Berkshire Hathaway (BRK-B)
Market Price (12/26/2025): $501.15 | Market Cap: $1.1 TrilSector: Financials | Industry: Multi-Sector Holdings
Berkshire Hathaway (BRK-B)
Market Price (12/26/2025): $501.15Market Cap: $1.1 TrilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% | Weak multi-year price returns2Y Excs Rtn is -6.5%, 3Y Excs Rtn is -14% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12% | |
| Attractive cash flow generationCFO LTM is 39 Bil, FCF LTM is 19 Bil | ||
| Low stock price volatilityVol 12M is 19% |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% |
| Attractive cash flow generationCFO LTM is 39 Bil, FCF LTM is 19 Bil |
| Low stock price volatilityVol 12M is 19% |
| Weak multi-year price returns2Y Excs Rtn is -6.5%, 3Y Excs Rtn is -14% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12% |
Why The Stock Moved
Qualitative Assessment
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The Berkshire Hathaway (BRK-B) stock experienced a minor decrease of approximately -0.3% between August 31, 2025, and December 26, 2025. This period was marked by significant news regarding leadership transition and strategic financial adjustments within the company.1. Warren Buffett's Impending Retirement and Leadership Transition Uncertainty: Warren Buffett's announcement in May 2025 that he would step down as CEO at the end of 2025, with Greg Abel taking over, introduced uncertainty among investors. While Buffett will remain as chairman, the transition to new leadership by January 1, 2026, has led to speculation about future strategic direction and capital allocation, contributing to some investor caution and a slight drag on the stock's performance.
2. Defensive Posture and Massive Cash Pile: Throughout 2025, Berkshire Hathaway aggressively liquidated significant equity positions, notably reducing its Apple stake by nearly 70% and suspending share buybacks. This strategy led to a record-breaking cash and equivalents pile exceeding $381 billion by late December 2025, with a substantial portion invested in short-term U.S. Treasuries. While providing financial stability and positioning Berkshire as a "buyer of last resort," this defensive stance and large cash position can act as a "drag" on performance in a rising equity market, as the cash does not benefit from market rallies as much as fully invested peers. The insurance float also grew to approximately $176 billion by the end of the third quarter of 2025, further strengthening its balance sheet.
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Stock Movement Drivers
Fundamental Drivers
The 1.3% change in BRK-B stock from 9/25/2025 to 12/25/2025 was primarily driven by a 6.3% change in the company's Net Income Margin (%).| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 494.96 | 501.34 | 1.29% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 397146.00 | 400548.00 | 0.86% |
| Net Income Margin (%) | 15.84% | 16.84% | 6.31% |
| P/E Multiple | 16.97 | 16.03 | -5.53% |
| Shares Outstanding (Mil) | 2157.33 | 2157.33 | 0.00% |
| Cumulative Contribution | 1.29% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| BRK-B | 1.3% | |
| Market (SPY) | 4.9% | -2.5% |
| Sector (XLF) | 4.2% | 49.4% |
Fundamental Drivers
The 3.4% change in BRK-B stock from 6/26/2025 to 12/25/2025 was primarily driven by a 23.9% change in the company's P/E Multiple.| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 485.05 | 501.34 | 3.36% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 415777.00 | 400548.00 | -3.66% |
| Net Income Margin (%) | 19.46% | 16.84% | -13.43% |
| P/E Multiple | 12.94 | 16.03 | 23.94% |
| Shares Outstanding (Mil) | 2157.33 | 2157.33 | 0.00% |
| Cumulative Contribution | 3.36% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| BRK-B | 3.4% | |
| Market (SPY) | 13.1% | 2.3% |
| Sector (XLF) | 8.0% | 49.2% |
Fundamental Drivers
The 9.3% change in BRK-B stock from 12/25/2024 to 12/25/2025 was primarily driven by a 73.3% change in the company's P/E Multiple.| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 458.66 | 501.34 | 9.31% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 452954.00 | 400548.00 | -11.57% |
| Net Income Margin (%) | 23.60% | 16.84% | -28.62% |
| P/E Multiple | 9.25 | 16.03 | 73.34% |
| Shares Outstanding (Mil) | 2155.06 | 2157.33 | -0.11% |
| Cumulative Contribution | 9.31% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| BRK-B | 9.3% | |
| Market (SPY) | 15.8% | 49.1% |
| Sector (XLF) | 14.9% | 71.1% |
Fundamental Drivers
