Biglari Holdings Inc.(BH)Earnings, Financials & Key Ratios

BH•NYSE

$300.72

$622M mkt cap·Price updated May 7, 2026

SectorConsumer Cyclical IndustryRestaurants Sub-IndustryQuick-Service Food Chains

AboutBiglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units. The company also engages in underwriting commercial trucking insurance; selling physical damage and non-trucking liability insurance to truckers; and providing property and casualty insurance. In addition, it operates oil and natural gas properties in the Gulf of Mexico; and publishes and sells magazines and related publishing products under the MAXIM brand name. Further, it licenses media products and services; and engages in the investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.Show more

Revenue$362M-0.9%
EBITDA$63M-19.7%
Net Income-$4M-106.8%
EPS (Diluted)-2.69-107.0%
Gross Margin38.28%+20.2%
EBITDA Margin17.38%-18.9%
Operating Margin6.38%-40.8%
Net Margin-1.04%-106.9%
ROE-0.64%-106.7%
ROIC2.54%-43.7%
Debt/Equity0.26+55.2%
Interest Coverage3.77-44.5%

Technical→

BH Key Insights

Biglari Holdings Inc. (BH) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.1%
✗Sales declining 11.5% over 5 years
✗Thin 5Y average net margin of 1.2%
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BH Price & Volume

Biglari Holdings Inc. (BH) stock price & volume — 10-year historical chart

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BH Growth Metrics

Biglari Holdings Inc. (BH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-7.94%

5 Years-11.55%

3 Years-0.36%

TTM6.87%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-95.91%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-109.42%

Return on Capital

10 Years4.96%

5 Years7.21%

3 Years6.68%

Last Year3.17%

BH Recent Earnings

Biglari Holdings Inc. (BH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

Q1 2026Latest

Feb 28, 2026

EPS

$2.38

Revenue

$100M

Q4 2025

Nov 7, 2025

EPS

$23.46

Revenue

$100M

Q3 2025

Aug 8, 2025

EPS

$9.17

Revenue

$101M

Q2 2025

May 9, 2025

EPS

$23.37

Revenue

$95M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 28, 2026	$2.38	$100M
Q4 2025	Nov 7, 2025	$23.46	$100M
Q3 2025	Aug 8, 2025	$9.17	$101M
Q2 2025	May 9, 2025	$23.37	$95M

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
FRPHFRP Holdings, Inc.Direct Competitor	406.26M	21.26	62.53	0.65%	10.9%	1%	0.38
LMFALM Funding America, Inc.Direct Competitor	663.26K	0.24	-0.09	77.73%		-15.31%	0.22
CODICompass DiversifiedDirect Competitor	905.09M	12.03	-3.94	4.79%	-12.3%	-49.61%	3.27
WENThe Wendy's CompanyProduct Competitor	1.32B	6.95	7.32	2.98%	8.43%	170.42%	15.78
MCDMcDonald's CorporationProduct Competitor	201.63B	283.66	23.74	3.72%	31.62%
DINDine Brands Global, Inc.Product Competitor	369.08M	28.29	25.26	8.25%	1.83%
JACKJack in the Box Inc.Product Competitor	265.67M	13.87	-3.29	-6.75%	-5.16%
DENNDenny's CorporationProduct Competitor	321.87M	6.25	15.24	-2.5%	2.24%

Compare BH vs Peers

Biglari Holdings Inc. (BH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs FRPH

Most directly comparable listed peer for BH.

Scale Benchmark

vs MCD

Larger-name benchmark to compare BH against a more recognizable public peer.

