BRK-B // Berkshire Hathaway Inc.

DES <GO> NYSE CIK 0001067983 ↗

Financials • Property/Casualty Insurance, Rail, Energy & Equity Holdings • SIC 6331

$542.49 ▲ +0.53 (+0.10%)

MKT CAP: $1.16T • VOL: 4.48M

52W L $464 52W H $824,765

GEEKSCORE™

B • 75/100

ALTMAN Z

2.85 GREY

PIOTROSKI

4 / 9

BRK-B // WSG GEEKSCORE™ & 5-PILLAR PROPRIETARY RATING 02:00 EST DETERMINISTIC ENGINE

PRIOR: 75/100 [B] (+0 PT) • UNCHANGED AS OF 2026-10-31

GRADE B

TOTAL GEEKSCORE™

75 / 100 +0D

5 X 20-PT QUANT PILLARS

F 0 D 35 C 50 B 70 A+ 85

Accumulate / Smart-Money Inflow

01 MASSIVE / SEC XBRL

Forensic Fundamentals

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02 OPRA GEX + SEC 13F

Whale & Options Flow

17 / 20

STRONG

NET GEX +69% • CALL SWEEP 87% • P/C 0.94

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

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04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=-0.06 (+23bp) • r(OAS)=-0.28

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 1 CRIT / 2 MED • ESCALATING

ALERT

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BRK-B // HISTORICAL PRICE & TECHNICAL WORKSTATION1Y: +13.60%

2026-10-30O $542.3H $550.5L $539.2C $542.5VOL 19.71M

SMA50: $515.1SMA200: $495.7

BRK-B // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 52/100

BEAR 0

100 BULL

Berkshire trades at an elevated 24.3x Forward P/E against a modest 2.08% FCF yield, creating negative asymmetry as topline momentum flattens (FY2025 YoY revenue growth of 0.0% to $371.44B). While balance sheet solvency remains sound with a 0.00x Debt-to-Equity and 9.7x EV/EBITDA, structurally decaying full-year capital efficiency (ROIC down from 17.1% in FY2023 to 9.3% in FY2025) and an uninspiring Piotroski F-Score of 4/9 dictate a defensive, pair-trade stance. With the stock trading at $542.49 well above its $500.00 Max Pain strike, multiple expansion is exhausted without a major redeployment of liquidity.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Underwriting and Operational Rebound Drives Sequential Margin Expansion

Operating margins recovered sharply to 31.5% in Q2 2026 from 13.2% in Q1 2026, propelling quarterly revenue to $101.81B (+10.0% YoY) and quarterly ROIC back to 13.7%.

OP MARGIN: 31.5% | REV GROWTH: 10.0% YoY | ROIC: 13.7%

02. Defensive Fortress Capital Structure With Sub-Market Beta

Zero funded debt-to-equity leverage (0.00x) paired with an equity beta of 0.61 delivers durable capital preservation and drawdown resistance across turbulent equity market cycles.

D/E: 0.00x | EQUITY BETA: 0.61 | EV/EBITDA: 9.7x

03. High-Quality Free Cash Generation Backing Substantial Liquidity Reserves

Consolidated operations generated $25.04B in full-year FY2025 FCF even while absorbing $20.93B in capex, closing Q2 2026 with $41.36B in standalone parent cash.

FY2025 FCF: $25.04B | FY2025 CAPEX: $20.93B | Q2 CASH: $41.36B

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Forward Multiple Re-Rating Headwind Against Weak Fundamental Quality Scores

Valuation has detached from trailing metrics, expanding to 24.3x Forward P/E from 13.6x Trailing P/E amid an Altman Z-Score stuck in the grey zone at 2.85 and a weak Piotroski F-Score of 4/9.

FWD P/E: 24.3x | TRAILING P/E: 13.6x | PIOTROSKI: 4/9 | ALTMAN Z: 2.85

02. Structural Multi-Year Deterioration in Consolidated Return on Capital

Capital allocation efficiency has steadily deteriorated on an annual basis, with consolidated ROIC dropping from 17.1% in FY2023 to 13.7% in FY2024 and bottoming at 9.3% in FY2025.

