Is Berkshire Hathaway Inc. Class B overvalued?

In our latest published analysis dated 2026-09-21, BRK.B looks meaningfully overvalued. The price recorded at analysis is USD 510 versus our fair value of USD 326; the high endpoint is presented separately as potential value of USD 384. That implies roughly 36.1% downside to fair value at that date.

What is BRK.B's fair value?

Our latest published report, analyzed 2026-09-21, gives BRK.B a fair value of USD 326 and a potential value of USD 384. The conclusion is triangulated across multiple valuation models and weighted by reliability for Berkshire Hathaway Inc. Class B's archetype; it is a dated research output, not a live price.

Should I buy BRK.B now?

Our latest published rating for BRK.B, analyzed 2026-09-21, is Sell. Berkshire Hathaway Inc. Class B looks meaningfully overvalued at the analysis-date price of USD 510 versus fair value of USD 326; potential value is USD 384. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for BRK.B?

The dedicated bear-case section in our report analyzed 2026-09-21 documents Berkshire Hathaway Inc. Class B's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.

What is BRK.B's rating?

Our latest published rating for BRK.B, analyzed 2026-09-21, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of USD 326, the potential value of USD 384, and the price recorded at analysis (USD 510).

What archetype is BRK.B?

In the latest published report analyzed 2026-09-21, Berkshire Hathaway Inc. Class B is classified as a financial stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for BRK.B.

BRK.B stock analysis | StockMarketAgent.AI

StockMarketAgent researchAnalyzed 2026-09-21

Berkshire Hathaway Inc. Class B

BRK.B

Sell

36.1% downside to fair value

Report-date price

$509.77

Recorded 2026-09-18

Fair value

$325.94

Potential value

$383.68

Upper valuation endpoint

Economic moat

Wide9 / 10

§1 Executive summary

30-second answerSell

Price versus value

Price: $509.77
Fair value: $325.94
Potential value: $383.68
As of: 2026-09-18

Main upside reason

Prolonged commercial property and casualty pricing hardening combined with countercyclical deployment of $52.57B in cash into large, cash-generative corporate acquisitions during a broader market downturn, accelerating per-share intrinsic compounding toward Potential value of $383.68.

Main risk

Simultaneous monetary easing lowering short-term rates below 3.50% from the 4.94% risk-free rate and major catastrophe underwriting losses across property and casualty reinsurance subsidiaries.

We rate Berkshire Hathaway Inc. Class B as a Sell. At its report-date price of $509.77 as of September 18, 2026, the stock trades at a 56.4% premium to our Fair value of $325.94, leaving capital exposed to valuation contraction.⁴

The house rating is Sell. For an ordinary investor, this means capital should not be allocated to new purchases at current market levels, and existing shareholders should consider trimming or exiting their positions to protect accumulated gains.

On the report date of September 18, 2026, the stock traded at $509.77. This price sits 56.4% above our Fair value of $325.94 and 32.9% above our Potential value of $383.68, indicating that the market has priced in operational compounding far beyond what normalized earning power supports.

§2 Bear case

Under a stressed macroeconomic and operating environment, central bank rate reductions lower float investment yields earned on $52.57B in cash against the 4.94% risk-free rate, reducing annual float income by over $3.0B. Concurrently, severe catastrophe underwriting losses and mounting legal settlements at Berkshire Hathaway Energy ($25.35B revenue) compress normalized forward EPS to $19.50 relative to the FY2026 consensus baseline of $22.25. In this bear outcome, modeled with a 25% scenario weight, intrinsic value falls to $221.71 per share, representing 56.5% downside from the share price of $509.77 as of September 18, 2026.

