No. of Recommendations: 1
it correctly every 1/4.
Stocks 353842 271588 267923
Cash 167641 334201 344091
Other 524737 532728 536870
TotalAssets 106997811538811163968
UnearnedPrems 30507 30808 32414
Reserves 145729 147594 150521
Other 322972 323824 310757
TotalLiabilities 499208 502226 493692
ANNUALRATES Past Past Est’d’22-’24
ofchange(persh) 10Yrs. 5Yrs. to’28-’30
Earningspsh 6.0% 12.0% 9.5%
Dividends----Nil
BookValue 10.0% 11.0% 8.5%
Cal- Full
endar Year
NETPREMIUMSEARNED($mill.)
Mar.31 Jun.30 Sep.30 Dec.31
2022 17492 18087 18810 20256 74645
2023 19796 20561 21360 21686 83403
2024 21474 21953 22055 22775 88257
2025 21804 22195 22300 22701 89000
2026 23300 23750 24000 24200 95250
Cal- Full
endar Year
EARNINGSPERSHAREA
Mar.31 Jun.30 Sep.30 Dec.31
2022 3.18 4.21 3.00 3.05 13.44
2023 3.71 4.62 4.96 3.92 17.21
2024 5.20 5.38 4.68 6.73 21.99
2025 4.47 5.17 5.50 5.51 20.65
2026 5.40 5.45 5.50 5.65 22.00
Cal- Full
endar Year
QUARTERLYDIVIDENDSPAID
Mar.31 Jun.30 Sep.30 Dec.31
2021
2022
2023 NOCASHDIVIDENDS
2024 BEINGPAID
2025
2015 2016 2017 2018 2019 2020 2021 2022
16.75 18.60 24.56 23.29 25.06 27.60 31.38 34.12
6.93 5.87 3.53 3.11 3.79 3.52 3.37 4.69
61.83 66.19 53.86 56.40 61.60 73.37 89.94 99.29
2.95 2.94 3.17 3.70 3.18 2.90 3.14 .72
9.77 9.77 6.43 10.04 9.76 9.12 11.32 13.44---------------
104.91 116.11 141.16 141.42 174.35 192.91 228.61 215.95
2465.2 2466.2 2467.4 2465.7 2436.5 2297.2 2214.2 2187.4
133% 124% 124% 144% 120% 106% 119% 140%
14.3 14.7 27.2 20.3 21.3 22.5 24.0 22.6
.73 .77 1.33 1.10 1.17 1.16 1.29 1.31---------------
41294 45881 65097 57418 61078 63401 69478 74645
17092 14484 8710 7678 9240 8092 7465 10263
152435 163239 132887 139068 150085 168543 199151 217181
64.2% 67.4% 71.4% 69.5% 72.8% 69.3% 71.9% 77.2%
18.2% 16.8% 15.7% 14.6% 14.5% 20.2% 18.1% 20.7%
17.6% 15.8% 12.9% 15.9% 12.7% 10.5% 10.0% 2.1%
30.1% 27.4% 28.0% 8.0% 20.4% 22.3% 18.7% 27.9%
24083 24095 15865 24760 23780 20950 25065 29400
258627 286359 348296 348296 424791 443164 506199 472360
9.3% 8.4% 4.6% 7.1% 5.6% 4.7% 5.0% 6.2%---------------
2023 2024 2025 2026 ©VALUELINEPUB.LLC28-30
38.60 40.91 40.45 43.30 PremiumsEarnedpsh 58.75
7.20 10.12 9.25 9.75 Invest.Inc(loss)psh 12.20
125.50 121.15 140.90 147.00 OtherIncomepsh 177.50
5.06 7.77 7.90 7.80 UnderwritingIncomepsh 10.60
17.21 21.99 20.65 22.00 EarningspshAC 30.00----Nil Nil Div’dsDecl’dpsh Nil
259.76 302.07 306.80 318.20 BookValuepshB 422.00
2160.73 2157.30 2200.00 2200.00 CommonShs.Outst’gC 2000.0
129% 141% PricetoBookValue 180%
19.5 19.4 Boldfiguresare
ValueLine
estimates
AvgAnn’lP/ERatio 25.0
1.10 1.02 RelativeP/ERatio 1.40----AvgAnn’lDiv’dYield Nil
83403 88257 89000 95250 PremiumsEarned 117500
15557 21825 20350 21450 InvestmentIncome(loss) 24400
271172 261357 310000 323400 OtherIncome 355000
68.6% 63.7% 68.0% 69.0% LosstoPrem.Earned 70.0%
18.3% 19.0% 13.0% 13.0% ExpensetoPremWritten 12.0%
13.1% 17.3% 19.0% 18.0% UnderwritingMargin 18.0%
19.1% 18.9% 20.0% 20.0% IncomeTaxRate 18.0%
37186 47440 45430 48400 NetProfit($mill) 60000
561273 651655 675000 700000 Shr.Equity($mill)B 900000
6.6% 7.3% 6.5% 7.0% ReturnonShr.Equity 6.5%----Nil Nil AllDiv’dstoNetProf Nil
Company’sFinancialStrength A++
Stock’sPriceStability 100
PriceGrowthPersistence 90
EarningsPredictability 90
(A)Basedondilutedsharesoutstanding.Earn
ings include investment gains/(losses) and
derivativegainsandlossesprior to2018.Next
earningsreportduelateOct.
