Recent News
Nov 19, 2025 — BIPC filed for an “at‑the‑market” equity issuance program authorizing up to $400 million of class A shares to be sold from treasury.
Jan 29, 2026 — The Board declared a quarterly dividend of $0.455 per share, payable March 31, 2026 with a record date of February 27, 2026, representing a 6% annual increase.
Technical Analysis
ADX at 40.59 denotes very strong trend strength, implying directional conviction in recent price action rather than a neutral drift; this strength raises the likelihood that current directional forces persist near term.
DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal; both directional signals align toward increased downside pressure in directional indicators, suggesting sellers recently regained influence after a prior push by buyers.
MACD registers at 1.19 with a peak-and-reversal trend while the MACD line sits above its 0.94 signal line; the peak-and-reversal denotes contracting bullish momentum, although the MACD above its signal line still registers a short-term bullish trigger that conflicts with the momentum rollover.
MRO stands at 30.96 with a dip-and-reversal reading; MRO positive indicates the price sits above the oscillator’s target and therefore carries downside bias, and the recent dip-and-reverse signals a temporary re-acceleration of momentum before potential mean reversion.
RSI at 57.65 with a peak-and-reversal describes waning upside momentum after a recent high; that pattern supports consolidation rather than an immediate breakout to new highs.
Price sits at $49.56 above the 12‑day EMA ($49.20, increasing), above the 20‑day average ($49.00) and the 50‑day average ($46.47), and well above the 200‑day average ($42.63); this alignment shows price trading on the upper side of its short‑ and long‑term moving averages, consistent with an overall constructive bias tempered by the momentum rollovers noted above.
Bollinger band placement (upper ~ $50.60, lower ~ $47.41) and low 42‑day volatility indicate a tight range; volume averages align with recent trading, so moves are not yet accompanied by elevated participation—supporting a dividend‑anchored consolidation with risk of short‑term pullbacks if momentum indicators continue to weaken.
Fundamental Analysis
Operating performance shows scale: EBIT $728,000,000 and EBITDA $895,000,000, with an EBIT margin of 79.39%. That margin sits above the industry peer range high of 34.33%, indicating unusually high operating profitability relative to peers.
QoQ and YoY dynamics present mixed signals: EBIT margin rose QoQ by 10.46% but fell YoY by 2.59%; revenue grew 12.35% YoY while contracting 1.87% QoQ—top‑line strength year‑over‑year contrasts with sequential softness, implying seasonally affected activity or one‑off timing items.
Reported EPS came in at -$0.30 versus an estimate of $2.25, an EPS surprise of -$2.55 or -113.33%, reflecting a material miss on per‑share profitability that contrasts with operating margin strength and points to financing, non‑operating items, or one‑time charges weighing on GAAP EPS.
Balance sheet metrics reveal leverage and structural oddities: total equity stands negative at -$1,200,000,000, producing a negative book value and a negative price‑to‑book ratio of -4.25; debt to assets at 56.21% sits above the industry peer range high of 49.81%, and net debt of $13,106,000,000 versus market cap of $5,105,501,152 signals elevated leverage. Debt/EBITDA equals 7.58x and interest coverage sits at 2.33x, slightly below the industry peer mean of 2.42x, underscoring meaningful financial servicing demands.
Cash flow and valuation signals diverge: operating cash flow and free cash flow both register $389,000,000, with a free cash flow yield of 36.63% (reported as 0.36627) and free cash flow growth up QoQ; enterprise value measures (EV $18,211,501,152; enterprise multiple ~10.24) and forward PE ~14.94x on forward EPS $2.87 position the stock at attractive multiples relative to forward earnings expectations.
Dividends remain a structural feature: the declared quarterly dividend of $0.455 and a reported dividend yield of 8.52% reflect a high cash return; dividend coverage ratio stands at 18.85%, and payout ratio reads 530.49%—the latter implies distributions outpace reported earnings and rely on cash generation and structural parity with the partnership distribution policy.