Bear scenario

Bear

Probability

25%

Return

-44.8%

Path target

$281.20

Multiple major catastrophe events produce statutory underwriting losses across primary and reinsurance operations
Central bank monetary easing substantially lowers investment yields earned on short-term cash holdings
Persistent wildfire liability provisions and elevated capital expenditure requirements depress utility cash flows

The Bear scenario models a severe downside path driven by simultaneous catastrophe underwriting losses across reinsurance subsidiaries, rapid policy rate cuts compressing float investment yields, and escalating wildfire litigation provisions at Berkshire Hathaway Energy. While intrinsic value in this outcome contracts below the house Fair value of $325.94, Berkshire's fortress balance sheet and conservative capital structure prevent solvency distress.

Ways this thesis can break

Terminal P/E multiple contraction driven by succession uncertainty and peer discount convergence

Peers like ACGL trade at forward P/E of 9.94x and Citigroup at 10.23x. If Berkshire's forward multiple of 22.97x contracts 20% below the 13.0x terminal assumption toward 10.4x, forward earnings valuation drops directly by 20%.^2,4

FV impact

-20%

Terminal multiple 20% lower

Trigger

Early-warning signals to monitor

The five developments that would weaken our investment case.

consolidated_operating_margin

A contraction in operating margin below 20.0% relative to the FY2025 level of 35.40% on $247.24B revenue would signify severe pricing competition or catastrophe claims impairing underwriting discipline.

Current:35.40% in FY2025

Alert if< 20.0%

§3 Competitive moat

Wide

Berkshire Hathaway possesses a Wide economic moat supported by three distinct structural advantages: a low-cost insurance float franchise, efficient scale in continental rail and regulated energy infrastructure, and intangible acquisition reputation. Unlike peers that rely on expensive external reinsurance, Berkshire's massive balance sheet enables its property and casualty businesses to underwrite volatile risks and maintain underwriting discipline across pricing cycles.

In regulated infrastructure, Burlington Northern Santa Fe and Berkshire Hathaway Energy control critical physical assets that benefit from natural monopolies and regulatory rate bases, generating $23.26B and $25.35B in FY2025 revenue respectively. These capital-intensive networks possess formidable barriers to entry, as constructing duplicate rights-of-way or power grids is economically prohibitive.

The company's non-insurance operations span diversified industrial manufacturing ($72.83B revenue), wholesale distribution via McLane ($50.18B revenue), and travel centers ($41.88B revenue). Backed by $52.57B in cash and $45.97B in operating cash flow, this structure provides an enduring competitive position.

While Berkshire's competitive moat remains wide and durable, economic moat durability does not insulate investors from valuation risk. With shares trading at $509.77 as of September 18, 2026 compared to the house Fair value of $325.94, the market has priced in sustained compounding well above normalized operational earnings power.

Economic profit

Normalized return on equity of 12.12% exceeds the moderate cost of equity of 7.73% derived from a risk-free rate of 4.94%, equity risk premium of 4.14%, and adjusted beta of 0.6728. With FY2025 net income of $66.97B and operating cash flow of $45.97B, Berkshire generates durable economic profits across economic regimes.^1,6

9/ 10

Wide

Sources of advantage

Cost AdvantageScale and capital depth allow Berkshire's insurance operations to write catastrophe risk without purchasing expensive retrocession reinsurance, supporting a FY2025 operating margin of 35.40% on $247.24B revenue compared to specialty peer ACGL at 26.59%.Wide
Efficient ScaleIrreplaceable rights-of-way and distribution infrastructure underpin Burlington Northern Santa Fe ($23.26B FY2025 revenue) and Berkshire Hathaway Energy ($25.35B FY2025 revenue), assets that cannot be economically replicated.Wide

Known threats to the moat
Threat	Severity	Timeline	Mitigation
Escalating wildfire litigation liabilities and compliance costs at Berkshire Hathaway Energy	medium	12-36 months	Substantial segment operating cash flows and ongoing legislative advocacy for liability caps in western states protect balance sheet strength.

