BRK-A // Berkshire Hathaway Inc.

Industrials • Diversified Equities

$817,500.00 ▲ +5553.00 (+0.68%)

MKT CAP: $1.20T • VOL: 241

52W L $698,000 52W H $824,765

ALTMAN Z

3.02 SAFE

PIOTROSKI

6 / 9

BRK-A // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

BRK-A // Berkshire Hathaway Inc.

GROSS MARGIN

41.0%

OP MARGIN

33.0%

ROIC %

8.3%

MKT CAP

$1.20T

UPSTREAM INPUTS ──► BRK-A OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

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-A ★	Berkshire Hathaway Inc.	$817,500.00	$1.20T	41.0%	33.0%	8.3%	12.7x	-1.0%	SUBJECT ISSUER
CAT	Caterpillar Inc.	$622.75	$286.26B	82.2%	17.5%	21.1%	20.9x	+18.4%	BRK-A VS CAT <GO>
RTX	RTX Corporation	$199.80	$269.08B	41.0%	10.5%	7.2%	26.5x	+9.7%	BRK-A VS RTX <GO>
TMO	Thermo Fisher Scientific Inc	$697.00	$262.22B	41.0%	17.4%	9.3%	30.4x	+3.9%	BRK-A VS TMO <GO>
UNP	Union Pacific Corporation	$304.00	$179.42B	41.0%	40.2%	20.1%	15.3x	+1.1%	BRK-A VS UNP <GO>
DE	Deere & Company	$675.48	$177.95B	41.0%	13.4%	9.3%	27.9x	-11.7%	BRK-A VS DE <GO>