The 63.6% change in BRK-B stock from 12/26/2022 to 12/25/2025 was primarily driven by a 57.7% change in the company's Total Revenues ($ Mil).| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 306.49 | 501.34 | 63.57% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 254002.00 | 400548.00 | 57.69% |
| P/S Multiple | 2.66 | 2.70 | 1.70% |
| Shares Outstanding (Mil) | 2200.42 | 2157.33 | 1.96% |
| Cumulative Contribution | 63.51% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| BRK-B | 40.5% | |
| Market (SPY) | 48.3% | 47.3% |
| Sector (XLF) | 52.6% | 75.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRK-B Return | 2% | 29% | 3% | 15% | 27% | 10% | 121% |
| Peers Return | 7% | 25% | 12% | 13% | 24% | 10% | 132% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| BRK-B Win Rate | 42% | 67% | 50% | 58% | 58% | 50% | |
| Peers Win Rate | 53% | 50% | 60% | 58% | 58% | 60% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BRK-B Max Drawdown | -28% | -2% | -12% | -5% | 0% | -2% | |
| Peers Max Drawdown | -36% | -6% | -10% | -17% | -2% | -7% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: PGR, UNP, AIG, ALL, CB. See BRK-B Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | BRK-B | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.6% | -25.4% |
| % Gain to Breakeven | 36.2% | 34.1% |
| Time to Breakeven | 299 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -29.6% | -33.9% |
| % Gain to Breakeven | 42.0% | 51.3% |
| Time to Breakeven | 238 days | 148 days |
| 2018 Correction | ||
| % Loss | -16.1% | -19.8% |
| % Gain to Breakeven | 19.2% | 24.7% |
| Time to Breakeven | 353 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.9% | -56.8% |
| % Gain to Breakeven | 116.7% | 131.3% |
| Time to Breakeven | 1,443 days | 1,480 days |
Compare to ACGL, CNA, RNR, NMIH, AIIA
In The Past
Berkshire Hathaway's stock fell -26.6% during the 2022 Inflation Shock from a high on 3/28/2022. A -26.6% loss requires a 36.2% gain to breakeven.
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Berkshire Hathaway Inc., through its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses worldwide. It provides property, casualty, life, accident, and health insurance and reinsurance; and operates railroad systems in North America. The company also 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. In addition, the company manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; 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. Further, it provides recreational vehicles, apparel products, jewelry, and custom picture framing products, as well as alkaline batteries; castings, forgings, fasteners/fastener systems, and aerostructures; and seamless pipes, fittings, downhole casing and tubing, and mill forms. Additionally, the company distributes televisions and information; franchises and services quick service restaurants; distributes electronic components; and offers logistics services, grocery and foodservice distribution services, and professional aviation training and shared aircraft ownership programs. It also retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and computers; jewelry, watches, crystal, china, stemware, flatware, gifts, and collectibles; kitchenware; and motorcycle apparel and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.
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Think of it like Procter & Gamble (P&G) or Johnson & Johnson (J&J) for entire companies across every sector, not just specific product brands within a single industry.
It's a publicly traded Blackstone or KKR, but focused on buying businesses to own them permanently and build long-term value, rather than short-term buyouts and sales.
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- Insurance and Reinsurance: Provides a broad spectrum of property, casualty, life, health, and accident insurance products, along with reinsurance services worldwide.
- Freight Rail Transportation: Operates one of North America's largest freight railroad systems, moving diverse commodities across an extensive network.
- Energy Generation and Distribution: Engages in the generation, transmission, and distribution of electricity and natural gas to millions of customers.
- Diversified Manufacturing: Produces a wide range of goods including industrial components, building materials, chemicals, flooring, aerospace parts, and various consumer products like candy.
- Retail Operations: Sells a variety of consumer goods through its furniture, jewelry, and quick-service restaurant businesses.
- Private Aviation Services: Offers fractional ownership, jet card, and aircraft management solutions for private jet travel.