§5 Sensitivity

Discount rate

Terminal growth

	1.5%	2.0%	2.5%	3.0%	3.5%
5.7%	$353.13	$353.13	$353.13	$353.13	$353.13
6.7%	$339.20	$339.20	$339.20	$339.20	$339.20
7.7%	$325.94	$325.94	$325.94	$325.94	$325.94
8.7%	$313.31	$313.31	$313.31	$313.31	$313.31
9.7%	$301.28	$301.28	$301.28	$301.28	$301.28

Rows: discount rate (Ke for earnings; WACC for cash flow). Columns: terminal growth.

Duration change (years)

None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.

Sensitivity reference

The highlighted cell is Fair value when every assumption sits at its base level ($325.94). Each row and column shows what Fair value becomes when one assumption moves.

FCF cliff

Free cash flow to the firm stays positive in the first projected year at $22.6B after modeled reinvestment of $2.1B, with terminal value at 57.0% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.

§7 Earnings decision tree

Beat

Upgrade to Reduce; Examine the durability of commercial pricing gains and assess the pace of operating reinvestment before adjusting allocation.

Trigger: Consolidated operating profit and underwriting gains significantly exceeding consensus forecasts

An earnings beat driven by disciplined underwriting margins and strong rail and energy profitability demonstrates robust operational execution, though the shares would remain above Fair value of $325.94 relative to $509.77.

In-line

Maintain Sell; Maintain underweight positioning and monitor utility litigation developments alongside float investment yields.

Trigger: Quarterly operating performance matching consensus estimates across subsidiaries

Inline operating performance confirms that earnings power tracks base assumptions, leaving the shares trading at an elevated premium to Fair value of $325.94 compared to $509.77.

Miss

Maintain Sell; Re-assess catastrophe reserve adequacy and verify cash flow conversion across non-insurance subsidiaries.

Trigger: Catastrophe underwriting losses or utility legal charges reducing earnings below expectations

An earnings miss driven by catastrophe events or declining investment income validates downside risks toward Fair value of $325.94.

Earnings quality

Earnings quality is supported by genuine operational cash conversion across operating subsidiaries, with operating cash flow consistently covering capital expenditures. Reported net income reflects mark-to-market equity fluctuations under accounting standards, making operating earnings a more reliable gauge of underlying operational performance than headline GAAP net income.

Metrics to watch into the print

Metric:
Property and Casualty Underwriting Discipline and Combined Ratio
CurrentUnderwriting profitability remains favorable across commercial lines, benefiting from supportive pricing conditions.
Why it matters
Underwriting gains generate non-cost float that fuels investment compounding, while underwriting losses erode profitability and consume capital.
Metric:
Float Investment Income and Short-Term Rate Environment
CurrentShort-term investment yields track prevailing risk-free benchmarks, contributing significantly to pre-tax earnings.
Why it matters
Interest earned on cash balances generates substantial recurring earnings, which contract as central banks ease policy rates.

§8 Financial history

Income statement — last six periods
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$191.25B	$207.77B	$254.91B	$249.71B	$247.24B	+6.6%
Gross profit	$207.84B	$0	$0	$0	$0	—
Operating income	$199.30B	$-26.15B	$125.17B	$115.58B	$87.53B	-18.6%
Net income	$89.94B	$-22.76B	$96.22B	$89.00B	$66.97B	-7.1%
EPS (diluted)	$39.68	$-10.33	$44.27	$41.27	$31.04	-6.0%
EBITDA	$210.02B	$-80.03B	$214.55B	$183.73B	$153.83B	-7.5%
R&D	—	—	—	—	—	—
SG&A	—	$25.06B	$31.50B	$32.71B	$37.42B	+14.3%

Accepted annual forecast
Metric	2026	2027	2028	2029	2030	2031	2032	2033

Cash flow

In FY2025, operating cash flow reached $45.97B, which funded $20.93B in capital expenditures and generated $25.04B in free cash flow. Free cash flow conversion remained resilient despite elevated multi-year infrastructure commitments, while cash balances of $52.57B ensure exceptional solvency.^5,6

Capital allocation

Management maintains a disciplined capital allocation strategy focused on internal reinvestment in regulated energy and rail networks ($20.93B capex in FY2025), selective bolt-on acquisitions across manufacturing subsidiaries ($72.83B ), and opportunistic share repurchases ($0 in FY2025 versus $2.92B in FY2024 and $9.17B in FY2023), pausing buybacks when share prices exceed .

