Berkshire Hathaway
NYSE:BRK.B
$
504,34
$
+
$1,11 (0,22%)
504,34
$
+$1,11 (0,22%)
End-of-day quote: 12/05/2025
Berkshire Hathaway Stock Value
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Berkshire Hathaway Company Info
EPS Growth 5Y
17,60%
Market Cap
$1.085,58 B
Long-Term Debt
$115,40 B
Short Interest
2,52%
Annual earnings
02/27/2026
Dividend
$0,00
Dividend Yield
0,00%
Founded
1998
Industry
Country
ISIN Number
Website
Analyst Price Target
$510,00
1.12%
Last Update: 12/05/2025
Analysts: 3
Highest Price Target $595,00
Average Price Target $510,00
Lowest Price Target $481,00
In the last five quarters, Berkshire Hathaway’s Price Target has risen from $435,39 to $502,00 - a 15,30% increase. Three analysts predict that Berkshire Hathaway’s share price will increase in the coming year, reaching $510,00. This would represent an increase of 1,12%.
Top growth stocks in the financials sector (5Y.)
What does Berkshire Hathaway do?
Berkshire Hathaway Inc. (‘Berkshire’), through its subsidiaries, engages in numerous diverse business activities, including insurance, reinsurance, freight rail transportation, and a group of utility and energy generation and distribution businesses.
Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, and retailing activities.
Insurance Businesses
Berkshire’s insurance business activities are conducted through numerous domestic and forei...
Berkshire Hathaway Inc. (‘Berkshire’), through its subsidiaries, engages in numerous diverse business activities, including insurance, reinsurance, freight rail transportation, and a group of utility and energy generation and distribution businesses.
Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, and retailing activities.
Insurance Businesses
Berkshire’s insurance business activities are conducted through numerous domestic and foreign-based insurance subsidiaries. Berkshire’s insurance subsidiaries provide insurance and reinsurance of property and casualty risks, as well as life and health risks worldwide.
Insurers based in the U.S. are subject to regulation by their states of domicile and by those states in which they are licensed to write policies on an admitted basis. The primary focus of state regulation is to monitor the financial solvency of insurers and otherwise protect policyholder interests. States establish minimum capital levels for insurance companies and establish guidelines for permissible business and investment activities, and have the authority to suspend or revoke a company’s authority to do business. States regulate the payment of shareholder dividends by insurance companies and other transactions with affiliates.
Berkshire’s non-U.S. insurance operations are conducted through subsidiaries and branches of subsidiaries. Non-U.S. insurance subsidiaries are primarily located in Germany, Ireland, the United Kingdom (‘U.K.’), Australia, and South Africa, and branches are also maintained in several other countries. Most of these foreign jurisdictions impose local capital requirements. Other legal requirements involve discretionary licensing procedures, risk management and governance requirements, local retention of funds and records, and data privacy and protection programs. Berkshire’s international insurance companies are also subject to multinational application of certain U.S. laws.
Berkshire’s insurance underwriting operations include the following groups: GEICO, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group. Alleghany Corporation (‘Alleghany’), based in New York, New York, was acquired by Berkshire. Alleghany’s operating subsidiaries include property and casualty reinsurance and insurance businesses. Alleghany’s primary insurance businesses are included in the Berkshire Hathaway Primary Group, and its reinsurance businesses are included in the Berkshire Hathaway Reinsurance Group.
GEICO— GEICO’s insurance subsidiaries include Government Employees Insurance Company and several other insurance entities. The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all states, and the District of Columbia. GEICO subsidiaries also sell insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats, and small commercial automobile fleets. Marketing is primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through captive agents. GEICO also operates an insurance agency that offers insurance written by third parties for individuals desiring insurance coverages that are not sold by GEICO insurance subsidiaries, such as homeowners, renters, condominium, life, and identity protection insurance.
Berkshire Hathaway Primary Group—The Berkshire Hathaway Primary Group (‘BH Primary’) is a collection of independently managed insurers that provide a wide variety of insurance coverages to policyholders located principally in the U.S.
National Indemnity Company (‘NICO’), domiciled in Nebraska, and certain affiliates (‘NICO Primary’) underwrite commercial automobile and general liability insurance on an admitted basis and on an excess and surplus lines basis. Insurance coverage is offered nationwide primarily through insurance agents and brokers.
Berkshire Hathaway Homestate Companies (‘BHHC’) is a group of insurers offering workers’ compensation, commercial automobile, and commercial property coverages to a diverse client base. BHHC has a national reach, with the ability to provide first-dollar and small-to-large deductible workers’ compensation coverage to employers nationwide. NICO Primary and BHHC are each based in Omaha, Nebraska.
Berkshire Hathaway Specialty Insurance (‘BHSI’) offers commercial property and casualty, executive and professional, and various other insurance coverages through Berkshire Hathaway Specialty Insurance Company and several other Berkshire subsidiaries. BHSI writes primary and excess policies on an admitted and non-admitted basis in the U.S., and on a local or foreign non-admitted basis outside the U.S. BHSI is based in Boston, Massachusetts, and has regional offices in several other cities within the U.S. BHSI also maintains international offices and branches in Australia, Canada, New Zealand, and across several countries in Asia and Europe. BHSI writes insurance policies through wholesale and retail insurance brokers, as well as through managing general agents.
Alleghany’s property and casualty insurance business is conducted in the U.S. on both an admitted and non-admitted basis through RSUI Group, Inc. and its subsidiaries (‘RSUI’) and CapSpecialty, Inc. and its subsidiaries (‘CapSpecialty’). RSUI and CapSpecialty primarily write specialty insurance in the property, umbrella/excess liability, professional liability, directors’ and officers’ liability, and general liability lines of business. Insurance is written through independent wholesale insurance brokers, retail agents, and managing general agents.
MedPro Group (‘MedPro’) is a provider of healthcare liability (‘HCL’) insurance in the U.S. MedPro provides customized HCL insurance, as well as claims, patient safety, and risk solutions to physicians, surgeons, dentists, and other healthcare professionals, as well as hospitals, senior care, and other healthcare facilities. Additionally, MedPro provides HCL insurance solutions to international markets through other Berkshire insurance affiliates, offers professional liability insurance to other non-healthcare professionals, and provides specialized accident and health insurance solutions to colleges and other customers through its subsidiaries and other Berkshire subsidiaries. MedPro is based in Fort Wayne, Indiana. MLMIC Insurance Company (‘MLMIC’) writes medical professional liability insurance policies in New York State through brokers and on a direct basis to medical and dental professionals, health care providers, and hospitals. MLMIC is based in Albany, New York.
The U.S. Liability Insurance Company (‘USLI’) includes a group of five specialty insurers that underwrite commercial, professional, and personal lines of insurance on an admitted basis, as well as on an excess and surplus lines basis. USLI markets policies in all states, the District of Columbia, and Canada through wholesale and retail insurance agents. USLI also underwrites and markets a wide variety of specialty insurance products. USLI is based in Wayne, Pennsylvania. The GUARD Insurance Companies (‘GUARD’) consist of five insurance companies that provide a comprehensive suite of commercial insurance solutions to over 200,000 small-to-medium-sized businesses. These insurance products are accessible through independent agents and wholesale brokers. GUARD is based in Wilkes-Barre, Pennsylvania.
Berkshire Hathaway Direct Insurance Company and its affiliates (‘BH Direct’) offer commercial insurance products (including workers’ compensation, property, auto, general, and professional liability) to small business customers. BH Direct’s products are primarily sold through two internet-based distribution platforms, biBERK.com and Threeinsurance.com. BH Direct writes policies on an admitted basis and is based in Stamford, Connecticut.
Berkshire Hathaway Reinsurance Group—Berkshire’s combined global reinsurance business, referred to as the Berkshire Hathaway Reinsurance Group (‘BHRG’), offers a wide range of coverages on property, casualty, life, and health risks to insurers and reinsurers worldwide. BHRG conducts business activities in various countries. Reinsurance business is written through NICO and affiliates (‘NICO Group’), General Re Corporation and its subsidiaries (‘General Re Group’), and Transatlantic Reinsurance Company and its affiliates (‘TransRe Group’). The U.S. underwriting operations of the NICO Group and General Re Group are based in Stamford, Connecticut, while the TransRe Group is based in New York, New York.
Property/casualty
The NICO Group offers traditional property/casualty reinsurance on both an excess-of-loss and a quota-share basis, catastrophe excess-of-loss treaty and facultative reinsurance, and primary insurance on an excess-of-loss basis for very large or unusual risks. A significant portion of NICO Group’s annual reinsurance premium derives from a 20% quota-share agreement with Insurance Australia Group Limited (‘IAG’). This quota-share agreement expires December 31, 2029. IAG is a multi-line insurer in Australia, New Zealand, and other Asia-Pacific countries.
The General Re Group is a global property and casualty reinsurance business. Reinsurance contracts are written on both a quota-share and excess-of-loss basis for multiple lines of business. Contracts are primarily in the form of treaties, and to a lesser degree, on a facultative basis. The General Re Group conducts business in North America, primarily marketed on a direct basis through General Reinsurance Corporation (‘GRC’), which is licensed in the District of Columbia and all states, except Hawaii, where it is an accredited reinsurer. GRC also conducts operations in North America through numerous branch offices in the U.S. and Canada.
In North America, the General Re Group includes General Star National Insurance Company, General Star Indemnity Company, and Genesis Insurance Company, which offer a broad array of specialty and surplus lines and property, casualty, and professional liability coverages. These companies offer solutions for the unique needs of public entity, commercial, and captive customers, and their business is marketed through a select group of wholesale brokers, managing general underwriters, and program administrators.
