Biglari Holdings Inc BH.A

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 1,906.49 USD on Nov 1, 2026, +9.6% year to date

Quant rating

Quant rating D Rank 329 of 344 in Consumer Discretionary

Growth D 318 of 344
Valuation D 325 of 344
Quality D 326 of 344
Revisions D 318 of 344
Momentum B 89 of 344

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.2B
52-week range: 1,238.00 – 2,480.00
3-year range: 700.00 – 2,480.00
Dividend yield: –
Beta (5 years): 0.54
Shares outstanding: 2.3M
Next earnings: –

About the company

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in several diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (Steak n Shake) and Western Sizzlin Corporation (Western Sizzlin). Its insurance and reinsurance business activities are conducted through subsidiaries, namely, First Guard Insurance Company and its affiliated agency, 1st Guard Corporation (First Guard); Southern Pioneer Property & Casualty Insurance Company and its affiliated agency, Southern Pioneer Insurance Agency, Inc. (Southern Pioneer); and Biglari Reinsurance Ltd. Its oil and gas operations are conducted through two entities, Southern Oil Company (Southern Oil) and Abraxas Petroleum Corporation (Abraxas Petroleum). Southern Oil operates oil and natural gas properties offshore in Louisiana state waters.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	395	362	365	368	366	–
Revenue growth	9.2%	−0.9%	−0.8%	0.6%	−15.6%	−1.8%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	37.8%	38.3%	42.5%	41.5%	39.0%	39.8%
Net margin	−9.5%	−1.0%	15.0%	−8.7%	9.7%	1.1%
ROE	−6.8%	−0.6%	9.6%	−5.6%	6.2%	0.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	343
Current ratio	2.45x
Long-term debt (mil)	281
Net debt (mil)	−28.5
Total equity (mil)	544
Net debt / equity	−0.05x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	395	+9.2%	3.1x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BH.A Biglari Holdings Inc	1.2B	–	−9.5%	2.20x	–	–	–	–
CMPGF Compass Group PLC	57.3B	–	4.1%	7.21x	23.2x	21.2x	12.8x	11.8x
QSR Restaurant Brands International Inc.	25.2B	4.76x	9.6%	8.29x	17.8x	16.4x	12.6x	11.8x
JMKE Jersey Mike's Subs Inc	5.8B	–	7.6%	1.29x	31.6x	24.3x	21.8x	19.0x
WING Wingstop Inc.	4.1B	4.53x	25.0%	−5.24x	36.0x	29.9x	20.7x	17.8x
SG Sweetgreen, Inc.	1.3B	12.97x	−19.7%	2.82x	−13.7x	−13.7x	−45.7x	170.5x
Mean		7.42x	2.8%	2.76x	19.0x	15.6x	4.5x	46.2x
Median		4.76x	5.8%	2.51x	23.2x	21.2x	12.8x	17.8x

Technical analysis

1M+11.7%
3M+1.9%
1Y+5.0%
3Y+168.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Biglari Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	395	362	365	368	366	434
Cost of revenue	246	223	210	215	223	297
Gross profit	149	139	155	153	143	137
Selling, general & administrative expenses	86.8	75.7	77.0	70.6	76.0	76.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	40.1	39.8	39.0	36.4	30.1	32.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−10.6	−15.6	−9.6	3.5	4.6	23.6
Other operating expenses	0.7	0	0	0	0	0
Operating income	32.4	38.7	49.0	42.2	32.1	4.7
Net interest income (expense)	−80.1	−46.9	15.9	−85.2	10.2	−54.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−47.7	−8.2	64.8	−43.0	42.3	−50.2
Provision for taxes	−10.2	−4.4	9.3	−10.7	6.8	−12.2
Minority interest	0	0	−0.6	0.3	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−37.5	−3.8	54.9	−32.0	35.5	−38.0
Extraordinary items	–	–	–	–	–	–
Net income	−37.5	−3.8	54.9	−32.0	35.5	−38.0
EBIT, normalized	21.8	23.1	39.4	45.7	36.7	28.4
EBITDA, normalized	61.9	63.0	78.4	82.2	66.8	60.6
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Biglari Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	338	134	120	107	125	119
Receivables	24.3	26.3	23.3	30.8	31.7	19.2
Total inventory	3.8	4.0	3.0	3.9	3.8	2.7
Prepaid expenses	–	5.5	5.6	4.3	3.9	–
Other current assets	12.6	1.1	0.8	4.7	0	6.5
Total current assets	379	171	153	151	165	148
Property, plant & equipment	407	410	413	435	392	359
Goodwill	52.6	52.5	53.5	53.5	53.5	53.6
Intangibles	23.7	22.8	23.2	23.0	23.5	24.1
Long-term investments	154	202	199	156	250	420
Note receivable	–	–	–	–	–	–
Other long-term assets	9.7	8.3	8.3	10.0	10.7	14.0
Total assets	1,025	866	849	828	895	1,018
Liabilities
Accounts payable	34.2	28.5	22.4	28.4	36.7	26.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	27.8	31.5	36.7	41.4	56.2	82.7
Short-term debt	0	35.0	0	0	0	0
Current portion of long-term debt	38.8	5.9	6.1	16.4	6.4	159
Other current liabilities	55.2	46.3	45.9	48.6	44.4	20.2
Total current liabilities	156	147	111	135	144	288
Long-term debt	278	73.1	60.1	63.0	68.5	75.2
Minority interest	–	–	0	8.6	–	–
Other liabilities	68.0	72.7	78.9	75.0	95.0	89.5
Total liabilities	502	293	250	282	307	453
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.1	1.1	1.1	1.1	1.1	1.1
Additional paid-in capital	386	386	386	382	382	382
Retained earnings (accumulated deficit)	590	628	631	577	609	573
Treasury stock	−452	−439	−416	−410	−402	−390
Other equity	−1.4	−2.9	−2.5	−2.8	−1.9	−1.5
Total equity	523	573	599	547	588	565
Total liabilities & shareholders' equity	1,025	866	849	828	895	1,018

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Biglari Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−37.5	−3.8	55.5	−32.3	35.5	−38.0
Depreciation, depletion & amortization	40.8	39.8	39.0	36.4	30.1	32.2
Deferred taxes	−11.5	−8.5	6.6	−15.6	5.3	−12.2
Non-cash items	108	29.0	−24.4	152	168	160
Changes in working capital	6.8	−7.0	−3.6	−12.7	−9.8	−24.7
Cash from operations	107	49.7	73.0	128	229	118
Investing activities
Capital expenditures	−30.4	−30.6	−23.4	−29.7	−64.5	−20.7
Other investing cash flows	−35.1	−56.8	−42.7	−107	6.0	−109
Cash from investing	−65.5	−87.4	−66.1	−137	−58.5	−129
Financing activities
Financing cash flow items	−1.9	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	198	39.5	−16.1	3.9	−156	−29.1
Cash from financing	197	39.5	−16.1	3.9	−156	−29.1
Foreign exchange effects	0	0	0.1	0	−0.1	0
Net change in cash	238	1.8	−9.2	−4.9	14.0	−41.0
Free cash flow	76.6	19.1	49.6	98.1	164	96.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.