Peer Set

Compare Top 5

vs FRPH, LMFA, CODI, WEN

BH Income Statement

Biglari Holdings Inc. (BH) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Sales/Revenue	850.08M	839.8M	809.89M	668.84M	433.68M	366.11M	368.23M	365.32M	362.11M	386.51M
Revenue Growth %	-1.32%	-1.21%	-3.56%	-17.42%	-35.16%	-15.58%	0.58%	-0.79%	-0.88%	6.87%
Cost of Goods Sold	668.28M	687.28M	661.44M	533.66M	296.73M	223.33M	215.45M	248.94M	223.49M	248.83M
COGS % of Revenue	78.61%	81.84%	81.67%	79.79%	68.42%	61%	58.51%	68.14%	61.72%	-
Gross Profit	181.79M▲ 0%	152.52M▼ 16.1%	148.46M▼ 2.7%	135.18M▼ 8.9%	136.95M▲ 1.3%	142.78M▲ 4.3%	152.78M▲ 7.0%	116.38M▼ 23.8%	138.62M▲ 19.1%	137.68M▲ 0%
Gross Margin %	21.39%	18.16%	18.33%	20.21%	31.58%	39%	41.49%	31.86%	38.28%	35.62%
Gross Profit Growth %	-0.76%	-16.1%	-2.67%	-8.94%	1.31%	4.25%	7.01%	-23.83%	19.11%	-
Operating Expenses	150.18M	152.26M	152.23M	100.15M	76.36M	76.02M	70.61M	77M	115.51M	104.76M
OpEx % of Revenue	17.67%	18.13%	18.8%	14.97%	17.61%	20.76%	19.17%	21.08%	31.9%	-
Selling, General & Admin	127.26M	130.81M	132.91M	0	0	76.02M	70.61M	77M	75.67M	83.88M
SG&A % of Revenue	14.97%	15.58%	16.41%	-	-	20.76%	19.17%	21.08%	20.9%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	22.93M	21.45M	19.32M	100.15M	76.36M	0	0	0	39.84M	2.54M
Operating Income	31.61M▲ 0%	267K▼ 99.2%	36.64M▲ 13622.5%	35.03M▼ 4.4%	60.59M▲ 73.0%	66.76M▲ 10.2%	82.17M▲ 23.1%	39.38M▼ 52.1%	23.11M▼ 41.3%	32.92M▲ 0%
Operating Margin %	3.72%	0.03%	4.52%	5.24%	13.97%	18.23%	22.32%	10.78%	6.38%	8.52%
Operating Income Growth %	35.79%	-99.16%	13622.47%	-4.39%	72.97%	10.18%	23.09%	-52.08%	-41.31%	-
EBITDA	54.53M	21.71M	55.96M	64.61M	92.81M	96.81M	118.62M	78.35M	62.95M	73.07M
EBITDA Margin %	6.42%	2.59%	6.91%	9.66%	21.4%	26.44%	32.21%	21.45%	17.38%	18.91%
EBITDA Growth %	13.48%	-60.18%	157.69%	15.46%	43.66%	4.3%	22.53%	-33.94%	-19.66%	-1.15%
D&A (Non-Cash Add-back)	22.93M	21.45M	19.32M	29.58M	32.22M	30.05M	36.44M	38.98M	39.84M	40.16M
EBIT	31.61M	7.23M	36.64M	5.45M	28.37M	36.71M	45.73M	70.64M	-2.02M	10.56M
Net Interest Income	-20.93M	-20.12M	-19.88M	-20.26M	-15.54M	-7.16M	-5.89M	-5.79M	-6.13M	-7.63M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	20.93M	20.12M	19.88M	20.26M	15.54M	7.16M	5.89M	5.79M	6.13M	7.63M
Other Income/Expense	114.66M	-13.16M	14.85M	20.11M	-110.79M	-24.49M	-125.2M	25.47M	-31.26M	-29.99M
Pretax Income	146.26M▲ 0%	-12.89M▼ 108.8%	16.75M▲ 230.0%	55.14M▲ 229.1%	-50.2M▼ 191.0%	42.27M▲ 184.2%	-43.03M▼ 201.8%	64.85M▲ 250.7%	-8.15M▼ 112.6%	2.93M▲ 0%
Pretax Margin %	17.21%	-1.53%	2.07%	8.24%	-11.58%	11.54%	-11.68%	17.75%	-2.25%	0.76%
Income Tax	46.81M	-62.96M	-2.64M	9.76M	-12.21M	6.79M	-10.72M	9.31M	-4.39M	837K
Effective Tax Rate %	32.01%	488.45%	-15.74%	17.7%	24.33%	16.06%	24.92%	14.35%	53.9%	28.58%
Net Income	99.45M▲ 0%	50.07M▼ 49.7%	19.39M▼ 61.3%	45.38M▲ 134.0%	-37.99M▼ 183.7%	35.48M▲ 193.4%	-32.02M▼ 190.2%	54.95M▲ 271.6%	-3.76M▼ 106.8%	2.09M▲ 0%
Net Margin %	11.7%	5.96%	2.39%	6.78%	-8.76%	9.69%	-8.7%	15.04%	-1.04%	0.54%
Net Income Growth %	727.73%	-49.65%	-61.27%	134.01%	-183.71%	193.39%	-190.25%	271.62%	-106.84%	-95.91%
Net Income (Continuing)	99.45M	50.07M	19.39M	45.38M	-37.99M	35.48M	-32.3M	55.54M	-3.76M	2.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	8.6M	0	0	0
EPS (Diluted)	54.24▲ 0%	27.20▼ 49.9%	11.14▼ 59.0%	26.33▲ 136.4%	-22.01▼ 183.6%	22.37▲ 201.6%	-21.49▼ 196.1%	38.55▲ 279.4%	-2.69▼ 107.0%	0.67▲ 0%
EPS Growth %	898.82%	-49.85%	-59.04%	136.36%	-183.59%	201.64%	-196.07%	279.39%	-106.98%	-109.42%
EPS (Basic)	54.24	27.20	11.14	26.33	-22.01	22.37	-21.49	38.55	-2.69	-
Diluted Shares Outstanding	1.83M	1.84M	1.74M	1.72M	1.73M	1.59M	1.49M	1.43M	1.4M	3.1M
Basic Shares Outstanding	1.83M	1.84M	1.74M	1.72M	1.73M	1.59M	1.49M	1.43M	1.4M	3.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

