Berkshire Hathaway
Berkshire Hathaway (BRK.B) valuation and fair value
Cash flow scenarios and historical market multiples, using sourced financial data.
Historical valuation multiples
Closing prices against trailing 12-month earnings and cash flow.
Fiscal period-end closes · TTM basis · Diluted shares · Dec 31, 2025
P/E
× · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
PEG
× · TTM · YoY growth
Berkshire’s A/B share conversion has not been validated for this calculation.
P/S
× · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
P/FCF
× · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
P/FCF / growth
× · TTM · YoY growth
Berkshire’s A/B share conversion has not been validated for this calculation.
P/OCF
× · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
P/B
×
Berkshire’s A/B share conversion has not been validated for this calculation.
FCF yield
% · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
Earnings yield
% · TTM
Berkshire’s A/B share conversion has not been validated for this calculation.
EV/Sales
× · TTM
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
EV/EBITDA
× · TTM
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
Annual data
| Fiscal period | Financials through | Price date | P/E× | PEG× | P/S× | P/FCF× | P/FCF / growth× | P/OCF× | P/B× | FCF yield% | Earnings yield% | EV/Sales× | EV/EBITDA× |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | Dec 31, 2025 | Dec 31, 2025 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2024 | Dec 31, 2024 | Dec 31, 2024 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2023 | Dec 31, 2023 | Dec 29, 2023 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2022 | Dec 31, 2022 | Dec 30, 2022 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2021 | Dec 31, 2021 | Dec 31, 2021 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2020 | Dec 31, 2020 | Dec 31, 2020 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2019 | Dec 31, 2019 | Dec 31, 2019 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2018 | Dec 31, 2018 | Dec 31, 2018 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2017 | Dec 31, 2017 | Dec 29, 2017 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2016 | Dec 31, 2016 | Dec 30, 2016 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2015 | Dec 31, 2015 | Dec 31, 2015 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2014 | Dec 31, 2014 | Dec 31, 2014 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2013 | Dec 31, 2013 | Dec 31, 2013 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2012 | Dec 31, 2012 | Dec 31, 2012 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2011 | Dec 31, 2011 | Dec 30, 2011 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2010 | Dec 31, 2010 | Dec 31, 2010 | — | — | — | — | — | — | — | — | — | — | — |
| FY 2009 | Dec 31, 2009 | Dec 31, 2009 | — | — | — | — | — | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Daily curves use completed, split-adjusted closes without dividend adjustment. TTM uses four complete fiscal quarters, or the prior annual report plus current YTD less prior YTD. Its supporting inputs must be filed before the price date. Diluted weighted shares are normalized for splits. Later restatements can delay availability; this is not a vintage-filings backtest. Fiscal period-end closes remain available when daily prices are missing.
Mean and median use every valid daily observation in the selected range (or valid fiscal observations in the fallback). Missing and undefined values are excluded; extreme values remain included. “Cheap” and “expensive” compare the latest positive multiple with its own median, with a 10% neutral band; yields use the opposite direction. These labels describe historical pricing, not intrinsic fair value. The table uses the last available trading close in each month, including the current partial month.
The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.
Market prices: Yahoo Finance · BRK-B, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- P/E
- Completed closing price × diluted shares / TTM earnings attributable to common shareholders.
- PEG
- Trailing P/E / year-over-year growth of TTM earnings per diluted share, expressed as a percentage number (20 for 20%). Each per-share basis uses TTM earnings attributable to common shareholders / split-normalized period diluted shares. Requires positive prior earnings and positive growth; uses reported history, not analyst forecasts.
- P/S
- Completed closing price × diluted shares / TTM revenue.
- P/FCF
- Completed closing price × diluted shares / TTM free cash flow. With Deduct SBC enabled, subtract reported SBC from FCF.
- P/FCF / growth
- Trailing P/FCF / year-over-year growth of TTM FCF per diluted share, expressed as a percentage number (20 for 20%). FCF = operating cash flow − cash capital investment; each per-share basis uses split-normalized period diluted shares. Requires positive prior FCF and positive growth. Deduct SBC subtracts reported SBC from both trailing years.
- P/OCF
- Completed closing price × diluted shares / TTM operating cash flow.
- P/B
- Completed closing price × diluted shares / period-end equity attributable to owners.
- FCF yield
- TTM FCF / (completed closing price × diluted shares) × 100. Reflects the SBC option.
- Earnings yield
- TTM earnings attributable to common shareholders / (completed closing price × diluted shares) × 100.
- EV/Sales
- (Completed closing price × diluted shares + debt − cash) / TTM revenue. A simplified EV proxy; excludes preferred equity and minority interests.
- EV/EBITDA
- (Completed closing price × diluted shares + debt − cash) / (TTM operating income + TTM reported depreciation and amortization).