BERKSHIRE HATHAWAY INC

BRK-A

Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses.

About the company

Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses.

Country: United StatesPrice: $753368.00Market Cap: $1.08T

Investment snapshot

20%positive consensus

Scored 36d ago

Positive

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

$602934.21

-20.0% vs price

Models with upside

3 / 15

Positive margin of safety

Key risk

All 4 investors flag BRK-A's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Scored from 10-K36d ago

Metric	O'Shaughnessy Systematic Factor Composite	Lynch GARP	Buffett Quality Compounder	Pabrai Dhandho Framework	Akre Three-Legged Stool	Munger Quality Focus	Marks Risk-Aware Value	Graham Defensive Value	Schloss Asset-Value Discipline	Neff Low-P/E Total Return	Sleep Scale Economies Shared	Templeton Global Bargain Hunter	Ackman Activist Value	Dreman Contrarian Value	Piotroski F-Score
Verdict	NEUTRAL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	NEUTRAL	FAIL	FAIL	PASS	PASS
Score
Analysis
Intrinsic Value	N/A								N/A	N/A	N/A				N/A
Margin of Safety	N/A	-37.2%	+34.5%	-81.2%	+33.0%	-190.5%	-47.8%	-4.2%	N/A	N/A	N/A	-14.7%	-218.6%	+13.8%	N/A
Data As Of	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-24)	10-K (2026-08-24)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)