ROIC

Stable returns on equity reflect durable float-funded economics and regulated asset compounding, consistently covering the group's cost of capital across cycles.

Return on equity of 12.12% comfortably exceeds moderate cost of equity of 7.73% and strict cost of equity of 7.46%.

Robust operating cash generation self-funds major infrastructure buildouts

Operating cash flow of $45.97B in FY2025 covered capital expenditures of $20.93B, delivering $25.04B in free cash flow.

Berkshire continues to fund capital-intensive utility and rail commitments entirely through internal cash flows without incurring dilutive external financing.

Underwriting scale drives superior operational margins compared to peers

Berkshire generated FY2025 revenue of $247.24B with an of 35.40%, outperforming specialty peer ACGL at 26.59%.

Latest revenue$247.2BRevenue CAGR +1.6%

Operating margin35.4%10 fiscal periods

Latest free cash flow$25BFY2025

Net cash$244.9BFY2025

Income statement breakdownHow business scale converts into reported profit.

Financial history data
Revenue	$207,771,000,000
Cost of revenue	$207,771,000,000
Gross profit	$0
Operating expenses	$26,148,000,000
Operating income	-$26,148,000,000
Non-operating items and tax	$3,389,000,000
Net income	-$22,759,000,000

Balance sheet snapshotHow reported assets are held and financed at the selected period.

StockMarketAgent.AI

Balance sheet breakdown data
Total assets	$1,222,176,000,000
Cash	$52,569,000,000
Total liabilities	$502,473,000,000
Shareholders’ equity	$719,703,000,000

Cash-flow statement breakdownHow cash moved through operating, investing, and financing activities in FY2025.

StockMarketAgent.AI

$46B − $20.9BFree cash flow $25B

Cash-flow statement breakdown data
Net income	$66,968,000,000
Operating inflow	$80,444,000,000
Depreciation and amortization	$13,476,000,000
Operating cash flow	$45,969,000,000
Operating outflow	$34,475,000,000
Cash available	$97,056,000,000
Beginning cash	$48,376,000,000
Financing inflow	$2,233,000,000
Exchange-rate effect	$478,000,000
Investing outflow	$44,487,000,000
Capex	$20,927,000,000
Other investing activities	$23,560,000,000
Ending cash	$52,569,000,000
Investing cash flow	-$44,487,000,000
Financing cash flow	$2,233,000,000

Revenue and earningsHow business scale converts into reported profit.

Cash and debtLiquidity available against total borrowing.

Cash generationOperating cash flow compared with free cash flow.

ProfitabilityGross, operating, and net margin progression.

Point-in-time financial data used in the 2026-09-21 analysis.

