Latest Ratios: P/E Ratio 9999.0x · EV/EBITDA 6.5x · ROE 9.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $382.3B | $1628.36T | $1468.46T | $1179.30T | $1032.72T | $1020.87T | $831.87T | $554.9B | $503.1B | $489.6B | $401.3B |
| Enterprise Value | $469.4B | $1628.44T | $1468.54T | $1179.39T | $1032.81T | $1020.90T | $831.94T | $600.0B | $570.2B | $560.6B | $459.5B |
| P/E Ratio → | 9999.00 | 24317.01 | 16499.15 | 12257.17 | — | 11368.87 | 19562.15 | 6.81 | 125.15 | 10.89 | 16.67 |
| P/S Ratio | 1.03 | 4383.85 | 3953.49 | 3235.54 | 3419.37 | 3697.55 | 3388.34 | 2.16 | 2.05 | 2.00 | 1.79 |
| P/B Ratio | 2266.14 | 2262.54 | 2253.43 | 2066.15 | 2143.99 | 1982.54 | 1843.13 | 1.29 | 1.43 | 1.39 | 1.41 |
| P/FCF | 15.27 | 65025.02 | 126416.88 | 39591.02 | 47459.44 | 39046.51 | 31085.17 | 24.44 | 22.00 | 14.37 | 20.50 |
| P/OCF | 8.32 | 35422.93 | 48001.39 | 23971.42 | 27743.32 | 25896.63 | 20915.45 | 14.34 | 13.45 | 10.69 | 12.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4384.09 | 3953.72 | 3235.81 | 3419.67 | 3697.66 | 3388.64 | 2.33 | 2.32 | 2.29 | 2.05 |
| EV / EBITDA | 6.49 | 22505.99 | 20314.31 | 19458.73 | 19677.43 | 22320.17 | 20505.89 | 5.38 | 35.76 | 18.68 | 11.08 |
| EV / EBIT | 7.97 | 27656.99 | 24707.95 | 24507.38 | 24834.31 | 29151.14 | 27754.61 | 5.63 | 72.60 | 19.86 | 12.28 |
| EV / FCF | — | 65028.49 | 126424.03 | 39594.23 | 47463.67 | 39047.70 | 31087.95 | 26.42 | 24.94 | 16.45 | 23.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.6% | 23.6% | 23.3% | 19.5% | 19.7% | 20.0% | 19.9% | 39.2% | 38.3% | 35.0% | 40.2% |
| Operating Margin | 15.9% | 15.9% | 16.0% | 13.2% | 13.8% | 12.7% | 12.2% | 39.5% | 2.5% | 8.5% | 14.5% |
| Net Profit Margin | 18.0% | 18.0% | 24.0% | 26.4% | -7.5% | 32.6% | 17.3% | 31.7% | 1.6% | 18.4% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 14.6% | 18.3% | -4.6% | 18.6% | 9.7% | 20.8% | 1.1% | 14.1% | 8.8% |
| ROA | 5.6% | 5.6% | 8.0% | 9.5% | -2.4% | 9.8% | 5.0% | 10.7% | 0.6% | 6.8% | 4.1% |
| ROIC | 5.7% | 5.7% | 6.4% | 5.8% | 5.6% | 4.9% | 4.5% | 17.0% | 1.1% | 4.1% | 8.0% |
| ROCE | 5.3% | 5.3% | 5.7% | 5.0% | 4.6% | 4.0% | 3.7% | 14.1% | 0.9% | 3.4% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.20 | 0.23 | 0.27 | 0.23 | 0.27 | 0.25 | 0.28 | 0.29 | 0.30 |
| Debt / EBITDA | 1.92 | 1.92 | 1.81 | 2.20 | 2.43 | 2.61 | 3.02 | 0.98 | 6.11 | 3.42 | 2.08 |
| Net Debt / Equity | — | 0.12 | 0.13 | 0.17 | 0.19 | 0.06 | 0.16 | 0.11 | 0.19 | 0.20 | 0.20 |
| Net Debt / EBITDA | 1.20 | 1.20 | 1.15 | 1.58 | 1.75 | 0.68 | 1.83 | 0.40 | 4.21 | 2.37 | 1.40 |
| Debt / FCF | — | 3.48 | 7.15 | 3.21 | 4.22 | 1.19 | 2.78 | 1.98 | 2.94 | 2.08 | 2.97 |
| Interest Coverage | 11.62 | 11.62 | 11.43 | 9.62 | 9.56 | 8.39 | 7.34 | 26.93 | 2.04 | 6.44 | 10.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.75 | 6.75 | 5.39 | 4.70 | 4.55 | 5.04 | 4.25 | 4.53 | 4.06 | 3.89 | 3.32 |
| Quick Ratio | 6.41 | 6.41 | 5.07 | 4.27 | 4.04 | 4.58 | 3.83 | 4.08 | 3.64 | 3.53 | 2.96 |
| Cash Ratio | 5.29 | 5.29 | 4.42 | 2.94 | 2.60 | 3.24 | 3.03 | 2.88 | 2.49 | 2.59 | 2.01 |
| Asset Turnover | — | 0.30 | 0.32 | 0.34 | 0.32 | 0.29 | 0.28 | 0.31 | 0.35 | 0.35 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 14.7% | 0.8% | 9.2% | 6.0% |
| FCF Yield | 6.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 4.5% | 7.0% | 4.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.3% | 0.0% | 0.0% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.2B | $2.3B | $2.4B | $2M | $2M | $2M | $2M |