Where It Passes

Where It Falls Short

Efficiency0% pass✗ 5▾
All 4 investors flag BRK-A's efficiency
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital
✗Munger> 15%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Revenue / Total Assets Change YoY0.32x -> 0.30x
✗PiotroskiImproved YoY
Profitability7% pass✓ 8✗ 20▾
13 of 14 flag BRK-A's profitability — Oshaughnessy, Lynch, Buffett +10 more
Net income / market capitalization+6.18%; #1264/6251 (top 20.2%)
✗OshaughnessyTop 10% of eligible cross-section
Basic earnings-growth PEG (dividends excluded)1.37
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE9.3%
✗Lynch> 15%
Net Income Positive (10+ years)27/28 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)10.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)14.3% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$67.0B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)1.23
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Margin of SafetyP/E=16.2x, P/B=1.5x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity13.4% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value13.8% (IV=$874375.00 vs Price=$753368.00)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency27/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
Positive EPS (10 years)9/10 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)293.7%
✓Graham>= 33% growth
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
3-5 Year Diluted EPS CAGR25.1% over 5 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 11.9% -> 14.3%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend11.9% (2023) -> 14.3% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Operating Income / Revenue14.3%
✗Ackman>= 15%
Net Income / Shareholders Equity9.3%
✗Ackman>= 15%
Pre-Tax Income / Revenue22.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity9.3%
✗Dreman> 12%
Net Income / Total Assets5.48%
✓PiotroskiROA > 0
ROA Change YoY7.71% -> 5.48% (delta: -2.23%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=3.76%, ROA=5.48%
✗PiotroskiCFO/Assets > ROA
Valuation9% pass✓ 5✗ 19▾
10 of 11 flag BRK-A's valuation — Oshaughnessy, Lynch, Pabrai +7 more
Revenue / market capitalization+0.3428; #2998/5203 (top 57.6%)
✗OshaughnessyTop 10% of eligible cross-section
Net income / market capitalization+6.18%; #1264/6251 (top 20.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+2.31%; #2114/4487 (top 47.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+4.91%; #2563/6203 (top 41.3%)
✗OshaughnessyTop 10% of eligible cross-section
Basic earnings-growth PEG (dividends excluded)1.37
✗Lynch< 1.0 (ideally < 0.5)
P/E or FCF YieldP/E=16.2x, FCF Yield=2.3%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=16.2x, OE Yield=5.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/B or P/E vs. Historical AverageP/E=16.2x, P/B=1.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value13.8% (IV=$874375.00 vs Price=$753368.00)
✗Marks>= 20% below intrinsic value
Price / 3-yr avg EPS12.9x
✓Graham<= 15x
Price-to-Book Ratio1.5x
✗Graham<= 1.5x
P/E x P/B19.50
✓Graham<= 22.5
Price / Book Value per Share1.51x
✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
Price / Tangible Book Value per Share1.71x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Price / Diluted EPS16.2x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / EPS16.2x
✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
Price vs. Trailing Low107% of trailing low ($702614.00)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / FCF per Share43.3x
✗Ackman<= 25
Price / (CFO / Shares)23.6x
✗Dreman< 8x
Debt & Leverage10% pass✓ 1✗ 11▾
9 of 10 flag BRK-A's debt & leverage — Lynch, Buffett, Akre +6 more
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Debt Levels
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Interest Coverage & Debt/EBITDAIC=10.4x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders' Equity
✗SchlossD/E < 1.00x✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders Equity
✗Ackman<= 1.0
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Verdicts23% pass✓ 3✗ 10▾
Split decision: 10 FAIL · 3 PASS · 2 NEUTRAL
Overall verdict
•OshaughnessyNEUTRAL (Not ranked)✗LynchFAIL (2/6)✗BuffettFAIL (1/7)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MungerFAIL (1/4)✗MarksFAIL (3/5)✓GrahamPASS (4/7)✗SchlossFAIL (0/7)✗NeffFAIL (2/6)•SleepNEUTRAL (4/6)✗TempletonFAIL (3/8)✗AckmanFAIL (2/9)✓DremanPASS (4/10)✓PiotroskiPASS (F-Score 3)
Valuation models30% pass✓ 3✗ 7▾
Models split on BRK-A at $753368.00 — fair values range $236459.60–$1150771.67
Lynch fair value$549063.41
✗Lynch-37.2% margin vs $753368.00
Buffett fair value$1150771.67
✓Buffett+34.5% margin vs $753368.00
Pabrai fair value$415815.44
✗Pabrai-81.2% margin vs $753368.00
Akre fair value$1123984.77
✓Akre+33.0% margin vs $753368.00
Munger fair value$259321.61
✗Munger-190.5% margin vs $753368.00
Marks fair value$509772.00
✗Marks-47.8% margin vs $753368.00
Graham fair value$722911.37
✗Graham-4.2% margin vs $753368.00
Templeton fair value$656805.00
✗Templeton-14.7% margin vs $753368.00
Ackman fair value$236459.60
✗Ackman-218.6% margin vs $753368.00
Dreman fair value$874375.00
✓Dreman+13.8% margin vs $753368.00
Cash Flow50% pass✓ 6✗ 6▾
5 of 10 pass — Oshaughnessy, Pabrai, Ackman +2 more object
(Operating cash flow - capex) / market capitalization+2.31%; #2114/4487 (top 47.1%)
✗OshaughnessyTop 10% of eligible cross-section
FCF Positive and Growing$25.0B
✓LynchPositive and growing
Free Cash Flow Proxy$67.0B
✓BuffettPositive and growing
P/E or FCF YieldP/E=16.2x, FCF Yield=2.3%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive18/18 years FCF positive
✓MarksPositive FCF in majority of recent years
Operating Cash Flow - Capital Expenditures$25.0B
✓Neff> $0 (app proxy for a strong fundamental case)
Positive Operating Cash Flow frequency26/26 years positive
✓SleepPositive OCF in >= 70% of available years
(OCF - CapEx) / Market Cap2.3%
✗Ackman>= 4%
Price / FCF per Share43.3x
✗Ackman<= 25
Price / (CFO / Shares)23.6x
✗Dreman< 8x
Operating Cash Flow$46.0B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=3.76%, ROA=5.48%
✗PiotroskiCFO/Assets > ROA
Growth50% pass✓ 7✗ 5▾
4 of 8 pass — Lynch, Neff, Templeton +1 more object
Basic earnings-growth PEG (dividends excluded)1.37
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
Positive Net Income Frequency27/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth (3-yr avg, 10-yr window)293.7%
✓Graham>= 33% growth
3-5 Year Diluted EPS CAGR25.1% over 5 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 11.9% -> 14.3%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR8.6%
✓SleepCAGR > 7%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
3yr Median Revenue Growth1.9%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
EPS Growth Direction$2262.00 (1998) -> $8548.00 (2007)
✓DremanPositive over recent years
EPS CAGR15.9% CAGR over 9 years
✓Dreman> 5% annualized

Business & financials

Company Profile

Industry: Insurance

SIC Sector: Insurance Carriers

Size: Mega Cap($1.08T)

Revenue: $371.4B+0.0% YoY

Net Income: $67.0B-24.8% YoY

Financial Snapshot

Operating Margin14.3%

Return on Equity9.3%

Debt / Equity--

Current Ratio--

EPS (Diluted)$46563.00−24.8% 1y

Similar Companies

UNHUNITEDHEALTH GROUP INC

$336.5B

PGRPROGRESSIVE CORP/OH/

$122.2B

CILJFCHINA LIFE INSURANCE CO LTD

$107.4B

MRSHMARSH & MCLENNAN COMPANIES, INC.

