BRK.B
BRK.BBerkshire Hathaway operates a massive, diversified portfolio of insurance, manufacturing, and energy businesses, functioning as a sprawling conglomerate.
It is defined by its long-term value investing strategy, managed for decades by Warren Buffett and Charlie Munger to build robust and enduring value.
更新时间：December 28, 2025, 16:00 EST
投资观点：BRK.B值得买吗？
Based on the available fundamental data, Berkshire Hathaway (BRK.B) exhibits a profile characteristic of its long-standing strategy.
Fundamentals & Financial Health: The company demonstrates inherent earnings power through its vast portfolio of operating businesses, though quarterly profits are volatile due to swings in its massive investment portfolio. Crucially, it maintains exceptional financial strength with robust cash generation and a very conservative capital structure, providing significant stability. This makes its core earnings stream resilient despite investment-related noise.
Valuation & Risk Considerations: A precise valuation is challenging without data, but the company’s intrinsic value is best gauged by long-term growth in book value per share rather than standard multiples. The primary risk lies not in solvency but in the sheer size of the company, which may limit high-growth opportunities, and its performance being tethered to broader market movements due to its large equity holdings.
Recommendation: For a long-term, patient investor seeking a conservatively managed vehicle for wealth preservation and steady growth, BRK.B remains a compelling holding. Its unparalleled financial fortress and diversified earnings from quality businesses offer downside protection. While explosive growth is unlikely, it represents a solid, foundational investment for a diversified portfolio, provided the investor aligns with Warren Buffett's value-oriented and long-term philosophy.
*This is not investment advice, for reference only.*
BRK.B未来12个月走势预测
RockFlow 模型预测：2026年三种情景
Based on the provided analysis, here is a 12-month outlook for Berkshire Hathaway (BRK.B):
Over the next 12 months, the key catalysts will be the performance of its core operating businesses—particularly Burlington Northern Santa Fe (BNSF) and its insurance units—and Buffett's deployment of its massive cash pile into new acquisitions or share buybacks, especially during any market weakness. The primary risks remain its exposure to broad market fluctuations through its immense equity portfolio and the persistent challenge of finding value-enhancing investments large enough to move the needle for a company of its scale. While a specific analyst target isn't provided, the stock is generally expected to track the long-term growth of its book value, offering investors a stable, defensive holding with moderate upside potential, rather than explosive growth.
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
- AI Investment Strategy: Berkshire invested in a successful AI stock showing 10x growth since IPO.
- Safe Haven Appeal: Seen as a top non-AI stock to protect portfolios from potential bubble burst.
- Successful Leadership Transition: Greg Abel's CEO appointment brings fresh perspective while maintaining operational stability.
利空
- Analyst Downgrade Impact: KBW downgrade sparks debate about Berkshire's near-term performance outlook.
- Succession Concerns: Warren Buffett's departure creates uncertainty about future leadership effectiveness.
- Underperformance vs S&P 500: Stock lagging behind S&P 500 in Buffett's final year as CEO.
- Unattractive Entry Point: Current conditions don't present compelling buying opportunity according to analysis.
BRK.B 技术面分析
Analysis unavailable due to incomplete pricing data.
Essential metrics including current price, performance changes, and 52-week range parameters are missing. Currently, the stock's relative strength, volatility, and position cannot be determined.
Without this fundamental pricing information, no meaningful technical assessment of BRK.B can be provided. Please supply complete pricing data for a proper analysis.
| 时间段 | BRK.B涨跌幅 | 标普500 |
|---|
BRK.B 基本面分析
Based on the limited quarterly data provided for BRK.B, here is a fundamental analysis.
Revenue & Profitability: Quarterly revenue and gross profit showed significant volatility, with Q3 2025 revenue at $95B and gross profit of $22.1B (23.3% margin), a substantial decline from Q2's gross profit of $44.1B (44.6% margin) on similar revenue. This volatility in profitability likely stems from fluctuating investment income, with Q3's net income ratio surging to 32.4% driven by $22.3B in other income, compared to a more stable 12.5% in Q2.
