SuperworthBerkshire Hathaway Inc. BRK-B
- Market cap
- $1.1T
- PE
- 12.7×
- 10y median 14.5×
- Forward PE
- Price to sales
- 2.8×
- EV/EBIT
- 12.3×
- Revenue, 12 months
- $384.7B
- +4% on a year ago
- Net margin
- 22.3%
- Free cash flow yield
- 2.2%
Priced like Berkshire without the Buffett premium
Price to book sits at its ten-year median while a new CEO starts spending the cash
At book value, average for a decade and cheap for five years
Price to book is 1.4, the same as its ten-year median of 1.4 and higher than about half of the last decade. Over five years it sits at the cheap end, below 72% of days and the five-year median of 1.5. It reached 1.8 in May 2025. Berkshire is mostly insurers, listed stocks and cash, so book value is a fair yardstick for it.
The peak came the day before Buffett said he would go
The stock hit 539.80 on May 2, 2025. The next day Warren Buffett told shareholders Greg Abel would take over as CEO, and the shares have not been back. At 502.65 they are 6.9% below that high and up 1.4% over the past year.
The PE of 12.6 is mostly noise
Accounting rules count paper gains and losses on Berkshire's stock portfolio as profit, so reported earnings swing with the market. Earnings per share over four quarters were a loss of 10.32 at the end of 2022, 44.25 a year later and 39.77 now. Berkshire itself tells investors to read operating earnings instead.
The businesses are near their most profitable
Operating margin over the last four quarters is 16.3%, close to the ten-year high of 16.5% and above 95% of days in the decade. Revenue grew 3.9% to 384.69 billion dollars. Insurance profit swings with catastrophes, so a quiet stretch can flatter this line.
The argument is about 365 billion dollars of cash
Berkshire held 365.5 billion dollars in cash and Treasury bills at June 30. Diluted shares fell from 2.23 billion in 2021 to 2.16 billion by mid 2024 and edged down in the June quarter, when it bought back about 4.5 billion of its stock. The hope is that Abel puts the cash to work at better returns. The fear is a pile that earns less as rates fall. Insurance investment income fell to 3.06 billion from 3.37 billion.
On operating earnings it is not cheap
Consensus adjusted earnings for the next twelve months are 21.83 a share, about flat, which puts the stock at 23.0 times, near its five-year median of 22.8. Peers trade at 14.1. Past forward PE before late September 2026 is rebuilt with hindsight, and only one or two analysts publish estimates. The next test is the report due November 7.
What has happened lately
- CNBC, Warren Buffett steps down as chairman of Berkshire Hathaway: 'Father Time always wins'Howard Buffett becomes chairman and Warren Buffett chairman emeritus, finishing the handover that began when Greg Abel became CEO on January 1.
- SEC, Berkshire Hathaway Form 10-Q for the quarter ended June 30, 2026The balance sheet shows 40.6 billion dollars of cash and 324.9 billion of Treasury bills at June 30, 365.5 billion in all, down from 373.3 billion at the end of 2025.
- Berkshire Hathaway, Berkshire Hathaway second-quarter 2026 operating earnings of $12.98 billionOperating earnings rose from $11.16B a year earlier. Insurance investment income fell to $3.06B from $3.37B, and Berkshire bought back about $4.5B of its own shares.
- CNBC, Berkshire shares drop double digits as 'Buffett premium' disappearsReports the shares falling more than 10% after Buffett's May 2025 announcement that he would hand the CEO job to Greg Abel.
Headlines link to the original source.
Charts
Financials
| Income statement | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $93.4B | $89.9B | $93.7B | $93B | $94.9B+2% | $89.7B−0% | $92.5B−1% | $95B+2% | $94.2B−1% | $93.7B+4% | $101.8B+10% | |
| SG&A | $6B | $6.3B | $5.8B | $7.3B | $10B+67% | $7.7B+22% | $6.7B+16% | $6.7B−8% | $8.7B−13% | $6.2B−19% | $6.3B−6% |
| $11.8B | $13.9B | $14.7B | $13B | $16.4B+39% | $12.7B−8% | $15.6B+6% | $16.7B+28% | $13B−21% | $15.4B+21% | $17.5B+12% | |
| Interest expense | $1.3B | $1.3B | $1.2B | $1.2B | $1.4B+13% | $1.3B−5% | $1.3B+2% | $325M−73% | $1.3B−10% | $1.3B+4% | $1.3B+7% |
| Pre-tax income | $46.9B | $15.7B | $38.1B | $32.5B | $24B−49% | $5.1B−67% | $14.8B−61% | $38.1B+17% | $24.5B+2% | $12.3B+139% | $32.1B+117% |
| $9.2B | $2.9B | $7.6B | $6B | $4.3B−53% | $476M−83% | $2.3B−70% | $7.2B+20% | $5.2B+21% | $2.1B+350% | $6.3B+174% | |
| Net income | $37.6B | $12.7B | $30.3B | $26.3B | $19.7B−48% | $4.6B−64% | $12.4B−59% | $30.8B+17% | $19.2B−3% | $10.1B+120% | $25.7B+108% |
| $17.36 | $5.88 | $14.08 | $12.18 | $9.13−47% | $2.13−64% | $5.73−59% | $14.28+17% | $8.90−3% | $4.68+120% | $11.91+108% | |
| 2.2B | 2.2B | 2.2B | 2.2B | 2.2B−0% | 2.2B−0% | 2.2B+0% | 2.2B+0% | 2.2B+0% | 2.2B+0% | 2.2B−0% |
From each company's 10-Q and 10-K filings. Fiscal years are four fiscal quarters added up; balance sheet lines are as of the period's end. Growth is on the same period a year earlier.
Estimates
Next earnings report: .
Analyst consensus for the next eight quarters, with the range from the lowest to the highest estimate, is part of Superworth Pro.
Peers
Companies in Financial Services within ten times Berkshire Hathaway's size, closest in size first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $1.1T | 12.7× | 14.5× | 2.8× | +4% | 22.3% | |
| JPMJPMorgan Chase & Co. | $876.1B | 14.1× | 12.7× | — | +14% | 32.6% | |
| VVisa Inc. | $694.8B | 31.6× | 33.6× | 15.6× | +14% | 50.8% | |
| MAMastercard Incorporated | $499.4B | 31.4× | 38.6× | 14.2× | +16% | 46.3% | |
| BACBank of America Corporation | $374.3B | 12.3× | 13.3× | — | +8% | 28.2% | |
| MSMorgan Stanley | $298B | 15.3× | 13.6× | — | +18% | 25.8% | |
| GSThe Goldman Sachs Group, Inc. | $258.3B | 13.7× | 13.3× | — | +18% | 31.7% | |
| WFCWells Fargo & Company | $242.7B | 11.6× | 12.5× | — | +6% | 26.0% | |
| CCitigroup Inc. | $213.6B | 13.7× | 10.4× | — | +10% | 19.5% | |
| AXPAmerican Express Company | $205.5B | 18.5× | 18.6× | 2.7× | +11% | 15.1% | |
| BLKBlackRock, Inc. | $173.8B | 25.6× | 20.8× | 6.4× | +27% | 24.1% | |
| Peer median | $278.1B | 14.7× | 13.4× | 10.3× | +14% | 27.1% |
About
- Industry
- Insurance - Diversified
- Sector
- Financial Services
- Left out
- Insurers have no cost of goods sold: gross margin doesn't describe them.
Valuation data, not investment advice. Prices as of .