Nope, that certainly won't hold.
On paper, I can turn out 2 cases of microbrew quality beer for the price of 2 cases of BMC beer.
That's on paper. In reality, although I have everything "necessary" to make beer, every time I order ingredients I'm always throwing in some extra items along with the order that will make the process easier and/or more enjoyable.
You don't technically "need" a wort chiller to brew beer, but you're going to want one. There's an extra $50 or $100. You don't technically "need" a 10 gallon stainless steel brewpot with a ball valve and built in thermometer. But you're going to want one. There's a few hundred bucks. You don't technically "need" a kegging setup, but you're going to want one. There's $250 to get started, and then an extra $40 or so every time you want to add another keg. (Oops, now you also have to expand your CO2 setup, so you need a manifold, some more disconnects, another faucet, tubing. That $40 keg just cost you $120.) You don't technically "need" a fancy kegerator with stainless steel Perlick taps and a polished mahogany finish to serve those kegs from, but you're going to want one. There's a grand, just to get started.
You don't technically "need".... Oh hell, you see where this is going... I still haven't covered yeast starters, stir plates, high output burners for doing full boils, filtering equipment, fermentation chambers, temperature controllers.
And that's all stuff you'll want while you're still doing extract. Sooner or later you'll want to go all-grain, and the cycle will begin again (only with bigger price tags).
I try to tell myself that the price difference for brewing vs buying the same quality beer is enough that I'm at least breaking even on my gear, but the truth is I know I don't really want to sit down and run the numbers and ruin that little fantasy.
I'd say that while it's easy to sit down and make the argument on paper that brewing is cheaper than buying, the very best you can hope for in reality is to break even on the money, but have better beer to drink for the money. And even that goal will be hard to stick to.