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Biglari Holdings Inc. (BH) 10-Year Financial Performance & Capital Metrics

BH • • Industrial / General
Consumer CyclicalRestaurantsQuick Service Restaurants (QSR)Burger & Sandwich QSR
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 Margin 38.28% +20.2%
  • EBITDA Margin 17.38% -18.9%
  • Operating Margin 6.38% -40.8%
  • Net Margin -1.04% -106.9%
  • ROE -0.64% -106.7%
  • ROIC 2.54% -43.7%
  • Debt/Equity 0.26 +55.2%
  • Interest Coverage 3.77 -44.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 87 (top 13%)
  • ✓Trading near 52-week high
  • ✓Trading at only 1.1x 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%

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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-7.94%
5Y-11.55%
3Y-0.36%
TTM6.87%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-95.91%

EPS CAGR

10Y-
5Y-
3Y-
TTM-109.42%

ROCE

10Y Avg4.96%
5Y Avg7.21%
3Y Avg6.68%
Latest3.17%

Peer Comparison

Burger & Sandwich QSR
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SHAKShake Shack Inc.4.06B100.77419.8815.18%3.1%7.96%0.88%1.75
NATHNathan's Famous, Inc.386.13M94.4216.096.91%15.74%6.48%
PTLOPortillo's Inc.396.35M5.5111.984.51%3.35%5.02%2.48%1.22
WENThe Wendy's Company1.63B8.548.992.98%8.43%170.42%16.05%15.78
GTIMGood Times Restaurants Inc.12.35M1.178.363.01%0.88%3.72%16.09%1.34
RRGBRed Robin Gourmet Burgers, Inc.75.99M4.23-0.86-4.18%-4.32%
BTBDBT Brands, Inc.9.29M1.51-4.085.31%-6.67%-12.12%0.58
JACKJack in the Box Inc.444.45M23.52-5.59-6.75%-4.34%16.68%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+861.45M850.08M839.8M809.89M668.84M433.68M366.11M368.23M365.32M362.11M
Revenue Growth %0.04%-0.01%-0.01%-0.04%-0.17%-0.35%-0.16%0.01%-0.01%-0.01%
Cost of Goods Sold+678.26M668.28M687.28M661.44M533.66M296.73M223.33M215.45M248.94M223.49M
COGS % of Revenue0.79%0.79%0.82%0.82%0.8%0.68%0.61%0.59%0.68%0.62%
Gross Profit+183.19M181.79M152.52M148.46M135.18M136.95M142.78M152.78M116.38M138.62M
Gross Margin %0.21%0.21%0.18%0.18%0.2%0.32%0.39%0.41%0.32%0.38%
Gross Profit Growth %0.09%-0.01%-0.16%-0.03%-0.09%0.01%0.04%0.07%-0.24%0.19%
Operating Expenses+159.91M150.18M152.26M152.23M100.15M76.36M76.02M70.61M77M115.51M
OpEx % of Revenue0.19%0.18%0.18%0.19%0.15%0.18%0.21%0.19%0.21%0.32%
Selling, General & Admin135.13M127.26M130.81M132.91M0076.02M70.61M77M75.67M
SG&A % of Revenue0.16%0.15%0.16%0.16%--0.21%0.19%0.21%0.21%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses24.78M22.93M21.45M19.32M100.15M76.36M00039.84M
Operating Income+23.28M31.61M267K36.64M35.03M60.59M66.76M82.17M39.38M23.11M
Operating Margin %0.03%0.04%0%0.05%0.05%0.14%0.18%0.22%0.11%0.06%
Operating Income Growth %0.83%0.36%-0.99%136.22%-0.04%0.73%0.1%0.23%-0.52%-0.41%
EBITDA+48.06M54.53M21.71M55.96M64.61M92.81M96.81M118.62M78.35M62.95M
EBITDA Margin %0.06%0.06%0.03%0.07%0.1%0.21%0.26%0.32%0.21%0.17%
EBITDA Growth %0.25%0.13%-0.6%1.58%0.15%0.44%0.04%0.23%-0.34%-0.2%