WMDST values the stock as under‑valued. Valuation drivers include high operating margins and significant free cash flow yield versus an elevated leverage profile and negative book equity; these factors together create a value case that depends on continued cash generation and execution on asset recycling and growth initiatives.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-01-29 |
| NEXT REPORT DATE: | 2026-04-30 |
| CASH FLOW | Begin Period Cash Flow | $ 1.2 B |
| Operating Cash Flow | $ 389.0 M | |
| Capital Expenditures | $ -1.01 B | |
| Change In Working Capital | $ 46.0 M | |
| Dividends Paid | $ -435.00 M | |
| Cash Flow Delta | $ 271.0 M | |
| End Period Cash Flow | $ 380.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 917.0 M | |
| Forward Revenue | $ 954.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 336.0 M | |
| Depreciation | $ 167.0 M | |
| Depreciation and Amortization | $ 167.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 356.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 581.0 M | |
| EBITDA | $ 895.0 M | |
| EBIT | $ 728.0 M | |
| Operating Income | $ 561.0 M | |
| Interest Income | — | |
| Interest Expense | $ 312.0 M | |
| Net Interest Income | $ -312.00 M | |
| Income Before Tax | $ 416.0 M | |
| Tax Provision | $ 96.0 M | |
| Tax Rate | 23.077 % | |
| Net Income | $ 82.0 M | |
| Net Income From Continuing Operations | $ 320.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.25 | |
| EPS Actual | $ -0.30 | |
| EPS Difference | $ -2.55 | |
| EPS Surprise | -113.333 % | |
| Forward EPS | $ 2.87 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 24.0 B | |
| Intangible Assets | $ 4.9 B | |
| Net Tangible Assets | $ -6.11 B | |
| Total Current Assets | $ 3.0 B | |
| Cash and Short-Term Investments | $ 438.0 M | |
| Cash | $ 380.0 M | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 1.7 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.1 B | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 7.2 B | |
| Net Debt | $ 13.1 B | |
| Total Debt | $ 13.5 B | |
| Total Liabilities | $ 21.8 B | |
| EQUITY | ||
| Total Equity | $ -1.20 B | |
| Retained Earnings | $ 503.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -10.08 | |
| Shares Outstanding | 119.067 M | |
| Revenue Per-Share | $ 7.70 | |
| VALUATION | Market Capitalization | $ 5.1 B |
| Enterprise Value | $ 18.2 B | |
| Enterprise Multiple | 10.243 | |
| Enterprise Multiple QoQ | -86.929 % | |
| Enterprise Multiple YoY | -144.987 % | |
| Enterprise Multiple IPRWA | high: 73.063 mean: 51.907 median: 47.92 low: 23.977 BIPC: 10.243 |
|
| EV/R | 19.86 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -19.995 | |
| Asset To Liability | 1.101 | |
| Debt To Capital | 1.098 | |
| Debt To Assets | 0.562 | |
| Debt To Assets QoQ | 1.418 % | |
| Debt To Assets YoY | 1406.863 % | |
| Debt To Assets IPRWA | BIPC: 0.562 high: 0.498 median: 0.435 mean: 0.423 low: 0.306 |
|
| Debt To Equity | -11.238 | |
| Debt To Equity QoQ | 4.996 % | |
| Debt To Equity YoY | 854.01 % | |
| Debt To Equity IPRWA | high: 2.092 median: 1.631 mean: 1.576 low: 0.014 BIPC: -11.238 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -4.255 | |
| Price To Book QoQ | 11.65 % | |
| Price To Book YoY | -38.644 % | |
| Price To Book IPRWA | high: 2.854 median: 2.193 mean: 2.092 low: 0.458 BIPC: -4.255 |
|
| Price To Earnings (P/E) | 428.848 | |
| Price To Earnings QoQ | 0.0 % | |
| Price To Earnings YoY | -7395.522 % | |
| Price To Earnings IPRWA | BIPC: 428.848 high: 222.397 mean: 85.235 median: 76.848 low: 52.412 |
|
| PE/G Ratio | -3.676 | |
| Price To Sales (P/S) | 5.568 | |
| Price To Sales QoQ | 2.204 % | |
| Price To Sales YoY | -4.154 % | |
| Price To Sales IPRWA | high: 18.03 mean: 12.431 median: 11.276 BIPC: 5.568 low: 1.895 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 14.942 | |
| Forward PE/G | -0.128 | |
| Forward P/S | 5.728 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 189.048 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.038 | |
| Asset Turnover Ratio QoQ | 2.738 % | |
| Asset Turnover Ratio YoY | 0.288 % | |
| Asset Turnover Ratio IPRWA | high: 0.069 mean: 0.046 median: 0.043 BIPC: 0.038 low: 0.03 |
