Mixed: recurring fees (insurance premiums, utility rates), transactional (railroad freight), product sales

Mixed: regulated/cost-plus (utilities), negotiated (insurance and reinsurance), published rates with surcharges (BNSF), competitive (manufacturing/retail)

Mixed: insurance premiums, railroad transportation fees, utility rates, manufacturing/retail product sales

GEICO: direct response (internet, telephone); insurance brokers and agents for commercial; BNSF: contractual agreements and common carrier rates; BHE: regulated

Mixed: enterprise, consumer, institutional

SMB, government, institutional investors

Holding company / conglomerate with diversified operating subsidiaries

Manufacturer, retailer, utility operator, railroad operator

Moderate

Linear

Predominantly domestic (U.S.) with significant international exposure

Very High

Low

Yes

High

Low

Moderate

Partial

Moderate to High

6.7% Return on Assets (Excellent)

Mixed

Moderate

Low intensity; The still-binding Russia sanctions architecture — the oil price-cap regime plus the April 2024 LME/CME bar on new Russian aluminum, copper, and nickel — puts banks' commodity trade-finance, clearing, and warehousing-adjacent businesses on the compliance and secondary-sanctions front line even where they carry no price exposure.

Sublinear

Low

Moderate to High

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations"]

0.36 (Hybrid — ~36% of characteristic roles agent-automatable)

Low intensity; commodities: gold, crude oil, natural gas, electric power, copper/base metals; geopolitical: The still-binding Russia sanctions architecture — the oil price-cap regime plus the April 2024 LME/CME bar on new Russian aluminum, copper, and nickel — puts banks' commodity trade-finance, clearing, and warehousing-adjacent businesses on the compliance and secondary-sanctions front line even where they carry no price exposure.

Very High burden; regimes: Federal Reserve, OCC, SEC, CFPB, Basel III, FINRA; Rising capital requirements and stress-test standards constrain shareholder returns.

0001067983

BRK-B

8.5% CapEx / Revenue (Moderate-CapEx)

Low

active_enforcement_matters,antitrust_exposure_flag,business_model_type_primary,business_model_type_secondary,capital_return_posture,channel_inventory_exposure,churn_vulnerability_index,currency_risk_exposure,customer_acquisition_metric,customer_segment_primary,customer_segment_secondary,cyber_framework_alignment,cyber_incident_materiality,cyber_oversight_body,data_sovereignty_risk,employee_headcount,franchise_compliance_risk,geographic_footprint,geopolitical_supply_exposure,headcount_cost_structure,hedging_program_scope,howey_test_risk_index,interest_rate_sensitivity,international_expansion_readiness,key_person_dependency,liquidity_sufficiency_assertion,marginal_cost_of_growth,market_structure,monetization_vector,named_competitors,network_effect_present,pricing_architecture,pricing_power_rating,product_revenue_concentration,purchase_commitment_rigidity,recession_resistance_tier,regulatory_burden_tier,revenue_model_type,seasonality_pattern,supply_chain_dependency,switching_cost_profile,trade_restriction_exposure,vendor_lock_dependency_score

35

3

3641607

2026-09-30

2026-10-03T13:38|activist_13d_count_1y,activist_last_13d_date,blockholder_13g_count_1y,insider_buys_6m,insider_last_transaction_date,insider_net_shares_6m,insider_sells_6m

387,800; ~80% in U.S.

Moderate

State Farm, Progressive, Allstate, USAA, Union Pacific Railroad Company

Fragmented

Insurance underwriting and investment income = ~29% of net earnings (2025)

Profitable-Reinvesting

Moderate - tariffs and trade policies mentioned as risk with potential adverse consequences to operating businesses and investments

Pronounced - utilities and natural gas pipelines; Mild - GEICO auto insurance

Affirmed

Moderate - insurance distribution through agents and brokers whose underwriting decisions and claims management affect premium timing

Yes - real estate brokerage litigation settlement

High - BNSF requires significant ongoing capital investment

No - no material cyber incidents disclosed as having occurred or being reasonably likely to materially affect the company

No named framework alignment disclosed

Audit Committee

Moderate - non-U.S. operations and non-USD denominated debt exposed

No hedging program disclosed

0

3

none in window

Mixed: recurring fees (insurance premiums, utility rates), transactional (railroad freight), product sales