BH Balance Sheet

Biglari Holdings Inc. (BH) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Total Current Assets	127.79M	112.64M	114.93M	145.39M	147.78M	164.81M	150.65M	152.55M	170.62M	404.14M
Cash & Short-Term Investments	98.11M	81.87M	82.42M	112.63M	119.36M	125.41M	106.93M	119.94M	133.68M	369.17M
Cash Only	75.81M	58.58M	48.56M	67.77M	24.5M	42.35M	37.47M	28.07M	30.71M	272.49M
Short-Term Investments	22.3M	23.29M	33.86M	44.86M	94.86M	83.06M	69.47M	91.88M	102.97M	96.68M
Accounts Receivable	14.2M	15.53M	15.74M	21.64M	19.18M	28.51M	29.38M	22.24M	25.18M	21.24M
Days Sales Outstanding	6.09	6.75	7.09	11.81	16.15	28.42	29.12	22.22	25.38	21.25
Inventory	6.77M	7.27M	7.54M	4.67M	2.74M	3.8M	3.85M	2.98M	4.03M	3.93M
Days Inventory Outstanding	3.7	3.86	4.16	3.2	3.37	6.22	6.52	4.37	6.58	6.08
Other Current Assets	4.37M	4.9M	3.22M	3.38M	3.49M	3.22M	6.15M	1.79M	2.22M	9.8M
Total Non-Current Assets	969.18M	950.95M	914.56M	993.92M	870.19M	730M	677.82M	696.87M	695.52M	675.35M
Property, Plant & Equipment	312.26M	295.8M	274.72M	410.35M	358.95M	391.89M	435.46M	412.71M	410.17M	407.73M
Fixed Asset Turnover	2.72x	2.84x	2.95x	1.63x	1.21x	0.93x	0.85x	0.89x	0.88x	0.95x
Goodwill	40M	40.08M	40.05M	40.04M	53.6M	53.55M	53.51M	53.53M	52.5M	52.57M
Intangible Assets	26.05M	26.56M	28.11M	27.35M	24.07M	23.46M	23.04M	23.23M	22.82M	23.67M
Long-Term Investments	577.64M	566.02M	557.48M	505.54M	419.55M	250.4M	155.79M	199.1M	201.73M	753.63M
Other Non-Current Assets	2.54M	10.01M	2.7M	-6.02M	-5.32M	10.7M	1.88M	8.3M	8.31M	37.84M
Total Assets	1.1B▲ 0%	1.06B▼ 3.0%	1.03B▼ 3.2%	1.14B▲ 10.7%	1.02B▼ 10.7%	894.81M▼ 12.1%	828.47M▼ 7.4%	849.42M▲ 2.5%	866.13M▲ 2.0%	1.08B▲ 0%
Asset Turnover	0.77x	0.79x	0.79x	0.59x	0.43x	0.41x	0.44x	0.43x	0.42x	0.42x
Asset Growth %	9.27%	-3.04%	-3.21%	10.67%	-10.65%	-12.1%	-7.41%	2.53%	1.97%	27.13%
Total Current Liabilities	120.01M	135.49M	122.98M	139.82M	288.45M	143.64M	134.9M	111.1M	147.32M	142.96M
Accounts Payable	33.96M	40.62M	41.97M	3.35M	26.54M	36.68M	28.43M	22.45M	28.54M	27.81M
Days Payables Outstanding	18.55	21.57	23.16	2.29	32.64	59.95	48.17	32.91	46.61	40.99
Short-Term Debt	1.56M	1.47M	5.72M	18.74M	152.26M	0	10M	0	35M	20.92M
Deferred Revenue (Current)	32.73M	36.96M	34.37M	31.2M	44.42M	37.59M	28.97M	26.74M	0	54.11M