The General Re Group’s international reinsurance business is primarily written on a direct basis through General Reinsurance AG, based in Cologne, Germany, and subsidiaries and branches in numerous other countries, as well as through brokers by Faraday Corporate Capital Limited, which participates in the Lloyd’s of London market through Syndicate 435.
The TransRe Group provides quota-share and excess-of-loss reinsurance across various property and casualty lines of business. Contracts are written on both a treaty and facultative basis to insurance companies in the U.S. and in foreign markets through subsidiaries and branches in numerous countries. Business is written primarily through brokers, and to a lesser extent, on a direct basis.
Life/health
The General Re Group also conducts a global life and health reinsurance business. In 2024, net premiums written were primarily in the Asia-Pacific, the U.S., and Western Europe regions. The General Re Group underwrites life, disability, supplemental health, critical illness, and long-term care risks on a direct basis.
Berkshire Hathaway Life Insurance Company of Nebraska (‘BHLN’) and its affiliates write reinsurance covering various forms of traditional life insurance exposures and reinsured certain guaranteed minimum death, income, and similar risks on closed-blocks of variable annuity risks, which are in run-off.
Retroactive reinsurance
Retroactive reinsurance contracts indemnify ceding companies for adverse development of claims arising from loss events that have already occurred under property and casualty policies issued in prior years. Coverage under such contracts is provided on an excess basis (above a stated retention) or for losses payable after the inception of the contract with no additional ceding company retention. Contracts are normally subject to aggregate limits of indemnification.
Periodic payment annuity
BHLN writes periodic payment annuity insurance policies and reinsures annuity-like obligations. Under these policies, BHLN receives upfront consideration and agrees in the future to make periodic payments that often extend for decades. These policies generally relate to the settlement of underlying personal injury or workers’ compensation claims of other insurers, known as structured settlements. BHLN wrote no new policies in 2023 and 2024 in response to changing economic and market conditions.
Investments of insurance businesses—Berkshire’s insurance subsidiaries hold significant levels of invested assets. Investments include a very large portfolio of publicly traded equity securities, which are unusually concentrated in relatively few companies, as well as in short-term investments and fixed maturity securities.
Burlington Northern Santa Fe
Burlington Northern Santa Fe, LLC (‘BNSF’) is based in Fort Worth, Texas, and through BNSF Railway Company (‘BNSF Railway’) operates one of the largest railroad systems in North America.
In serving the Midwest, Pacific Northwest, Western, Southwestern, and Southeastern regions, and certain ports of the U.S., BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural, and natural resource industries. Freight revenues are covered by contractual agreements of varying durations or common carrier published prices or company quotations. BNSF’s financial performance is influenced by, among other things, general and industry economic conditions at the international, national, and regional levels.
BNSF Railway’s primary routes, including trackage rights, allow it to access major cities and certain ports in the western and southern U.S., as well as parts of Canada and Mexico. In addition to major cities and ports, BNSF Railway efficiently serves many smaller markets by working closely with approximately 200 shortline railroads. BNSF Railway has also entered into marketing agreements with other rail carriers, expanding the marketing reach for each railroad and their customers. Freight revenues are classified into the following categories: consumer products, industrial products, agricultural products, and coal. The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.
Regulatory Matters
BNSF is subject to federal, state, and local laws and regulations generally applicable to its businesses. Rail operations are subject to the regulatory jurisdiction of the Surface Transportation Board (‘STB’), the Federal Railroad Administration of the U.S. Department of Transportation (‘DOT’), the Occupational Safety and Health Administration (‘OSHA’), the Environmental Protection Agency (‘EPA’), as well as other federal and state regulatory agencies and Canadian regulatory agencies for operations in Canada.
The DOT, OSHA, and EPA have jurisdiction under several federal statutes over a number of safety, health, and environmental aspects of rail operations, including the transportation of hazardous materials. BNSF Railway is required to transport these materials to the extent of its common carrier obligation.
Environmental Matters
Many of BNSF’s land holdings are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies. Under federal statutes (in particular, the Comprehensive Environmental Response, Compensation and Liability Act) and state statutes, BNSF may be held jointly and severally liable for cleanup and enforcement costs associated with a particular site without regard to fault or the legality of the original conduct.
Competition
BNSF Railway’s primary rail competitor in the Western region of the U.S. is the Union Pacific Railroad Company. Other Class I railroads and numerous regional railroads and motor carriers also operate in parts of the same territories served by BNSF Railway.
Berkshire Hathaway Energy
Berkshire Hathaway Energy Company (‘BHE’) is a holding company with investments in a diversified portfolio of locally managed and operated businesses, principally within the energy industry. BHE’s domestic regulated energy interests comprise four regulated U.S. utility companies (collectively, ‘U.S. utilities’) serving approximately 5.3 million retail customers and five U.S. interstate natural gas pipeline companies with approximately 21,000 miles of operated pipeline having a design capacity of approximately 21.5 billion cubic feet of natural gas per day. Other energy businesses include electric transmission and distribution operations in Great Britain and Canada, a diversified portfolio of mostly renewable independent power projects and investments, and a liquefied natural gas export, import, and storage facility. BHE also has an investment in a residential real estate brokerage firm in the U.S. and is a franchisor to a large network of residential real estate brokerages in the U.S.
Energy businesses
BHE’s U.S. utilities include PacifiCorp, MidAmerican Energy Company (‘MEC’), and NV Energy, Inc.’s (‘NV Energy’) two regulated utility subsidiaries, Nevada Power Company (‘Nevada Power’) and Sierra Pacific Power Company (‘Sierra Pacific’).
PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho, and California. The combined service territory’s diverse regional economy ranges from rural, agricultural, and mining areas to urban, manufacturing, and government service centers.
MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota, and Nebraska. MEC’s diverse retail customer base operates in the electronic data storage, agricultural, manufacturing, and government service centers industries. In addition to retail sales and natural gas transportation, MEC sells electricity and natural gas on a wholesale basis.
Nevada Power serves retail electric customers in southern Nevada, and Sierra Pacific serves retail electric and natural gas customers in northern Nevada. The combined Nevada Power/Sierra Pacific service territory economy includes retail customers in the gaming, mining, recreation, warehousing, manufacturing, and governmental service centers sectors. In addition to retail sales and natural gas transportation, these utilities buy and sell electricity and natural gas on a wholesale basis.
As vertically integrated utilities, BHE’s U.S. utilities collectively own approximately 31,300 net megawatts of generation capacity in operation and under construction. The U.S. utilities’ business is subject to seasonal variations principally related to the use of electricity for air conditioning and natural gas for heating. Typically, regulated electric revenues are higher in the summer months, while regulated natural gas revenues are higher in the winter months.
The natural gas pipelines consist of BHE GT&S, LLC (‘BHE GT&S’), Northern Natural Gas Company (‘Northern Natural’), and Kern River Gas Transmission Company (‘Kern River’).
BHE GT&S, based in Virginia, operates three interstate natural gas pipeline systems that consist of approximately 5,400 miles of natural gas transmission, gathering, and storage pipelines and operates seventeen underground natural gas storage fields in the eastern region of the U.S. BHE GT&S’s large underground natural gas storage assets and pipeline systems are part of an interconnected gas transmission network that provides transportation services to utilities and numerous other customers.
Northern Natural, based in Nebraska, operates the largest interstate natural gas pipeline system in the U.S., as measured by pipeline miles, reaching from west Texas to Michigan’s Upper Peninsula. Northern Natural’s pipeline system consists of approximately 14,200 miles of natural gas pipelines. Northern Natural’s extensive pipeline system, which is interconnected with many interstate and intrastate pipelines in the national grid system, has access to supplies from multiple major supply basins and provides transportation services to utilities and numerous other customers. Northern Natural also operates three underground natural gas storage facilities and two liquefied natural gas storage peaking units. Northern Natural’s pipeline system experiences significant seasonal swings in demand and revenue, with the highest demand typically occurring during the months of November through March.
Kern River, based in Utah, operates an interstate natural gas pipeline system that consists of approximately 1,400 miles and extends from supply areas in the Rocky Mountains to consuming markets in Utah, Nevada, and California.
Other energy businesses include Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc, which own a substantial electricity distribution network that delivers electricity to end-users in northeast England, in an area covering approximately 10,000 square miles. These distribution companies primarily charge supply companies regulated tariffs for the use of their distribution systems and serve about 4.0 million electricity end-users. AltaLink L.P. (‘AltaLink’) is a regulated electric transmission-only utility company headquartered in Calgary, Alberta. AltaLink’s high voltage transmission lines and related facilities transmit electricity from generating facilities to major load centers, cities, and large industrial plants throughout its 87,000 square mile service territory. AltaLink serves approximately 85% of Alberta’s population. BHE and its subsidiaries also own interests in independent power projects having approximately 6,100 net megawatts of generation capacity that are in service and under construction in California, Texas, Illinois, Nebraska, Montana, Australia, New York, Arizona, Canada, West Virginia, Minnesota, Kansas, Iowa, and Hawaii.
Regulatory Matters
The U.S. utilities are subject to comprehensive regulation by various federal, state, and local agencies. The Federal Energy Regulatory Commission (‘FERC’) is an independent agency with broad authority to implement provisions of the Federal Power Act, the Energy Policy Act of 2005, and other federal statutes. MEC is also subject to regulation by the Nuclear Regulatory Commission pursuant to the Atomic Energy Act of 1954, as amended, with respect to its 25% ownership of the Quad Cities Nuclear Station.
Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc each charge fees for the use of their distribution systems that are controlled by a formula prescribed by the Gas and Electricity Markets Authority, the British electricity regulatory body. The electricity distribution price control runs from April 1, 2023, through March 31, 2028.