Financial history data
Period	Revenue	EBITDA	Net income	Operating cash flow	Free cash flow	Capex	Depreciation and amortization	Stock-based compensation	Share repurchases	Dividends paid	Net debt issuance	Investing cash flow	Financing cash flow	Beginning cash	Ending cash	Cash and investments	Total debt	Operating margin	ROIC	WACC	ROIC − WACC spread
2016-12-31	$215.1B	$56.1B	$24.1B	$32.6B	$19.7B	$13B	$8.9B	—	—	—	—	-$84.2B	$12.8B	—	$28.6B	$28B	—	18.1%	—	—	—
2017-12-31	$239.9B	$39.8B	$44.9B	$45.7B	$34B	$11.7B	$9.2B	—	—	—	—	-$41B	-$1.4B	$28.6B	$32.2B	$31.6B	—	11.9%	—	—	—
2018-12-31	$175.4B	$1.6B	$4B	$37.4B	$22.9B	$14.5B	$9.8B	—	$1.3B	—	—	-$32.8B	-$5.8B	$32.2B	$30.8B	$30.8B	—	8.1%	—	—	—
2019-12-31	$176.5B	$192.3B	$81.4B	$38.7B	$22.7B	$16B	$10.1B	—	$4.9B	—	—	-$5.6B	$730M	$30.8B	$64.6B	$64.6B	—	62.1%	—	—	—
2020-12-31	$166.7B	$125.9B	$42.5B	$39.8B	$26.8B	$13B	$10.6B	—	$24.7B	—	—	-$37.8B	-$18.3B	$64.6B	$48.4B	$48.4B	—	44.7%	—	—	—
2021-12-31	$191.3B	$210B	$89.9B	$39.4B	$26.2B	$13.3B	$10.7B	—	$27.1B	—	—	$29.4B	-$28.5B	$48.4B	$88.7B	$88.7B	—	63.1%	—	—	—
2022-12-31	$207.8B	-$80B	-$22.8B	$37.4B	$21.9B	$15.5B	$10.9B	—	$7.9B	—	$8.2B	-$87.6B	-$1.7B	$88.7B	$36.4B	$129.2B	$122.7B	-12.6%	—	—	—
2023-12-31	$254.9B	$214.6B	$96.2B	$49.2B	$29.8B	$19.4B	$12.5B	—	$9.2B	—	-$1.1B	-$32.7B	-$14.4B	$36.4B	$38.6B	$168.3B	$128.3B	49.1%	—	6.3%	—
2024-12-31	$249.7B	$183.7B	$89B	$30.6B	$11.6B	$19B	$12.9B	—	$2.9B	—	-$1.8B	-$10.3B	-$10.4B	$38.6B	$48.4B	$334.8B	$124.8B	46.3%	—	7.1%	—
2025-12-31	$247.2B	$153.8B	$67B	$46B	$25B	$20.9B	$13.5B	—	$0	—	$3B	-$44.5B	$2.2B	$48.4B	$52.6B	$374B	$129.1B	35.4%	—	6.4%	—

§9 Peer valuation comparison

Berkshire Hathaway Inc. Class BBRK.B

Price / fair value

Fair value$325.94Report-date price$509.77

AssessedSep 21, 2026

Economic moatWide

Investment scorecard67 / 100

Bank of America CorporationBAC

Price / fair value

Fair value$42.67Report-date price$62.39

AssessedSep 09, 2026

Economic moatNarrow

Investment scorecard

Citigroup Inc.C

Price / fair value

Fair value$82.88Report-date price$137.72

AssessedSep 08, 2026

Economic moatNone

Investment scorecard

Berkshire Hathaway Inc. Class BBRK.B

Price / fair value

Fair value$325.94Report-date price$509.77

AssessedSep 21, 2026

Economic moatWide

Investment scorecard

Peer multiples and profitability
Ticker	Name	Mcap	P/E	P/S	EV/EBITDA

Berkshire Hathaway Inc. Class B (BRK.B) trades at 23.0x forward earnings against a peer median of 10.6x. Its EV/EBITDA of -1.8x compares with a peer median of 6.0x. The comparison uses 4 peers: Bank of America Corporation, Citigroup Inc., American Express Company and Arch Capital Group Ltd., as of 2026-09-20 to 2026-09-21.

§10 Industry & cycle

Cycle phase

Expansion

Capex increased from $19.41B in FY2023 to $18.98B in FY2024 and $20.93B in FY2025, keeping capex-to-depreciation elevated at 1.55x compared to the industry capex-to-revenue benchmark of 0.55 and capex-to-depreciation benchmark of 0.24.⁶

Bull cycle

An upcycle characterized by sustained hard insurance pricing, resilient rail freight volumes, and accretive capital deployment of cash into distressed acquisitions drives consolidated earnings growth and accelerates book value compounding.

