NYSE · Financial Services

Berkshire Hathaway Inc.

BRK-B · Insurance - Diversified

$489.46

▼ -1.82 (-0.37%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

C⤢

Net Income Margin 11.0%

Fin. Health

F⤢

Years to Pay Off Debt 12.8 yrs

Valuation

D⤢

Margin of Safety 0.0%

Price-to-Book 0.94x

Cash Flow

C⤢

Free Cash Flow $5.5B

CapEx % of Net Income 49.3%

Owner Earnings $18.6B

Cash Flow

Free Cash Flow $5.5B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 49.3%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $18.6B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $1,055.7B

Enterprise Value -$265.5B

P/E (TTM) 14.56

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 11.0%

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 $489.46.

The business passes only 3 of 5 of Graham's defensive criteria — well below his required standard.

At $489.46, the stock trades at a 109% premium to its Graham Number of $234.13. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

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

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A
Net Income %	11.0%▼	17.2%▼	19.4%
Diluted EPS	4.68•	N/A•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$1,252.3B	$1,222.2B	$1,153.9B
Total Debt	$128.9B▼	$129.1B▲	$124.8B
Working Capital	N/A•	N/A•	N/A
Years to Pay Debt	12.75	6.72	6.34

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$5.5B▲	$5.0B▲	-$726M
Owner Earnings	$18.6B	$28.9B	$28.3B
CapEx % of Net Income	49.3%	32.3%	27.2%

