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Side-by-side financial comparison of Brookfield Asset Management Ltd. (BAM) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Brookfield Asset Management Ltd. is the larger business by last-quarter revenue ($1.1B vs $789.0M, roughly 1.4× UL Solutions Inc.). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs 8.5%, a 48.2% 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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
BAM vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $789.0M |
| Net Profit | $615.0M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 84.2% | 15.0% |
| Net Margin | 56.7% | 8.5% |
| Revenue YoY | — | 6.8% |
| Net Profit YoY | — | -17.3% |
| EPS (diluted) | — | $0.33 |
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 | $789.0M | ||
| Q3 25 | $974.0M | $783.0M | ||
| Q2 25 | $931.0M | $776.0M | ||
| Q1 25 | $954.0M | $705.0M | ||
| Q4 24 | — | $739.0M | ||
| Q3 24 | $873.0M | $731.0M | ||
| Q2 24 | $821.0M | $730.0M | ||
| Q1 24 | $786.0M | $670.0M |
| Q4 25 | $615.0M | $67.0M | ||
| Q3 25 | $692.0M | $100.0M | ||
| Q2 25 | $584.0M | $91.0M | ||
| Q1 25 | $507.0M | $67.0M | ||
| Q4 24 | — | $81.0M | ||
| Q3 24 | $537.0M | $88.0M | ||
| Q2 24 | $124.0M | $101.0M | ||
| Q1 24 | $373.0M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 84.2% | 15.0% | ||
| Q3 25 | 79.1% | 19.9% | ||
| Q2 25 | 70.8% | 17.9% | ||
| Q1 25 | 61.0% | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | 72.5% | 17.8% | ||
| Q2 24 | 80.4% | 17.3% | ||
| Q1 24 | 56.5% | 13.6% |
| Q4 25 | 56.7% | 8.5% | ||
| Q3 25 | 71.0% | 12.8% | ||
| Q2 25 | 62.7% | 11.7% | ||
| Q1 25 | 53.1% | 9.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | 61.5% | 12.0% | ||
| Q2 24 | 15.1% | 13.8% | ||
| Q1 24 | 47.5% | 8.4% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $0.49 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | — | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $8.9B | $1.3B |
| Total Assets | $17.0B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $295.0M | ||
| Q3 25 | $1.1B | $255.0M | ||
| Q2 25 | $480.0M | $272.0M | ||
| Q1 25 | $332.0M | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | $10.0M | $295.0M | ||
| Q1 24 | — | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $8.9B | $1.3B | ||
| Q3 25 | $8.5B | $1.2B | ||
| Q2 25 | $8.5B | $1.1B | ||
| Q1 25 | $8.5B | $970.0M | ||
| Q4 24 | — | $904.0M | ||
| Q3 24 | $9.0B | $872.0M | ||
| Q2 24 | $3.2B | $769.0M | ||
| Q1 24 | $2.2B | $671.0M |
| Q4 25 | $17.0B | $2.9B | ||
| Q3 25 | $16.5B | $2.9B | ||
| Q2 25 | $16.1B | $2.9B | ||
| Q1 25 | $15.0B | $2.9B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | $4.2B | $2.7B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | 0.91× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $562.0M | $144.0M | ||
| Q3 25 | $745.0M | $155.0M | ||
| Q2 25 | $529.0M | $147.0M | ||
| Q1 25 | $265.0M | $154.0M | ||
| Q4 24 | — | $130.0M | ||
| Q3 24 | $567.0M | $150.0M | ||
| Q2 24 | $159.0M | $103.0M | ||
| Q1 24 | $516.0M | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 0.91× | 2.15× | ||
| Q3 25 | 1.08× | 1.55× | ||
| Q2 25 | 0.91× | 1.62× | ||
| Q1 25 | 0.52× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 1.06× | 1.70× | ||
| Q2 24 | 1.28× | 1.02× | ||
| Q1 24 | 1.38× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
