MeritValue

BERKSHIRE HATHAWAY INC

BRK-Bdata completeness 75%19 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

BERKSHIRE HATHAWAY INC earns about 13% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$191.3B1$207.8B2$254.9B3$249.7B3$247.2B3
Net income$89.9B4−$22.8B5$96.2B6$89B6$67B6
Operating cash flow$39.4B7$37.4B8$49.2B9$30.6B9$46B9
Capital expenditure$13.3B10$15.5B11$19.4B12$19B12$20.9B12
Free cash flow (derived)$26.2B7$21.9B8$29.8B9$11.6B9$25B9
Total debt—————
Cash & equivalents$88.7B13$36.4B14$38.6B14$48.4B14$52.6B14
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 23%FY22 -5%FY23 19%FY24 16%FY25 11%

It earned an average 13% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-019719 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-025210 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-083899 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-019719 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-025210 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-083899 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-019719 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-025210 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-083899 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-019719 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-025210 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-083899 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-25-025210 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-26-083899 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)