Berkshire Hathaway Inc. (BRK-B) Stock Analysis — Graham Number, Scorecard & Financials

NYSE · Financial Services

Berkshire Hathaway Inc.

BRK-B · Insurance - Diversified

$475.63

▲ 2.62 (0.55%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Berkshire Hathaway Inc. at $475.63.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Net Income Margin 16.3%

Fin. Health B

Years to Pay Off Debt 1.9 yrs

Valuation C

Margin of Safety 20.7%

Price-to-Book 0.92x

Cash Flow B

Free Cash Flow $25.0B

CapEx % of Net Income 31.2%

Owner Earnings $101.4B

2/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $1,025.9B

Enterprise Value -$265.5B

P/E (TTM) 15.33

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 16.3%

Company Info

Sector Financial Services

Industry Insurance - Diversified

Employees 387800

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Berkshire Hathaway Inc. at $475.63.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $475.63, the stock trades below its Graham Number of $600.13 — suggesting a margin of safety exists.

The margin of safety of 20.7% offers some protection but falls short of Graham's preferred 33% buffer.

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Berkshire Hathaway Inc.

Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses. The company provides property, casualty, life, accident, and health insurance and reinsurance; operates railroad systems in North America; generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. It manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; prefabricated and site-built residential homes, flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. In addition, the company provides recreational vehicles, apparel, footwear, toys, jewelry, custom picture framing products, alkaline batteries, logistics services, and professional aviation training and shared aircraft ownership programs; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Further, it distributes televisions and information, and grocery and non-food consumer products; franchises and services quick service restaurants; and distributes electronic components. Additionally, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and floor coverings; watches, home decor and repair services; sells kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	16.3% ▼	21.0%	21.9%	-9.7%	N/A
Diluted EPS	N/A •	41.27	44.27	-10.33	39.70

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$1,222.2B	$1,153.9B	$1,070.0B	$948.5B
Total Debt	$129.1B ↑	$124.8B	$128.3B	$122.7B
Working Capital	N/A •	N/A	N/A	N/A
Years to Pay Debt	1.93	1.40	1.33	-5.39