Income Statement

	2026	2025	2024
Tax Rate For Calcs	0	0	0
Net Income From Continuing Operation Net Minority Interest	10,106,000	19,199,000	19,694,000
Reconciled Depreciation	3,510,000	3,549,000	3,283,000
EBIT	13,620,000	25,754,000	25,465,000
Net Interest Income	-1,301,000	-1,298,000	-1,440,000
Interest Expense	1,301,000	1,298,000	1,440,000
Interest Income	5,430,000	5,930,000	6,375,000
Normalized Income	10,106,000	19,199,000	19,694,000
Net Income From Continuing And Discontinued Operation	10,106,000	19,199,000	19,694,000
Total Expenses	79,751,000	86,986,000	77,443,000
Rent Expense Supplemental	2,027,000	2,034,000	1,865,000
Diluted Average Shares	2,157,185
Basic Average Shares	2,157,185
Diluted EPS	0
Basic EPS	0
Diluted NI Availto Com Stockholders	10,106,000	19,199,000	19,694,000
Net Income Common Stockholders	10,106,000	19,199,000	19,694,000
Net Income	10,106,000	19,199,000	19,694,000
Minority Interests	-73,000	-68,000	-57,000
Net Income Including Noncontrolling Interests	10,179,000	19,267,000	19,751,000
Net Income Continuous Operations	10,179,000	19,267,000	19,751,000
Tax Provision	2,140,000	5,189,000	4,274,000
Pretax Income	12,319,000	24,456,000	24,025,000
Other Income Expense	14,418,000	13,734,000	-22,323,000
Net Non Operating Interest Income Expense	-1,301,000	-1,298,000	-1,440,000
Interest Expense Non Operating	1,301,000	1,298,000	1,440,000
Other Operating Expenses	9,096,000	9,078,000	-25,448,000
Selling General And Administration	8,583,000	9,872,000	10,215,000
Selling And Marketing Expense			8,350,000
General And Administrative Expense	8,583,000	9,872,000	10,215,000
Other Gand A	8,583,000	9,872,000	10,215,000
Total Revenue	92,070,000	111,442,000	101,468,000
Operating Revenue	92,070,000	111,442,000	101,468,000
Loss Adjustment Expense	15,223,000	15,916,000	14,502,000
Net Policyholder Benefits And Claims	15,223,000	15,916,000	14,502,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	220	220	220
Ordinary Shares Number	1,438	1,438	1,438
Share Issued	1,658	1,658	1,658
Net Debt	70,764,000	77,204,000	77,033,000
Total Debt	128,886,000	129,081,000	124,762,000
Tangible Book Value	609,726,000	600,543,000	530,850,000
Invested Capital	856,067,000	846,500,000	774,130,000
Net Tangible Assets	609,726,000	600,543,000	530,850,000
Common Stock Equity	727,181,000	717,419,000	649,368,000
Total Capitalization	853,824,000	843,182,000	771,692,000
Total Equity Gross Minority Interest	729,450,000	719,703,000	651,655,000
Minority Interest	2,269,000	2,284,000	2,287,000
Stockholders Equity	727,181,000	717,419,000	649,368,000
Gains Losses Not Affecting Retained Earnings	-2,511,000	-2,448,000	-3,584,000
Other Equity Adjustments	-2,511,000	-2,448,000	-3,584,000
Treasury Stock	79,174,000	78,939,000	78,939,000
Retained Earnings	773,292,000	763,186,000	696,218,000
Additional Paid In Capital	35,566,000	35,612,000	35,665,000
Capital Stock	8,000	8,000	8,000
Common Stock	8,000	8,000	8,000
Total Liabilities Net Minority Interest	522,821,000	502,473,000	502,226,000
Non Current Deferred Liabilities	88,685,000	86,955,000	85,870,000
Non Current Deferred Taxes Liabilities	88,685,000	86,955,000	85,870,000
Long Term Debt And Capital Lease Obligation	126,643,000	125,763,000	122,324,000
Long Term Debt	126,643,000	125,763,000	122,324,000
Current Debt And Capital Lease Obligation	2,243,000	3,318,000	2,438,000
Current Debt	2,243,000	3,318,000	2,438,000
Other Current Borrowings	2,243,000	3,318,000	2,438,000
Payables And Accrued Expenses	17,229,000	167,000	12,769,000
Payables	17,229,000	167,000	12,769,000
Other Payable	17,229,000	167,000	12,769,000
Total Assets	1,252,271,000	1,222,176,000	1,153,881,000
Investments And Advances	664,915,000	657,006,000	604,558,000
Long Term Equity Investment	19,951,000	19,978,000	31,134,000
Investments In Other Ventures Under Equity Method	19,951,000	19,978,000	31,134,000
Goodwill And Other Intangible Assets	117,455,000	116,876,000	118,518,000
Other Intangible Assets	34,275,000	33,802,000	34,638,000
Goodwill	83,180,000	83,074,000	83,880,000
Net PPE	241,744,000	235,160,000	222,929,000
Receivables	51,759,000	48,718,000	48,390,000
Receivables Adjustments Allowances	-829,000	-798,000	-798,000
Other Receivables	5,882,000	5,977,000	6,061,000
Accounts Receivable	46,706,000	43,539,000	43,127,000
Cash Cash Equivalents And Short Term Investments	397,383,000	373,311,000	334,201,000
Other Short Term Investments	339,261,000	321,434,000	286,472,000
Cash And Cash Equivalents	58,122,000	51,877,000	47,729,000