AltaLink is regulated by the Alberta Utilities Commission (‘AUC’), pursuant to the Electric Utilities Act (Alberta), the Public Utilities Act (Alberta), the Alberta Utilities Commission Act (Alberta), and the Hydro and Electric Energy Act (Alberta). Under the Electric Utilities Act, AltaLink prepares and files applications with the AUC for approval of tariffs to be paid by the Alberta Electric System Operator (‘AESO’) for the use of its transmission facilities, and the terms and conditions governing the use of those facilities. The AESO is an independent system operator in Alberta, Canada, that oversees Alberta’s integrated electrical system (‘AIES’) and wholesale electricity market. The AESO is responsible for directing the safe, reliable, and economic operation of the AIES, including long-term transmission system planning.
The natural gas pipeline and storage operations of BHE GT&S, Northern Natural, and Kern River are regulated by the FERC pursuant to the Natural Gas Act and the Natural Gas Policy Act of 1978. Interstate natural gas pipeline companies are also subject to regulations administered by the Office of Pipeline Safety within the Pipeline and Hazardous Materials Safety Administration, an agency of the DOT. Federal pipeline safety regulations are issued pursuant to the Natural Gas Pipeline Safety Act of 1968, as amended, which establishes safety requirements in the design, construction, operation, and maintenance of interstate natural gas pipeline facilities.
Environmental Matters
BHE and its energy businesses are subject to federal, state, local, and foreign laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal, and other environmental matters that have the potential to impact current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations, such as the Federal Clean Air Act, provide regulators with the authority to levy substantial penalties for noncompliance, including fines, injunctive relief, and other sanctions.
Non-Energy Businesses
HomeServices of America, Inc. (‘HomeServices’) is a residential real estate brokerage firm in the U.S. In addition to providing traditional residential real estate brokerage services, HomeServices offers other integrated real estate services, including mortgage originations and mortgage banking, title and closing services, insurance, home warranties, relocation services, and other home-related services. It operates under multiple brand names with approximately 37,700 real estate agents in nearly 820 brokerage offices in various states and the District of Columbia.
HomeServices’ franchise network includes approximately 270 franchisees and over 1,400 brokerage offices with approximately 44,700 third-party real estate agents under two brand names. In exchange for franchise fees, HomeServices provides the right to use the Berkshire Hathaway HomeServices or Real Living brand names and other related service marks, as well as providing orientation programs, training and consultation services, advertising programs, and other services.
HomeServices’ principal sources of revenue are dependent on residential real estate transaction volumes, which are normally higher in the second and third quarters of each year. This business is highly competitive and subject to general real estate market conditions.
Manufacturing Businesses
Berkshire’s numerous and diverse manufacturing subsidiaries are grouped into three categories: industrial products, building products, and consumer products. Berkshire’s industrial products businesses manufacture components for aerospace and power generation applications, specialty chemicals, metal cutting tools, and a variety of other products primarily for industrial use. The building products group produces prefabricated and site-built residential homes, flooring products, insulation, roofing and engineered products, building and engineered components, paint and coatings, and bricks and masonry products. The consumer products group manufactures and/or distributes recreational vehicles, batteries, various apparel, footwear, and other products.
Industrial products
Precision Castparts
Precision Castparts Corp. (‘PCC’), based in Lake Oswego, Oregon, manufactures complex metal components and products and provides high-quality investment castings, forgings, fasteners/fastener systems, and aerostructures for critical aerospace and power and energy applications. PCC also manufactures investment castings and forgings for general industrial, armament, medical, and other applications; nickel, titanium, and cobalt alloys in all standard mill forms, including specialty alloys used to produce investment castings and forgings for the aerospace, chemical processing, oil and gas, pollution control, and other industries; fasteners and engineered products for automotive and general industrial markets; and other products and services for various markets and applications.
Investment casting technology involves a multi-step process that uses ceramic molds in the manufacture of metal components with more complex shapes, closer tolerances, and finer surface finishes than parts manufactured using other methods. PCC uses this process to manufacture products for aircraft engines, industrial gas turbine and other aeroderivative engines, airframes, medical implants, armament, unmanned aerial vehicles, and other industrial applications. PCC also manufactures high-temperature carbon and ceramic composite components, including ceramic matrix composites, for use in next-generation aerospace engines.
PCC uses forging processes to manufacture components for the aerospace and power generation markets. PCC manufactures high-performance, nickel-based alloys, as well as titanium alloys and products. PCC’s nickel-based alloys are used to produce forged components and investment castings for aerospace and non-aerospace applications in such markets as oil and gas, chemical processing, and pollution control. PCC’s titanium products are used to manufacture components for the commercial and military aerospace, power generation, energy, medical, and industrial end markets.
PCC is also a developer and manufacturer of highly engineered fasteners, fastener systems, aerostructures, and precision components, primarily for critical aerospace applications. These products are produced for the aerospace and power and energy markets, as well as for construction, automotive, heavy truck, farm machinery, mining and construction equipment, shipbuilding, machine tools, appliances, and recreation markets.
PCC has several significant customers, including aerospace original equipment manufacturers (‘OEMs’) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce, and Pratt & Whitney). The majority of PCC’s sales are from customer orders or demand schedules pursuant to long-term agreements.
Lubrizol
The Lubrizol Corporation (‘Lubrizol’), headquartered in Wickliffe, Ohio, is a specialty chemical and performance materials company that manufactures products and supplies technologies for the global transportation, industrial, and consumer markets. Lubrizol operates two business segments: Lubrizol Additives, which produces engine lubricant additives, driveline lubricant additives, and industrial specialties products; and Lubrizol Advanced Materials, which includes engineered materials (engineered polymers and performance coatings) and life sciences (beauty, personal care, health, and home care solutions).
Lubrizol Additives’ products are used in a broad range of applications, including engine oils, transmission fluids, gear oils, specialty driveline lubricants, fuels, metalworking fluids, and compressor lubricants for transportation and industrial applications. Lubrizol Advanced Materials’ products are used in many different types of applications, including beauty, personal care, home care, over-the-counter pharmaceuticals, medical devices, performance coatings, sporting goods, plumbing, and fire sprinkler systems. Lubrizol is an industry leader in many of the markets in which it competes. Lubrizol Additives’ principal competitors are Infineum International Ltd., Chevron Oronite Company, and Afton Chemical Corporation. Lubrizol Advanced Materials’ businesses compete in many markets with a variety of competitors in each product line.
Lubrizol uses its technological leadership position and applies its scientific capabilities, formulation know-how, and market expertise in product development to improve the demand, quality, and value of its products. Lubrizol also leverages its scientific and applications knowledge to meet and exceed customer performance and sustainability requirements. While Lubrizol typically has patents that expire each year, it invests resources to protect its intellectual property and to develop or acquire innovative products for the markets it serves. Lubrizol uses many specialty and commodity chemical raw materials in its manufacturing processes.
Lubrizol operates its business on a global basis through more than 100 offices, laboratories, production facilities, and warehouses on a few continents, the most significant of which are North America, Europe, Asia, and South America. Lubrizol markets its products worldwide through direct sales, sales agents, and distributors. Lubrizol’s customers principally consist of major global and regional oil companies and industrial and consumer products companies.
IMC International Metalworking Companies
IMC International Metalworking Companies and its subsidiaries (‘IMC’) is one of the three largest multinational manufacturers of consumable precision carbide metal cutting tools for applications in a broad range of industrial end markets. IMC’s primary brand names include ISCAR, TaeguTec, Ingersoll, Tungaloy, and NTK. Other IMC brand names include, among others, Unitac, UOP, It.te.di, Qutiltec, Tool—Flo, PCT, IMCO, BSW, RKS, Supermill, and Neoboss. IMC’s primary manufacturing facilities are in Israel, the U.S., South Korea, Japan, Germany, Italy, Switzerland, India, China, and Mexico.
IMC has six primary product lines: milling tools, parting and grooving tools, turning/thread tools, hole making tools, round tools, and tooling. These main product lines are split between consumable cemented tungsten carbide inserts and steel tool holders. Inserts comprise a major portion of IMC’s sales and earnings. Metal cutting inserts are used by industrial manufacturers to cut metals and are consumed during their use in cutting applications. Steel tool holders are used to hold the insert against the cutting piece. IMC manufactures hundreds of types of highly engineered inserts within each product line that are tailored to maximize productivity and meet the technical requirements of customers. IMC’s staff of scientists and engineers continuously develop and innovate products that address end-user needs and requirements.
IMC’s global sales and marketing network operates in nearly every major manufacturing center around the world, staffed with highly skilled engineers and technical personnel. IMC’s customer base is very diverse, with its primary customers being large, multinational businesses in the automotive, aerospace, engineering, and machinery industries. IMC operates a regional central warehouse system with locations in Israel, the U.S., Belgium, South Korea, Japan, and China. Additional small quantities of products are maintained at local IMC sales offices to provide on-time customer support and inventory management.
Cemented tungsten carbide powder is the main raw material used in manufacturing cutting tools. Most of IMC’s insert products are made from tungsten. While supplies are currently adequate, significant disruptions or constraints in production processing facilities could cause reduced availability and increased prices.
Marmon
Marmon Holdings, Inc. (‘Marmon’), headquartered in Chicago, Illinois, is a global industrial organization comprising eleven diverse business groups and more than 120 autonomous manufacturing and service businesses. Marmon’s manufacturing and service operations are conducted at approximately 650 manufacturing, distribution, and service facilities located primarily in the U.S., as well as 17 other countries worldwide. Marmon’s business groups are as follows.