Other Current Liabilities	45.94M	56.21M	49.33M	22.51M	-5.83M	13.1M	17.45M	27.99M	55.76M	63.45M
Current Ratio	1.06x	0.83x	0.93x	1.04x	0.51x	1.15x	1.12x	1.37x	1.16x	1.16x
Quick Ratio	1.01x	0.78x	0.87x	1.01x	0.50x	1.12x	1.09x	1.35x	1.13x	1.13x
Cash Conversion Cycle	-8.75	-10.96	-11.9	12.71	-13.13	-25.32	-12.52	-6.32	-14.65	-13.66
Total Non-Current Liabilities	445.02M	356.76M	336.05M	383.19M	164.69M	163.47M	138.01M	138.99M	145.86M	356.26M
Long-Term Debt	197.63M	181.52M	180.26M	179.05M	0	0	0	0	10M	214.91M
Capital Lease Obligations	83.93M	75.47M	59.74M	137.41M	111.64M	104.48M	91.84M	86.39M	90.74M	368.49M
Deferred Tax Liabilities	152.31M	88.4M	86.87M	54.23M	41.35M	46.53M	31.34M	37.94M	29.39M	90.44M
Other Non-Current Liabilities	156.83M	93.04M	96.05M	0	11.7M	12.46M	14.82M	14.66M	15.72M	91.99M
Total Liabilities	565.03M	492.26M	459.04M	523.01M	453.14M	307.11M	272.91M	250.09M	293.17M	499.22M
Total Debt	288.68M	263.74M	245.72M	352.71M	281.27M	121.38M	118.83M	101.24M	150.19M	347.17M
Net Debt	212.88M	205.16M	197.16M	284.94M	256.77M	79.03M	81.36M	73.18M	119.48M	74.68M
Debt / Equity	0.54x	0.46x	0.43x	0.57x	0.50x	0.21x	0.21x	0.17x	0.26x	0.26x
Debt / EBITDA	5.29x	12.15x	4.39x	5.46x	3.03x	1.25x	1.00x	1.29x	2.39x	4.75x
Net Debt / EBITDA	3.90x	9.45x	3.52x	4.41x	2.77x	0.82x	0.69x	0.93x	1.90x	1.90x
Interest Coverage	1.51x	0.01x	1.84x	1.73x	3.90x	9.32x	13.95x	6.79x	3.77x	1.38x
Total Equity	531.94M▲ 0%	571.33M▲ 7.4%	570.46M▼ 0.2%	616.3M▲ 8.0%	564.83M▼ 8.4%	587.7M▲ 4.0%	555.57M▼ 5.5%	599.33M▲ 7.9%	572.96M▼ 4.4%	580.28M▲ 0%
Equity Growth %	17.85%	7.4%	-0.15%	8.04%	-8.35%	4.05%	-5.47%	7.88%	-4.4%	-17.17%
Book Value per Share	290.14	310.38	327.75	357.55	327.25	370.49	372.83	420.45	409.39	187.01
Total Shareholders' Equity	531.94M	571.33M	570.46M	616.3M	564.83M	587.7M	546.97M	599.33M	572.96M	580.28M
Common Stock	1.07M	1.07M	1.14M	1.14M	1.14M	1.14M	1.14M	1.14M	1.14M	1.14M
Retained Earnings	515.43M	565.5M	564.16M	611.04M	573.05M	608.53M	576.51M	631.46M	627.7M	640.06M
Treasury Stock	-362.89M	-375.86M	-374.23M	-374.86M	-389.62M	-401.85M	-409.68M	-416.34M	-438.6M	-445.14M
Accumulated OCI	-3.58M	-1.4M	-2.52M	-2.81M	-1.53M	-1.91M	-2.79M	-2.52M	-2.87M	-1.37M
Minority Interest	0	0	0	0	0	0	8.6M	0	0	0