Capital Deployment Size Drag
As reported in the quarterly financial data, Berkshire Hathaway achieved a combined ratio of 87.0% in 2026Q1, demonstrating a sustained ability to generate underwriting profits despite the inherent volatility of the global insurance and reinsurance markets that periodically impact the broader industry's loss ratios.
The company's ability to consistently maintain a combined ratio well below the 100% threshold suggests a disciplined approach to risk selection and pricing. This underwriting performance provides a reliable source of low-cost float, which remains a critical component of the firm's overall investment engine.
Based on the provided financial figures, the return on equity has trended downward from 6.8% in 2023Q4 to 1.4% in 2026Q1, indicating that the firm's massive capital base is increasingly difficult to deploy at historical rates of return as the company continues to grow.
The compression in ROE appears to be a function of the 'size drag' inherent in managing such a vast equity base, where the marginal utility of additional capital is diminishing. Investors should monitor whether this trend reflects a temporary cyclical lull or a more permanent structural shift in the firm's ability to generate excess returns.
According to the reported quarterly statements, the debt-to-equity ratio has remained remarkably stable, fluctuating between 0.18 and 0.23 over the last ten quarters, which underscores the firm's conservative approach to underwriting leverage and its reliance on internal capital rather than external financing.
This low leverage profile provides the company with significant strategic optionality, allowing it to act as a liquidity provider during market dislocations. The firm's ability to maintain such a fortress balance sheet while scaling its insurance operations suggests a high degree of resilience against potential catastrophic loss events.
As indicated by the provided valuation metrics, the P/E ratio of 9999.00 is a fundamentally flawed metric for this insurer, as it is heavily distorted by the accounting requirement to include unrealized investment gains and losses in the reported net income figures.
Investors should instead focus on price-to-book value as the primary valuation anchor, as it better reflects the underlying value of the invested assets backing the insurance reserves. Relying on P/E for a conglomerate with such a massive equity portfolio may lead to erroneous conclusions regarding the firm's true operational profitability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BRK-A stock.
Berkshire Hathaway Inc.'s current P/E ratio is 9999.0x. The historical average is 25.1x. This places it at the 100th percentile of its historical range.
Berkshire Hathaway Inc.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
Berkshire Hathaway Inc.'s return on equity (ROE) is 9.8%. The historical average is 8.9%.
Based on historical data, Berkshire Hathaway Inc. is trading at a P/E of 9999.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Berkshire Hathaway Inc. has 23.6% gross margin and 15.9% operating margin. Operating margin between 10-20% is typical for established companies.
Berkshire Hathaway Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.