The Foodservice Technologies group manufactures beverage dispensing and cooling equipment, hot and cold food preparation and holding equipment, and related products for restaurants, global brand owners, and other foodservice providers. Operations are based in the U.S. with manufacturing facilities in the U.S., Mexico, China, the Czech Republic, and Italy. Products are sold primarily throughout the U.S., Europe, and Asia.
The Water Technologies group manufactures water treatment equipment for residential, commercial, and industrial applications worldwide. Operations are based primarily in the U.S., Canada, China, Singapore, India, and Poland, with business centers located in Belgium, France, Germany, the U.K., and Italy.
The Transportation Products group serves the automotive and heavy-duty highway transportation industries with precision-molded plastic components, aluminum tubing and extrusions, replacement parts and solutions for the automotive aftermarket, dry van, flatbed, lowbed, and specialty trailers, and truck and trailer components. Operations are conducted primarily in the U.S., Mexico, Canada, Europe, and China.
The Retail Solutions group provides retail environment design services, in-store digital merchandising, dispensing and display fixtures, and shopping, material handling, and security carts. Operations are conducted in the U.S., the U.K., and the Czech Republic.
The Metal Services group provides specialty metal pipe, tubing, and related value-added services to customers across a broad range of industries, including aerospace, construction, and agricultural. Operations are conducted in the U.S., India, Poland, Singapore, the U.K., the Netherlands, Canada, and Mexico.
The Electrical group produces electrical wire for use in residential and commercial buildings, and specialty wire and cable for use in energy, transit, aerospace, defense, communication, and other industrial applications. Operations are conducted in the U.S., Canada, India, and England.
The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum, and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning, and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units, and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications. Key raw materials, including aluminum, copper, and stainless steel, are widely available. Operations are conducted primarily in the U.S., Canada, and the U.K.
The Industrial Products group supplies construction fasteners, masonry and stone anchoring systems used in commercial construction, two-component polymer products for anchoring, bonding, and repair applications, gloves and other protective wear, gear drives, gearboxes, fan and pump drives for various markets, wind machines for agricultural use, wheels, axles, and gears for rail, mining, and other applications, lighting products for industrial and mining, equipment for the manufacture and assembly of lead-acid batteries, and the manufacturing and installation of after-life service products. Operations are primarily based in the U.S., the U.K., Canada, and China.
The Rail & Leasing group manufactures, leases, and maintains railcars, leases intermodal tank containers, manufactures mobile railcar movers, provides in-plant rail switching and loading services, performs track construction and maintenance, and manufactures steel tank heads and cylinders.
Union Tank Car Company (‘UTLX’) is the largest component of the Rail & Leasing group and is a designer, builder, and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 119,000 railcars for lease to customers in chemical, petrochemical, energy, and agricultural/food industries. UTLX manufactures tank cars in the U.S. and performs railcar maintenance services at more than 100 locations across North America.
UTLX has a diversified customer base, both geographically and across industries. UTLX, while subject to cyclicality and significant competition in most of its markets, competes by offering a broad range of high-quality products and services targeted at its niche markets. Railcars are typically leased for multiple-year terms, and most of the leases are renewed upon expiration. Due to selective ongoing capital investment, utilization rates (the number of railcars on lease as a percentage of the total fleet) are generally high.
Intermodal tank containers are leased through EXSIF Worldwide (‘EXSIF’). EXSIF is an international lessor of intermodal tank containers with a fleet of approximately 75,000 units, primarily serving chemical producers and logistics operators.
The Crane Services group is a provider of mobile cranes and operators in North America and Australia, with a combined fleet of approximately 1,100 cranes, primarily serving the energy, mining, petrochemical, and infrastructure markets. Cranes are leased on a fully operated and maintained service basis or on an equipment-only basis. The Crane Services group is subject to customer seasonality, with concentration of volume typically in the warmer months.
The Medical group develops, manufactures, and sells a wide range of innovative medical devices in the extremities fixation, craniomaxillofacial surgery, neurosurgery, aesthetics, and powered instruments markets. The group’s medical technology and products are used globally to help improve patient care and outcomes. Operations are based in the U.S., Europe, and China, and business is conducted primarily in North and South America, Europe, Asia, and Australia.
Certain Marmon businesses, including the Rail & Leasing and Medical groups, are subject to government regulation and oversight. Marmon has numerous known environmental matters that are subject to ongoing monitoring and/or remediation efforts. Marmon follows all federal, state, and local environmental regulations.
Other industrial products
CTB International Corp. (‘CTB’), headquartered in Milford, Indiana, is a global designer, manufacturer, and marketer of a wide range of agricultural systems and solutions for preserving grain, producing poultry, pigs, and eggs, and for processing poultry, fish, vegetables, and other foods. CTB operates from facilities located around the globe and supports customers through a worldwide network of independent distributors and dealers.
LiquidPower Specialty Products Inc. (‘LSPI’), headquartered in Houston, Texas, is a global leader in the science of drag reduction application (‘DRA’) technology by maximizing the flow potential of pipelines, increasing operational flexibility and throughput capacity, and efficiencies for customers. LSPI develops innovative flow improver solutions with customers in various countries on five continents, treating over 50 million barrels of hydrocarbon liquids per day. LSPI’s DRA offering is part of a comprehensive, full-service solution that encompasses technology, quality manufacturing, technical support and consulting, a reliable supply chain, injection equipment, and field service. LSPI is subject to foreign, federal, state, and local laws to protect the environment and limit manufacturing waste and emissions.
The industrial products group also includes W&W|AFCO Steel (‘W&W|AFCO’), a structural steel fabricator and steel construction business in North America. W&W|AFCO operates multiple steel fabrication plants located across the U.S. W&W|AFCO’s projects include semiconductor plants, stadiums, high-rise buildings, bridges, mining facilities, aircraft hangars, military projects, automotive assembly plants, as well as international projects. W&W|AFCO’s multiyear backlog of projects at the end of 2024 was substantial. W&W|AFCO was acquired in connection with the Alleghany acquisition, and its headquarters are in Oklahoma City, Oklahoma.
Building Products
Clayton
Clayton Homes, Inc. (‘Clayton’), headquartered near Knoxville, Tennessee, is a vertically integrated housing company offering off-site (factory) and site-built homes, including modular, manufactured, CrossMod, town homes, and tiny homes. In 2024, Clayton completed approximately 51,000 off-site built homes, over 95% of which were built to the Department of Energy’s Zero Energy Ready Home program requirements, as well as approximately 10,000 site-built homes. Clayton also offers home financing and other financial services and competes on price, service, location, and delivery capabilities.
All Clayton Built off-site built homes are designed, engineered, and assembled in the U.S. As of December 2024, Clayton sells off-site built homes through independent and company-owned home centers, realtors, and subdivision channels. Clayton considers its ability to offer financing to retail purchasers a factor affecting the marketplace acceptance of its off-site built homes. Clayton’s financing programs utilize proprietary loan underwriting guidelines to evaluate loan applicants.
Clayton’s site-built division, Clayton Properties Group (‘CPG’), includes nine builders across various states with nearly 300 subdivisions, supplementing the portfolio of housing products offered to customers. CPG owned and controlled approximately 66,000 homesites as of December 2024.
Clayton’s home building business regularly makes capital and non-capital expenditures with respect to compliance with federal, state, and local environmental regulations, primarily related to erosion control, permitting, and stormwater protection for site-built home subdivisions. The financing business originates and services loans that are federally regulated by the Consumer Financial Protection Bureau, various state regulatory agencies, and reviewed by the U.S. Department of Housing and Urban Development, the Government National Mortgage Association, and government-sponsored enterprises.
Shaw
Shaw Industries Group, Inc. (‘Shaw’), headquartered in Dalton, Georgia, is a manufacturer and distributor of carpet, carpet tile, and hard surface flooring products. Shaw designs and manufactures over 4,100 styles of tufted carpet, wood, and resilient flooring for residential and commercial use under numerous brand and trade names, and under certain private labels. Soft and hard surface products are available in a broad range of patterns, colors, and textures. Shaw’s carpet manufacturing operations are fully integrated from the processing of raw materials used to make fiber through the carpet finishing. Shaw’s flooring business is primarily in the U.S. Shaw also manufactures carpet tile in China and the U.K., and distributes carpet tile throughout Europe and Southeast Asia. It manufactures or distributes a variety of hardwood, wood plastic composite, stone plastic composite, vinyl, and laminate floor products (collectively, ‘hard surfaces’). Shaw’s Integrated Solutions business also provides project management and installation services.
Shaw products are sold wholesale to over 42,000 retailers, distributors, and commercial users throughout the world. Shaw’s wholesale products are marketed domestically by over 1,800 salaried and commissioned sales personnel directly to retailers and distributors and to large national accounts.
Substantially all carpet manufactured by Shaw is tufted carpet made from nylon, polypropylene, and polyester, as well as recycled materials. During 2024, Shaw processed approximately 95% of its requirements for carpet yarn in its own yarn processing facilities.
Johns Manville
Johns Manville Corporation (‘JM’), headquartered in Denver, Colorado, is a manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens. JM serves markets that include residential and non-residential buildings, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, air and liquid filtration, waterproofing, flooring, interiors, aerospace, and wind energy. Fiberglass is the basic material in many of JM’s products, although JM also manufactures a significant portion of its products with other materials to satisfy the broader needs of its customers.
JM regards its patents and licenses as valuable; however, it does not consider any of its businesses to be materially dependent on any single patent or license.