|
| Receivables Turnover | 0.93 | |
| Receivables Turnover Ratio QoQ | -7.374 % | |
| Receivables Turnover Ratio YoY | -11.893 % | |
| Receivables Turnover Ratio IPRWA | high: 2.509 mean: 1.979 median: 1.977 low: 1.131 BIPC: 0.93 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 98.116 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -350.394 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 166.283 mean: 24.958 median: 15.655 low: -52.238 BIPC: -350.394 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.217 | |
| CapEx To Revenue | -1.1 | |
| CapEx To Depreciation | -6.042 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 11.1 B | |
| Net Invested Capital | $ 12.3 B | |
| Invested Capital | $ 12.3 B | |
| Net Tangible Assets | $ -6.11 B | |
| Net Working Capital | $ -4.19 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.3 | |
| Current Ratio QoQ | -39.462 % | |
| Current Ratio YoY | -30.372 % | |
| Current Ratio IPRWA | high: 3.431 mean: 1.073 median: 0.899 low: 0.498 BIPC: 0.3 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.585 | |
| Cost Of Debt | 1.795 % | |
| Interest Coverage Ratio | 2.333 | |
| Interest Coverage Ratio QoQ | 938.328 % | |
| Interest Coverage Ratio YoY | -238.253 % | |
| Interest Coverage Ratio IPRWA | high: 3.88 mean: 2.423 median: 2.362 BIPC: 2.333 low: 0.85 |
|
| Operating Cash Flow Ratio | 0.176 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 350.394 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.189 | |
| Dividend Payout Ratio | 5.305 | |
| Dividend Rate | $ 3.65 | |
| Dividend Yield | 0.085 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.351 % | |
| Revenue Growth | 5.889 % | |
| Revenue Growth QoQ | -186.846 % | |
| Revenue Growth YoY | 1235.374 % | |
| Revenue Growth IPRWA | high: 49.057 % mean: 10.417 % BIPC: 5.889 % median: 5.033 % low: -2.005 % |
|
| Earnings Growth | -116.667 % | |
| Earnings Growth QoQ | 46.581 % | |
| Earnings Growth YoY | -60.962 % | |
| Earnings Growth IPRWA | high: 183.582 % mean: 54.897 % median: 41.333 % low: -88.0 % BIPC: -116.667 % |
|
| MARGINS | ||
| Gross Margin | 63.359 % | |
| Gross Margin QoQ | -2.543 % | |
| Gross Margin YoY | 0.844 % | |
| Gross Margin IPRWA | high: 78.325 % BIPC: 63.359 % mean: 46.445 % median: 43.345 % low: 21.702 % |
|
| EBIT Margin | 79.389 % | |
| EBIT Margin QoQ | 1045.915 % | |
| EBIT Margin YoY | -259.477 % | |
| EBIT Margin IPRWA | BIPC: 79.389 % high: 34.326 % median: 26.468 % mean: 25.392 % low: -3.146 % |
|
| Return On Sales (ROS) | 61.178 % | |
| Return On Sales QoQ | -2.431 % | |
| Return On Sales YoY | -222.894 % | |
| Return On Sales IPRWA | BIPC: 61.178 % high: 32.45 % mean: 22.968 % median: 21.722 % low: -3.146 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 389.0 M | |
| Free Cash Flow Yield | 36.627 % | |
| Free Cash Flow Yield QoQ | 542.354 % | |
| Free Cash Flow Yield YoY | 4876.495 % | |
| Free Cash Flow Yield IPRWA | BIPC: 36.627 % high: 2.766 % mean: -1.715 % median: -1.936 % low: -5.102 % |
|
| Free Cash Growth | 595.167 % | |
| Free Cash Growth QoQ | 299.243 % | |
| Free Cash Growth YoY | -1031.564 % | |
| Free Cash Growth IPRWA | high: 1291.785 % BIPC: 595.167 % median: -4.539 % mean: -34.401 % low: -2050.0 % |
|
| Free Cash To Net Income | 22.805 | |
| Cash Flow Margin | 115.485 % | |
| Cash Flow To Earnings | 12.915 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.342 % | |
| Return On Assets QoQ | -116.667 % | |
| Return On Assets YoY | -108.364 % | |
| Return On Assets IPRWA | high: 1.735 % median: 0.657 % mean: 0.608 % BIPC: 0.342 % low: -0.016 % |
|
| Return On Capital Employed (ROCE) | 4.053 % | |
| Return On Equity (ROE) | -0.068 | |
| Return On Equity QoQ | -117.734 % | |
| Return On Equity YoY | -105.343 % | |
| Return On Equity IPRWA | high: 0.054 median: 0.028 mean: 0.025 low: -0.001 BIPC: -0.068 |
|
| DuPont ROE | -6.726 % | |
| Return On Invested Capital (ROIC) | 4.558 % | |
| Return On Invested Capital QoQ | 1281.212 % | |
| Return On Invested Capital YoY | -109.462 % | |
| Return On Invested Capital IPRWA | BIPC: 4.558 % high: 3.299 % median: 1.453 % mean: 1.387 % low: -0.601 % |
|