BIPC
Brookfield Infrastructure CorporationUtilities·Regulated Gas
$41.53
$5.0B market cap
Revenue
$3.6B
Free Cash Flow
$163.8M
Rev Growth
-4.6%
FCF Margin
4.5%
P/FCF
30.4x
EV/FCF
108.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Brookfield Infrastructure Corporation, together with its subsidiaries, owns and operates regulated natural gas transmission systems in Brazil. The company also engages in the regulated gas and electricity distribution operations in the United Kingdom; and electricity transmission and distribution, as well as gas distribution in Australia. It operates approximately 2,000 kilometers of natural gas transportation pipelines in the states of Rio de Janeiro, Sao Paulo, and Minas Gerais; 3.9 million ga
2-Year Price History
$42.15+35.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 884.0 | 1,500 | 518.0 | -112.0 | 180.5 | 49.3 | -131.2 | 589.0 | 13,442 | 133.0 | 12.3% | 4.9x | 5.1x |
| Act | 2025-Q4 | 970.7 | 839.7 | 604.2 | -238.6 | 506.1 | 512.0 | -5.9 | 430.2 | 18,465 | 119.1 | 10.6% | 2.7x | 7.1x |
| Act | 2025-Q3 | 906.7 | 873.1 | 554.7 | 81.1 | 389.0 | -666.5 | -1,055 | 438.0 | 13,486 | 119.1 | 12.7% | 2.8x | 6.0x |
| Act | 2025-Q2 | 880.8 | 206.5 | 552.3 | -485.2 | 478.0 | 269.0 | -209.0 | 1,277 | 13,251 | 119.1 | 12.6% | 0.8x | 9.3x |
| Act | 2025-Q1 | 926.2 | 1,321 | 553.3 | 387.8 | 243.0 | 868.0 | -134.6 | 274.0 | 12,762 | 119.1 | 13.0% | 4.8x | 6.4x |
| Act | 2024-Q4 | 917.4 | 597.6 | 538.4 | -145.8 | 490.0 | 403.0 | -87.0 | 742.0 | 12,273 | 119.1 | 13.8% | 2.0x | 7.8x |
| Act | 2024-Q3 | 919.3 | -262.1 | 556.4 | -984.9 | 464.0 | 39.0 | -425.0 | 278.0 | 13,442 | 143.1 | 12.6% | -1.0x | 8.2x |
| Act | 2024-Q2 | 907.7 | 1,192 | 561.8 | 490.8 | 509.3 | 108.0 | -401.3 | 508.9 | 13,189 | 143.1 | 11.8% | 4.6x | 4.7x |
| Act | 2024-Q1 | 898.0 | 726.7 | 542.6 | 27.9 | 276.8 | 180.2 | -96.6 | 354.6 | 13,524 | 131.9 | 11.5% | 3.0x | 6.6x |
| Act | 2023-Q4 | 942.2 | 471.6 | 578.5 | -233.3 | 622.1 | 404.4 | -217.7 | 574.1 | 12,129 | 143.0 | 13.6% | 2.1x | 8.0x |
| Act | 2023-Q3 | 543.8 | 1,331 | 383.9 | 901.1 | 194.0 | 72.0 | -122.0 | 340.0 | 12,047 | 142.9 | 8.2% | 8.2x | 7.2x |
| Act | 2023-Q2 | 545.2 | 158.1 | 377.0 | -277.7 | -89.0 | -223.0 | -134.0 | -5,083 | 5,083 | 112.8 | 19.1% | 1.0x | 8.8x |
| Act | 2023-Q1 | 497.0 | 92.0 | 334.0 | -301.0 | -10.0 | -135.0 | -125.0 | 309.0 | 4,991 | 112.7 | 16.9% | 0.6x | 3.5x |
| Act | 2022-Q4 | 492.8 | 940.6 | 321.5 | 566.0 | 324.0 | 178.0 | -146.0 | 186.3 | 8,793 | 112.7 | 9.8% | 6.2x | 5.1x |
| Act | 2022-Q3 | 428.4 | 558.6 | 298.2 | 216.1 | 214.0 | 92.0 | -122.0 | 342.0 | 4,291 | 110.5 | 18.9% | 3.8x | -- |
| Act | 2022-Q2 | 474.6 | 1,026 | 328.0 | 666.8 | 232.0 | 92.0 | -140.0 | 567.0 | 4,604 | 110.5 | 25.7% | 7.2x | -- |
| Act | 2022-Q1 | 466.7 | 65.8 | 310.8 | -377.6 | 123.0 | 10.0 | -113.0 | 1,219 | 4,466 | 110.3 | 18.1% | 0.7x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 34.06 | — | 139.1% | 2,591 | 5.1× | 35.8× | 4.4× | 2.5× |
| 2023 | 32.11 | +35.8% | 81.2% | 2,053 | 8.0× | 137.8× | 53.4× | 1.9× |