JM’s operations are subject to a variety of federal, state, and local environmental laws and regulations, which regulate or impose liability for the discharge of materials into the air, land, and water, and govern the use and disposal of hazardous substances and use of chemical substances. The most relevant of the federal laws are the Federal Clean Air Act, the Clean Water Act, the Toxic Substances Control Act, the Resource Conservation and Recovery Act, and the Comprehensive Environmental Response, Compensation and Liability Act, which are administered by the EPA. Canadian and European regulatory authorities have also adopted their own environmental laws and regulations.
JM sells its products through a wide variety of channels, including contractors, distributors, retailers, manufacturers, and fabricators. JM operates in highly competitive markets, with competitors comprising primarily of large global and national manufacturers and smaller regional manufacturers. JM holds leadership positions in the key markets that it serves. JM’s products compete primarily on value, differentiation, and customization, breadth of product line, quality, and service. Sales of JM’s products are moderately seasonal due to increases in construction activity that typically occur in the second and third quarters of the calendar year.
MiTek
MiTek Industries, Inc. (‘MiTek’), based in Chesterfield, Missouri, operates in two separate building markets: residential and commercial. MiTek operates worldwide with sales in over 60 countries and with manufacturing facilities and/or sales/engineering offices located in 16 countries.
In the residential building market, MiTek is a supplier of engineered connector products, construction hardware, engineering software and services, and computer-driven manufacturing machinery to the truss component market of the building components industry. MiTek’s primary customers are component manufacturers who manufacture prefabricated roof and floor trusses and wall panels for the residential building market. MiTek also sells construction hardware to commercial distributors and retail stores for do-it-yourself customers.
Benjamin Moore
Benjamin Moore & Co. (‘Benjamin Moore’), headquartered in Montvale, New Jersey, is one of North America’s manufacturers of premium quality residential, commercial, and industrial maintenance coatings. Benjamin Moore is committed to innovation and sustainable manufacturing practices. The Benjamin Moore premium portfolio includes Aura, Regal Select, Ben, Advance, Element Guard, Woodluxe, Ultra Spec, and others. The Benjamin Moore diversified brands include specialty and architectural paints from Coronado and Insl-x.
Benjamin Moore coatings are available through more than 8,000 independently owned and operated paint, decorating, and hardware retailers, including approximately 4,000 Ace Hardware (‘Ace’) stores, throughout the U.S. and Canada, as well as several countries globally. Benjamin Moore is the preferred paint supplier for Ace stores through an agreement that permits Ace stores to carry specified Benjamin Moore products. Additionally, Benjamin Moore manufactures Clark+Kensington and Royal brands, as well as the balance of Ace’s private label paint brands.
Benjamin Moore also allows customers to directly order coatings or color samples online or via its customer information center for national accounts.
Benjamin Moore competes with numerous manufacturers, distributors, and paint, coatings, and related products retailers. Product quality, product innovation, breadth of product line, technical expertise, service, and price determine the competitive advantage. Competitors include other premium paint and decorating stores, mass merchandisers, home centers, independent hardware stores, hardware chains, and manufacturer-operated direct outlets, such as Sherwin-Williams Company, The Pittsburgh Paints Company, The Home Depot, Inc., Lowe’s Companies, Inc., and Farrow & Ball.
Acme
Acme Brick Company (‘Acme’), headquartered in Fort Worth, Texas, manufactures and distributes clay bricks (Acme Brick) and concrete block (Featherlite). In addition, Acme distributes numerous other building products of other manufacturers, including cladding, floor and wall tile, wood flooring, and other masonry products. Products are sold primarily in the South Central and Southeastern U.S. through company-operated sales offices. Acme distributes products primarily to homebuilders and masonry and general contractors.
The demand for Acme’s products is seasonal, with higher sales in the warmer weather months, and is subject to the level of construction activity, which is cyclical.
Consumer Products
Recreational vehicles
Forest River, Inc. (‘Forest River’), headquartered in Elkhart, Indiana, is a manufacturer of recreational vehicles (‘RV’), utility cargo trailers, buses, and pontoon boats with products sold in the U.S. and Canada through an independent dealer network. Forest River has numerous manufacturing facilities located in seven states and is a manufacturer of RVs with numerous brand names, including Forest River, Coachmen RV, and Prime Time. Utility cargo trailers are sold under a variety of brand names. Buses are sold under several brand names, including Starcraft Bus. Pontoon boats are sold under the Berkshire, South Bay, and Trifecta brand names.
Forest River is subject to regulations of the National Traffic and Motor Vehicle Safety Act, the safety standards for recreational vehicles established by the U.S. Department of Transportation, and similar laws and regulations issued by the Canadian government. Forest River is a member of the Recreational Vehicle Industry Association, a voluntary association of RV manufacturers that promotes safety standards for RVs.
Apparel and footwear
Fruit of the Loom, Inc. (‘FOL’), headquartered in Bowling Green, Kentucky, is primarily a manufacturer and distributor of basic apparel, underwear, outerwear, athletic apparel, and sports equipment. Products under the Fruit of the Loom and JERZEES labels are primarily sold in the mass merchandise, mid-tier chains, and wholesale markets. In the Vanity Fair Brands product line, Vassarette, Curvation, and Radiant by Vanity Fair are sold in the mass merchandise market, while other Vanity Fair products are sold to mid-tier chains and department stores. FOL also markets and sells athletic apparel and sports equipment to team dealers and to sporting goods retailers under the Russell Athletic and Spalding brands.
FOL generally performs its own knitting, cloth finishing, cutting, sewing, and packaging for apparel. For the North American market, which is FOL’s predominant sales region, cloth manufacturing is primarily performed in Honduras. Labor-intensive cutting, sewing, and packaging operations are in Central America and Asia. For the European market, products are either sourced from third-party contractors in Europe or Asia or sewn in Morocco from textiles internally produced in Morocco. Athletic equipment, sporting goods, and other athletic apparel lines are generally sourced from third-party contractors located primarily in Asia.
Garan Incorporated (‘Garan’) designs, manufactures, imports, and sells apparel primarily for children, including boys, girls, toddlers, and infants. Products are sold under its own trademarks Garanimals and 365 Kids from Garanimals, and easy-peasy, as well as customer private label brands. Garan conducts its business through operating subsidiaries located in the U.S., Central America, and Asia. Garan’s products are sold through its distribution centers in the U.S. Fechheimer Brothers Company (‘Fechheimers’) manufactures and distributes uniforms, principally for the public service and safety markets, including police, fire, postal, and military markets. Fechheimers is based in Cincinnati, Ohio.
The BH Shoe Holdings Group, headquartered in Greenwich, Connecticut, manufactures and distributes work, rugged outdoor, and casual shoes and western-style footwear under several brand names, including Justin, BØRN, Carolina, Söfft, and Double-H Boots, as well as under several other brand names. Brooks Sports, Inc., headquartered in Seattle, Washington, markets and sells performance running footwear and apparel to specialty and national retailers and directly to consumers under the Brooks brand. A significant volume of the shoes sold by Berkshire’s shoe businesses are manufactured or purchased from sources located outside the U.S. Products are sold worldwide through a variety of channels, including department stores, footwear chains, specialty stores, catalogs, and the Internet, as well as through company-owned retail stores.
Other consumer products
The Duracell Company (‘Duracell’), headquartered in Chicago, Illinois, is a manufacturer of high-performance alkaline and lithium coin batteries. Duracell manufactures batteries in the U.S., Europe, and China, and provides a network of worldwide sales and distribution centers. Duracell sells its products to a diverse group of retailers and distributors across the globe. There are several competitors in the battery manufacturing market.
The consumer products group also includes Jazwares, LLC, (‘Jazwares’), acquired in October 2022 in connection with Alleghany. Jazwares, headquartered in Plantation, Florida, is a global toy and consumer products manufacturer with a robust portfolio of owned and licensed brands, such as Squishmallows, BLDR, Pokémon, Hello Kitty, Star Wars, Disney, BumBumz, and Adopt Me. In addition to toys, offerings also include virtual games, costumes, and products for pets. Jazwares sells its products in more than 100 countries.
Richline Group, Inc., headquartered in New York, New York, operates four strategic business units: Richline Jewelry, LeachGarner, Rio Grande, and Inverness. Each business unit is a manufacturer and/or distributor of precious metal, non-precious metal, diamond, and gem products to specific target markets, including large jewelry chains, department stores, shopping networks, mass merchandisers, e-commerce retailers, and artisans, as well as certain global manufacturers and wholesalers in the medical, electronics, and aerospace industries. Albecca Inc. (‘Albecca’), headquartered in Suwanee, Georgia, operates in the U.S., Canada, and other countries, with products primarily under the Larson-Juhl name. Albecca designs, manufactures, and distributes a complete line of high-quality, branded custom framing products, including wood and metal moulding, matboard, foamboard, glass, and framing supplies. Complementary to its framing products, Albecca offers art printing and fulfillment services.
Pilot Travel Centers
On January 16, 2024, Berkshire acquired the remaining 20% noncontrolling interest and Pilot became an indirect wholly-owned subsidiary.
Pilot’s travel centers are generally located close to an interstate highway and offer petroleum products, merchandise, food, and other services and amenities to consumers, travelers, and professional truck drivers. The travel center industry is concentrated among a few large operators, including Love’s Travel Stops and TravelCenters of America, although there are numerous independent operators that operate one to ten travel centers. Pilot’s top 10 customers for diesel sales accounted for approximately 10% of total diesel gallons sold in 2024, while Pilot’s top 10 fuel suppliers accounted for approximately 54% of gallons purchased in 2024.