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$25.0B ▲	$11.6B	$29.8B	$21.9B	N/A
Owner Earnings	$101.4B	$120.8B	$128.1B	$3.6B	N/A
CapEx % of Net Income	31.2%	21.3%	20.2%	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Net Income From Continuing Operation Net Minority Interest	66,968,000	88,995,000	96,223,000	-22,759,000
Reconciled Depreciation	13,476,000	12,855,000	12,486,000	10,899,000
EBIT	87,528,000	115,576,000	125,169,000	-26,148,000
Net Interest Income	-5,069,000	-5,200,000	-5,003,000	-4,352,000
Interest Expense	5,069,000	5,200,000	5,003,000	4,352,000
Interest Income	23,261,000	21,825,000	15,764,000	10,263,000
Normalized Income	66,968,000	88,995,000	96,223,000	-22,759,000
Net Income From Continuing And Discontinued Operation	66,968,000	88,995,000	96,223,000	-22,759,000
Total Expenses	328,063,000	313,856,000	319,171,000	264,621,000
Rent Expense Supplemental	7,685,000	7,069,000	6,037,000	5,550,000
Diluted Average Shares		2,156,579	2,173,319	2,203,313	2,265,269
Basic Average Shares		2,156,579	2,173,319	2,203,313	2,265,269
Diluted EPS		0	0	0	0
Basic EPS		0	0	0	0
Diluted NI Availto Com Stockholders	66,968,000	88,995,000	96,223,000	-22,759,000
Net Income Common Stockholders	66,968,000	88,995,000	96,223,000	-22,759,000
Net Income	66,968,000	88,995,000	96,223,000	-22,759,000
Minority Interests	-292,000	-566,000	-924,000	-761,000
Net Income Including Noncontrolling Interests	67,260,000	89,561,000	97,147,000	-21,998,000
Net Income Continuous Operations	67,260,000	89,561,000	97,147,000	-21,998,000
Tax Provision	15,199,000	20,815,000	23,019,000	-8,502,000
Pretax Income	82,459,000	110,376,000	120,166,000	-30,500,000
Other Income Expense	55,220,000	54,100,000	53,439,000	54,339,000
Net Non Operating Interest Income Expense	-5,069,000	-5,200,000	-5,003,000	-4,352,000
Interest Expense Non Operating	5,069,000	5,200,000	5,003,000	4,352,000
Other Operating Expenses	36,480,000	37,292,000	38,879,000	38,162,000
Selling General And Administration	37,420,000	32,711,000	31,495,000	25,056,000
Selling And Marketing Expense		25,642,000	25,458,000	19,506,000	18,843,000
General And Administrative Expense	37,420,000	32,711,000	31,495,000	25,056,000
Other Gand A	37,420,000	32,711,000	31,495,000	25,056,000
Total Revenue	410,522,000	424,232,000	439,337,000	234,121,000
Operating Revenue	410,522,000	424,232,000	439,337,000	234,121,000
Loss Adjustment Expense	61,686,000	60,044,000	61,216,000	62,889,000
Net Policyholder Benefits And Claims	61,686,000	60,044,000	61,216,000	62,889,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	220	220	217	198
Ordinary Shares Number	1,438	1,438	1,441	1,460
Share Issued	1,658	1,658	1,658	1,658
Net Debt	77,204,000	77,033,000	90,249,000	86,933,000
Total Debt	129,081,000	124,762,000	128,271,000	122,744,000
Tangible Book Value	600,543,000	530,850,000	440,763,000	366,118,000
Invested Capital	846,500,000	774,130,000	689,544,000	596,168,000
Net Tangible Assets	600,543,000	530,850,000	440,763,000	366,118,000
Common Stock Equity	717,419,000	649,368,000	561,273,000	473,424,000
Total Capitalization	843,182,000	771,692,000	684,209,000	593,739,000
Total Equity Gross Minority Interest	719,703,000	651,655,000	570,770,000	481,681,000
Minority Interest	2,284,000	2,287,000	9,497,000	8,257,000
Stockholders Equity	717,419,000	649,368,000	561,273,000	473,424,000
Gains Losses Not Affecting Retained Earnings	-2,448,000	-3,584,000	-3,763,000	-5,052,000
Other Equity Adjustments	-2,448,000	-3,584,000	-3,763,000	-5,052,000
Treasury Stock	78,939,000	78,939,000	76,802,000	67,826,000
Retained Earnings	763,186,000	696,218,000	607,350,000	511,127,000
Additional Paid In Capital	35,612,000	35,665,000	34,480,000	35,167,000
Capital Stock	8,000	8,000	8,000	8,000
Common Stock	8,000	8,000	8,000	8,000
Total Liabilities Net Minority Interest	502,473,000	502,226,000	499,208,000	466,784,000
Non Current Deferred Liabilities	86,955,000	85,870,000	93,009,000	77,368,000
Non Current Deferred Taxes Liabilities	86,955,000	85,870,000	93,009,000	77,368,000
Long Term Debt And Capital Lease Obligation	125,763,000	122,324,000	122,936,000	120,315,000
Long Term Debt	125,763,000	122,324,000	122,936,000	120,315,000
Current Debt And Capital Lease Obligation	3,318,000	2,438,000	5,335,000	2,429,000
Current Debt	3,318,000	2,438,000	5,335,000	2,429,000
Other Current Borrowings	3,318,000	2,438,000	5,335,000	2,429,000
Payables And Accrued Expenses	167,000	12,769,000	0	49,816,000
Payables	167,000	12,769,000
Other Payable	167,000	12,769,000