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Berkshire Hathaway (BRK-B) is a highly diversified conglomerate with numerous subsidiaries operating across various industries, serving both business-to-business (B2B) and business-to-consumer (B2C) markets. While many of its subsidiaries conduct significant B2B operations (e.g., BNSF Railway, McLane Company, Precision Castparts), a substantial portion of its overall customer base and revenue stream, particularly from its large insurance and consumer goods segments, directly serves individual consumers. Therefore, considering the vast number of direct individual customers reached through brands like GEICO, Dairy Queen, See's Candies, and Duracell, Berkshire Hathaway can be described as primarily serving individuals through its diverse portfolio.
Here are up to three categories of individual customers served by Berkshire Hathaway's subsidiaries:
-
General Consumers and Households
This category encompasses millions of individuals and families who purchase everyday products and services from Berkshire Hathaway's subsidiaries. This includes:
- Insurance customers: Primarily policyholders for auto, home, and other personal insurance through GEICO.
- Consumer goods purchasers: Customers buying candies (See's Candies), fast food (Dairy Queen), batteries (Duracell), apparel (Fruit of the Loom), and home goods (Pampered Chef).
- Utility customers: Individuals and households receiving electricity and natural gas services from Berkshire Hathaway Energy subsidiaries such as MidAmerican Energy, NV Energy, Pacific Power, and Rocky Mountain Power.
-
Homebuyers and Residential Developers
Through its Clayton Homes subsidiary, Berkshire Hathaway serves individuals and families seeking manufactured and modular homes, along with related financial services for homeownership.
-
High-Net-Worth Individuals and Businesses (Private Aviation)
While NetJets serves both corporate clients and individuals, a significant portion of its clientele comprises high-net-worth individuals utilizing private fractional jet ownership and charter services for personal and business travel.
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Warren E. Buffett, Chairman & Chief Executive Officer
Warren E. Buffett has led Berkshire Hathaway since 1965, transforming it into a multinational conglomerate with a diverse portfolio of businesses. Often referred to as the "Oracle of Omaha," he founded Buffett Partnership Ltd. in 1956, an investment firm that eventually acquired Berkshire Hathaway, where he assumed the role of chairman and CEO in 1970.
Greg E. Abel, Vice Chairman, Non-Insurance Operations
Greg E. Abel is slated to become the CEO and President of Berkshire Hathaway on January 1, 2026. He began his career at PricewaterhouseCoopers before joining CalEnergy in 1992. CalEnergy later acquired MidAmerican Energy, which Berkshire Hathaway gained a controlling interest in and subsequently renamed Berkshire Hathaway Energy. Abel became CEO of MidAmerican in 2000 and has been instrumental in growing Berkshire Hathaway Energy into a major player in the power industry through strategic acquisitions. He was appointed Vice Chairman of Berkshire Hathaway's non-insurance operations in 2018.
Marc D. Hamburg, Chief Financial Officer & Senior Vice President
Marc D. Hamburg has served as Berkshire Hathaway's Chief Financial Officer since 1992. In this role, he is responsible for overseeing all financial reporting, treasury functions, and ensuring compliance with SEC and regulatory requirements for the conglomerate. He also holds the title of Senior Vice President.
Ajit Jain, Vice Chairman, Insurance Operations
Ajit Jain joined Berkshire Hathaway in 1986 and leads its extensive insurance operations, which include entities like GEICO and Berkshire Hathaway Reinsurance Group. He is highly regarded for his expertise in underwriting complex insurance risks and has played a pivotal role in building one of the most profitable insurance portfolios globally.
Todd Combs, Investment Manager and CEO of GEICO
Todd Combs became an Investment Officer at Berkshire Hathaway in 2010. Prior to joining Berkshire, he founded and served as CEO and Managing Member of Castle Point Capital Management, a hedge fund that he managed from 2005 until 2010. His earlier career included roles as a financial analyst for the State of Florida Banking, Securities, and Finance Division, a pricing analyst at Progressive Insurance, and an insurance analyst. Since January 2020, he has also held the position of President and CEO of GEICO, a Berkshire Hathaway subsidiary, and serves as a Director on the Board of JPMorgan Chase.
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The key risks to Berkshire Hathaway's business operations include leadership succession, regulatory challenges, and potential weakening profitability in its core businesses amidst evolving economic conditions.
