Brookfield Infrastructure
BIPC on NYSE. Natural gas transmisison & distribution. Market value $4.5bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$37.72 a share, 10% above its 1-year low
Over the past year the price has ranged from $34.18 to $51.72.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
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Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 391 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fenimore Asset Management (FAM Funds)John Fox | $14m | 0.3% | Added |
| First Manhattan Co.First Manhattan partners | $731,179 | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $201,817 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$337mAdded
- Bank of Montreal /can$227m
- Royal Bank of Canada$175mAdded
- FMR$146mCut
- HighTower Advisors$142mAdded
- Vanguard Capital Management$138mAdded
- Bank of America$129mCut
- Principal Financial Group$122mCut
- Brown Advisory$120m
- State Street$81mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BROOKFIELD CORPORATIONInsider or founderat least 9.6%−0.3 pts(filed with 5 related holders)Since 21 July 2026
What they said
Item 4 of the Schedule 13D is hereby supplemented as follows: On July 21, 2026, BIP, BIPC and Brookfield Infrastructure Partners Inc. ("BIP Inc.") entered into an arrangement agreement pursuant to which, among other things, the parties agreed to implement an arrangement (the…
Read the filing - FMR LLCPassive investorat least 4.4%−1.1 pts(filed with 1 related holder)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- BROOKFIELD INFRASTRUCTURE PARTNERS LIMITEDInsider or founderSold down below 5%Since 24 December 2024
What they said
Item 4 of the original Schedule 13D is hereby supplemented as follows: This Amendment No. 5 is being filed in connection with the completion on December 24, 2024 of the previously announced plan of arrangement (the "Arrangement") contemplated by an arrangement agreement dated as…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
BROOKFIELD CORPORATION Insider or founder | at least 9.6%−0.3 pts (filed with 5 related holders) | 21 July 2026 | What they saidItem 4 of the Schedule 13D is hereby supplemented as follows: On July 21, 2026, BIP, BIPC and Brookfield Infrastructure Partners Inc. ("BIP Inc.") entered into an arrangement agreement pursuant to which, among other things, the parties agreed to implement an arrangement (the… Read the filing |
FMR LLC Passive investor | at least 4.4%−1.1 pts (filed with 1 related holder) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED Insider or founder | Sold down below 5% | 24 December 2024 | What they saidItem 4 of the original Schedule 13D is hereby supplemented as follows: This Amendment No. 5 is being filed in connection with the completion on December 24, 2024 of the previously announced plan of arrangement (the "Arrangement") contemplated by an arrangement agreement dated as… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Brookfield Infrastructure doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.