Method & caveats:
(1) Operating segments valued via after-tax earnings × P/E multiple, not revenue (Berkshire's businesses have stable margins so earnings multiples are more meaningful than revenue multiples).
(2) Insurance investment income gets partial credit — its fixed-income/T-bill yield component (~60%) is not a double-count of §1, but its equity-dividend portion is. Base case applies a 6× multiple split-the-baby.
(3) Insurance float (~$170B) is included as a credited asset, scaled by your float-credit haircut. It's perpetual, low/negative-cost capital that funds the investment book; mainstream SOTPs credit it at 50–100% of face.
(4) Holdings list is the top 15 of ~42 positions; tail positions roll up into "Other 13F holdings" with editable carry value.
(5) Q4 2025 13F share counts may be stale relative to Q1 2026 trading activity — refresh from the latest filing if material.
Valuation presets
Click a preset to set all multiples / float credit / deferred-tax recognition. Every input remains editable afterward.
What each preset assumes
Bear: Insurance 14x / BNSF 16x / BHE 18x / MSR 14x. Float = $0. Deferred cap-gains tax fully subtracted. Insurance investment income at 0× (treated as full double-count of §1).
Base: Insurance 16x / BNSF 19x / BHE 22x / MSR 17x. Float credited at 50% ($85B). 25% of deferred tax subtracted (75% assumed perpetually deferred via hold-forever). Insurance investment income at 6× (partial credit for fixed-income yield portion).
Bull: Insurance 18x / BNSF 22x / BHE 25x / MSR 20x. Float credited at 100% ($170B). 0% of deferred tax subtracted (full hold-forever). Insurance investment income at 12× (full credit).
Base: Insurance 16x / BNSF 19x / BHE 22x / MSR 17x. Float credited at 50% ($85B). 25% of deferred tax subtracted (75% assumed perpetually deferred via hold-forever). Insurance investment income at 6× (partial credit for fixed-income yield portion).
Bull: Insurance 18x / BNSF 22x / BHE 25x / MSR 20x. Float credited at 100% ($170B). 0% of deferred tax subtracted (full hold-forever). Insurance investment income at 12× (full credit).
Live SOTP per B-share
Equity portfolio (after-tax)
$0
+ Operating segments
$0
+ Cash & T-bills
$0
– Deferred corp. cap-gains tax
$0
– Debt (effective)
$0
Implied equity value
$0
÷ B-equivalent shares
SOTP / B-share
SOTP / A-share
BRK.B mkt price
$480
Premium / (discount)
—
1. Public equity portfolio (Q4 2025 13F · top 15 + tail)
Berkshire owes corporate tax on realized gains, but holds forever so most is perpetually deferred. Recognition % = how much of the theoretical tax you actually subtract.
Corporate tax rate: %
Deferred-tax recognition: %
(0% = pure hold-forever, 100% = full liquidation)
| Ticker | Company | Shares (M) | Price ($) | Mkt val ($B) | BRK cost / sh ($) | Cost basis ($B) | Unrealized gain ($B) | Deferred tax ($B) | After-tax val ($B) | % port |
|---|---|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | — | |||||
Notes on cost bases
Famous bases: Apple ~$36/sh (built 2016–2018), Coca-Cola $1.30B total ($3.25/sh on 400M shares — basically free), AmEx $1.29B total. For names where Buffett has built post-2020 (CVX, OXY, CB, DPZ, NYT) basis is closer to current price. Defaults are best-effort — verify against 10-K disclosures. The deferred tax line is real on a hypothetical full liquidation but unlikely to ever be realized in practice (Berkshire holds forever).
2. Operating segments — earnings × P/E multiple
| Segment | What it is | Q1'26 op. earnings ($B) | Annualized ($B) | P/E multiple | Implied value ($B) |
|---|---|---|---|---|---|
| Total operating segments | — | ||||
Why "Insurance Investment Income" is intentionally not multiplied ⚠
Insurance Investment Income ($2.68B Q1'26 = ~$10.7B annualized) is the dividend/interest yield on the public equity portfolio + bond holdings. Those assets are already captured at fair market value in section 1 (equities) and section 3 (cash/T-bills/fixed income). Multiplying the yield by a P/E multiple would double-count those same assets. Shown informationally only — set its multiple to 0 if you want to be conservative.
3. Cash, T-bills, and float
| Line | Source | Carrying value ($B) | Haircut % | SOTP value ($B) |
|---|---|---|---|---|
| Total cash & equivalents counted in SOTP | — | |||
Why float isn't subtracted
Insurance float (~$170B as of Q1 2026) is policyholder premium held until claims are paid — economically "free" capital that funds the investment portfolio. It's a liability technically, but it's matched by the asset side (the equity portfolio + cash). Subtracting float would double-count: the assets are valued, so subtracting the liability that funds them creates phantom debt. Same logic for the corresponding policy reserves. The cost of float (underwriting losses) shows up in the Insurance Underwriting segment line above.
4. Subsidiary debt
Berkshire debt is mostly at subsidiary level (BNSF and BHE) — IG-rated, term loans & senior notes. Mark factor lets you toggle between face value (conservative) and a discount to face (if you assume rates fall and bonds can be refinanced cheaper).
Market disc (0%)
Face (100%)
100%
| Borrower | Type | Face ($B) | Avg coupon | SOTP value ($B) |
|---|---|---|---|---|
| Total debt | — | — | ||
5. Your cost basis & tax-on-exit estimator (BRK.A / BRK.B lots)
| Lot / Position | Ticker | Shares | Cost / sh ($) | Total basis ($) | Current price ($) | Current value ($) | Gain / (loss) ($) | Type | Tax rate % | Tax owed ($) | Net proceeds ($) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | — | ||||||
LT = long-term (held > 1 yr). ST = short-term (ordinary income).
Share count & market price
| Class A shares outstanding (M) | M | |
| Class B shares outstanding (M) | M | |
| Total B-equivalent shares | 4,319 M | |
| Current BRK.B price ($) | $ | |
| Implied BRK.A ($) | $720,000 | |
Reference values
| Book value / B-share (Mar 2026) | $337.15 | |
| Insurance float (informational) | ~$170B | |
| Trailing op earnings (annualized Q1) | ~$45.4B | |
Sources: Berkshire Q1 2026 10-Q (May 2 2026 release); Q4 2025 13F (filed Feb 17 2026); Yahoo Finance pricing. Not investment advice.