Total Assets	1,222,176,000	1,153,881,000	1,069,978,000	948,465,000
Investments And Advances	657,006,000	604,558,000	536,285,000	454,745,000
Long Term Equity Investment	19,978,000	31,134,000	29,066,000	28,050,000
Investments In Other Ventures Under Equity Method	19,978,000	31,134,000	29,066,000	28,050,000
Goodwill And Other Intangible Assets	116,876,000	118,518,000	120,510,000	107,306,000
Other Intangible Assets	33,802,000	34,638,000	35,884,000	29,187,000
Goodwill	83,074,000	83,880,000	84,626,000	78,119,000
Net PPE	235,160,000	222,929,000	216,593,000	196,965,000
Receivables	48,718,000	48,390,000	51,260,000	48,285,000
Receivables Adjustments Allowances	-798,000	-798,000	-833,000	-816,000
Other Receivables	5,977,000	6,061,000	5,497,000	4,908,000
Accounts Receivable	43,539,000	43,127,000	46,596,000	44,193,000
Cash Cash Equivalents And Short Term Investments	373,311,000	334,201,000	167,641,000	128,585,000
Other Short Term Investments	321,434,000	286,472,000	129,619,000	92,774,000
Cash And Cash Equivalents	51,877,000	47,729,000	38,022,000	35,811,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	25,042,000	11,616,000	29,787,000	21,886,000
Repurchase Of Capital Stock	0	-2,918,000	-9,171,000	-7,854,000
Repayment Of Debt	-7,024,000	-11,947,000	-11,311,000	-3,928,000
Issuance Of Debt	9,172,000	13,186,000	7,817,000	12,695,000
Capital Expenditure	-20,927,000	-18,976,000	-19,409,000	-15,464,000
Interest Paid Supplemental Data	5,094,000	4,939,000	4,997,000	4,345,000
Income Tax Paid Supplemental Data	13,978,000	28,544,000	7,765,000	4,236,000
End Cash Position	52,569,000	48,376,000	38,643,000	36,399,000
Beginning Cash Position	48,376,000	38,643,000	36,399,000	88,706,000
Effect Of Exchange Rate Changes	478,000	-212,000	116,000	-394,000
Changes In Cash	3,715,000	9,945,000	2,128,000	-51,913,000
Financing Cash Flow	2,233,000	-10,360,000	-14,405,000	-1,662,000
Cash Flow From Continuing Financing Activities	2,233,000	-10,360,000	-14,405,000	-1,662,000
Net Other Financing Charges	-793,000	-5,622,000	-4,147,000	-1,979,000
Net Common Stock Issuance	0	-2,918,000	-9,171,000	-7,854,000
Common Stock Payments	0	-2,918,000	-9,171,000	-7,854,000
Net Issuance Payments Of Debt	3,026,000	-1,820,000	-1,087,000	8,171,000
Net Short Term Debt Issuance	878,000	-3,059,000	2,407,000	-596,000
Net Long Term Debt Issuance	2,148,000	1,239,000	-3,494,000	8,767,000
Long Term Debt Payments	-7,024,000	-11,947,000	-11,311,000	-3,928,000
Long Term Debt Issuance	9,172,000	13,186,000	7,817,000	12,695,000
Investing Cash Flow	-44,487,000	-10,287,000	-32,663,000	-87,601,000
Cash Flow From Continuing Investing Activities	-44,487,000	-10,287,000	-32,663,000	-87,601,000
Net Other Investing Changes	1,157,000	-195,000	685,000	239,000
Net Investment Purchase And Sale	-23,643,000	9,280,000	-5,335,000	-61,782,000
Sale Of Investment	579,409,000	545,359,000	246,134,000	190,070,000
Purchase Of Investment	-603,052,000	-536,079,000	-251,469,000	-251,852,000
Net Business Purchase And Sale	-1,074,000	-396,000	-8,604,000	-10,594,000
Purchase Of Business	-1,074,000	-396,000	-8,604,000	-10,594,000
Net PPE Purchase And Sale	-20,927,000	-18,976,000	-19,409,000	-15,464,000
Purchase Of PPE	-20,927,000	-18,976,000	-19,409,000	-15,464,000
Operating Cash Flow	45,969,000	30,592,000	49,196,000	37,350,000
Cash Flow From Continuing Operating Activities	45,969,000	30,592,000	49,196,000	37,350,000
Change In Working Capital	2,355,000	-6,784,000	20,441,000	-15,244,000
Change In Other Working Capital	1,693,000	-7,465,000	15,240,000	-12,103,000
Change In Other Current Liabilities	429,000	-2,288,000	2,570,000	1,719,000
Change In Other Current Assets	-861,000	-206,000	98,000	-5,157,000
Change In Receivables	-2,426,000	626,000	-1,949,000	-5,621,000
Changes In Account Receivables					-5,834,000
Other Non Cash Items	3,239,000	-892,000	-513,000	-3,074,000
Unrealized Gain Loss On Investment Securities	-39,981,000	-49,297,000	-69,144,000	63,120,000
Asset Impairment Charge	10,681,000	0	0
Amortization Of Securities	-11,964,000	-11,349,000	-5,510,000	-1,132,000
Depreciation And Amortization	13,476,000	12,855,000	12,486,000	10,899,000
Amortization Cash Flow		1,795,000	1,828,000	1,233,000	1,252,000
Amortization Of Intangibles		1,795,000	1,828,000	1,233,000	1,252,000
Depreciation		11,060,000	10,658,000	9,666,000	9,466,000
Operating Gains Losses	903,000	-3,502,000	-5,711,000	4,779,000
Gain Loss On Investment Securities	903,000	-3,502,000	-5,711,000	4,779,000
Net Income From Continuing Operations	67,260,000	89,561,000	97,147,000	-21,998,000