Mixed: regulated/cost-plus (utilities), negotiated (insurance and reinsurance), published rates with surcharges (BNSF), competitive (manufacturing/retail)

Mixed: insurance premiums, railroad transportation fees, utility rates, manufacturing/retail product sales

GEICO: direct response (internet, telephone); insurance brokers and agents for commercial; BNSF: contractual agreements and common carrier rates; BHE: regulated

Mixed: enterprise, consumer, institutional

SMB, government, institutional investors

Holding company / conglomerate with diversified operating subsidiaries

Manufacturer, retailer, utility operator, railroad operator

Moderate

Linear

Predominantly domestic (U.S.) with significant international exposure

Very High

Low

Yes

High

Low

Moderate

Partial

Moderate to High

6.7% Return on Assets (Excellent)

Mixed

Moderate

Low intensity; The still-binding Russia sanctions architecture — the oil price-cap regime plus the April 2024 LME/CME bar on new Russian aluminum, copper, and nickel — puts banks' commodity trade-finance, clearing, and warehousing-adjacent businesses on the compliance and secondary-sanctions front line even where they carry no price exposure.

Sublinear

Low

Moderate to High

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations"]

0.36 (Hybrid — ~36% of characteristic roles agent-automatable)

Low intensity; commodities: gold, crude oil, natural gas, electric power, copper/base metals; geopolitical: The still-binding Russia sanctions architecture — the oil price-cap regime plus the April 2024 LME/CME bar on new Russian aluminum, copper, and nickel — puts banks' commodity trade-finance, clearing, and warehousing-adjacent businesses on the compliance and secondary-sanctions front line even where they carry no price exposure.

Very High burden; regimes: Federal Reserve, OCC, SEC, CFPB, Basel III, FINRA; Rising capital requirements and stress-test standards constrain shareholder returns.

0001067983

BRK-B

8.5% CapEx / Revenue (Moderate-CapEx)

Low

active_enforcement_matters,antitrust_exposure_flag,business_model_type_primary,business_model_type_secondary,capital_return_posture,channel_inventory_exposure,churn_vulnerability_index,currency_risk_exposure,customer_acquisition_metric,customer_segment_primary,customer_segment_secondary,cyber_framework_alignment,cyber_incident_materiality,cyber_oversight_body,data_sovereignty_risk,employee_headcount,franchise_compliance_risk,geographic_footprint,geopolitical_supply_exposure,headcount_cost_structure,hedging_program_scope,howey_test_risk_index,interest_rate_sensitivity,international_expansion_readiness,key_person_dependency,liquidity_sufficiency_assertion,marginal_cost_of_growth,market_structure,monetization_vector,named_competitors,network_effect_present,pricing_architecture,pricing_power_rating,product_revenue_concentration,purchase_commitment_rigidity,recession_resistance_tier,regulatory_burden_tier,revenue_model_type,seasonality_pattern,supply_chain_dependency,switching_cost_profile,trade_restriction_exposure,vendor_lock_dependency_score

35

3

3641607

2026-09-30

2026-10-03T13:38|activist_13d_count_1y,activist_last_13d_date,blockholder_13g_count_1y,insider_buys_6m,insider_last_transaction_date,insider_net_shares_6m,insider_sells_6m

387,800; ~80% in U.S.

Moderate

State Farm, Progressive, Allstate, USAA, Union Pacific Railroad Company

Fragmented

Insurance underwriting and investment income = ~29% of net earnings (2025)

Profitable-Reinvesting

Moderate - tariffs and trade policies mentioned as risk with potential adverse consequences to operating businesses and investments

Pronounced - utilities and natural gas pipelines; Mild - GEICO auto insurance

Affirmed

Moderate - insurance distribution through agents and brokers whose underwriting decisions and claims management affect premium timing

Yes - real estate brokerage litigation settlement

High - BNSF requires significant ongoing capital investment

No - no material cyber incidents disclosed as having occurred or being reasonably likely to materially affect the company

No named framework alignment disclosed

Audit Committee

Moderate - non-U.S. operations and non-USD denominated debt exposed

No hedging program disclosed

0

3

none in window