$81.3B

Sector-adjusted criteria: Insurer

Insurers file unclassified balance sheets with no inventory or current accounts, so those criteria are omitted rather than failed for missing data. Return-on-invested-capital tests are omitted too: float funds the balance sheet but never appears in invested capital, and the portfolio it is invested in would be subtracted as spare cash. Debt tests are kept — an insurer’s borrowings are real leverage on top of underwriting.

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24

−6.8% = −7.5% + 0.8%

FY25

−24.8% = −24.8% + −0.0%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$1.1T	$1.0Test.	$837.5Best.	$694.8Best.	$709.5Best.
Revenue	$371.4B	$371.4B↑2%	$364.5B↑21%	$302.0B↑9%	$276.2B
Operating Income	$53.0B↓5%	$55.7B↑29%	$43.3B↑22%	$35.5B↑10%	$32.4B
Net Income	$67.0B↓25%	$89.0B↓8%	$96.2B↑523%	-$22.8B↓125%	$89.9B
EPS (Diluted)	$46563.00↓25%	$61900.00↓7%	$66412.00↑529%	$-15494.00↓126%	$59554.00
Gross Margin	—	—	—	—	—
Operating Margin	14.3%↓5%	15.0%↑26%	11.9%↑1%	11.8%	11.7%
ROE	9.3%↓32%	13.7%↓20%	17.1%↑457%	-4.8%↓127%	17.8%
Total Debt	--	--	--	--	--
Shareholders' Equity	$717.4B↑10%	$649.4B↑16%	$561.3B↑19%	$473.4B↓6%	$506.2B
Current Ratio	—	—	—	—	—
Debt / Equity	—	—	—	—	—
Operating Cash Flow	$46.0B↑50%	$30.6B↓38%	$49.2B↑32%	$37.4B↓5%	$39.4B
Free Cash Flow	$25.0B↑116%	$11.6B↓61%	$29.8B↑36%	$21.9B↓16%	$26.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Insurance

BRK-A vs Peers — Financial Grading

Revenue$371.4BTop 25%

Net Income$67.0BTop 25%

ROE9.3%Bottom 25%

D/E—

Op. Margin14.3%Median

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
UNITEDHEALTH GROUP INCUNH	$336.5B	$374.94	$447.6B	$12.1B	12.0%	0.78	4.2%	0.79	3/7	4/7	0/6	F-Score 6	3/10
PROGRESSIVE CORP/OH/PGR	$122.2B	$210.52	$87.7B	$11.3B	37.3%	0.23	—	—	2/7	2/7	5/6	F-Score 6	8/10
CHINA LIFE INSURANCE CO LTDCILJF	$107.4B	$3.80	—	—	—	—	—	—	3/7	1/7	3/6	F-Score 5	5/10
MARSH & MCLENNAN COMPANIES, INC.MRSH	$81.3B	$170.42	$27.0B	$4.2B	27.2%	1.28	23.1%	1.10	3/7	3/7	3/6	F-Score 6	5/10
Aon plcAON	$58.5B	$275.90	$17.2B	$3.7B	39.5%	1.63	25.3%	1.11	2/7	4/7	3/6	F-Score 6	3/10
HUMANA INCHUM	$46.5B	$386.87	$129.7B	$1.2B	6.7%	0.70	2.1%	2.00	3/7	2/7	0/6	F-Score 4	4/10
SUN LIFE FINANCIAL INCSLF	$44.0B	$79.06	$30.6B	$2.6B	14.5%	0.33	—	—	3/7	3/7	2/6	F-Score 6	5/10
HARTFORD INSURANCE GROUP, INC.HIG	$34.8B	$125.85	$28.4B	$3.8B	20.2%	0.23	—	—	4/7	3/7	4/6	F-Score 7	8/10