- Leadership Succession: A significant risk for Berkshire Hathaway stems from the eventual succession of Warren Buffett as chairman and chief executive. His unique investment acumen, reputation, and leadership have been central to the company's success, leading to concerns about whether future leaders can match his performance and maintain the "Buffett premium" on the company's value. Analysts have expressed caution regarding potential underperformance once investors can no longer rely on Mr. Buffett's presence.
- Regulatory Challenges: Given its massive size and diverse operations, Berkshire Hathaway faces the risk of being designated by government regulators as a company systemically important to the U.S. economy. This designation could lead to increased regulatory scrutiny and potential restrictions on its operations and growth. Furthermore, the company's various subsidiaries, particularly in the insurance and energy sectors, are subject to ongoing regulatory changes, which can impact operating results and the ability to allocate capital.
- Weakening Profitability in Core Businesses and Impact of Economic Conditions: Recent reports indicate signs of strain in some of Berkshire Hathaway's foundational businesses, including its insurance segment. For instance, GEICO has been lowering premiums and increasing advertising to regain market share, which could lead to higher claims costs. The reinsurance arm has also faced weaker demand and reduced pricing. Additionally, softer performance has been noted in its industrial and energy divisions, such as Burlington Northern Santa Fe (BNSF) railway's vulnerability to global trade tensions. The company's substantial cash portfolio, largely invested in short-term U.S. Treasuries, also faces reduced earnings as interest rates decline. Broader economic downturns or prolonged periods of significant inflation could also materially affect one or more of its significant operations.
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Berkshire Hathaway (BRK-B) operates across diverse sectors. The addressable markets for its main products and services are sized as follows:
- Insurance and Reinsurance: The global insurance market was valued at approximately $9.0 trillion in 2023 and is projected to reach $28.5 trillion by 2032. In the U.S. alone, the insurance market was valued at $1.48 trillion in 2023 and is predicted to grow to $2.39 trillion by 2030.
- Railroad (Freight): The U.S. rail freight transport market is estimated at $71.77 billion in 2025 and is expected to reach $84.79 billion by 2030. Globally, the rail freight market was valued at $335.6 billion in 2023.
- Utilities and Energy: null
- Manufacturing Businesses: The global manufacturing market is estimated to be valued at $14.85 trillion in 2025, with projections to reach $20.76 trillion by 2032. For the United States, the manufacturing industry market size is estimated at $6.9 trillion in 2025.
- Service and Retailing Businesses: The global retail industry market is valued at $27.26 trillion in 2025 and is forecast to advance to $36.91 trillion in 2030. In the U.S., retail sales totaled $7.26 trillion in 2024 and are projected to surpass $8.29 trillion by 2030.
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Berkshire Hathaway (BRK-B) is expected to drive future revenue growth over the next 2-3 years through several key strategies and strengths inherent in its diverse operations:
- Sustained Strong Performance and Growth in Insurance Underwriting and Float Generation: Berkshire Hathaway's insurance businesses, including GEICO, consistently contribute significantly to operating earnings. The ability to maintain underwriting profitability (where premiums exceed claims and expenses) and to grow its substantial insurance "float" (funds held before claims are paid, which can be invested) will continue to be a primary revenue driver. In the third quarter of 2025, insurance underwriting earnings saw a substantial increase.
- Strategic Deployment of Vast Cash Reserves through Acquisitions and Opportune Investments: Berkshire Hathaway holds a record amount of cash and equivalents, reaching $381.7 billion in the third quarter of 2025. While a significant portion is currently invested in short-term U.S. Treasuries, this immense cash pile positions the company for potential large-scale acquisitions or opportune investments when attractive valuations arise, which historically have been significant drivers of growth.
- Organic Growth and Improved Profitability Across Diverse Manufacturing, Service, and Retailing (MSR) Businesses: The company's sprawling manufacturing, service, and retailing segment is a key component of its operating earnings. Specific areas like aviation services and TTI contributed to a 19.2% increase in pretax earnings for the service group in Q3 2025, and Berkshire Hathaway Automotive also reported higher earnings. Continued organic growth, efficiency improvements, and market expansion within these varied controlled businesses will contribute to overall revenue.
