BRK.B
BRK.BBerkshire Hathaway is a multinational conglomerate holding company with diverse investments across insurance, railroads, energy, and manufacturing.
It is fundamentally defined by its long-term value investing strategy, managed for exceptional compounding through the capital allocation of Warren Buffett and Charlie Munger.
更新时间：December 28, 2025, 16:00 EST
投资观点：BRK.B值得买吗？
Based on the available information, BRK.B presents a compelling case for long-term investors, tempered by some unique considerations.
Berkshire Hathaway's fundamentals are exceptionally strong, demonstrating massive scale, robust operating profitability, and stellar financial health with minimal debt. This provides a solid foundation for enduring value. However, its valuation cannot be assessed using standard metrics due to its unique conglomerate structure, requiring faith in the company's intrinsic value calculation. The primary risks are qualitative, notably key-person dependency on its leadership and portfolio concentration, rather than quantifiable financial weakness.
Buy Recommendation: For long-term, value-oriented investors, BRK.B is a worthwhile core holding. It offers a unique combination of financial fortress-like stability and exposure to a diversified portfolio of high-quality American businesses managed with a proven, disciplined strategy. While lacking the explosive growth potential of smaller companies, its defensive characteristics and potential for steady, intrinsic value appreciation make it a strong candidate for capital preservation and wealth building. Investors should be comfortable with the unique risks associated with its structure and leadership.
BRK.B未来12个月走势预测
RockFlow 模型预测：2026年三种情景
Based on a 12-month outlook, BRK.B is expected to deliver steady performance, driven by its resilient portfolio of operating companies and the continued reinvestment of its massive cash holdings.
Key catalysts will be any major acquisitions that deploy part of Berkshire's significant cash reserves, strong earnings from its core insurance and railroad businesses, and a potential tailwind from lower interest rates that could benefit its equity portfolio. Potential risks remain concentrated on key-person dependency regarding Warren Buffett's age and successor planning, as well as market-wide economic weakness that could pressure its cyclical holdings. While formal analyst targets are scarce due to its complex structure, a reasonable target price range for the next year would be predicated on modest growth in book value per share, typically in the high-single-digit percentage range, in line with its historical performance.
| 情景 | 概率 | 目标价 | 关键假设 |
|---|---|---|---|
| 🟢 乐观情景 | 25% | $420.0 - $450.0 | Strong operating performance continues with investment portfolio outperforming market expectations, coupled with successful capital deployment into high-return opportunities. |
| 🟡 基准情景 | 60% | $380.0 - $410.0 | Steady execution with consistent operating earnings from diverse business portfolio and moderate investment returns. |
| 🔴 悲观情景 | 15% | $340.0 - $370.0 | Market downturn significantly impacts investment portfolio value while insurance operations face higher-than-expected claims. |
华尔街共识
大多数华尔街分析师对BRK.B未来12个月的走势持乐观态度，主流目标价集中在$0.00左右，表明普遍预期公司仍有上涨空间。
投资BRK.B的利好利空
综合来看，BRK.B具备一定的投资价值，但也面临多重挑战。以下是投资该股票前需要权衡的主要因素。
利好
- New Leadership Direction: Greg Abel brings fresh perspective with tech/AI investment focus.
- Continued Strategic Investments: Berkshire maintains significant stakes in high-growth AI companies.
- Strong Brand Legacy: Buffett's long-term track record provides foundational stability.
利空
- Leadership Transition Risks: Warren Buffett's retirement creates major uncertainty for investors.
- Wall Street Downgrades: KBW downgrade reflects concerns about post-Buffett performance.
- Valuation Concerns: Current stock price may not offer compelling entry point.
BRK.B 技术面分析
Analysis cannot be completed due to missing data across all key performance metrics.
The short-term performance trends, volatility relative to the market, and recent comparative strength cannot be assessed without the requisite price change and benchmark data. A fundamental requirement for technical analysis is the availability of historical price information.
The current price position within the 52-week range and the determination of an overbought or oversold condition are impossible to ascertain without knowing the current, low, and high prices. The maximum drawdown figure is also critical for evaluating risk, which is unavailable.
| 时间段 | BRK.B涨跌幅 | 标普500 |
|---|
BRK.B 基本面分析
Based on the quarterly reports provided, Berkshire Hathaway demonstrates strong but volatile financial performance. Revenue remained substantial at approximately $95 billion in Q3 2025, though profitability metrics show significant fluctuations, with the net income ratio jumping to 32.4% in Q3 from 12.5% in Q2, primarily driven by a large swing in non-operating income.
The company maintains a robust financial health profile, characterized by minimal interest expense relative to operating income in both quarters. Strong operating cash flow is evident from substantial EBITDA figures ($41.1 billion in Q3), providing ample coverage for its obligations and supporting financial stability.
