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Side-by-side financial comparison of Brookfield Asset Management Ltd. (BAM) and JANUS HENDERSON GROUP PLC (JHG). Click either name above to swap in a different company.
JANUS HENDERSON GROUP PLC is the larger business by last-quarter revenue ($1.1B vs $1.1B, roughly 1.1× Brookfield Asset Management Ltd.). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs 35.3%, a 21.4% gap on every dollar of revenue.
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
Janus Henderson is a British-American global asset management group headquartered in the City of London, United Kingdom. It offers a range of financial products to individuals, intermediary advisors, and institutional investors globally under the trade name Janus Henderson Investors.
BAM vs JHG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.1B |
| Net Profit | $615.0M | $403.2M |
| Gross Margin | — | — |
| Operating Margin | 84.2% | 42.7% |
| Net Margin | 56.7% | 35.3% |
| Revenue YoY | — | 61.3% |
| Net Profit YoY | — | 231.0% |
| EPS (diluted) | — | $2.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $974.0M | $700.4M | ||
| Q2 25 | $931.0M | $633.2M | ||
| Q1 25 | $954.0M | $621.4M | ||
| Q4 24 | — | $708.3M | ||
| Q3 24 | $873.0M | $624.8M | ||
| Q2 24 | $821.0M | $588.4M | ||
| Q1 24 | $786.0M | $551.7M |
| Q4 25 | $615.0M | $403.2M | ||
| Q3 25 | $692.0M | $142.1M | ||
| Q2 25 | $584.0M | $149.9M | ||
| Q1 25 | $507.0M | $120.7M | ||
| Q4 24 | — | $121.8M | ||
| Q3 24 | $537.0M | $27.3M | ||
| Q2 24 | $124.0M | $129.7M | ||
| Q1 24 | $373.0M | $130.1M |
| Q4 25 | 84.2% | 42.7% | ||
| Q3 25 | 79.1% | 24.6% | ||
| Q2 25 | 70.8% | 25.9% | ||
| Q1 25 | 61.0% | 24.7% | ||
| Q4 24 | — | 27.9% | ||
| Q3 24 | 72.5% | 26.4% | ||
| Q2 24 | 80.4% | 27.9% | ||
| Q1 24 | 56.5% | 21.6% |
| Q4 25 | 56.7% | 35.3% | ||
| Q3 25 | 71.0% | 20.3% | ||
| Q2 25 | 62.7% | 23.7% | ||
| Q1 25 | 53.1% | 19.4% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | 61.5% | 4.4% | ||
| Q2 24 | 15.1% | 22.0% | ||
| Q1 24 | 47.5% | 23.6% |
| Q4 25 | — | $2.59 | ||
| Q3 25 | — | $0.92 | ||
| Q2 25 | — | $0.95 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | — | $0.77 | ||
| Q3 24 | — | $0.17 | ||
| Q2 24 | — | $0.81 | ||
| Q1 24 | — | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.9B | $5.1B |
| Total Assets | $17.0B | $8.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $480.0M | $1.3B | ||
| Q1 25 | $332.0M | $1.4B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $10.0M | $1.3B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $8.9B | $5.1B | ||
| Q3 25 | $8.5B | $4.8B | ||
| Q2 25 | $8.5B | $4.8B | ||
| Q1 25 | $8.5B | $4.7B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | $9.0B | $4.6B | ||
| Q2 24 | $3.2B | $4.5B | ||
| Q1 24 | $2.2B | $4.4B |
| Q4 25 | $17.0B | $8.3B | ||
| Q3 25 | $16.5B | $7.6B | ||
| Q2 25 | $16.1B | $7.5B | ||
| Q1 25 | $15.0B | $7.1B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | $4.2B | $6.4B | ||
| Q1 24 | — | $6.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $562.0M | $322.7M |
| Free Cash FlowOCF − Capex | — | $320.4M |
| FCF MarginFCF / Revenue | — | 28.0% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 0.91× | 0.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $710.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $562.0M | $322.7M | ||
| Q3 25 | $745.0M | $258.8M | ||
| Q2 25 | $529.0M | $135.2M | ||
| Q1 25 | $265.0M | $2.8M | ||
| Q4 24 | — | $247.3M | ||
| Q3 24 | $567.0M | $228.5M | ||
| Q2 24 | $159.0M | $223.8M | ||
| Q1 24 | $516.0M | $-5.0M |
| Q4 25 | — | $320.4M | ||
| Q3 25 | — | $256.4M | ||
| Q2 25 | — | $133.2M | ||
| Q1 25 | — | $900.0K | ||
| Q4 24 | — | $243.5M | ||
| Q3 24 | — | $225.9M | ||
| Q2 24 | — | $221.9M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 34.4% | ||
| Q3 24 | — | 36.2% | ||
| Q2 24 | — | 37.7% | ||
| Q1 24 | — | -1.2% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 0.91× | 0.80× | ||
| Q3 25 | 1.08× | 1.82× | ||
| Q2 25 | 0.91× | 0.90× | ||
| Q1 25 | 0.52× | 0.02× | ||
| Q4 24 | — | 2.03× | ||
| Q3 24 | 1.06× | 8.37× | ||
| Q2 24 | 1.28× | 1.73× | ||
| Q1 24 | 1.38× | -0.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
