A Business at a Glance
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Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. Restaurant Operations The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western Sizzlin”) for a combined 435 units.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 395M | 395M | 362M | 365M | 368M | 366M |
| Net Income | 0 | - | - | - | - | - |
| EPS | $-143.86 | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 |
| Free Cash Flow | 77M | 77M | 19M | 50M | 98M | 164M |
| ROIC | -10.2% | - | - | - | - | - |
| Gross Margin | 59.2% | 59.2% | 60.4% | 62.2% | 61.9% | 54.3% |
| Debt/Equity | 0.50 | 0.50 | 0.10 | 0.00 | 0.02 | 0.18 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -66M | -66M | -41M | 22M | -79M | 17M |
| Operating Margin | -16.8% | -16.8% | -11.2% | 5.9% | -21.5% | 4.7% |
| ROE | 0.0% | - | - | - | - | - |
| Shares Outstanding | 2M | 2M | 2M | - | - | - |
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 840M | 810M | 669M | 434M | 366M | 368M | 365M | 362M | 395M | 395M |
| Gross Margin | 21.3% | 21.4% | 25.1% | 43.1% | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% | 59.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 131M | 127M | 100M | 76M | 76M | 71M | 77M | 76M | 87M | 87M |
| EBIT | N/A | 40M | 78M | -39M | 17M | -79M | 22M | -41M | -66M | -66M |
| Op. Margin | N/A | 5.0% | 11.7% | -9.1% | 4.7% | -21.5% | 5.9% | -11.2% | -16.8% | -16.8% |
| Net Income | N/A | 19M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Net Margin | N/A | 2.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Non-Recurring | 0 | 5.5M | 8.8M | 26M | 4.8M | 5.1M | 25M | 1.1M | 1.3M | 1.3M |
| Returns on Capital | ||||||||||
| ROIC | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -10.2% |
| ROE | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROA | N/A | 96.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Cash Flow | ||||||||||
| Op. Cash Flow | 26M | 21M | 94M | 118M | 229M | 128M | 73M | 50M | 107M | 107M |
| Free Cash Flow | 18M | 5.4M | 76M | 97M | 164M | 98M | 50M | 19M | 77M | 77M |
| Owner Earnings | 4.3M | 1.4M | 64M | 85M | 199M | 91M | 34M | 9.8M | 66M | 66M |
| CapEx | 8.0M | 15M | 18M | 21M | 65M | 30M | 23M | 31M | 30M | 30M |
| Maint. CapEx | 21M | 19M | 30M | 32M | 30M | 36M | 39M | 40M | 41M | 41M |
| Growth CapEx | 0 | 0 | 0 | 0 | 34M | 0 | 0 | 0 | 0 | 0 |
| D&A | 21M | 19M | 30M | 32M | 30M | 36M | 39M | 40M | 41M | 41M |
| CapEx/OCF | 31.2% | 74.0% | 18.9% | 17.6% | 28.2% | 23.3% | 32.1% | 61.6% | 28.4% | 28.4% |
| Capital Allocation | ||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 17M | 2.2M | 2.2M | 23M | 150M | 0 | 0 | 0 | 1.9M | 1.9M |
| Balance Sheet | ||||||||||
| Net Debt | 205M | -46M | 203M | 239M | 62M | -27M | -28M | -2.0M | -277M | -7.8M |
| Cash & Equiv. | 59M | 49M | 68M | 25M | 42M | 37M | 28M | 31M | 269M | 269M |
| Long-Term Debt | 257M | 2.2M | 263M | 112M | 104M | 0 | 0 | 10M | 214M | 214M |
| Debt/Equity | 0.46 | N/A | 0.44 | 0.47 | 0.18 | 0.02 | 0.00 | 0.10 | 0.50 | 0.50 |
| Interest Coverage | N/A | 2.0 | 3.9 | -2.5 | 2.9 | -14.4 | 4.2 | -7.6 | -12.3 | -12.3 |
| Equity | 571M | N/A | 616M | 565M | 588M | 547M | 599M | 573M | 523M | 523M |