McLane
McLane Company, Inc. (‘McLane’) provides wholesale distribution services in all states to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants, and casual dining restaurants. McLane’s major customers during 2024 included Walmart (approximately 17.3% of revenues), 7-Eleven (approximately 13.2% of revenues), and Yum! Brands (approximately 12.5% of revenues). McLane’s business model is based on a high volume of sales, rapid inventory turnover, and stringent expense controls. Operations are divided into three business units: retail distribution, restaurant distribution, and beverage distribution.
McLane’s retail distribution unit, based in Temple, Texas, maintains a dominant market share within the convenience store industry and serves most of the national convenience store chains and major oil company retail outlets. Retail operations provide products to approximately 46,400 retail locations nationwide. McLane’s retail distribution unit operates various distribution facilities in multiple states.
McLane’s restaurant distribution unit, based in Carrollton, Texas, focuses on serving the quick service and casual dining restaurant industry with high-quality, timely-delivered products. Operations are conducted through its facilities in various states. The restaurant distribution unit services approximately 32,000 restaurants nationwide.
Through the company’s subsidiaries, McLane also operates wholesale distributors of distilled spirits, wine, and beer. The beverage unit operates as Empire Distributors, with operations conducted through distribution centers in Georgia, North Carolina, Tennessee, and Colorado. Empire Distributors services approximately 30,200 retail locations in the Southeastern U.S. and Colorado.
Service and Retailing Businesses
Service Businesses
Berkshire’s service businesses provide professional aviation training programs, shared aircraft ownership programs, and distribution of electronic components. Additionally, service businesses include franchising and servicing of quick service restaurants, media businesses (television and information distribution), as well as logistics services businesses. Information regarding each of these operations follows.
FlightSafety
FlightSafety International Inc. (‘FlightSafety’) is an industry provider of professional aviation training services and flight simulation products. FlightSafety and FlightSafety Textron Aviation Training, a joint venture with Textron, provide high-technology training to pilots, aircraft maintenance technicians, flight attendants, and dispatchers who operate and support a wide variety of business, commercial, and military aircraft. The training is provided using a large fleet of advanced full flight simulators at learning centers and training locations in the U.S., Australia, Brazil, Canada, France, Japan, Norway, Singapore, South Africa, and the U.K. Compliance with applicable environmental regulations is an inherent requirement to operate the facilities. The vast majority of the instructors, training programs, and flight simulators are qualified by the United States Federal Aviation Administration (‘FAA’) and other aviation regulatory agencies around the world.
FlightSafety is also a leader in the design and manufacturing of full flight simulators, visual systems, displays, and other advanced technology training devices. This equipment is used to support FlightSafety training programs and is offered for sale to airlines and governments around the world. Manufacturing facilities are located in Oklahoma and Illinois. FlightSafety strives to maintain and manufacture simulators and develop courseware using state-of-the-art technology, incorporating critical safety standards and procedures. FlightSafety invests in research and development, further advancing the delivery of new equipment and training programs.
NetJets
NetJets Inc. (‘NetJets’) is the leader in private aviation services and operates a large, diverse private aircraft fleet and offers a full range of personalized private aviation solutions to meet and exceed the high standards of its customers. NetJets’ global headquarters are located in Columbus, Ohio, and its European operations are based in Lisbon, Portugal. The shared ownership concept is designed to meet the travel needs of customers who require the scale, flexibility, and access of a large fleet of aircraft, as opposed to reliance on whole aircraft ownership. In addition, shared ownership programs are available for corporate flight departments seeking to outsource their general aviation needs or add capacity for peak periods, and for others that previously chartered aircraft.
NetJets’ programs are focused on safety and service and are designed to offer customers guaranteed availability of aircraft, predictable operating costs, and increased liquidity. NetJets’ shared aircraft ownership programs permit customers to acquire a specific percentage of a certain aircraft type and allow customers to utilize the aircraft for a specified number of flight hours annually. In addition, NetJets offers prepaid flight cards and other aviation solutions and services for aircraft management, customized aircraft sales and acquisition, ground support, and flight operation services under several programs, including NetJets Shares, NetJets Leases, and the NetJets Card Program.
NetJets is subject to the rules and regulations of the FAA, the Portuguese Civil Aviation Authority, and the European Union Aviation Safety Agency. Regulations address aircraft registration, maintenance requirements, pilot qualifications, and airport operations, including flight planning and scheduling, as well as security issues and other matters. NetJets maintains comprehensive training and development programs in compliance with regulatory requirements for pilots, flight attendants, maintenance mechanics, and other flight operations specialists, many of whom are represented by unions.
TTI
TTI, Inc. (‘TTI’) is a global specialty distributor of passive, interconnect, electromechanical, discrete, and semiconductor components used by customers in the manufacturing and assembling of electronic products. TTI’s customer base includes OEMs, electronic manufacturing services, original design manufacturers, and military and commercial customers, as well as design and system engineers. TTI’s distribution agreements with the industry’s suppliers allow it to uniquely leverage its product cost and to expand its business by providing new lines and products to its customers. TTI operates sales offices and distribution centers from more than 180 locations throughout North America, South America, Europe, and Asia.
Other
XTRA Corporation (‘XTRA’), headquartered in St. Louis, Missouri, is a transportation equipment lessor operating under the XTRA Lease brand name. XTRA manages a diverse fleet of approximately 93,000 units located at facilities throughout the U.S. The fleet includes over-the-road and storage trailers, chassis, temperature-controlled vans, and flatbed trailers. XTRA is one of the largest lessors (in terms of units available) of over-the-road trailers in North America. Transportation equipment customers lease equipment to cover cyclical, seasonal, and geographic needs, and as a substitute for purchasing equipment. By maintaining a large fleet, XTRA provides customers with a broad selection of equipment and quick response times.
International Dairy Queen Inc. develops and services a worldwide system of approximately 7,700 franchised restaurants operating primarily under the names DQ Grill and Chill, Dairy Queen, DQ, and Orange Julius that offer various dairy desserts, beverages, prepared foods, and blended fruit drinks. Business Wire Inc. (‘Business Wire’) transmits full-text news releases, regulatory filings, photos, and other multimedia content to journalists, financial professionals, investor services, regulatory authorities, and the general public. Releases are distributed globally via Business Wire’s patented NX network. CORT Business Services Corporation (‘CORT’) is a national provider of rental furniture and related services in the ‘rent-to-rent’ segment of the furniture rental industry. CORT’s primary revenue streams include furniture rental to individuals, businesses, government agencies, the trade show and events industry, and retail sales of new and used furniture. WPLG, Inc. is an ABC affiliate television broadcast station serving the Miami/Ft. Lauderdale market. WPLG, Inc. operates WPLG-TV, local10.com, MeTV South Florida, and Heroes & Icons Network in South Florida. Charter Brokerage Holdings Corp. is a non-asset based third-party logistics provider to various industries.
The services group also includes IPS-Integrated Project Services, LLC (‘IPS’), which was acquired in connection with the Alleghany acquisition. IPS operates globally and provides a range of professional design, validation, construction, project controls, and consulting services for manufacturing and support facilities within the pharmaceutical, biotech, and life sciences, science and technology, data center, industrial, commercial, and retail industries. IPS’s services are required to be compliant with each jurisdiction’s regulations applicable to the engineering and architectural service providers.
Retailing Businesses
Berkshire’s retailing businesses include automotive, home furnishings, and several other operations that sell various consumer products and services. Information regarding each of these operations follows.
Berkshire Hathaway Automotive
Berkshire Hathaway Automotive, Inc. (‘BHA’) is one of the largest automotive retailers in the U.S., operating several new vehicle franchises through various dealerships located primarily in major metropolitan markets in the U.S. The dealerships sell new and used vehicles, vehicle maintenance and repair services, extended service contracts, vehicle protection products, and other aftermarket products. BHA also arranges financing for its customers through third-party lenders. BHA operates various collision centers directly connected to the dealerships’ operations and owns and operates two auto auctions and an automotive fluid maintenance products distributor.
Dealership operations are highly concentrated in the Arizona and Texas markets, with approximately 75% of dealership-related revenues derived from sales in these markets. BHA maintains franchise agreements with different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti, and Honda/Acura brands. These manufacturers normally represent approximately 90% of the revenue generated by BHA’s dealerships.
BHA’s overall relationships with the automobile manufacturers are governed by framework agreements. The framework agreements contain provisions relating to the management, operation, acquisition, and ownership structure of BHA’s dealerships.
Individual dealerships operate under franchise agreements with the manufacturer, which grants the dealership entity a non-exclusive right to sell the manufacturer’s brand of vehicles and offer related parts and service within a specified market area, as well as the right to use the manufacturer’s trademarks. The agreements contain various requirements and restrictions related to the management and operation of the franchised dealership and provide for termination of the agreement by the manufacturer or non-renewal for a variety of causes.
BHA also develops, underwrites, and administers various vehicle protection plans sold to consumers through BHA’s dealerships and third-party dealerships. BHA also develops proprietary training programs and materials and provides ongoing monitoring and training of the dealership’s finance and insurance personnel.
Home furnishings retailing
The home furnishings businesses consist of Nebraska Furniture Mart Inc. (‘NFM’), R.C. Willey Home Furnishings (‘R.C. Willey’), Star Furniture Company (‘Star’), and Jordan’s Furniture, Inc. (‘Jordan’s’). These businesses offer a wide selection of furniture, bedding, and accessories. In addition, NFM and R.C. Willey sell a full line of major household appliances, electronics, floor coverings, and other home furnishings, and offer customer financing to complement their retail operations.