Financial Health: The company maintains a strong cash generation profile, evidenced by robust EBITDA of $41.1B in Q3. The manageable interest expense of $325 million relative to operating income indicates a low debt burden and a very conservative capital structure, which is a hallmark of Berkshire Hathaway's financial strategy.
Operational Efficiency: The company's operational performance is heavily influenced by its investment portfolio, as seen in the disparity between operating income ratios (16.7% in Q3 vs. 14.9% in Q2) and the final net income. This makes quarter-to-quarter assessment of core operational efficiency metrics like ROE difficult from this data alone, as investment gains can overshadow the steady performance of its underlying operating businesses.
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 metrics, a valuation analysis cannot be conducted as all key valuation ratios are unavailable. Berkshire Hathaway's unique structure, holding vast operating businesses and a massive public equities portfolio, renders traditional earnings-based multiples less meaningful. Consequently, a definitive assessment of whether the stock is overvalued or undervalued cannot be made from this data.
A comparison with industry peers is also not feasible, as no benchmark industry average data was provided. Without this context, it is impossible to determine how Berkshire Hathaway's valuation might compare to other diversified financial companies or holding companies. A thorough analysis would require alternative valuation methods, such as assessing the growth in its book value per share or a sum-of-the-parts valuation of its constituent businesses.
投资风险提示
Based on the provided data, a quantitative risk assessment for BRK.B is not possible as all key metrics are unavailable. The absence of Beta and maximum drawdown figures prevents any meaningful analysis of the stock's volatility characteristics or historical price decline patterns. This lack of fundamental risk data represents a significant informational gap for potential investors.
The unavailable short interest data eliminates insights into market sentiment and potential squeeze risks, while the absence of liquidity metrics prevents assessment of trading efficiency. Without these critical data points, investors cannot evaluate key market dynamics that typically inform position sizing and exit strategy planning for this security.
常见问题
Based on available analysis, I maintain a neutral outlook on BRK.B. The bullish case is supported by its defensive "safe haven" appeal and a successful leadership transition. However, bearish factors include recent underperformance versus the S&P 500 and concerns about an unattractive entry point. This stock is suitable for long-term, patient investors comfortable with a holding company structure and less concerned with short-term volatility.
Based on the limited quarterly data provided alone, BRK.B appears fairly valued relative to its historical operational performance, though the lack of standard valuation metrics makes precise peer comparison challenging. The stock's value is primarily anchored in Buffett's consistent stewardship and the firm's fortress-like balance sheet rather than traditional growth metrics. From these quarterly figures, the operational performance appears to largely justify its current valuation, suggesting investors aren't expecting dramatic multiple expansion.
Based on the available information, here are the key risks of holding BRK.B:
1. Investment Portfolio Volatility: The company's quarterly earnings are heavily reliant on the performance of its large, concentrated investment portfolio, making profits highly volatile and unpredictable. 2. Operational Performance Overshadowed: The fluctuating investment gains can obscure the underlying performance and profitability trends of Berkshire's diverse operating businesses. 3. Significant Information Gap: The unavailability of critical data on price history, volatility, and market sentiment prevents a standard, comprehensive risk analysis of the stock itself.
Based on the fundamental analysis and Berkshire Hathaway's unique profile, here is a forecast for BRK.B through 2026.
My base case target price range for BRK.B in 2026 assumes mid-single-digit annual growth in book value per share, driven by the steady earnings of its core operating businesses (insurance and BNSF railway) and moderate share buybacks. A bull case, implying a higher price range, would require successful deployment of its large cash reserves into a major, value-accretive acquisition or a period of significant market weakness that creates buying opportunities for its equity portfolio. The primary assumptions are stable economic growth, the absence of a major catastrophic event impacting its insurance operations, and continued disciplined capital allocation by management. It is critical to note the high uncertainty of this forecast, as Berkshire's performance is intrinsically linked to broad market fluctuations through its massive equity portfolio and the unpredictable timing of large-scale investments.