Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 16.2x · 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 | $1.09T | $1.08T | $977.5B | $775.1B | $680.6B | $677.3B | $554.6B | $555.1B | $503.4B | $489.0B | $401.9B |
| Enterprise Value | $1.17T | $1.17T | $1.07T | $870.7B | $772.5B | $708.4B | $628.9B | $600.2B | $570.6B | $560.0B | $460.1B |
| P/E Ratio → | 16.24 | 16.19 | 10.98 | 8.06 | — | 7.54 | 13.04 | 6.82 | 125.26 | 10.88 | 16.70 |
| P/S Ratio | 2.93 | 2.92 | 2.63 | 2.13 | 2.25 | 2.45 | 2.26 | 2.18 | 2.03 | 2.04 | 1.87 |
| P/B Ratio | 1.51 | 1.51 | 1.50 | 1.36 | 1.41 | 1.32 | 1.23 | 1.30 | 1.43 | 1.39 | 1.41 |
| P/FCF | 43.41 | 43.30 | 84.15 | 26.02 | 31.28 | 25.91 | 20.72 | 24.45 | 22.02 | 14.35 | 20.52 |
| P/OCF | 23.65 | 23.59 | 31.95 | 15.76 | 18.28 | 17.18 | 13.94 | 14.35 | 13.46 | 10.68 | 12.35 |
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 | — | 3.15 | 2.89 | 2.39 | 2.56 | 2.57 | 2.56 | 2.36 | 2.30 | 2.33 | 2.14 |
| EV / EBITDA | 16.23 | 16.19 | 14.85 | 14.37 | 14.72 | 15.49 | 15.50 | 14.04 | 13.62 | 16.84 | 12.46 |
| EV / EBIT | 19.94 | 19.90 | 18.06 | 18.09 | 18.57 | 20.23 | 20.98 | 18.37 | 17.77 | 23.26 | 16.42 |
| EV / FCF | — | 46.78 | 92.40 | 29.23 | 35.50 | 27.09 | 23.50 | 26.43 | 24.96 | 16.44 | 23.50 |
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% | 20.5% | 20.5% | 17.6% | 21.5% |
| Operating Margin | 15.9% | 15.9% | 16.0% | 13.2% | 13.8% | 12.7% | 12.2% | 12.8% | 13.0% | 10.0% | 13.0% |
| Net Profit Margin | 18.0% | 18.0% | 24.0% | 26.4% | -7.5% | 32.6% | 17.3% | 32.0% | 1.6% | 18.7% | 11.2% |
| 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% | 6.3% | 5.8% | 5.6% | 4.9% | 4.5% | 5.5% | 5.7% | 4.7% | 6.9% |
| ROCE | 5.3% | 5.3% | 5.7% | 5.1% | 4.6% | 4.0% | 3.8% | 4.6% | 4.9% | 3.9% | 5.1% |
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 | 0.22 | 0.23 | 0.27 | 0.23 | 0.27 | 0.25 | 0.28 | 0.29 | 0.30 |
| Debt / EBITDA | 1.92 | 1.92 | 1.99 | 2.20 | 2.43 | 2.61 | 3.02 | 2.56 | 2.33 | 3.08 | 2.34 |
| Net Debt / Equity | — | 0.12 | 0.15 | 0.17 | 0.19 | 0.06 | 0.16 | 0.11 | 0.19 | 0.20 | 0.20 |
| Net Debt / EBITDA | 1.20 | 1.20 | 1.33 | 1.58 | 1.75 | 0.68 | 1.83 | 1.05 | 1.60 | 2.13 | 1.58 |
| Debt / FCF | — | 3.48 | 8.25 | 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 | 8.25 | 8.33 | 5.49 | 7.49 |
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 | 5.94 | 4.14 | 3.83 | 4.74 | 4.28 | 4.18 | 3.70 | 4.27 | 3.16 |
| Quick Ratio | 6.41 | 6.41 | 5.61 | 3.77 | 3.40 | 4.31 | 3.89 | 3.77 | 3.31 | 3.86 | 2.81 |
| Cash Ratio | 5.29 | 5.29 | 4.57 | 2.59 | 2.18 | 3.05 | 2.79 | 2.66 | 2.27 | 2.75 | 1.91 |
| Asset Turnover | — | 0.30 | 0.32 | 0.34 | 0.32 | 0.29 | 0.28 | 0.31 | 0.35 | 0.34 | 0.35 |
| 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 | 6.2% | 6.2% | 9.1% | 12.4% | — | 13.3% | 7.7% | 14.7% | 0.8% | 9.2% | 6.0% |
| FCF Yield | 2.3% | 2.3% | 1.2% | 3.8% | 3.2% | 3.9% | 4.8% | 4.1% | 4.5% | 7.0% | 4.9% |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 1.2% | 1.2% | 4.0% | 4.5% | 0.9% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 1.2% | 1.2% | 4.0% | 4.5% | 0.9% | 0.3% | 0.0% | 0.0% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.2B | $2.3B | $2.4B | $2.5B | $2.5B | $2.5B | $2.5B |
Catastrophic loss reserve volatility
Based on the reported P/B ratio of 1.49, the market appears to value the firm at a premium to book, which suggests investors are pricing in the unique structural advantage of the company's permanent capital base rather than just the underlying liquidation value of its diverse assets.
The current P/B multiple reflects a market consensus that the firm's ability to deploy float into high-barrier-to-entry monopolies creates value beyond simple book accounting. However, the forward P/E of 24.05 warrants caution, as it implies high growth expectations that may be difficult to sustain given the company's massive scale and the inherent size drag on future capital allocation.
As reported in the latest quarterly figures, the company maintained a combined ratio of 83.9% in 2026Q1, which indicates a robust underwriting profit that consistently insulates the firm from the volatility often seen in the broader insurance sector during periods of high catastrophe activity.
The consistent ability to keep the combined ratio well below the 100% threshold suggests that the firm's underwriting discipline remains a core pillar of its financial stability. Investors should monitor the loss ratio, which at 71.2% in 2026Q1, remains the primary variable that could compress underwriting margins if long-tail liability estimates require significant future upward revisions.
According to the provided financial data, the expense ratio has remained remarkably lean, reaching 12.7% in 2026Q1, which highlights the firm's ability to leverage its massive scale to keep administrative and acquisition costs significantly lower than those of smaller, less diversified insurance peers.
This efficiency is a critical component of the firm's cost-of-capital arbitrage, allowing it to retain a larger portion of the premium dollar for investment. The stability of this ratio suggests that the company's decentralized management structure effectively controls overhead, though any sudden spike in this metric may indicate a breakdown in the autonomy of its various insurance subsidiaries.
As indicated by the historical data, the most commonly misapplied metric for this insurer is GAAP net income, which is heavily distorted by unrealized gains and losses in the equity portfolio, thereby obscuring the actual cash-generating power of the firm's core insurance and industrial operations.
Investors should instead focus on operating earnings and the combined ratio to gauge the true health of the underwriting business. Relying on GAAP net income may lead to erroneous conclusions about the firm's profitability, as it treats temporary market fluctuations in equity holdings as permanent operational performance, which can lead to significant mispricing of the stock.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BRK-B stock.
Berkshire Hathaway Inc.'s current P/E ratio is 16.2x. The historical average is 26.8x. This places it at the 52th percentile of its historical range.
Berkshire Hathaway Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
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 16.2x. This is at the 52th 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.