# Berkshire Hathaway Moat Status: published. Policy: company-analysis-1. Berkshire has a narrow moat supported by established rail infrastructure, regulated utility networks and selected specialty manufacturing capabilities. Current rail volume and yield gains and utility customer growth support these advantages. Pricing power is mixed: rail and Lubrizol demonstrate price realization, while insurance competition, regulated tariffs and retail weakness constrain it. Profitable insurance float supports financing economics but does not establish a comparative insurance cost advantage. Exceptional conglomerate-wide durability is not demonstrated. ## efficient_scale BNSF's established network of terminals, maintenance facilities and intermodal hubs supports an infrastructure advantage. Higher volumes, yield and disclosed intermodal market-share gains provide operating support beyond asset size alone. Durability: The integrated physical network supports persistence, but the passages do not quantify duplication barriers or establish exclusive routes. Historical customer losses demonstrate that traffic remains contestable. Risks: Trucking competition, customer switching, fuel and labor costs, maintenance requirements and declining coal demand can erode returns. Invalidation: Sustained market-share losses and declining volumes despite competitive pricing, or persistent inability to recover operating and maintenance costs through yield and productivity, would undermine this advantage. Competitors: Not established ## efficient_scale BHE's existing transmission and distribution systems, utility service territories and supporting rights provide a local infrastructure advantage. Increased customer numbers and usage demonstrate continuing demand. Durability: Physical networks and rights support persistence, subject to regulatory permission and adequate cost recovery. The supplied text does not establish perpetual exclusivity or guaranteed returns. Risks: Regulated pricing and financing constrain commercial freedom. Wildfire liabilities, prevention spending and tax-policy changes can weaken the economics of the installed infrastructure. Invalidation: Repeated denial of necessary cost recovery, sustained customer displacement or liabilities that make continued network investment uneconomic would invalidate the economic advantage. Competitors: Not established ## intangible_assets PCC's technical capabilities and established customer relationships, and Lubrizol's formulation knowledge and intellectual property, support selected specialty manufacturing advantages. PCC's limited cancellations and Lubrizol's realized price and volume increases provide operating corroboration, although the comparative superiority claims remain issuer assertions. Durability: Relationships and accumulated expertise can persist, but patents expire, alternative manufacturing exists and production reliability matters. The evidence supports a bounded advantage rather than exceptional durability. Risks: Substantial competition, alternative production processes, raw-material inflation, delivery delays and capacity constraints can reduce customer dependence and pricing effectiveness. Invalidation: Sustained cancellations or displacement by alternative suppliers, loss of technical differentiation, or repeated inability to pass through costs without losing demand would undermine this advantage. Competitors: Not established - [https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm](https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm) · 2026-03-02 - [https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm](https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm) · 2026-08-10 - [https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm](https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm) · 2026-03-13 - [https://www.sec.gov/Archives/edgar/data/1067983/000095017025025210/brka-20241231.htm](https://www.sec.gov/Archives/edgar/data/1067983/000095017025025210/brka-20241231.htm) · 2025-02-24 - [https://www.sec.gov/Archives/edgar/data/1067983/000095017024019719/brka-20231231.htm](https://www.sec.gov/Archives/edgar/data/1067983/000095017024019719/brka-20231231.htm) · 2024-02-26 - [https://www.sec.gov/Archives/edgar/data/1067983/000119312526202243/brka-20260331.htm](https://www.sec.gov/Archives/edgar/data/1067983/000119312526202243/brka-20260331.htm) · 2026-05-04 [JSON](https://beanvest.com/stock/brk.b/moat.json)