| 2024 | 38.02 | +44.1% | 61.9% | 2,254 | 7.8× | 24.2× | n/m | 1.7× |
| 2025 | 44.99 | +1.2% | 88.0% | 3,240 | 7.1× | 23.4× | n/m | 1.3× |
| TTM | 41.53 | -0.8% | 93.9% | 3,419 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$41.53
Market Cap$5.0B
Enterprise Value$17.8B
P/S Ratio1.4x
P/FCF30.4x
EV/FCF108.9x
FCF Margin (TTM)4.5%
FCF Yield3.3%
Dividend Yield (TTM)5.3%
Annual Dilution11.7%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.6B
Net Income$-754.7M
Free Cash Flow$163.8M
Revenue Growth (YoY)-4.6%
EBITDA Margin93.9%
Net Margin-20.7%
FCF Margin4.5%
CapEx % of Revenue38.5%
SBC % of Revenue0.0%
ROIC12.0%
WC Change % Rev3.4%
Interest Coverage2.9x
Forward Outlook & Risk
Short Interest
Short % of Float6.6%
Short Shares7.2M
Days to Cover5.5
Change (vs Prior)+6.2%
Short % Float History
6.60%+0.50pp
Options
Call IV (ATM)37%
Put IV (ATM)38%
ATM Spread3.6%
Call $OI (near money)$11K
Put $OI (near money)$25K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$40.0
Major Expirations1
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $25.00 | $15.90/$19.20 | 1 | --/$0.55 | 7 |
| $30.00 | $10.80/$13.50 | 1 | --/$0.75 | 41 |
| $35.00 | $6.50/$8.10 | 1 | $0.10/$1.00 | 106 |
| $40.00 | $3.00/$4.50 | 15 | $0.25/$2.60 | 53 |
| $45.00 | $0.25/$1.15 | 50 | $2.30/$5.20 | 27 |
| $50.00 | --/$0.50 | 31 | $6.60/$9.10 | 4 |
| $55.00 | --/$1.75 | 39 | $11.70/$14.50 | 0 |
| $60.00 | --/$1.75 | 117 | $16.30/$19.50 | 0 |
Snapshot: 2026-05-22
Employees
Headcount1,300
Revenue / Employee$2,801,703
Gross Profit / Employee$1,778,136
2022: 2,300 → 2023: 3,300 → 2024: 2,684 → 2025: 2,700 (6% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 7.7% of float, sold 5.5%. 2 filers moved >1% of shares (0 buying, 2 selling).
Net flow · Q1 2026still filing
+2.2% of float (net)
Bought 7.7% · Sold 5.5%
280 filers reported (last quarter: 375)
Ownership composition
Active
50.8%(+6.4% YoY)
356 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.4%(+1.1% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.3% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $285M | $38.33 | −$5.6M | −$1.9M | -0.2% | $5.69T |
| BANK OF MONTREAL /CAN/ | $229M | $36.67 | +$19.9M | +$65.0M | -0.1% | $234.58B |
| FMR LLC | $207M | $38.02 | −$49.5M | −$195M | -0.0% | $1.89T |
| BANK OF AMERICA CORP /DE/ | $162M | $37.45 | −$18.6M | −$570K | -0.1% | $1.36T |
| ROYAL BANK OF CANADA | $151M | $38.27 | +$11.4M | +$15.4M | -0.2% | $526.36B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $135M | $39.52 | +$135M | +$135M | — | $4.04T |
| PRINCIPAL FINANCIAL GROUP INC | $133M | $38.24 | −$5.0M | +$6.7M | -0.5% | $186.29B |
| BROWN ADVISORY INC | $122M | $35.16 | +$10.7M | +$4.4M | -0.5% | $60.79B |
| HighTower Advisors, LLC | $107M | $38.47 | +$4.9M | +$52.9M | -0.2% | $93.93B |
| STATE STREET CORPPassive | $76.7M | $38.07 | −$80K | +$301K | -0.2% | $2.89T |
| MORGAN STANLEY | $74.1M | $39.51 | −$90.6M | −$3.5M | -0.3% | $1.65T |
| TD Waterhouse Canada Inc. | $72.2M | $38.57 | +$24.6M | +$27.7M | -0.3% | $33.70B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $64.4M | $37.97 | +$1.9M | −$1.7M | +2.3% | $1.61T |