Cash Flow

	2026	2025	2024
Free Cash Flow	5,452,000	4,990,000	-726,000
Repurchase Of Capital Stock	-235,000	0	0
Repayment Of Debt	-3,256,000	-1,099,000	-1,937,000
Issuance Of Debt	4,575,000	3,423,000	3,880,000
Capital Expenditure	-4,986,000	-6,202,000	-5,347,000
Interest Paid Supplemental Data	1,427,000
Income Tax Paid Supplemental Data	382,000
End Cash Position	58,810,000	52,569,000	48,376,000
Beginning Cash Position	52,569,000	77,111,000	37,992,000
Effect Of Exchange Rate Changes	-63,000	147,000	-158,000
Changes In Cash	6,304,000	-24,689,000	10,542,000
Financing Cash Flow	174,000	2,511,000	1,653,000
Cash Flow From Continuing Financing Activities	174,000	2,511,000	1,653,000
Net Other Financing Charges	51,000	-63,000	-638,000
Net Common Stock Issuance	-235,000	0	0
Common Stock Payments	-235,000	0	0
Net Issuance Payments Of Debt	358,000	2,574,000	2,291,000
Net Short Term Debt Issuance	-961,000	250,000	348,000
Net Long Term Debt Issuance	1,319,000	2,324,000	1,943,000
Long Term Debt Payments	-3,256,000	-1,099,000	-1,937,000
Long Term Debt Issuance	4,575,000	3,423,000	3,880,000
Investing Cash Flow	-4,308,000	-38,392,000	4,268,000
Cash Flow From Continuing Investing Activities	-4,308,000	-38,392,000	4,268,000
Net Other Investing Changes	325,000	815,000	210,000
Net Investment Purchase And Sale	10,043,000	-31,931,000	9,439,000
Sale Of Investment	215,606,000	113,304,000	154,485,000
Purchase Of Investment	-205,563,000	-145,235,000	-145,046,000
Net Business Purchase And Sale	-9,690,000		-34,000
Purchase Of Business	-9,690,000		-34,000
Net PPE Purchase And Sale	-4,986,000	-6,202,000	-5,347,000
Purchase Of PPE	-4,986,000	-6,202,000	-5,347,000
Operating Cash Flow	10,438,000	11,192,000	4,621,000
Cash Flow From Continuing Operating Activities	10,438,000	11,192,000	4,621,000
Change In Working Capital	-2,065,000	1,891,000	-6,801,000
Change In Other Working Capital	1,788,000	11,000	-6,880,000
Change In Other Current Liabilities	-988,000	-800,000	-559,000
Change In Other Current Assets	-1,358,000	828,000	1,111,000
Change In Receivables	-3,173,000	3,504,000	2,373,000
Other Non Cash Items	277,000	-3,868,000	6,289,000
Unrealized Gain Loss On Investment Securities	3,291,000	-16,422,000	-4,244,000
Amortization Of Securities	-3,068,000	-3,118,000
Depreciation And Amortization	3,510,000	3,549,000	3,283,000
Amortization Cash Flow	446,000
Amortization Of Intangibles	446,000
Depreciation	3,064,000
Operating Gains Losses	-1,686,000	-788,000	-2,308,000
Gain Loss On Investment Securities	-1,686,000	-788,000	-2,308,000
Net Income From Continuing Operations	10,179,000	19,267,000	19,751,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $83.3B ▲ $92.1B +10.5%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Net Margin

Prior year: 5.5% ▲ 11.0% +5.4pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$92.1B/qtr (≈$368.3B ann.)

vs > $1.5B annualised revenue

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$5.5B

vs Positive

Operating Cash Flow

$10.4B

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

0.9x

Net Assets: $729.5B

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

0.26%

Low — management has little skin in the game

Return on Equity (ROE)

1.4%

Weak — poor returns on equity

Return on Assets (ROA)

0.8%

Poor — assets are not generating adequate returns

Debt Trend YoY

-0.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Gregory Edward Abel

CEO, President & Director

Age 63

Pay: $22,017,500

0.218% of net income

Ajit Jain

Vice Chairman of Insurance Operations & Director

Age 73

Pay: $22,017,500

0.218% of net income

Charles Chang

Senior VP & CFO

Age 56

Adam Johnson

President of Consumer Products, Service & Retailing

Age 53

Peter James Eastwood

CEO & President of Specialty Insurance

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.67%	121,207,647
Vanguard Capital Management LLC	8.40%	117,415,535
State Street Corporation	5.30%	74,099,062
Geode Capital Management, LLC	2.94%	41,159,806
Morgan Stanley	1.92%	26,854,441
Vanguard Portfolio Management LLC	1.70%	23,728,514
Gates Foundation Trust	1.22%	17,048,304
JPMORGAN CHASE & CO	1.17%	16,361,338

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: $489.46 High: $516.85

Currently at 56% of 52-week range