Don't say never. It split in 92 when it was in the $90s. The biggest factor is that it costs the company millions of dollars in paper work to split the stock and as you mentioned it adds no intrinsic value. The only thing a split does is allow "Mom and Pop" investors to buy a block of 100 shares so they are only spending a few thousand dollars. Otherwise if it becomes a Berkshire Hathaway A share type stock the only buyers would be institutions (for the most part).