the attractive forward P/E while managing the stock's high beta (2.014) through disciplined position sizing. Short-term traders (under 6 months) face significant volatility risk given the 27.84% max drawdown history and should employ strict stop-losses.
BN's high beta indicates amplified market movements, making it unsuitable for true long-term compounding but potentially rewarding for medium-term investors who can tolerate and actively manage its volatility.