- Continued Robust Investment Income from Marketable Securities and Cash: Beyond its insurance float, Berkshire Hathaway generates substantial investment income from its large portfolio of marketable securities and its growing cash holdings. While short-term interest rates can fluctuate, the sheer size of its investment portfolio ensures a significant stream of income, which contributes to the company's overall revenue.
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Share Repurchases
- Berkshire Hathaway utilized approximately $2.9 billion for share repurchases during the full year 2024.
- As of the third quarter of 2025, the company had not repurchased shares for five consecutive quarters.
- The company's repurchase program permits buybacks when shares trade below their intrinsic value and Berkshire maintains at least $30 billion in cash and equivalents.
Share Issuance
- Berkshire Hathaway has not reported any significant share issuances over the last 3-5 years; instead, the number of shares outstanding has generally declined due to repurchases.
Inbound Investments
- No information is available regarding large investments made in Berkshire Hathaway by third parties during the specified period.
Outbound Investments
- In 2022, Berkshire Hathaway acquired the insurance company Alleghany Corporation for $11.6 billion.
- The company increased its stake in Pilot Flying J, culminating in 100% ownership by 2024 through acquisitions, including an $8.2 billion acquisition of a 41.4% interest in 2023 and the remaining 20% for $3 billion in 2024.
- Berkshire Hathaway reduced its Apple stake by approximately $75.5 billion in the second quarter of 2024, contributing to its record cash reserves and reflecting a strategy of being a net seller of stocks for several quarters.
- Berkshire Hathaway agreed to acquire Occidental Petroleum Corporation's chemicals business for $9.7 billion, a transaction expected to close in Q4 2025.
Capital Expenditures
- Berkshire Hathaway's capital expenditures for fiscal years ending December 2020 to 2024 averaged $16.027 billion, peaking at $19.409 billion in 2023.
- Consolidated capital expenditures were $18.976 billion in 2024 and $14.7 billion for the first nine months of 2025.
- A significant portion of capital expenditures, $10.1 billion in the first nine months of 2025, was focused on large investments in capital assets for BNSF (railroad) and Berkshire Hathaway Energy (BHE) businesses.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to BRK-B. For more, see Trefis Trade Ideas.
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| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.3% | -0.3% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.4% | -4.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.2% | -11.2% | -12.1% |
Research & Analysis
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Peer Comparisons for Berkshire Hathaway
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 231.36 |
| Mkt Cap | 129.0 |
| Rev LTM | 62,553 |
| Op Inc LTM | 9,970 |
| FCF LTM | 10,978 |
| FCF 3Y Avg | 10,132 |
| CFO LTM | 11,524 |
| CFO 3Y Avg | 11,218 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.8% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Mgn LTM | 40.6% |
| Op Mgn 3Y Avg | 39.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 16.9% |
| CFO/Rev 3Y Avg | 20.2% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 20.0% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Insurance | 95,022 | 82,310 | 75,140 | 69,361 | 67,693 |
| Manufacturing | 75,405 | 75,781 | 68,730 | 59,079 | 62,730 |
| McLane | 52,607 | 53,209 | 49,450 | 46,840 | 50,458 |
| Pilot | 51,739 | 0 | |||
| Service and retailing | 39,996 | 38,303 | 34,832 | 28,178 | 29,487 |
| Berkshire Hathaway Energy (BHE) | 26,008 | 26,393 | 25,096 | 21,031 | 20,114 |
| Burlington Northern Santa Fe, LLC (BNSF) | 23,876 | 25,888 | 23,282 | 20,869 | 23,515 |
| Interest expense, not allocated to segments | 0 | 0 | |||
| Investment gains (losses) | 0 | 0 | |||
| Non-controlled businesses | 0 | 0 | |||
| Corporate, eliminations and other | -171 | 136 | -327 | 152 | 619 |
