BIPC vs SWX
Brookfield Infrastructure Corp. and Southwest Gas Holdings, Inc., side by side — 8 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | BIPC | SWX |
|---|---|---|
| Revenue | $3.7B | $1.9B |
| Net income | $-241.0M | $439.8M |
| Gross margin | 63.6% | · |
| Net margin | 19.1% | 22.4% |
| Return on equity | · | 11.8% |
| Diluted EPS | · | $6.08 |
| Dividend / share | · | $2.48 |
| Payout ratio | · | 40.6% |
| Free cash flow | $2.0M | $-251.8M |
| Equity | $-1.3B | $4.0B |
| Net debt / equity | · | 0.74× |
| Current ratio | 0.38× | 1.28× |
| Revenue CAGR 5y | 20.7% | −10.1% |
| Profit CAGR 5y | · | 13.6% |
BIPC bills 1.9× the revenue of SWX, and BIPC closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | BIPC | SWX |
|---|---|---|
| FY2025 | $3.7B | $1.9B |
| FY2024 | $3.7B | $2.5B |
| FY2023 | $2.5B | $2.5B |
| FY2022 | $1.9B | $5.0B |
| FY2021 | $1.6B | $3.7B |
| FY2020 | $1.4B | $3.3B |
| FY2019 | $1.6B | $3.1B |
| FY2018 | $1.6B | $2.9B |
Bottom line
| Fiscal year | BIPC | SWX |
|---|---|---|
| FY2025 | $-241.0M | $439.8M |
| FY2024 | $-608.0M | $198.8M |
| FY2023 | $111.0M | $150.9M |
| FY2022 | $1.1B | $-203.3M |
| FY2021 | $-368.0M | $200.8M |
| FY2020 | $-552.0M | $232.3M |
| FY2019 | $197.0M | $213.9M |
| FY2018 | $202.0M | $182.3M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$1,727,620,000 | BIPC |
| FY2024 | +$1,190,784,000 | BIPC |
| FY2023 | −$31,696,000 | SWX |
| FY2022 | −$3,074,009,000 | SWX |
| FY2021 | −$2,037,451,000 | SWX |
| FY2020 | −$1,868,873,000 | SWX |
| FY2019 | −$1,500,917,000 | SWX |
| FY2018 | −$1,319,013,000 | SWX |
The higher-revenue side has changed between BIPC and SWX over this period. The gap has widened since the earliest year compared.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −3.3 pp | SWX |
| FY2024 | −6.3 pp | SWX |
| FY2023 | +18.1 pp | BIPC |
| FY2022 | +89.8 pp | BIPC |
| FY2021 | −4.0 pp | SWX |
| FY2020 | −23.5 pp | SWX |
| FY2019 | +28.3 pp | BIPC |
| FY2018 | +30.9 pp | BIPC |
The higher net margin has changed hands between BIPC and SWX over this period.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BIPC's net margin has been more volatile than SWX's over the 8 comparable fiscal years — 29.1 percentage points of standard deviation against 6.7.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BIPC and SWX over these 8 fiscal years — BIPC led in 4 and SWX in 4.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.