Berkshire Hathaway Inc. BRK-B
Berkshire Hathaway remains a buy at $516.38, with the post-Buffett transition under Greg Abel proceeding smoothly — Q2 operating earnings exceeded expectations, insurance float reached a record $177.5B, and Abel ended a six-quarter buyback freeze while becoming a net buyer of equities for the first time in over three years. Operating income held near $58.9B in FY2025 with operating cash flow rebounding to $46.0B from $30.6B, and the stock trades at a 5.7% EV/EBITDA discount to the peer median of 20.9x while sitting above both its 50-day ($497) and 200-day ($491) moving averages with positive MACD momentum.
The $360B cash stockpile provides substantial optionality, though reported net income has declined for two consecutive years — from $96.2B in FY2023 to $67.0B in FY2025 — largely reflecting investment-portfolio mark-to-market volatility rather than operating deterioration.
What could go wrong
- Succession execution risk. Greg Abel is making major portfolio changes including three new positions and $23.5B in stock purchases; any misstep in capital allocation without Buffett's oversight could erode the premium historically accorded to Berkshire.
- Smart money outflows. Smart money score has deteriorated from +0.99 in Q1 2025 to -0.37 in Q1 2026, with fund count rising from 44 to 67, suggesting institutional redistribution away from BRK.
- Reported earnings volatility. Net income fell from $96.2B (FY2023) to $67.0B (FY2025) and EPS from $44.27 to $31.04; while driven by investment marks, headline EPS weakness could pressure sentiment.
- High-profile bearish signal. Michael Burry publicly stated he no longer views Berkshire as an attractive investment, which may influence retail and momentum-driven flows.
What would change my mind
Where this comes from: FMP fundamentals FY2025 vs FY2024 · FMP fundamentals FY2023 and FY2025 · peer_relative composite · technicals as of 2026-08-11. Orin's read on BRK-B; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All BRK-B filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 8-K | 11 Aug | Berkshire Hathaway Inc. reported second quarter 2026 net earnings attributable to shareholders of $25,667 million, an increase from $12,370 million in the second quarter of 2025.… | read |
| 10-Q | 10 Aug | Berkshire Hathaway Inc. reported net earnings attributable to shareholders of $25,667 million for the second quarter of 2026, a 106% increase year-over-year from $12,370 million… | read |
| 13D/A | 15 Jul | On July 14, 2026, Warren E. | read |
| 13G/A | 15 May | — | on file |
| 13G | 15 May | — | on file |
| 13G/A | 15 May | — | on file |
| 13G/A | 15 May | — | on file |
| 13G/A | 15 May | — | on file |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $59.2B | 1.3% of fund |
| State Street | $37.9B | 1.1% of fund |
| Geode Capital Management | $20.7B | 1.1% of fund |
| Morgan Stanley | $13.3B | 0.7% of fund |
| Vanguard Portfolio Management | $12.2B | 0.5% of fund |
| Northern Trust | $7.7B | 0.9% of fund |
207 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 22 Form 4 filings, net $212.6M. Of the 22 on hand, 21 were open-market purchases and 0 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about BRK-B
Orin answers questions about BRK-B from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 12.8× | — | 21.6× |
| EV/EBITDA | 15.5× | 14.8× | — |
| P/S | 2.86× | 2.45× | — |
| P/B | 1.5× | 1.4× | — |
Its P/E sits 80th percentile of its own last 5 years (+0.62σ from its own mean).
18.3%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $25.0B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$604
$604 – $604 · +19% against today's price
- 4 buy or overweight
- 6 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $1.09T | 12.8× | 15.5× | 23.5% | 22.3% | 12% |
| AIGAmerican International Group, Inc. | $40B | 13.7× | 6.3× | 38.1% | 11.1% | 7% |
| BACBank of America Corporation | $397B | 12.7× | 24.1× | 59.3% | 17.2% | 11% |
| JPMJPMorgan Chase & Co. | $904B | 14.5× | 19.7× | 62.6% | 21.9% | 18% |
| PFGPrincipal Financial Group, Inc. | $24B | 16.2× | 12.3× | 48.5% | 9.9% | 13% |
| VVisa Inc. | $675B | 30.7× | 23.6× | 80.2% | 50.8% | 61% |
The median is of the 5 peers listed above and nothing else — check it against the column. This company trades 11.6% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $430 | $488.23 · −12% | 2026-06-10 |
| Levered DCF | $195 | $488.23 · −60% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.