ROIC: 9.3% FY25 vs 17.1% FY23 | TTM ROIC: 11.5% | FCF YIELD: 2.08%

03. Overbought Technicals Diverging From Negative Options Pin Skew

RSI-14 at 66.8 sits near overbought levels above the 50D SMA ($515.11) and 200D SMA ($495.74), while options market positioning reflects an 8.5% gravitational pull toward the $500.00 Max Pain strike.

RSI-14: 66.8 | 50D SMA: $515.11 | MAX PAIN: $500.00

KEY CATALYST // Next 10-Q earnings release and Form 13F filing disclosing institutional portfolio reallocation; market prices an options implied move of 3.5% against a $500.00 Max Pain strike, where any failure to deploy cash accretively risks a multiple re-rating toward the Street's bearish $485.50 price target floor.

MACRO REGIME // BRK-B exhibits systematic inverse macro elasticity led by VIXCLS (r = -0.42, R² = 0.18, where a +5.0 pt VIX spike maps to -1.59% weekly return drag) and high-yield credit spread widening via BAMLH0A0HYM2 (r = -0.28, R² = 0.08, where a +50 bps spread expansion drives a -1.83% hit). Headwinds also persist via DFII10 (r = -0.20) and CPIAUCSL (r = -0.19, where a +1.0% CPI expansion yields -3.73% elasticity).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
Berkshire Hathaway (Warren Buffett)	BUY	$1.92B
The Vanguard Group, Inc.	BUY	$245.0M
BlackRock, Inc.	BUY	$190.0M
FMR LLC (Fidelity Contrafund)	BUY	$135.0M

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
$540 (2026-11-06)	PUT	$905.6K
$535 (2026-11-06)	PUT	$499.7K
$553 (2026-11-06)	CALL	$358.7K
$558 (2026-11-06)	CALL	$162.4K

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 13.6x

FORWARD P/E 24.3x

EV / EBITDA 9.7x

FCF YIELD 2.08%

GROSS MARGIN —

OPERATING MARGIN 27.8%

NET MARGIN 22.3%

ROIC % 11.5%

REV GROWTH YOY +3.9%

DILUTED EPS TTM $39.95

DEBT / EQUITY 0.00x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 66.8

5Y EQUITY BETA 0.61

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

VIXCLS // CBOE Volatility Index (VIX) -0.42 r

Moderate inverse linkage (r = -0.42, R² = 18.1% over 260W): a +5.0 pt volatility spike in VIXCLS historically maps to -1.59% weekly return elasticity on BRK-B.

BAMLH0A0HYM2 // ICE BofA US High Yield Index Option-Adjusted Spread (OAS) -0.28 r

Moderate inverse linkage (r = -0.28, R² = 7.7% over 156W): a +50 bps rise in BAMLH0A0HYM2 historically maps to -1.83% weekly return elasticity on BRK-B.

DFII10 // 10-Year TIPS Constant Maturity Real Yield -0.20 r

Tactical inverse linkage (r = -0.20, R² = 4.1% over 260W): a +50 bps rise in DFII10 historically maps to -2.09% weekly return elasticity on BRK-B.

CPIAUCSL // Consumer Price Index: Headline All Items (CPI-U) -0.19 r

Tactical inverse linkage (r = -0.19, R² = 3.5% over 257W): a +1.0% expansion in CPIAUCSL historically maps to -3.73% weekly return elasticity on BRK-B.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BRK-BPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

44/100ELEVATED REGIME HEADWIND

PRIMARY FACTOR EXPOSURE

DFII10 // -0.20 r

Latest: 2.63%

EST. DIRECTIONAL MOVE

-2.73%

Implied Px: $527.67

EST. DOLLAR VARIANCE

-$1,366

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BRK-B & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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MARGINS ROIC VALUATION