(B) Incl.goodwillandother intang. In12/31/24,
$118.5billion;$54.93/share.
(C) Inmill. Split Bshares50-to-1 inJanuary
2010.EachBshareisnowworth1/1500ofan
Ashare.
BUSINESS:BerkshireHathawayInc. isaholdingcompanyowning
subsidiariesengagedinpropertyandcasualtyinsuranceonadirect
and reinsurancebasis throughGEICO,GeneralReandBerkshire
Reinsurance.Otherbusinessactivities includeelectricutilities, rail
roads, flight training services, candymanufacturing, ice cream,
building products, newspapers, retailing, fine jewelry, etc. Also,
fractional ownershipprograms forgeneral aviation(NetJets), ener
gy(Mid-AmericanEnergy).Hasapproximately383,000employees.
Officers&directors control 30.7%of voting power (3/25 proxy).
Chrmn.&CEO:WarrenE.Buffett. Incorporated:Delaware.Addr.:
3555FarnamStreet,Omaha,Nebraska68131.Tel.:402-346-1400.
Internet:www.berkshirehathaway.com.
Berkshire’s results were a bit of a
mixedbagcomparedtoastrong2024
earnings comparison. Operating earn
ings,whilesolidonanabsolutebasis, de
clined moderately on a year-over-year
basis to$5.17ashareduringthe interim.
Insurance underwriting results declined
fromnearly$2.3billion last year, to just
under $2billion this year. The loss ratio
tickedhigher (anegative factor), due toa
couple of reasons. First, catastrophes in
creased sharply reflecting the Southern
Californiawildfires,whichoccurredduring
theMarchquarter, thoughsomeof theef
fects spilled over into the June interim.
Furthermore, Berkshire undertook some
reserve-strengtheningmeasures for prior
year claims reserves, whichalso cut into
profits.Onapositivenote,net investment
income nudged slightly higher, to nearly
$3.4 billion for the period. Furthermore,
looking outside of the insurance realm,
mostof theconglomerate’sothersegments
registered profit growth including BNSF
(railway), Berkshire Hathaway Energy,
andManufacturing,service&retailing.
Welookforthestorytoremainlarge
lythesameoverthebackhalfof this
yearandinto2026.Whilewelookforthe
company’s results to remain strong over
thenext 12 to18months, year-over-year
gainswill behardtoachieve, duetovery
good comparisons. The company’s insur
ance armis likely to continue to benefit
fromacontinuedsecularupswing, though
there have been pockets of moderating
pricinggains insomesegmentsof the in
dustry. This isa factor that bearswatch
ingmovingforward.
Our projections indicate that earn
ings might well hit the $30-a-share
markbythe2028-2030timeframe.Our
optimismis based on a decent economic
backdrop over that time frame, which
would enable the company to increase
pricing.
These shares offer worthwhile risk
adjustedtotalreturnpotential forthe
3to5yearsahead.What’smore,acquisi
tions,whicharen’t includedinourprojec
tions, could render our outlook conserva
tive. However, for the year ahead, these
sharesareviewedtobemarketunderper
formersbasedonourTimelinessRanking
System.
AlanG.House August29,2025
