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Biglari Holdings Inc.(BH)Earnings, Financials & Key Ratios
BH•NYSE
$403.99
Price updated Jun 27, 2026
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$395M+9.2%
- EBITDA$59M-6.4%
- Net Income-$37M-897.3%
- EPS (Diluted)-12.08-349.1%
- Gross Margin27.48%-28.2%
- EBITDA Margin14.9%-14.3%
- Operating Margin4.58%-28.2%
- Net Margin-9.48%-813.6%
- ROE-6.84%-966.3%
BH Price & Volume
Biglari Holdings Inc. (BH) stock price & volume — 10-year historical chart
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Conglomerate Complexity Masks Underlying Operational Earnings Volatility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Mixed
Cash Flow:Mixed
Primary Risk:Investment Portfolio Mark-to-Market Volatility
Key Thesis Takeaways
- Biglari Holdings operates as a complex conglomerate where the underlying restaurant and energy performance is frequently obscured by the mark-to-market volatility of its concentrated equity investment portfolio.
- While the company maintains a healthy current ratio of 2.47, the erratic nature of its net income, which swung from a $50.9 million profit in 2025Q2 to a $49.9 million loss in 2025Q4, complicates long-term valuation.
- Investors should monitor the sustainability of its capital allocation strategy as total debt has escalated to $357.7 million, significantly increasing the firm's financial leverage profile.
Verdict Logic
the stock's valuation is heavily influenced by investment portfolio swings rather than core operations, as evidenced by a negative TTM P/E of -33.44 and erratic free cash flow generation that peaked at $39.4 million in 2025Q2 before turning negative in other periods.
BH Growth Metrics
Biglari Holdings Inc. (BH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-7.49%
5 Years-1.84%
3 Years2.39%
TTM8.16%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM68.56%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM79.65%
Return on Capital
10 Years4.94%
5 Years6.26%
3 Years3.64%
Last Year2.25%
BH Recent Earnings
Biglari Holdings Inc. (BH) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 8, 2026Metric
Actual
Est
EPS
$0.56
—
Rev
$97M
—
Q1 2026
Feb 28, 2026Metric
Actual
Est
EPS
$2.38
—
Rev
$100M
—
Q4 2025
Nov 7, 2025Metric
Actual
Est
EPS
$23.46
—
Rev
$100M
—
Q3 2025
Aug 8, 2025Metric
Actual
Est
EPS
$9.17
—
Rev
$101M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 8, 2026 | $0.56 | $97M |
| Q1 2026 | Feb 28, 2026 | $2.38 | $100M |
| Q4 2025 | Nov 7, 2025 | $23.46 | $100M |
| Q3 2025 | Aug 8, 2025 | $9.17 | $101M |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Biglari Holdings Inc. (BH)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $403.99 | $1.27B | -33.44 | 9.15% | -9.48% | -6.84% | — | |
| $25.38 | $486.54M | 149.29 | 2.57% | 2.16% | 0.2% | — | |
| $0.14 | $2.45M | -0.04 | -20.07% | -264.63% | -101.15% | — | |
| $10.41 | $783.21M | -3.41 | 4.79% | -12.3% | -49.61% | — | |
| $7.80 | $1.49B | 9.18 | -3.1% | 7.81% | 150.73% | — | |
| $269.76 | $191.67B | 22.57 | 3.72% | 31.62% | — | — |
Compare BH vs Peers
Biglari Holdings Inc. (BH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BH SEC Filings & Documents
Biglari Holdings Inc. (BH) SEC filings — annual & quarterly reports (10-K, 10-Q)
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BH Frequently Asked Questions
Biglari Holdings Inc. (BH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Biglari Holdings Inc.'s revenue?
Biglari Holdings Inc. (BH) reported $397.7M in revenue for fiscal year 2025. This represents a 77% increase from $224.1M in 1996.
How fast is Biglari Holdings Inc. growing?
Biglari Holdings Inc. (BH) grew revenue by 9.2% over the past year. This is steady growth.
Is BH profitable?
Biglari Holdings Inc. (BH) reported a net loss of $18.7M for fiscal year 2025.
Dividend & Returns
What is BH's return on equity?
Biglari Holdings Inc. (BH) has a return on equity (ROE) of -6.8%. Negative ROE indicates the company is unprofitable.
What is Biglari Holdings Inc.'s free cash flow?
Biglari Holdings Inc. (BH) generated $81.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.