Bear cycle

A downcycle characterized by large catastrophe reinsurance claims, declining short-term interest rates on cash holdings, and escalated wildfire litigation liabilities at BHE compresses group earnings and limits immediate free cash flow conversion.

Secular trends
Trend	Impact	Note
Property and Casualty Commercial Insurance Pricing Discipline	positive	Favorable underwriting pricing cycles across commercial lines support healthy combined ratios and bolster float generation across primary and reinsurance units.
Regulated Utility Grid Modernization and Wildfire Hardening	neutral	Substantial capital deployment into renewable energy and grid resilience expands regulated rate bases but requires heavy upfront capital and exposes operations to regulatory lag.
Central Bank Policy Rate Normalization and Yield Compression	negative	Anticipated interest rate easing lowers returns on large short-term cash holdings, reducing investment earnings relative to peak rate environments.

Positioning

Berkshire is positioned as a uniquely diversified conglomerate combining an unmatched non-cost insurance float engine with essential, highly cash-generative infrastructure and industrial subsidiaries. This structure enables self-funded countercyclical capital allocation during market dislocations.

§11 Position management

Sizing

Given the house Sell rating and the share price of $509.77 as of September 18, 2026 trading at a 56.4% premium to the Fair value midpoint of $325.94, an allocation of 0% is recommended. Capital should be rotated out of the position until valuation re-aligns with underlying fundamentals.⁴

Risk

Risk management requires strict price discipline and adherence to capital allocation criteria. Despite Berkshire's fortress balance sheet with $52.57B in cash and Wide economic moat, holding shares at $509.77 exposes investors to valuation compression toward Fair value of $325.94. Exposure should be systematically eliminated.

Entry tranches
Level	Action	Why
$325.94 (Fair value midpoint)	Neutral observation / Re-evaluate stance	At the Fair value midpoint of $325.94, the stock would reflect normalized forward earnings power at moderate Ke of 7.73%.
	Consider initiating gradual position

Exit tranches
Level	Action
$509.77 (Analysis price)	Exit / Liquidate remaining long exposure
$537.74 (52-week high)	Accelerate complete position exit

Quarterly checkpoints
Metric	Threshold	Action
Property and casualty combined ratio	> 98.0% over two consecutive quarters	Downgrade operating earnings forecast and lower Fair value to reflect impaired underwriting profitability.
Consolidated operating cash flow	< $35.0B annualized (vs $45.97B in FY2025)

§14 Final recommendation

Action

Sell

We recommend an orderly exit of long positions in Berkshire Hathaway Class B shares at the report-date price of $509.77 as of September 18, 2026, which trades at a 56.4% premium to our Fair value of $325.94.⁴

While Berkshire possesses an exemplary Wide economic moat and fortress liquidity of $52.57B in cash, current trading multiples discount future compounding beyond what normalized forward earnings can justify.

Biggest risk

Simultaneous monetary easing lowering short-term rates below 3.50% from the 4.94% risk-free rate and major catastrophe underwriting losses across property and casualty reinsurance subsidiaries. Declining Treasury bill yields erode recurring float investment earnings on $52.57B in cash, while concentrated hurricane and severe weather claims elevate the combined ratio and absorb underwriting profit. Annual pre-tax investment income decreases by $3.0B to $3.5B per 100 bps policy rate drop, while underwriting losses depress forward diluted EPS below $19.50 relative to the FY2026 consensus baseline of $22.25, triggering terminal multiple contraction toward peer multiples such as 10.23x. Quarterly property and casualty combined ratio exceeding 98.0% for two consecutive quarters or annualized operating cash flow falling below $35.0B relative to the FY2025 level of $45.97B.^1,2,3,6

