Financials • Property/Casualty Insurance, Rail, Energy & Equity Holdings • SIC 6331
$542.49 ▲ +0.53
(+0.10%)
MKT CAP: $1.20T • VOL: 4.49M
52W L $260 52W H $550
BRK-B // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Insurance, BNSF, BHE & Equity Portfolio
01 // UPSTREAM SUPPLIERS & FOUNDRIES
CAT <GO>
HIGH
Locomotive, Railcar & Utility Grid Turbine Equipment Vendors
SUPPLIER • Heavy Rail Rolling Stock (BNSF) & Wind/Transmission Capex (BHE)
EST. COGS / CAPEX SHARE 22%
EVIDENCE: 10-K BNSF & Berkshire Hathaway Energy Capital Expenditures
XOM <GO>
HIGH
Diesel Fuel & Natural Gas Feedstock Suppliers
SUPPLIER • Locomotive Diesel Fuel (BNSF) & Thermal Power Generation Fuel
EST. COGS / CAPEX SHARE 16%
EVIDENCE: 10-K Railroad & Energy Operating Cost Disclosures
CORE VALUE-CHAIN HUB NYSE
BRK-B // Berkshire Hathaway Inc.
GROSS MARGIN
—
OP MARGIN
27.8%
ROIC %
11.5%
MKT CAP
$1.20T
UPSTREAM INPUTS ──► BRK-B OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
AAPL <GO>
REV SHARE: ~24%
Core Equity & Treasury Yield Contributors (Apple, Amex, US Treasury)
CUSTOMER • Dividend Income, T-Bill Interest ($15B+/yr) & Concentrated Equity Stakes
EVIDENCE: 10-K Note 4 Investments in Equity Securities & US Treasury Bills
WMT <GO>
REV SHARE: ~52%
Intermodal Freight Shippers & US Auto/Commercial Policyholders
CUSTOMER • BNSF Western US Rail Freight & GEICO/BH Commercial Insurance Premiums
EVIDENCE: 10-K Insurance Underwriting & BNSF Freight Revenues
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| BRK-B ★ | Berkshire Hathaway Inc. | $542.49 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | SUBJECT ISSUER |
| PGR | Progressive Corporation | $230.18 | $133.82B | — | 15.7% | 20.0% | 11.2x | +16.3% | BRK-B VS PGR <GO> |
| UNP | Union Pacific Corporation | $301.93 | $179.42B | — | 40.2% | 20.1% | 15.3x | +1.1% | BRK-B VS UNP <GO> |
| NEE | NextEra Energy, Inc. | $82.14 | $172.27B | — | 31.8% | 4.3% | 26.6x | +7.5% | BRK-B VS NEE <GO> |
| BRK-A | Berkshire Hathaway Inc. (Class A) | $817,500.00 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | BRK-B VS BRK-A <GO> |
| JPM | JPMorgan Chase & Co. | $343.58 | $913.30B | — | 42.1% | 17.4% | 9.7x | +13.5% | BRK-B VS JPM <GO> |
| BAC | Bank of America Corporation | $51.14 | $357.61B | — | 32.9% | 2.5% | 30.2x | +6.8% | BRK-B VS BAC <GO> |