A cleaner view of Berkshire Hathaway's current trading level versus a live, non-GAAP intrinsic value estimate: investments marked to market, operating businesses valued on their earnings.
Currently trading 7.0% below intrinsic value
Every point shows what the estimate would have been on that day using only what had been published by then. Nothing here uses information that wasn't available at the time.
So the filing-based lines step when a report publishes, not when the quarter it describes ended — typically five to nine weeks later. That is why the two book lines run parallel rather than touching: they are equal only at a quarter end, and by the time that quarter's filing is public, prices have already moved.
Clicking a legend entry adds or removes a line, and the scale follows what's shown — hiding the book lines gives price and intrinsic value the full height of the chart.
| Issuer | Class | CUSIP | Mapped Ticker | 13F Value | Shares | Type | Live Price | Current Value |
|---|---|---|---|---|---|---|---|---|
| APPLE INC | COM | 037833100 | AAPL | $65.95B | 227,917,808 | SH | $348.76 | $79.49B |
| AMERICAN EXPRESS CO | COM | 025816109 | AXP | $51.28B | 151,610,700 | SH | $324.10 | $49.14B |
| COCA COLA CO | COM | 191216100 | KO | $32.51B | 400,000,000 | SH | $92.89 | $37.15B |
| ALPHABET INC | CAP STK CL A | 02079K305 | GOOGL | $28.16B | 78,791,167 | SH | $283.54 | $22.34B |
| BANK OF AMER CORP | COM | 060505104 | BAC | $27.54B | 483,394,015 | SH | $51.22 | $24.76B |
| CHEVRON CORPORATION | COM | 166764100 | CVX | $13.99B | 84,375,856 | SH | $231.19 | $19.51B |
| OCCIDENTAL PETE CORP | COM | 674599105 | OXY | $12.87B | 264,941,431 | SH | $62.91 | $16.67B |
| CHUBB LIMITED | COM | H1467J104 | CB | $11.67B | 34,249,183 | SH | $361.72 | $12.39B |
| MOODYS CORP | COM | 615369105 | MCO | $11.17B | 24,669,778 | SH | $487.94 | $12.04B |
| ALPHABET INC | CAP STK CL C | 02079K107 | GOOG | $9.61B | 27,188,433 | SH | $281.83 | $7.66B |
| KRAFT HEINZ CO | COM | 500754106 | KHC | $7.69B | 325,634,818 | SH | $23.85 | $7.77B |
| DAVITA INC | COM | 23918K108 | DVA | $6.43B | 28,880,209 | SH | $192.66 | $5.56B |
| DELTA AIR LINES INC | COM NEW | 247361702 | DAL | $5.37B | 57,320,000 | SH | $81.40 | $4.67B |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 | SIRI | $3.69B | 124,807,117 | SH | $28.59 | $3.57B |
| VERISIGN INC | COM | 92343E102 | VRSN | $2.26B | 8,989,880 | SH | $305.64 | $2.75B |
| KROGER CO | COM | 501044101 | KR | $2.17B | 39,000,000 | SH | $65.81 | $2.57B |
| ALLY FINL INC | COM | 02005N100 | ALLY | $1.24B | 27,000,000 | SH | $39.65 | $1.07B |
| LENNAR CORP | CL A | 526057104 | LEN | $1.19B | 13,111,741 | SH | $85.43 | $1.12B |
| LIBERTY LIVE HOLDINGS INC | COM SHS SER C | 530909308 | LLYVK | $1.12B | 10,587,143 | SH | $103.26 | $1.09B |
| NEW YORK TIMES CO MTN BE | CL A | 650111107 | NYT | $1.10B | 15,700,000 | SH | $69.38 | $1.09B |