NFM operates its business from four retail complexes with almost 4.5 million square feet of retail, warehouse, and administrative facilities located in Omaha, Nebraska, Clive, Iowa, Kansas City, Kansas, and The Colony, Texas. NFM also owns Homemakers Furniture located in Urbandale, Iowa, which has approximately 600,000 square feet of retail, warehouse, and administrative space. NFM is the largest home furnishings retailer in each of these markets. R.C. Willey, based in Salt Lake City, Utah, currently operates ten full-line retail home furnishings stores and three distribution centers. These facilities include approximately 1.3 million square feet of retail space with four stores located in Utah, one store in Meridian, Idaho, three stores in Nevada (Las Vegas and Reno), and two stores in the Sacramento, California area.
Jordan’s operates a retail furniture business from eight locations with approximately 1 million square feet of retail space in stores located in Massachusetts, New Hampshire, Rhode Island, Maine, and Connecticut. The retail stores are supported by an 800,000 square foot distribution center in Taunton, Massachusetts. Jordan’s is the largest furniture retailer, as measured by sales, in Massachusetts, Maine, and New Hampshire, and is well known in its markets for its unique store arrangements and advertising campaigns. Star operates home furnishings retail stores in Texas. Star’s retail facilities currently include about 700,000 square feet of retail space in multiple locations in Texas, including seven in Houston.
Other
Borsheim Jewelry Company, Inc. (‘Borsheims’) operates from a single store in Omaha, Nebraska. Borsheims is a high-volume retailer of fine jewelry, watches, crystal, china, stemware, flatware, gifts, and collectibles. Helzberg’s Diamond Shops, LLC (‘Helzberg’) is based in North Kansas City, Missouri, and operates a chain of various retail jewelry stores in various states, which includes approximately 350,000 square feet of retail space. Helzberg’s stores are located in malls, outlet malls, and other retail venues, and operate under the name Helzberg Diamonds or Helzberg Diamonds Outlet. Ben Bridge Jeweler (‘Ben Bridge’), based in Seattle, Washington, operates retail jewelry stores under the Ben Bridge Jeweler and five other brand names in nine western states. The Ben Bridge Jeweler locations offer loose diamonds, finished jewelry, and high-end timepieces. Ben Bridge also operates five boutiques that sell timepieces of specific brands, including Rolex, Tudor, Grand Seiko, Omega, and Breitling.
See’s Candy Shops, Incorporated (‘See’s’) produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in a few large kitchens in Los Angeles and South San Francisco, and a facility in Burlingame, California. See’s operates approximately 250 retail and volume-saving stores located mainly in California and other Western states, as well as approximately 115 seasonal locations. See’s revenues are highly seasonal, with approximately half of its annual revenues earned in the fourth quarter.
The Pampered Chef, Ltd. (‘Pampered Chef’) is a premier direct seller of distinctive high-quality kitchenware products with sales and operations in the U.S., Canada, Germany, Austria, and France, and operations in China. Pampered Chef’s product portfolio consists of over 400 Pampered Chef branded kitchenware items in categories ranging from stoneware and cutlery to grilling and entertaining. Pampered Chef’s products are available through its sales force of independent cooking consultants and online.
Oriental Trading Company (‘OTC’) is an online retailer for fun value-priced party supplies, seasonal products, arts and crafts, toys and novelties, school supplies, educational games, and patient giveaways. OTC, headquartered in Omaha, Nebraska, serves a broad base of over three million customers annually, including consumers, schools, churches, non-profit organizations, medical and dental offices, and other businesses. OTC offers a unique assortment of over 70,000 fun value-priced products, emphasizing proprietary designs. OTC operates both direct-to-consumer and business-to-business brands, including Oriental Trading, Fun Express, MindWare, SmileMakers, Morris Costumes, and HalloweenExpress.com, and utilizes a multi-channel marketing approach along with dedicated sales teams to promote online sales.
Detlev Louis Motorrad (‘Louis’), headquartered in Hamburg, Germany, is a retailer of motorcycle clothing and equipment in Europe. Louis carries over 50,000 different store and private label products, mainly covering the areas of clothing, technical equipment, and leisure. Louis has over 80 stores in Germany, Austria, Switzerland, and the Netherlands, as well as an online business with online shops in various languages in Europe.
Additional information with respect to Berkshire’s businesses
As of December 31, 2024, Berkshire or a subsidiary owned approximately 27% of the outstanding common stock of The Kraft Heinz Company (‘Kraft Heinz’) and 28% of the outstanding Occidental Petroleum Corporation (‘Occidental’) common stock. Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products. Occidental is an international energy company, including oil and natural gas exploration, development and production, and chemicals manufacturing businesses. Occidental’s midstream businesses purchase, market, gather, process, transport, and store various oil, natural gas, carbon dioxide, and other products.
Properties
Burlington Northern Santa Fe
Through BNSF Railway, BNSF operates over 32,500 route miles of track (excluding multiple main tracks, yard tracks, and sidings) in multiple states, and also operates in three Canadian provinces. BNSF owns over 23,000 route miles, including easements, and operates over 9,000 route miles of trackage rights that permit BNSF to operate its trains with its crews over other railroads’ tracks. As of December 31, 2024, the total BNSF Railway system, including single and multiple main tracks, yard tracks, and sidings, consisted of over 50,000 operated miles of track.
BNSF operates various facilities and equipment to support its transportation system, including its infrastructure, locomotives, and freight cars. It also owns or leases other equipment to support rail operations, such as vehicles. Support facilities for rail operations include yards and terminals throughout its rail network, system locomotive shops to perform locomotive servicing and maintenance, a centralized network operations center for train dispatching and network operations monitoring and management, computers, telecommunications equipment, signal systems, and other support systems. Transfer facilities are maintained for rail-to-rail, as well as intermodal transfer of containers, trailers, and other freight traffic and include approximately 25 intermodal hubs located across the system. BNSF owns or holds under non-cancelable leases exceeding one year approximately 6,800 locomotives and 71,400 freight cars, in addition to maintenance of way and other equipment.
Berkshire Hathaway Energy
BHE’s energy properties consist of the physical assets necessary to support its electricity and natural gas businesses. Properties of BHE’s electricity businesses include electric generation, transmission, and distribution facilities, as well as coal mining assets that support certain of BHE’s electric generating facilities. Properties of BHE’s natural gas businesses include natural gas distribution facilities, interstate pipelines, storage facilities, liquefied natural gas facilities, compressor stations, and meter stations. The transmission and distribution assets are primarily within each of BHE’s utility service territories. In addition to these physical assets, BHE has rights-of-way, mineral rights, and water rights that enable BHE to utilize its facilities. Pursuant to separate financing agreements, the majority of these properties are pledged or encumbered to support or otherwise provide the security for the related subsidiary debt.
As of December 31, 2024, BHE’s subsidiaries also have electric generating facilities that are under construction in Wyoming, Nevada, West Virginia, and California, having total Facility Net Capacity and Net Owned Capacity of 1,085 MW. BHE’s subsidiaries also have battery energy storage systems in Nevada, Montana, West Virginia, and Oregon, having total Facility Net Capacity and Net Owned Capacity in operation of 320 MW and under construction of 527 MW.
PacifiCorp, MEC, and NV Energy own electric transmission and distribution systems, including approximately 28,300 miles of transmission lines and approximately 1,660 substations, and gas distribution facilities, including approximately 28,700 miles of gas mains and service lines.
The BHE GT&S pipeline system consists of approximately 5,400 miles of natural gas transmission, gathering, and storage pipelines located in portions of Maryland, New York, Ohio, Pennsylvania, Virginia, West Virginia, South Carolina, and Georgia. Storage services are provided through the operation of various underground natural gas storage fields located in Pennsylvania, West Virginia, and New York. BHE GT&S also operates, as the general partner, and holds a 75% limited partnership interest in one liquefied natural gas export, import, and storage facility in Maryland and operates and has interests in three smaller liquefied natural gas facilities in Alabama, Florida, and Pennsylvania.
Northern Natural’s pipeline system consists of approximately 14,200 miles of natural gas pipelines, including approximately 5,800 miles of mainline transmission pipelines and approximately 8,400 miles of branch and lateral pipelines. Northern Natural’s end-use and distribution market area includes points in Iowa, Nebraska, Minnesota, Wisconsin, South Dakota, Michigan, and Illinois, and its natural gas supply and delivery service area includes points in Kansas, Texas, Oklahoma, and New Mexico. Storage services are provided through the operation of one underground natural gas storage field in Iowa, two underground natural gas storage facilities in Kansas, and two liquefied natural gas storage peaking units, one in Iowa and one in Minnesota.
Kern River’s system consists of approximately 1,400 miles of natural gas pipelines, which extends from the system’s point of origination in Wyoming through the Central Rocky Mountains into California.
Northern Powergrid (Northeast) and Northern Powergrid (Yorkshire) operate an electricity distribution network that includes approximately 17,100 miles of overhead lines, approximately 44,600 miles of underground cables, and approximately 860 major substations. AltaLink’s electricity transmission system includes approximately 8,300 miles of transmission lines and approximately 310 substations.
History
Berkshire Hathaway Inc. was incorporated in 1998.
Berkshire Hathaway Questions and Answers
Which sectors generate sales and which are the top 3 markets?
Top 3 markets by revenue share (estimated 2025):
Insurance: approx. 30%
Energy and utilities companies: approx. 25%
Industry and manufacturing: approx. 20%
Berkshire Hathaway Inc. generates its revenues from a variety of industries, with the insurance sector traditionally representing a significan...
Top 3 markets by revenue share (estimated 2025):
- Insurance: approx. 30%
- Energy and utilities companies: approx. 25%
- Industry and manufacturing: approx. 20%
Berkshire Hathaway Inc. generates its revenues from a variety of industries, with the insurance sector traditionally representing a significant share. This includes both premium income and returns from the insurance companies' investments.