These metrics estimate what Berkshire Hathaway Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$600.13

Margin of Safety

20.7%

Market Cap ÷ Company Value

1.17

P/B Ratio

0.92

Warren's Owner Earnings

$101.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/6 — Speculative Investor

✅ Adequate Size

$410.5B

vs > $1.5B revenue

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

+3.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.3x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.92x P/B (P/E×P/B: 14.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	31.2%	21.3%	20.2%	N/A	N/A
Repurchase of Capital Stock	$0M	-$2.9B	-$9.2B	-$7.9B	N/A
Free Cash Flow	$25.0B ▲	$11.6B ▼	$29.8B ▲	$21.9B •	N/A •
Warren's Owner Earnings	$101.4B	$120.8B	$128.1B	$3.6B	N/A

Peers & Industry

No auto-detected peers for Insurance - Diversified. You can manually compare BRK-B against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.27%

Low — management has little skin in the game

Return on Equity (ROE)

9.3%

Adequate — returns are moderate

Return on Assets (ROA)

5.5%

Strong — management uses assets efficiently

Debt Trend YoY

+3.5% YoY

Debt is roughly stable

Leadership Team

Gregory Edward Abel

CEO, President & Director

Age 63

Pay: $22,017,500

0.033% of net income

Marc David Hamburg

Senior VP, CFO & Secretary

Age 75

Pay: $4,330,000

0.006% of net income

Ajit Jain

Vice Chairman of Insurance Operations & Director

Age 73

Pay: $22,017,500

0.033% of net income

Adam Johnson

President of Consumer Products, Service & Retailing

Age 53

Peter James Eastwood

CEO & President of Specialty Insurance

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.30%	157,103,196
Blackrock Inc.	8.71%	121,193,733
State Street Corporation	5.32%	73,925,068
Geode Capital Management, LLC	2.88%	40,022,166
Morgan Stanley	1.89%	26,280,201
Gates Foundation Trust	1.40%	19,406,764
Northern Trust Corporation	1.12%	15,528,328
JPMORGAN CHASE & CO	0.93%	12,883,585

Risk Analysis

Beta (Market Risk)

0.62

Low volatility — more stable than the market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.18x

Conservative balance sheet — low financial risk

Current Ratio

2.88x

Strong liquidity — Graham approved

52-Week Price Range

Low: $455.19 Current: $475.63 High: $521.26

Currently at 31% of 52-week range

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