# Berkshire Hathaway (NYSE:BRK-A)

As of Sun 8 Nov 2026 12:00 UTC (weekly snapshot). Full report: https://standard-equity.report/NYSE/BRK-A

Price $856,612.00 (USD), market cap $1.223T, Financials - Insurance - Diversified.

## Valuation

- SE Reference Value (expected value, DCF): $534,585.19 (central 50% range $502,266.26 to $546,535.29), -38% against the price; range width narrow
- SE Grade: 0 of 3 (half) (Value 0, Quality 2, Moat 1)
- Consensus Rating: Hold (Strong buy 1, Buy 0, Hold 1, Sell 2, Strong sell 0)
- Consensus Price (median): $942,405.00, +10% against the price

## Key metrics

Financials in USD. Peer percentile: 100 = best in the peer group.

| Metric | Now | 5Y median | 10Y median | Peers |
|---|---|---|---|---|
| Revenue | $105.2B | CAGR 6.8% | CAGR 11.6% | P100 |
| Revenue growth | -71.7% | 9.4% | 3.0% | P71 |
| Operating margin | 26.6% | 30.6% | 27.3% | P71 |
| Net margin | 19.5% | 24.0% | 18.4% | P75 |
| P/TBV | 1.91x | 1.71x | 1.76x | P82 |
| Book value per share growth | 9.2% | 16.6% | 16.6% | P31 |
| ROE | 10.6% | 14.7% | 12.0% | P6 |
| ROA | 5.9% | 7.7% | 5.9% | P88 |
| EPS | $53,663.11 | CAGR 11.8% | CAGR 13.7% | - |
| EPS growth | 14.4% | -6.8% | -6.8% | - |
| Book value per share | $530,037.04 | CAGR 12.4% | CAGR 12.6% | - |
| Tangible book value per share | $448,117.33 | CAGR 14.4% | CAGR 16.8% | - |
| Dividend per share | $0.00 | - | - | - |
| Dividend yield | 0.0% | - | - | - |
| Payout ratio (FY2025) | 0.0% | - | - | - |
| Diluted shares | 1.4M | CAGR -2.0% | CAGR -1.5% | - |
| Buyback yield (FY2025) | -0.0% | 1.4% | 0.8% | - |
| Debt/equity | 0.17x | 0.23x | 0.25x | P94 |
| Assets | $1.304T | CAGR 6.9% | CAGR 7.8% | P94 |
| Long-term debt | $130.8B | CAGR 1.1% | CAGR 4.7% | P94 |

## Company Note (Q3 2026)

Written by AI from the data above.

**Berkshire's third quarter brought faster sales** across its insurance, railroad, energy and industrial holdings, with revenue up 11.2% on the year. Within insurance, GEICO's premiums written grew 5.3% in FY2025, while the wider insurance segment slipped and McLane's grocery distribution shrank. Service and retailing was the fastest-growing major unit. The conglomerate is therefore running with some momentum. Still, the price has moved further than the business: SE fair value of $534,585 is 37.6% below the price.

**Revenue growth is accelerating**, from 10.0% in the second quarter to 11.2% in the third. If that pace held into next year, the top line would grow well ahead of what analysts expect, since consensus has revenue rising only modestly in both FY2026 and FY2027. Consensus earnings also flatten in FY2027 rather than tracking the faster sales. So momentum and consensus currently diverge. Unless that sales strength carries through to earnings, faster revenue alone may not close the gap to SE fair value.

**Analysts expect EPS** to grow 5.5% in FY2026 and then ease 0.4% in FY2027, on revenue growth of 5.1% in FY2026. That is a slow earnings path for a stock priced well above SE fair value. Our own projection sits far above consensus for both years, but its interval is wide enough that it settles little. Berkshire has beaten the estimate in 5 of the last 8 quarters. A steady beat record helps, but it does not by itself justify the premium.

**Profitability has recovered sharply** from FY2022's losses. Operating margin moved from -9.3% to 26.1% in FY2025, and net margin from -7.5% to 18.0%. Book value per share growth went from -3.8% to 10.4% over the same span. Return on equity is the weak spot. At 10.6%, it sits below its five-year median of 14.7%, even after climbing from -4.6% in FY2022 to 9.8% in FY2025. It also ranks in the bottom tenth of peers. The share count and the thin spread of ROE over the cost of equity hold Quality back.

**The shares trade** at 16.0 times trailing earnings, 58% above their ten-year median of 10.1x. That is a clear rerating for a company growing earnings slowly. SE fair value of $534,585 is 37.6% below the price, and the model's confidence is high. By contrast, the median target of the 2 top analysts sits 10.0% above the price. For the price to hold, results have to run consistently ahead of the model's base case. A quarter that misses the estimate would show they are not.

**The SE Score is ½** of 3. Quality earns two stars because return on equity of 12% clears a 6.3% cost of equity by a comfortable margin. Moat earns one star: ROE topped 12% in only 5 of the last 10 years, although book value per share grew in 8 of 9 years. Value earns no stars, with SE fair value 37.6% below the price. That premium lowered the business tier by one notch, leaving the overall score at its half rung.

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Weekly snapshot, not live data. For information only, not investment advice. Methodology: https://standard-equity.report/methodology