| CAPITAL ONE FINL CORP | COM | 14040H105 | COF | $601.86M | 3,000,000 | SH | $208.69 | $626.07M |
| LIBERTY LIVE HOLDINGS INC | COM SER A | 530909100 | LLYVA | $504.94M | 4,986,588 | SH | $98.93 | $493.32M |
| LOUISIANA PAC CORP | COM | 546347105 | LPX | $445.59M | 5,664,793 | SH | $73.50 | $416.36M |
| NUCOR CORP | COM | 670346105 | NUE | $413.81M | 1,857,752 | SH | $275.16 | $511.18M |
| MACYS INC | COM | 55616P104 | M | $173.03M | 7,347,426 | SH | $24.70 | $181.44M |
| NVR INC | COM | 62944T105 | NVR | $75.71M | 11,112 | SH | $6000.00 | $66.67M |
| LENNAR CORP | CL B | 526057302 | LEN.B | $26.45M | 298,117 | SH | $84.27 | $25.12M |
| JEFFERIES FINANCIAL GROUP IN | COM | 47233W109 | JEF | $21.67M | 433,558 | SH | $49.09 | $21.28M |
| D R HORTON INC | COM | 23331A109 | DHI | $580.50K | 3,564 | SH | $145.98 | $520.27K |
| Company | Ticker | % Owned | Shares Held | Market Cap | Current Value (USD) | Alt | Source | Stake As Of |
|---|---|---|---|---|---|---|---|---|
| Mitsubishi Corp | 8058.T | 11.2%* | 410,339,800 | ¥17,976,503,828,480 | $12.75B | ¥2.01T | filing | 2026-05-12 |
| Mitsui & Co | 8031.T | 10.94%* | 310,311,400 | ¥14,458,598,457,344 | $10.01B | ¥1.58T | filing | 2026-07-01 |
| Itochu Corp | 8001.T | 9.79%* | 676,234,000 | ¥16,031,622,889,472 | $9.94B | ¥1.57T | filing | 2025-03-17 |
| Marubeni Corp | 8002.T | 10.57%* | 171,439,700 | ¥8,105,570,074,624 | $5.42B | ¥856.86B | filing | 2026-07-01 |
| Sumitomo Corp | 8053.T | 10.42%* | 492,517,200 | ¥8,250,808,860,672 | $5.44B | ¥859.94B | filing | 2026-05-19 |
| of which Insurance and Other | $35.10B |
| of which Railroad, Utilities and Energy | $5.51B |
| Total per balance sheet | $40.61B |
| of which Insurance and Other | $324.90B |
| Total per balance sheet | $324.90B |
| of which Insurance and Other | $17.03B |
| Total per balance sheet | $17.03B |
| Equity-method stake | Carrying value | Fair value | Counted here? |
|---|---|---|---|
| BerkadiaCommercialMortgage | $461.00M | — | Yes |
| OccidentalPetroleumCorporation | $10.73B | $12.87B | No — already in the 13F |
| TheKraftHeinz Company | $8.76B | $7.69B | No — already in the 13F |
| Added to the valuation | $461.00M |
$39.8B annualized pretax operating earnings ($19.8B YTD × 2.02) × 15, excluding insurance investment income
Buffett has written in shareholder letters that he values businesses at 10–15× pretax earnings, with higher-quality businesses at the upper end. At Berkshire's ~21% effective tax rate, 15× pretax is equivalent to roughly 19× after-tax. Berkshire's mix of capital-intensive segments (BNSF, BHE) and higher-return franchises (insurance) has to be blended into a single figure; many analysts of comparable conglomerates use 16–18×.
15× is the published estimate — the top of Buffett's stated range, below what comparable conglomerates typically fetch.