| Total Assets | 1.1B | 562K | 1.1B | 1.0B | 895M | 828M | 849M | 866M | 1.0B | 1.0B |
| Total Liabilities | 492M | N/A | 523M | 453M | 307M | 273M | 250M | 293M | 502M | 502M |
| Intangibles | 67M | N/A | 67M | 78M | 77M | 77M | 76M | 75M | 76M | 76M |
| Retained Earnings | 566M | N/A | 611M | 573M | 609M | 577M | 631M | 628M | 590M | 590M |
| Working Capital | -23M | N/A | 5.6M | -141M | 21M | 16M | 41M | 23M | 223M | 223M |
| Current Assets | 113M | N/A | 145M | 148M | 165M | 151M | 153M | 171M | 379M | 379M |
| Current Liabilities | 135M | N/A | 140M | 288M | 144M | 135M | 111M | 147M | 156M | 156M |
| Per Share Data | ||||||||||
| EPS | 136.01 | N/A | 131.64 | -110.05 | 111.83 | -107.43 | 189.49 | -13.45 | -143.86 | -143.86 |
| Owner EPS | 1.90 | N/A | N/A | N/A | N/A | N/A | N/A | 4.28 | 28.85 | 28.85 |
| Book Value | 251.08 | N/A | N/A | N/A | N/A | N/A | N/A | 249.73 | 228.14 | 228.14 |
| Cash Flow/Share | 11.33 | N/A | N/A | N/A | N/A | N/A | N/A | 21.64 | 46.62 | 17.77 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 2.3M | N/A | N/A | N/A | N/A | N/A | N/A | 2.3M | 2.3M | 2.3M |
| Valuation | ||||||||||
| P/E Ratio | 2.1 | N/A | 0.9 | N/A | 1.3 | N/A | 0.9 | N/A | N/A | -2.3 |
| P/FCF | 36.1 | N/A | N/A | N/A | N/A | N/A | N/A | 31.0 | 10.7 | 10.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.1 | N/A | N/A | N/A | N/A | N/A | N/A | 1.0 | 1.6 | 1.5 |
| Price/Sales | 0.7 | N/A | N/A | N/A | N/A | N/A | N/A | 1.2 | 1.6 | 1.9 |
| FCF Yield | 2.8% | N/A | N/A | N/A | N/A | N/A | N/A | 3.2% | 9.4% | 10.0% |
| Market Cap | 641M | N/A | N/A | N/A | N/A | N/A | N/A | 590M | 816M | 768M |
| Avg. Price | 258.93 | 211.04 | 112.68 | 86.75 | 150.54 | 132.69 | 173.31 | 186.72 | 278.06 | 334.80 |
| Year-End Price | 281.70 | 113.69 | 115.33 | 119.80 | 142.01 | 138.20 | 166.97 | 257.20 | 355.60 | 334.80 |
Biglari Holdings Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 0.9x vs a median of 31.0x. The company's 5-year average gross margin is 59.6%. At current prices, the estimated annualized return to fair value is -7.9%.
Biglari Holdings Inc. (BH) has a market capitalization of $768M. It is classified as a small-cap stock.
Biglari Holdings Inc. (BH) does not currently pay a regular dividend.
Biglari Holdings Inc. (BH) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
Biglari Holdings Inc. (BH) reported annual revenue of $395 million in its most recent fiscal year, based on SEC EDGAR filings.
Biglari Holdings Inc. (BH) generated $77 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Biglari Holdings Inc. (BH) has a debt-to-equity ratio of 0.50. This indicates a conservatively financed balance sheet.
Biglari Holdings Inc. (BH) reported earnings per share (EPS) of $-143.86 in its most recent fiscal year.
Biglari Holdings Inc. (BH) has a 5-year average gross margin of 59.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 9 years of financial data for Biglari Holdings Inc. (BH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Biglari Holdings Inc. (BH) has a book value per share of $228.14, based on its most recent annual SEC filing.
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