Berkshire Hathaway Inc. (BRK-B) 股票估值 — PE 分析
Insurance - Diversified · NYSE
目前價格
$495.72
PE Ratio (TTM)
14.8x
內在價值
$538.58
安全邊際 +8.0%
競爭護城河
↑保險業務護城河
伯克希爾哈撒韋的保險業務擁有龐大的浮存金，這筆資金可用於再投資，產生可觀的收益，並為其多元化投資組合提供穩定的資金來源。
↑多元化經營優勢
公司旗下擁有眾多不同行業的子公司，從能源到鐵路再到消費品，這種多元化降低了單一行業波動的風險，並創造了協同效應。
↑股東價值創造
沃倫·巴菲特及其團隊對價值投資的專注，以及對長期資本增值的承諾，為股東創造了持續的財富增長，建立了強大的品牌忠誠度。
投資風險
↓領導層繼任
儘管格雷格·艾貝爾已接任，但市場仍關注其能否延續巴菲特時代的投資智慧和經營策略，尤其是在重大收購決策上。
↓利率風險
利率變動會影響其龐大的投資組合價值，特別是固定收益證券的表現，以及保險業務的浮存金投資收益。
↓房地產市場波動
近期對泰勒·莫里森的收購，加深了其在房地產行業的敞口，該行業的週期性波動可能對公司整體業績造成影響。
基準情形
BRK-B 基準情形 PE 估值
BRK-B 的基準情形 PE 估值估算每股公允價值約為 $538.58,目前股價為 $495.72。該模型假設盈餘年增長率 4.7%、目標 P/E 倍數 15x、折現率 10%。
內在價值
$538.58
安全邊際
+8.0%
預期年化報酬
+1.7%
基準情形假設:盈餘年增長率 4.7%、目標 P/E 倍數 15x、折現率 10%、預測 5 年。資料截至 2026-06-29。
本基準情形採用預設假設,不構成投資建議。當目標 PE 或盈餘增長率變化時,公允價值會顯著改變。開啟計算器可設定你自己的假設,並查看完整的敏感度區間。
公司簡介
Berkshire Hathaway Inc., established in 1998 and headquartered in Omaha, Nebraska, operates as a vast global conglomerate with diverse business interests. Its core operations primarily encompass insurance, freight rail transportation, and utility services. The company provides a comprehensive suite of insurance and reinsurance products, including coverage for property, casualty, life, accident, and health. Across North America, it manages extensive railway networks dedicated to freight transport. Its utility division is responsible for generating, transmitting, storing, and distributing electricity sourced from various origins such as natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal energy. This segment also oversees natural gas infrastructure, including distribution networks, storage facilities, interstate pipelines, and liquefied natural gas (LNG) operations, alongside its interests in coal mining. Beyond these foundational sectors, Berkshire Hathaway boasts a significant manufacturing footprint. It produces a wide array of goods ranging from confectionery and specialty chemicals to metal cutting tools and components for both aerospace and power generation applications. Its manufacturing portfolio also extends to flooring products, insulation, roofing materials, engineered building components, paints, coatings, and bricks. The company is also involved in residential construction, offering both manufactured and site-built homes, supplemented by related lending and financial services. Its product offerings further include recreational vehicles, apparel, footwear, jewelry, custom picture framing, and alkaline batteries. On the industrial side, it manufactures specialized components like castings, forgings, fasteners, aerostructures, and precision parts, often utilizing advanced alloys such as cobalt, nickel, and titanium. Additionally, Berkshire Hathaway provides a variety of services, which include distributing electronic components, franchising and servicing quick-service restaurants, offering logistics, grocery, and foodservice distribution, as well as professional aviation training and shared aircraft ownership programs. Finally, the company maintains a substantial retail presence, selling an extensive selection of products such as automobiles, furniture, home appliances, electronics, computers, jewelry, and kitchenware, in addition to motorcycle clothing and equipment.
財務指標 — BRK-B PE 估值資料
PE Ratio (TTM)
14.8x
PEG Ratio
n/m
Earnings Yield
6.78%
ROE (TTM)
10.3%
Revenue/Share (TTM)
$174.02
Debt/Equity
0.20x
常見問題
BRK-B 的市盈率是多少？
BRK-B 的過去 12 個月市盈率反映投資者為 Berkshire Hathaway Inc. 每一美元收益所支付的價格。該指標在與Insurance - Diversified同類公司和公司自身歷史區間對比時最有意義。
基於市盈率，BRK-B 被高估了嗎？
BRK-B 的市盈率 14.8x 結合 PEG 比率 -1.41 提供了增長調整後的視角。BRK-B 盈利為負，市盈率和 PEG 比率此時均無意義，無法判斷股票被高估還是低估。注意 PE 估值最適合盈利穩定的成熟公司——對於高增長或週期性Insurance - Diversified，DCF 分析可能更合適。
如何使用市盈率對 BRK-B 進行估值？
對 Berkshire Hathaway Inc. 使用 PE 估值的步驟：(1) 將目前市盈率 (14.8x)與Insurance - Diversified中位數對比評估相對定價，(2) 查看 PEG 比率 (-1.41)以調整增長預期，(3) 參考 5 年 PE 歷史區間判斷目前位置，(4) 用目標 PE 乘以前瞻 EPS 估算公允價值。這種相對估值方法與 DCF 的絕對估值互為補充。
BRK-B 的 PEG 比率是多少？
BRK-B 的 PEG 比率為 -1.41，由市盈率（14.8x）除以預期盈利增速計算。由於 BRK-B 盈利為負，其 PEG 比率沒有意義，不應被解讀為低估或高估的訊號。注意 PEG 的準確性取決於增長預期的可靠性。
對 BRK-B 應該使用 PE 還是 DCF 估值？
PE 市盈率給出快速的相對定價——BRK-B 相對於Insurance - Diversified同類的估值水平。DCF 基於預期自由現金流提供絕對價值。建議用 PE 做快速篩選，用 DCF 做深度分析。兩種方法各有盲區：PE 忽略了資本結構和現金流質量，DCF 則對增長率和折現率假設非常敏感。
了解更多
- 查看 BRK-B DCF 估值 → — 透過折現現金流分析計算內在價值
- PE 方法論 — PE 市盈率估值分步指南
- DCF 方法論 — 折現現金流分析指南
- PE 市盈率 — 理解市盈率
- 內在價值 — 如何評估股票公允價值
相關 PE 估值
查看全部 Financial Services 估值本益比與 DCF 使用不同的方法和假設為 BRK-B 估值，因此兩者的結論可能不同。可對比 DCF 內在價值。
價格截至 2026-06-29。 財務數據來自 Financial Modeling Prep（過去 12 個月）· 估值方法論由 Charlie Wang 提供。
這是估計值，不構成投資建議。