| Total | 364,482 | 302,020 | 276,203 | 245,510 | 254,616 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Insurance | 538,860 | 459,917 | 482,813 | 399,169 | 364,550 |
| Berkshire Hathaway Energy (BHE) | 124,383 | 118,114 | 113,447 | 109,286 | 88,651 |
| Manufacturing | 115,875 | 113,578 | 107,231 | 104,318 | 104,437 |
| Goodwill | 84,626 | 78,119 | 73,875 | 73,734 | 81,882 |
| Burlington Northern Santa Fe, LLC (BNSF) | 79,227 | 77,752 | 76,586 | 73,809 | 73,699 |
| Corporate and other | 64,142 | 62,645 | 69,770 | 80,469 | 71,144 |
| Service and retailing | 34,600 | 31,291 | 28,221 | 26,173 | 26,494 |
| Pilot | 21,404 | 0 | |||
| McLane | 6,861 | 7,049 | 6,841 | 6,771 | 6,872 |
| Total | 1,069,978 | 948,465 | 958,784 | 873,729 | 817,729 |
Price Behavior
Price Behavior
| Market Price | $501.34 | |
| Market Cap ($ Bil) | 1,081.6 | |
| First Trading Date | 03/17/1980 | |
| Distance from 52W High | -7.1% | |
| 50 Days | 200 Days | |
| DMA Price | $497.35 | $498.26 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 0.8% | 0.6% |
| 3M | 1YR | |
| Volatility | 14.1% | 18.7% |
| Downside Capture | -0.36 | 34.85 |
| Upside Capture | 5.70 | 38.45 |
| Correlation (SPY) | -2.0% | 49.2% |
BRK-B Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.31 | -0.03 | 0.05 | 0.12 | 0.48 | 0.56 |
| Up Beta | -0.11 | 0.27 | 0.42 | 0.17 | 0.59 | 0.62 |
| Down Beta | -1.52 | -0.06 | -0.15 | -0.18 | 0.50 | 0.54 |
| Up Capture | 39% | -2% | 7% | 17% | 26% | 25% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 12 | 23 | 33 | 66 | 129 | 407 |
| Down Capture | -54% | -16% | 0% | 28% | 46% | 75% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 18 | 29 | 58 | 118 | 342 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BRK-B With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRK-B | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.6% | 18.3% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 18.6% | 19.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 0.45 | 0.75 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 71.3% | 49.3% | 1.5% | 11.1% | 57.0% | 7.3% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of BRK-B With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRK-B | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 17.7% | 16.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 17.2% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.84 | 0.72 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 81.0% | 64.2% | 5.6% | 17.1% | 54.2% | 22.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of BRK-B With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRK-B | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 14.0% | 13.0% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 19.5% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.63 | 0.54 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 85.7% | 75.4% | -3.4% | 27.3% | 59.7% | 16.6% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2025 | 2.5% | 4.5% | 5.8% |
| 8/4/2025 | 1.1% | 1.2% | 9.2% |
| 5/6/2025 | 1.1% | -0.1% | -4.6% |
| 2/24/2025 | 0.3% | 2.3% | 6.1% |
| 11/4/2024 | -2.2% | 2.5% | 4.0% |
| 8/5/2024 | 2.0% | 4.0% | 15.7% |
| 5/7/2024 | 0.1% | 1.0% | 1.2% |
| 2/26/2024 | -0.1% | -1.4% | 0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 8 | 7 | 6 |
| Median Positive | 0.7% | 2.3% | 4.3% |
| Median Negative | -1.2% | -1.4% | -3.7% |
| Max Positive | 3.2% | 5.9% | 15.7% |
| Max Negative | -2.5% | -4.7% | -17.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11032025 | 10-Q 9/30/2025 |
| 6302025 | 8042025 | 10-Q 6/30/2025 |
| 3312025 | 5052025 | 10-Q 3/31/2025 |
| 12312024 | 2242025 | 10-K 12/31/2024 |
| 9302024 | 11042024 | 10-Q 9/30/2024 |
| 6302024 | 8052024 | 10-Q 6/30/2024 |
| 3312024 | 5062024 | 10-Q 3/31/2024 |
| 12312023 | 2262024 | 10-K 12/31/2023 |
| 9302023 | 11062023 | 10-Q 9/30/2023 |
| 6302023 | 8072023 | 10-Q 6/30/2023 |
| 3312023 | 5082023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 9302022 | 11072022 | 10-Q 9/30/2022 |
| 6302022 | 8082022 | 10-Q 6/30/2022 |
| 3312022 | 5022022 | 10-Q 3/31/2022 |
| 12312021 | 2282022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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