A scenario-based, sum-of-the-parts intrinsic value estimate for BRK.B — updated annually from the 10-K, transparent in every assumption, and free to read.
Intrinsic value distribution around the base case. The dashed marker shows today's BRK.B price relative to scenario estimates.
Bottoms-up calculation of intrinsic value by segment.
Each operating business and investment asset is valued discretely. P/E multiples are applied to independently estimated adjusted after-tax earnings; cash and securities at market.
A deep dive into how capital was allocated by Berkshire across operations, M&A, public equities and share buybacks annually for the last 20 years.
BVPS has compounded at 10.5% over 26 years. We anchor scenario multiples on book value to provide a transparent, verifiable floor.
Each segment has its own drivers, margins, and growth outlook. Click through for the deep dive.
Seven sub-businesses. Industrials, building products, services, McLane, Pilot.
Class-I railroad. Duopoly economics, pricing power.
Regulated utilities and pipelines.
Coming soonDirect-to-consumer auto insurance.
Coming soon~$298 B in marketable securities. Look-through earnings at 20× valuation.
Coming soonEstimates contained herein are based on bottoms-up research of the historic GAAP financials of Berkshire Hathaway and its subsidiaries and investee companies. Key assumptions are clearly labeled.
“Despite our conservatism, I think we will be able every year to build the underlying per-share earning power of Berkshire.”— Warren Buffett, 2014 Annual Report
Open the complete sum-of-the-parts table with every segment, multiple, and per-share conversion — then explore whichever business matters most to your thesis.