| SCOTIA CAPITAL INC. | $56.0M | $38.07 | +$2.0M | +$4.7M | -0.2% | $24.28B |
| CIBC Bancorp USA Inc. | $55.7M | $39.53 | +$55.2M | +$55.7M | +2.7% | $74.02B |
| Copeland Capital Management, LLC | $52.9M | $38.02 | −$1.3M | −$27.3M | -1.3% | $4.50B |
| TD ASSET MANAGEMENT INC | $49.9M | $37.78 | +$2.6M | −$1.3M | -0.1% | $123.19B |
| Neuberger Berman Group LLC | $49.1M | $38.04 | +$831K | −$3.6M | -0.3% | $131.37B |
| CIBC WORLD MARKET INC. | $45.6M | $38.16 | +$5.0M | +$4.7M | -0.0% | $56.92B |
| DIMENSIONAL FUND ADVISORS LPPassive | $44.2M | $38.82 | +$3.3M | −$1.1M | -0.4% | $480.92B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.13%
avg per quarter
Holders (ex-self)
-0.13%
excl. this stock
Buyers (this Q)
+0.67%
104 buyers · $0.47B in
Sellers (this Q)
-0.22%
115 sellers · $0.50B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-4.0%
how holders react when this stock falls
On quiet Qs
-14.1%
−10% to +10% baseline
On rallies (+10%+)
-4.6%
how they react when this stock rises
Holders' portfolio flow this Q
+6.4%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.3%
Holder mid (any stock)
+0.3%
Holder rally (any stock)
-1.9%
Biggest decreases this quarter
MORGAN STANLEY−$90.6Mα-0.3FMR LLC−$49.5Mα-0.0BANK OF AMERICA CORP /DE/−$18.6Mα-0.1JANE STREET GROUP, LLCexited−$6.0MBlackRock, Inc.−$5.6Mα-0.2PRINCIPAL FINANCIAL GROUP INC−$5.0Mα-0.5Epoch Investment Partners, Inc.−$4.0Mα-0.3Schonfeld Strategic Advisors LLCexited−$1.8MNewEdge Advisors, LLCexited−$1.8MAquatic Capital Management LLCexited−$1.4M
New buyers this quarter
Top-5 holders · 31.2%
BlackRock, Inc.--
BANK OF MONTREAL /CAN/--
FMR LLC--
BANK OF AMERICA CORP /DE/--
ROYAL BANK OF CANADA--
Put / call ratio: 0.43 (-22.3% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC5.2MBANK OF MONTREAL /CAN/5.8MBANK OF AMERICA CORP /DE/4.1MMORGAN STANLEY1.9MROYAL BANK OF CANADA3.8MPRINCIPAL FINANCIAL GROUP INC3.4MBROWN ADVISORY INC3.1MHighTower Advisors, LLC2.7MCopeland Capital Management, LLC1.3MEpoch Investment Partners, Inc.1.0M
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (3 analysts)$52.002520.0%
Current Price$41.53
Analyst Ratings
1
1
Buy: 1Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 946M | 722M | -219M | $-1.65 | $-1.65 – $-1.65 | 1 |
| 2025 Q4 | 962M | 734M | 299M | $2.25 | $2.25 – $2.25 | 1 |
| 2026 Q1 | 931M | 710M | -3M | $-0.02 | $-0.02 – $-0.02 | 1 |
| 2026 Q2 | 940M | 717M | 51M | $0.38 | $0.38 – $0.38 | 1 |
| 2026 Q3 | 984M | 751M | 36M | $0.27 | $0.27 – $0.27 | 1 |
| 2026 Q4 | 1.0B | 792M | 33M | $0.25 | $0.25 – $0.25 | 1 |
| 2027 Q1 | 1.1B | 836M | 36M | $0.27 | $0.27 – $0.27 | 1 |
| 2027 Q2 | 1.2B | 882M | 47M | $0.35 | $0.35 – $0.35 | 1 |
| 2027 Q3 | 1.2B | 931M | 41M | $0.31 | $0.31 – $0.31 | 1 |
| 2027 Q4 | 1.3B | 982M | 51M | $0.38 | $0.38 – $0.38 | 1 |
Corporate
Order Flow (FINRA, ~3w lag)
23.2%retail+7.8pp
25.9%dark+0.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2023-Q4)
| Gas Transmission | $1.1B | +14% |
| Distribution | $301.0M | +5% |
| Connections | $147.0M | +17% |
| Service Line, Other | $28.0M | +17% |