Question 1

What is Berkshire Hathaway's P/FCF ratio?

Accepted Answer

Berkshire Hathaway (BRK-B) P/FCF ratio is 44.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Berkshire Hathaway?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Berkshire Hathaway specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Berkshire Hathaway's P/FCF ratio high or low?

Accepted Answer

Berkshire Hathaway's P/FCF ratio of 44.2× is above its own 5-year average of 42.8× and above the sector median of 12.0×. That places the current reading at the 72th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Berkshire Hathaway's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Berkshire Hathaway (BRK-B) P/FCF ratio has ranged from a low of 7.2× in 2003 to a high of 157.2× in 2005. The 5-year average is 42.8× and the 5-year median is 29.4×.

Question 7

What was Berkshire Hathaway's P/FCF ratio in 2025?

Accepted Answer

Berkshire Hathaway (BRK-B) P/FCF ratio at the end of 2025 was 43.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Berkshire Hathaway's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$1.08T	$25B	43.3×	-40.9×	Dec 31, 2025
2024	$978B	$11.6B	84.2×	+58.3×	Dec 31, 2024
2023	$772B	$29.8B	25.9×	-5.2×	Dec 31, 2023
2022	$678B	$21.8B	31.2×	+5.7×	Dec 31, 2022
2021	$666B	$26.1B	25.5×	+5.2×	Dec 31, 2021
2020	$541B	$26.8B	20.2×	-4.1×	Dec 31, 2020
2019	$553B	$22.7B	24.4×	+2.4×	Dec 31, 2019
2018	$503B	$22.9B	22.0×	+7.6×	Dec 31, 2018
2017	$489B	$34.1B	14.4×	-6.2×	Dec 31, 2017
2016	$402B	$19.6B	20.5×	-0.6×	Dec 31, 2016
2015	$325B	$15.4B	21.1×	-0.9×	Dec 31, 2015
2014	$370B	$16.8B	22.0×	+4.4×	Dec 31, 2014
2013	$292B	$16.6B	17.6×	-2.3×	Dec 31, 2013
2012	$222B	$11.2B	19.9×	+4.5×	Dec 31, 2012
2011	$189B	$12.3B	15.4×	-1.2×	Dec 31, 2011
2010	$198B	$11.9B	16.6×	+2.6×	Dec 31, 2010
2009	$153B	$10.9B	14.0×	-15.2×	Dec 31, 2009
2008	$149B	$5.11B	29.2×	-1.4×	Dec 31, 2008
2007	$220B	$7.18B	30.6×	+0.5×	Dec 31, 2007
2006	$170B	$5.62B	30.2×	+11.5×	Dec 31, 2006
2005	$136B	$7.25B	18.7×	-32.9×	Dec 31, 2005
2004	$135B	$2.63B	51.6×	+37.9×	Dec 31, 2004
2003	$130B	$9.45B	13.7×	+5.9×	Dec 31, 2003
2002	$112B	$14.3B	7.8×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Berkshire Hathaway (BRK-B) 2002-2026

P/FCF Ratio daily chart for Berkshire Hathaway (BRK-B)

Historical P/FCF Ratio for Berkshire Hathaway (BRK-B) from 2002 to 2025

About P/FCF Ratio at Berkshire Hathaway (BRK-B)

Berkshire Hathaway P/FCF Ratio by Year

Berkshire Hathaway P/FCF Ratio 2025: 43.3×

Berkshire Hathaway P/FCF Ratio 2024: 84.2×

Berkshire Hathaway P/FCF Ratio 2023: 25.9×

Berkshire Hathaway P/FCF Ratio 2022: 31.2×

Berkshire Hathaway P/FCF Ratio 2021: 25.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Berkshire Hathaway (BRK-B) Key Financials