Revenue	$251.98B	$256.82B	$261.75B	$266.78B	$271.91B	$277.15B	$282.49B	$287.94B	$293.50B	$299.17B
Revenue growth	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%
Operating margin	12.1%	12.1%	12.1%	12.2%	12.2%	12.2%	12.3%	12.3%	12.3%	12.4%
Operating income	$30.46B	$31.12B	$31.79B	$32.48B	$33.18B	$33.90B	$34.63B	$35.38B	$36.15B	$36.94B
Tax rate	18.9%	18.9%	18.9%	18.9%	18.9%	18.9%	18.9%	18.9%	18.9%	18.9%
NOPAT	$24.71B	$25.25B	$25.79B	$26.35B	$26.92B	$27.50B	$28.10B	$28.71B	$29.33B	$29.97B
Reinvestment	$2.14B	$1.72B	$1.28B	$815.96M	$335.92M	$1.84B	$3.40B	$5.03B	$6.73B	$8.50B
Reinvestment rate (of NOPAT)	8.6%	6.8%	5.0%	3.1%	1.3%	6.7%	12.1%	17.5%	23.0%	28.4%
Depreciation and amortization	$13.73B	$14.00B	$14.27B	$14.54B	$14.82B	$15.11B	$15.40B	$15.69B	$16.00B	$16.31B
Free cash flow to firm	$22.58B	$23.53B	$24.52B	$25.54B	$26.59B	$25.67B	$24.70B	$23.68B	$22.60B	$21.47B
Manufacturing Businesses revenue	$74.23B	$75.66B	$77.11B	$78.59B	$80.10B	$81.65B	$83.22B	$84.83B	$86.47B	$88.14B
Mc Lane Company revenue	$51.15B	$52.13B	$53.13B	$54.16B	$55.20B	$56.26B	$57.35B	$58.45B	$59.58B	$60.73B
Pilot Travel Centers Llc revenue	$42.69B	$43.50B	$44.34B	$45.19B	$46.06B	$46.95B	$47.85B	$48.78B	$49.72B	$50.68B
Service and Retailing Businesses revenue	$34.40B	$35.06B	$35.73B	$36.42B	$37.12B	$37.83B	$38.56B	$39.30B	$40.06B	$40.84B
Berkshire Hathaway Energy Company revenue	$25.83B	$26.32B	$26.83B	$27.34B	$27.87B	$28.41B	$28.96B	$29.51B	$30.08B
Burlington Northern Santa Fe Corporation revenue	$23.71B	$24.17B	$24.63B	$25.10B	$25.59B	$26.08B	$26.58B	$27.10B	$27.62B
Terminal growth	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%

BRK.B	Berkshire Hathaway Inc. Class B	$1.09T	23.0x	2.8x	-1.8x	12.1%	—
BAC	Bank of America Corporation	$403.7B	10.9x	3.5x		11.2%	38.3%
C	Citigroup Inc.	$221.0B	10.2x	2.7x		8.5%	36.2%
AXP	American Express Company	$210.4B	15.5x	3.0x		34.4%	20.3%
ACGL	Arch Capital Group Ltd.	$33.0B	9.9x	1.7x	6.0x	19.9%	26.6%

Is Berkshire Hathaway Inc. Class B overvalued?

What is BRK.B's fair value?

Should I buy BRK.B now?

What are the biggest risks for BRK.B?

What is BRK.B's rating?

What archetype is BRK.B?

Berkshire Hathaway Inc. Class B

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Company overview

consolidated_operating_margin

Wide

Sources of advantage

Lenses that set Fair value

Forward Earnings

Property and Casualty Underwriting Discipline and Combined Ratio

Float Investment Income and Short-Term Rate Environment

Sources

forward_diluted_eps

capex_to_depreciation

short_term_risk_free_rate

bhe_litigation_charges

Checks and reference points

Reverse DCF

Residual Income

Berkshire Hathaway Energy Litigation Liabilities and Capital Spending

Burlington Northern Santa Fe Volume and Operating Efficiency

Discretionary Capital Deployment and Share Repurchases