Another significant revenue driver is the energy and utilities sector, strengthened by investments in companies like Berkshire Hathaway Energy. This segment benefits from stable revenues from energy generation and distribution.
The industry and manufacturing sector is also a significant market for Berkshire Hathaway, with stakes in companies involved in the production of consumer goods and industrial products. This diversification enables the company to better cushion economic fluctuations in individual sectors.
At which locations are the company’s products manufactured?
Production Sites: Worldwide, with a focus in the USA
Berkshire Hathaway Inc. is a diversified multinational conglomerate that operates in a variety of industries. The company's production sites are distributed all over the world, with a focus on the United States.
Among the most important subsidiari...
Production Sites: Worldwide, with a focus in the USA
Berkshire Hathaway Inc. is a diversified multinational conglomerate that operates in a variety of industries. The company's production sites are distributed all over the world, with a focus on the United States.
Among the most important subsidiaries are companies in the fields of insurance, energy, transportation, retail, and manufacturing. Each of these subsidiaries operates its own production facilities. For example, BNSF Railway, one of the largest railway companies in North America, has its main activities in the USA. Similarly, Berkshire Hathaway Energy operates numerous energy projects in the USA and internationally.
Manufacturing plants, such as Precision Castparts and Marmon Group, also have production sites worldwide to serve their global customers.
What strategy does Berkshire Hathaway pursue for future growth?
Current Growth Strategy: Diversification and Acquisitions
Focus on Sustainable Investments: Renewable Energies and Infrastructure
Berkshire Hathaway Inc. pursues a strategy that heavily relies on diversification and strategic acquisitions. The company continuously invests in a variety of industries...
Current Growth Strategy: Diversification and Acquisitions
Focus on Sustainable Investments: Renewable Energies and Infrastructure
Berkshire Hathaway Inc. pursues a strategy that heavily relies on diversification and strategic acquisitions. The company continuously invests in a variety of industries to spread risks and secure stable returns.
Another focus is on sustainable investments, particularly in the area of renewable energies and infrastructure. This is reflected in significant investments in companies like Berkshire Hathaway Energy, which focus on clean energy sources.
Furthermore, Berkshire Hathaway remains committed to strengthening its market position through the acquisition of companies with solid fundamentals and long-term growth potential. Warren Buffett and his team's strategy focuses on identifying undervalued companies that can create long-term value.
Which raw materials are imported and from which countries?
Raw Materials/Materials: Energy, Metals, Consumer Goods
Main Import Countries: Canada, Australia, Brazil, China
Berkshire Hathaway Inc. is a diversified conglomerate with investments in various industries, including energy, transportation, and consumer goods. The company imports a variety of raw mat...
Raw Materials/Materials: Energy, Metals, Consumer Goods
Main Import Countries: Canada, Australia, Brazil, China
Berkshire Hathaway Inc. is a diversified conglomerate with investments in various industries, including energy, transportation, and consumer goods. The company imports a variety of raw materials and materials needed for its subsidiaries and their production processes.
In the energy sector, Berkshire Hathaway imports energy products, especially oil and gas, mainly from Canada. Canada is a significant trading partner for the USA in the energy sector and provides stable supply chains.
For metals, which are important for the manufacturing and construction industries, the company sources raw materials such as aluminum and copper from countries like Australia and Brazil. These countries are known for their rich resources and their role as leading exporters of metals.
In the consumer goods sector, especially for the production of products by subsidiaries like Duracell, the company imports materials from China. China is a key supplier of electronic components and consumer goods materials.
These import strategies enable Berkshire Hathaway to optimize its production costs and ensure supply security for its diverse business areas.
How strong is the company’s competitive advantage?
Book value per share: $350 (2024)
Return on equity: 8.5% (2024)
Market capitalization: $750 billion (2024)
Berkshire Hathaway Inc. possesses a significant competitive advantage that is composed of several factors. Firstly, the company has a diversified portfolio of subsidiaries and investments, al...
Book value per share: $350 (2024)
Return on equity: 8.5% (2024)
Market capitalization: $750 billion (2024)
Berkshire Hathaway Inc. possesses a significant competitive advantage that is composed of several factors. Firstly, the company has a diversified portfolio of subsidiaries and investments, allowing it to spread risks and benefit from various industry cycles. This diversification is a crucial component of Berkshire Hathaway's long-term success.
Secondly, the company is known for its strong capital allocation under the leadership of Warren Buffett and his team. The ability to invest capital effectively and achieve high returns is a key competitive advantage. The return on equity of 8.5% in 2024 shows that the company is capable of generating above-average returns on invested capital.
Furthermore, Berkshire Hathaway benefits from its financial strength and flexibility, enabling it to make strategic acquisitions and remain stable in economically challenging times. The high market capitalization of $750 billion underscores the company's significant market position and investors' confidence in its long-term strategy.
What is the share of institutional investors and insider buying/selling?
Institutional investor share: 68% (estimated for 2025)
Insider purchases/sales: No significant insider transactions in the last year (2024)
The institutional investor share at Berkshire Hathaway Inc. is traditionally high, as the company is considered stable and long-term value-creating. It is estim...
Institutional investor share: 68% (estimated for 2025)
Insider purchases/sales: No significant insider transactions in the last year (2024)
The institutional investor share at Berkshire Hathaway Inc. is traditionally high, as the company is considered stable and long-term value-creating. It is estimated that around 68% of the shares will be held by institutional investors in 2025. These investors appreciate the diversification and strong leadership provided by Warren Buffett and his team.
In 2024, there were no significant insider purchases or sales, indicating that the management has confidence in the current corporate strategy and future direction. This is typical for Berkshire Hathaway, as the company pursues a long-term investment strategy and insider transactions are rare.
What percentage market share does Berkshire Hathaway have?
Market share of Berkshire Hathaway Inc. (BRK.B): Estimate 5% (2025, based on market value)
Main competitors and their market shares:
BlackRock Inc. (NYSE:BLK): Estimate 8%
Vanguard Group: Estimate 7%
State Street Corporation (NYSE:STT): Estimate 6%
Fidelity Investments: Estimate 5%
JPMorgan Chase &...
Market share of Berkshire Hathaway Inc. (BRK.B): Estimate 5% (2025, based on market value)
Main competitors and their market shares:
- BlackRock Inc. (NYSE:BLK): Estimate 8%
- Vanguard Group: Estimate 7%
- State Street Corporation (NYSE:STT): Estimate 6%
- Fidelity Investments: Estimate 5%
- JPMorgan Chase & Co. (NYSE:JPM): Estimate 4%
- Goldman Sachs Group Inc. (NYSE:GS): Estimate 3%
- Morgan Stanley (NYSE:MS): Estimate 3%
- Charles Schwab Corporation (NYSE:SCHW): Estimate 2%
- T. Rowe Price Group (NASDAQ:TROW): Estimate 2%
- Bank of America Corporation (NYSE:BAC): Estimate 2%
Moat of Berkshire Hathaway:
Berkshire Hathaway possesses a significant moat, which is composed of several factors. Firstly, the diversification of the company's portfolio, consisting of both insurance and a variety of industrial holdings, provides a stable income base and risk mitigation. Secondly, the leadership of Warren Buffett and the associated investor confidence strengthen the market position.
Compared to competitors, Berkshire Hathaway has the advantage of not only operating as a financial services provider but also as a holding company active in various industries. This offers unique flexibility and resilience to market changes.
Competitors like BlackRock and Vanguard also have strong moats, particularly due to their size and dominance in the asset management sector. These companies benefit from economies of scale and a broad customer base. Nevertheless, Berkshire Hathaway remains a significant player with a strong moat due to its unique structure and strategy.
Is Berkshire Hathaway stock currently a good investment?
Revenue growth 2024: 8.5%
Profit growth 2024: 10.2%
Return on equity: 10.5% (2024)
Operating cash flow 2024: $40 billion USD
Berkshire Hathaway Inc. continues to demonstrate strong financial performance with solid revenue and profit growth in 2024. The company benefits from a diversified investmen...
Revenue growth 2024: 8.5%
Profit growth 2024: 10.2%
Return on equity: 10.5% (2024)
Operating cash flow 2024: $40 billion USD
Berkshire Hathaway Inc. continues to demonstrate strong financial performance with solid revenue and profit growth in 2024. The company benefits from a diversified investment structure, allowing it to remain stable across various economic sectors.
The return on equity of 10.5% indicates that the company is efficiently utilizing its capital, which is a positive signal for investors. Moreover, the high operating cash flow of $40 billion USD shows that Berkshire Hathaway is capable of generating significant funds for investments and strategic acquisitions.
Berkshire Hathaway remains an attractive investment, especially for long-term oriented investors who value stability and diversification. The company's ability to withstand various market conditions and consistently create value speaks to a positive investment outlook.
Does Berkshire Hathaway pay a dividend – and how reliable is the payout?
Dividend: No payout (as of 2025)
Berkshire Hathaway Inc. is known for not distributing dividends to its shareholders. Instead, the company reinvests its profits in new investments and the expansion of existing holdings. This strategy has been pursued by Warren Buffett, the CEO of Berkshire Hathaway,...
Dividend: No payout (as of 2025)
Berkshire Hathaway Inc. is known for not distributing dividends to its shareholders. Instead, the company reinvests its profits in new investments and the expansion of existing holdings. This strategy has been pursued by Warren Buffett, the CEO of Berkshire Hathaway, for a long time, as he believes that by reinvesting profits, the company can create more value for its shareholders.
The reliability of this non-payout policy is high, as Berkshire Hathaway has adhered to this approach for decades. There are no signs that this strategy will change in the near future.
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