Operational efficiency appears solid, with operating income margins holding steady around 15-17% across both quarters. While comprehensive ROE and asset turnover cannot be calculated from this data alone, the consistent operating profitability and scale suggest effective management of its diverse business portfolio.
最近两年营收 & 净利润走势
公司主要靠什么赚钱？
估值分析：BRK.B是否被高估？
Based on the provided data, BRK.B's valuation cannot be assessed through conventional financial ratios. Berkshire Hathaway's unique structure as a massive, diversified conglomerate, heavily weighted toward wholly-owned operating businesses and insurance float, renders traditional metrics like P/E and P/B inapplicable for comparison to typical public companies.
A peer comparison is not feasible as there are no direct industry equivalents to Berkshire Hathaway's business model. Its valuation must therefore be analyzed through alternative methods, such as estimating the intrinsic value of its underlying businesses and investment portfolio, rather than relying on standard market multiples.
投资风险提示
Based on the limited quantitative data provided, a traditional volatility risk assessment for BRK.B cannot be conducted. The lack of a Beta value or a maximum drawdown figure prevents an analysis of both its sensitivity to broader market moves and its historical susceptibility to peak-to-trough declines. This absence of data itself presents a challenge for quantitative risk modeling.
Regarding other risks, the unavailability of short interest data precludes an assessment of speculative sentiment against the stock. However, as a share class of Berkshire Hathaway, BRK.B carries significant company-specific risks, including key-person dependency on its aged leadership and the concentrated nature of its massive equity portfolio, which can be subject to large, idiosyncratic swings. Its high share price contributes to lower trading liquidity compared to typical large-cap stocks, potentially impacting execution for large orders.
常见问题
Bullish for long-term, value-oriented investors. Berkshire maintains exceptional financial health with minimal debt and strong cash flow, supporting stability during leadership transitions. While valuation metrics are unconventional, the company's strategic investments in AI and Greg Abel's fresh perspective offer growth potential. The stock suits investors comfortable with leadership change uncertainty who prioritize durable business models over short-term price movements.
Based on the fundamental analysis, BRK.B appears to be potentially undervalued or fairly valued. However, this conclusion cannot be supported by traditional valuation metrics or peer comparison, as none are applicable to Berkshire Hathaway's unique, sprawling conglomerate structure. The valuation judgment rests instead on its intrinsic value, which is supported by its robust financial health, strong cash flow generation, and consistent operating profitability (15-17% margins). Ultimately, its value is more accurately assessed by estimating the sum of its parts—its collection of wholly-owned businesses and massive investment portfolio—rather than any standard market multiple.
Based on the provided information, here are the key risks of holding BRK.B, ordered by importance:
1. Key-Person Dependency: The company faces a significant succession risk due to its heavy reliance on its aged leadership, notably Warren Buffett, whose eventual departure could create strategic uncertainty. 2. Concentrated Equity Portfolio: The company is exposed to large, idiosyncratic swings in value because its massive investment portfolio is concentrated in a relatively small number of major holdings. 3. Lower Trading Liquidity: The high absolute share price contributes to lower trading volume compared to typical large-cap stocks, which can lead to higher transaction costs or price impacts for large orders. 4. Volatile Earnings Quality: Reported profitability is subject to significant fluctuation due to large swings in non-operating income (e.g., investment gains/losses), which can obscure the performance of the underlying operating businesses.
Based on the provided analysis, here is a forecast for BRK.B stock performance through 2026:
Our base case target range for BRK.B by 2026 is predicated on high-single-digit annual book value growth, while a bull case would materialize if the company successfully deploys a significant portion of its cash hoard into a major, value-accretive acquisition. The primary growth drivers are strong, steady earnings from its core insurance and railroad operations, strategic deployment of its massive cash reserves, and potential market tailwinds. This forecast assumes continued effective capital allocation by management and the absence of a severe economic downturn. However, a high degree of uncertainty exists due to key-person dependency regarding leadership succession and the inherent volatility of its large investment portfolio.
Based on its fundamental characteristics, BRK.B is overwhelmingly suitable for a long-term investment horizon.
* Long-term investors (3+ years): BRK.B is an ideal core holding for a buy-and-hold strategy, leveraging its financial fortress status and the compounding of intrinsic value over time. * Medium-term investors (6 months - 3 years): This horizon is less ideal, as BRK.B's low volatility and lack of speculative catalysts may lead to underperformance versus the broader market in shorter cycles. * Short-term traders (under 6 months): Trading BRK.B is not advisable; its high share price and lower liquidity can lead to poor trade execution, and it lacks the high volatility needed for short-term gains.
Although specific volatility data is unavailable, Berkshire Hathaway's diversified, stable business model inherently results in lower volatility than the market, further reinforcing its suitability for long-term, patient capital.