BH Cash Flow Statement

Biglari Holdings Inc. (BH) cash flow — operating, investing & free cash flow history

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Cash from Operations	63.35M	25.78M	20.68M	93.68M	117.56M	228.77M	127.83M	73M	49.66M	49.66M
Operating CF Margin %	7.45%	3.07%	2.55%	14.01%	27.11%	62.49%	34.71%	19.98%	13.71%	-
Operating CF Growth %	20.67%	-59.3%	-19.79%	353.06%	25.48%	94.6%	-44.12%	-42.89%	-31.97%	2408.26%
Net Income	99.45M	50.07M	19.39M	45.38M	-37.99M	35.48M	-32.3M	54.95M	-3.76M	2.09M
Depreciation & Amortization	22.93M	21.45M	19.32M	29.58M	32.22M	30.05M	36.44M	38.98M	39.84M	30.07M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	38.48M	-64.32M	-2.15M	-38.55M	-12.22M	5.27M	-15.58M	6.57M	-8.49M	-7.15M
Other Non-Cash Items	-105.82M	5.51M	-3.84M	59.4M	160.27M	167.75M	151.99M	-23.85M	29.03M	85.22M
Working Capital Changes	8.3M	13.07M	-12.04M	-2.13M	-24.73M	-9.78M	-12.72M	-3.64M	-6.97M	-3.05M
Change in Receivables	4.28M	-2.23M	-359K	3.67M	7.01M	-9.32M	3.34M	5.78M	-5.24M	-5.31M
Change in Inventory	0	0	0	-3.67M	0	9.32M	-3.34M	0	0	0
Change in Payables	3.91M	15.04M	-12.22M	-16.25M	-32.48M	-592K	-24.58M	-12.23M	368K	4.36M
Cash from Investing	-28.8M	-11.55M	-25.29M	-69.98M	-129.49M	-58.52M	-136.6M	-66.08M	-87.39M	-88.67M
Capital Expenditures	-12.03M	-8.03M	-17.8M	-17.68M	-20.7M	-64.55M	-29.75M	-23.41M	-30.59M	-26.05M
CapEx % of Revenue	1.42%	0.96%	2.2%	2.64%	4.77%	17.63%	8.08%	6.41%	8.45%	-
Acquisitions	1.08M	1M	-39.04M	-91.06M	-106.32M	-12.3M	-106.84M	-5.39M	0	-77.93M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.08M	1M	41.63M	44.58M	4.42M	10.1M	5.32M	-20.4M	-46.8M	9.22M
Cash from Financing	-15.23M	-23M	-7.53M	-8.01M	-29.11M	-156.16M	3.86M	-16.13M	39.48M	223.34M
Debt Issued (Net)	-15.29M	-23.03M	-7.58M	-8.01M	-29.11M	-156.16M	3.86M	-16.13M	39.48M	223.34M
Equity Issued (Net)	0	0	0	0	0	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	64K	30K	49K	0	0	0	0	0	0	0
Net Change in Cash	19.29M▲ 0%	-8.6M▼ 144.6%	-12.22M▼ 42.0%	15.69M▲ 228.4%	-41.03M▼ 361.6%	14.02M▲ 134.2%	-4.88M▼ 134.8%	-9.15M▼ 87.4%	1.78M▲ 119.4%	241.97M▲ 0%
Free Cash Flow	51.32M▲ 0%	17.75M▼ 65.4%	2.88M▼ 83.8%	76M▲ 2537.2%	96.85M▲ 27.4%	164.22M▲ 69.6%	98.08M▼ 40.3%	49.6M▼ 49.4%	19.07M▼ 61.6%	81.14M▲ 0%
FCF Margin %	6.04%	2.11%	0.36%	11.36%	22.33%	44.86%	26.64%	13.58%	5.27%	20.99%
FCF Growth %	23.92%	-65.42%	-83.76%	2537.2%	27.43%	69.55%	-40.28%	-49.43%	-61.56%	212.07%
FCF per Share	27.99	9.64	1.66	44.09	56.12	103.53	65.82	34.79	13.62	13.62
FCF Conversion (FCF/Net Income)	0.64x	0.51x	1.07x	2.06x	-3.09x	6.45x	-3.99x	1.33x	-13.21x	38.78x
Interest Paid	0	0	0	0	0	7.03M	5.85M	5.82M	5.89M	0
Taxes Paid	0	0	0	0	0	4.53M	1.09M	5.68M	5.94M	0