The full liability side as filed. Only income taxes are deducted from intrinsic value — the rest is already accounted for elsewhere, as noted per line. Float is the one line where two conventions are both defensible, so it is the one line you can change; the others are not adjustable, for the reasons given on each.
| Liabilities | Amount | Treatment |
|---|---|---|
| Insurance float (policyholder reserves) | $213.29B | Not deducted — funds the investments counted above Changeable — see the note below. |
| Notes payable and other borrowings | $43.30B | Not deducted — earnings are already after interest |
| Other liabilities (payables, etc.) | $53.41B | Not deducted — working capital inside the businesses |
| Insurance and Other liabilities | $310.00B | |
| Notes payable and other borrowings | $85.30B | Not deducted — earnings are already after interest |
| Other liabilities | $27.42B | Not deducted — working capital inside the businesses |
| Railroad, Utilities and Energy liabilities | $112.72B | |
| Income taxes (principally deferred) | $90.18B | Deducted — the only liability charged against intrinsic value |
| Total liabilities | $512.89B | Shown for reference, not subtracted in full |
Float — the policyholder reserves above — is the money Berkshire holds between collecting premiums and paying claims. As long as underwriting roughly breaks even and float is stable or growing, it behaves like low- or no-cost leverage. Underwriting has been profitable, so this float has cost less than nothing.
Float is not deducted from intrinsic value. It funds the investments — the equity portfolio, T-bills, bonds and cash — that are counted at market in the asset rows above, and the income those investments throw off has been excluded from the operating-earnings multiple for exactly that reason. Subtracting the principal on top of that would charge for the same dollars a second time.
The judgement this rests on: float is treated as permanent, self-renewing capital rather than a debt coming due. That is the single largest assumption in the estimate — deducting it in full would lower intrinsic value by roughly the float balance shown above.
Both conventions are defensible. Switching between them picks a reading; it does not correct an error.
0% treats float as permanent capital — the published model. 100% treats it as a debt coming due. The steps between are a sensitivity ladder, not an estimate: no published convention puts a figure on how much of float is really a liability.
| Insurance and Other — assets | Carrying value |
|---|---|
| Cash and cash equivalents | $35.10B |
| Short-term investments in U.S. Treasury Bills | $324.90B |
| Investments in fixed maturity securities | $17.03B |
| Investments in equity securities | $323.78B |
| Equity method investments | $19.95B |
| Loans and finance receivables | $30.72B |
| Other receivables | $48.63B |
| Inventories | $26.57B |
| Property, plant and equipment | $39.41B |
| Equipment held for lease | $18.91B |
| Goodwill | $56.19B |
| Other intangible assets | $33.95B |
| Deferred charges - retroactive reinsurance | $7.67B |
| Other | $27.81B |
| Total Insurance and Other assets | $1.01T |
| Railroad, Utilities and Energy — assets | Carrying value |
|---|---|
| Cash and cash equivalents | $5.51B |
| Receivables | $4.56B |
| Property, plant and equipment | $185.81B |
| Goodwill | $26.98B |
| Regulatory assets | $4.38B |
| Other | $25.17B |
| Total Railroad, Utilities and Energy assets | $252.43B |
| Total assets | $1.26T |
Two columns, following the approach Buffett has described in the shareholder letters. First, the investments: the 13F equities and Japan stakes at live market prices, plus cash, Treasury bills, bonds and any stake the 13F doesn't already carry. Second, the operating businesses — insurance underwriting, BNSF, Berkshire Hathaway Energy, manufacturing, service and retailing — valued at 15× their annualized pretax earnings. Deferred income taxes are then subtracted.
What this deliberately does not do:
Book equity plus the market uplift on tracked public holdings. A GAAP anchor that understates the operating businesses, shown for comparison.
Berkshire carries listed equities at fair value, so the 2026-06-30 balance sheet already marks them to that date's prices. Only the move since then is added here — adding the positions themselves would count them twice. Operating businesses stay at book, which is why this sits well below the sum-of-parts estimate: it is a floor, not a valuation.
Not included in the figure above, and not part of the sum-of-parts estimate either — that model deliberately neither adds a float premium nor deducts float, on the grounds that the investments float funds are already counted at market and the income they produce is excluded from the earnings multiple. This line is an assumption about franchise value, shown for reference only.