BH Key Ratios

Biglari Holdings Inc. (BH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	TTM
Return on Equity (ROE)	20.23%	9.08%	3.4%	7.65%	-6.43%	6.16%	-5.6%	9.52%	-0.64%	0.36%
Return on Invested Capital (ROIC)	3.28%	0.03%	3.56%	3.15%	5.28%	6.73%	9.46%	4.51%	2.54%	2.54%
Gross Margin	21.39%	18.16%	18.33%	20.21%	31.58%	39%	41.49%	31.86%	38.28%	35.62%
Net Margin	11.7%	5.96%	2.39%	6.78%	-8.76%	9.69%	-8.7%	15.04%	-1.04%	0.54%
Debt / Equity	0.54x	0.46x	0.43x	0.57x	0.50x	0.21x	0.21x	0.17x	0.26x	0.26x
Interest Coverage	1.51x	0.01x	1.84x	1.73x	3.90x	9.32x	13.95x	6.79x	3.77x	1.38x
FCF Conversion	0.64x	0.51x	1.07x	2.06x	-3.09x	6.45x	-3.99x	1.33x	-13.21x	38.78x
Revenue Growth	-1.32%	-1.21%	-3.56%	-17.42%	-35.16%	-15.58%	0.58%	-0.79%	-0.88%	6.87%

BH SEC Filings & Documents

Biglari Holdings Inc. (BH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 10, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Nov 21, 2025·SEC

10-K Annual Reports

FY 2026

Mar 2, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FY 2025

May 9, 2025·SEC

BH Frequently Asked Questions

Biglari Holdings Inc. (BH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Biglari Holdings Inc. (BH) reported $386.5M in revenue for fiscal year 2024. This represents a 107% increase from $186.7M in 1995.

Biglari Holdings Inc. (BH) saw revenue decline by 0.9% over the past year.

Yes, Biglari Holdings Inc. (BH) is profitable, generating $2.1M in net income for fiscal year 2024 (-1.0% net margin).

Dividend & Returns

Biglari Holdings Inc. (BH) has a return on equity (ROE) of -0.6%. Negative ROE indicates the company is unprofitable.

Biglari Holdings Inc. (BH) generated $81.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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