D&A (Non-Cash Add-back)24.78M22.93M21.45M19.32M29.58M32.22M30.05M36.44M38.98M39.84M
EBIT23.28M31.61M7.23M36.64M5.45M28.37M36.71M45.73M70.64M-2.02M
Net Interest Income+-21.35M-20.93M-20.12M-19.88M-20.26M-15.54M-7.16M-5.89M-5.79M-6.13M
Interest Income9K000000000
Interest Expense21.36M20.93M20.12M19.88M20.26M15.54M7.16M5.89M5.79M6.13M
Other Income/Expense-60.71M114.66M-13.16M14.85M20.11M-110.79M-24.49M-125.2M25.47M-31.26M
Pretax Income+-37.43M146.26M-12.89M16.75M55.14M-50.2M42.27M-43.03M64.85M-8.15M
Pretax Margin %-0.04%0.17%-0.02%0.02%0.08%-0.12%0.12%-0.12%0.18%-0.02%
Income Tax+-21.59M46.81M-62.96M-2.64M9.76M-12.21M6.79M-10.72M9.31M-4.39M
Effective Tax Rate %0.42%0.68%-3.88%1.16%0.82%0.76%0.84%0.74%0.85%0.46%
Net Income+-15.84M99.45M50.07M19.39M45.38M-37.99M35.48M-32.02M54.95M-3.76M
Net Margin %-0.02%0.12%0.06%0.02%0.07%-0.09%0.1%-0.09%0.15%-0.01%
Net Income Growth %-1.16%7.28%-0.5%-0.61%1.34%-1.84%1.93%-1.9%2.72%-1.07%
Net Income (Continuing)-15.84M99.45M50.07M19.39M45.38M-37.99M35.48M-32.3M55.54M-3.76M
Discontinued Operations0000000000
Minority Interest00000008.6M00
EPS (Diluted)+-6.7954.2427.2011.1426.33-22.0122.37-21.4938.55-2.69
EPS Growth %-1.12%8.99%-0.5%-0.59%1.36%-1.84%2.02%-1.96%2.79%-1.07%
EPS (Basic)-6.7954.2427.2011.1426.33-22.0122.37-21.4938.55-2.69
Diluted Shares Outstanding2.33M1.83M1.84M1.74M1.72M1.73M1.59M1.49M1.43M1.4M
Basic Shares Outstanding2.33M1.83M1.84M1.74M1.72M1.73M1.59M1.49M1.43M1.4M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+126.79M127.79M112.64M114.93M145.39M147.78M164.81M150.65M152.55M170.62M
Cash & Short-Term Investments80.27M98.11M81.87M82.42M112.63M119.36M125.41M106.93M119.94M133.68M
Cash Only56.52M75.81M58.58M48.56M67.77M24.5M42.35M37.47M28.07M30.71M
Short-Term Investments23.75M22.3M23.29M33.86M44.86M94.86M83.06M69.47M91.88M102.97M
Accounts Receivable17.72M14.2M15.53M15.74M21.64M19.18M28.51M29.38M22.24M25.18M
Days Sales Outstanding7.516.096.757.0911.8116.1528.4229.1222.2225.38
Inventory7.59M6.77M7.27M7.54M4.67M2.74M3.8M3.85M2.98M4.03M
Days Inventory Outstanding4.093.73.864.163.23.376.226.524.376.58
Other Current Assets3.12M4.37M4.9M3.22M3.38M3.49M3.22M6.15M1.79M2.22M
Total Non-Current Assets+877.13M969.18M950.95M914.56M993.92M870.19M730M677.82M696.87M695.52M
Property, Plant & Equipment332.32M312.26M295.8M274.72M410.35M358.95M391.89M435.46M412.71M410.17M
Fixed Asset Turnover2.59x2.72x2.84x2.95x1.63x1.21x0.93x0.85x0.89x0.88x
Goodwill40.02M40M40.08M40.05M40.04M53.6M53.55M53.51M53.53M52.5M
Intangible Assets21.67M26.05M26.56M28.11M27.35M24.07M23.46M23.04M23.23M22.82M
Long-Term Investments471.69M577.64M566.02M557.48M505.54M419.55M250.4M155.79M199.1M201.73M
Other Non-Current Assets-2.09M2.54M10.01M2.7M-6.02M-5.32M10.7M1.88M8.3M8.31M
Total Assets+1B1.1B1.06B1.03B1.14B1.02B894.81M828.47M849.42M866.13M
Asset Turnover0.86x0.77x0.79x0.79x0.59x0.43x0.41x0.44x0.43x0.42x
Asset Growth %-0.15%0.09%-0.03%-0.03%0.11%-0.11%-0.12%-0.07%0.03%0.02%
Total Current Liabilities+117.56M120.01M135.49M122.98M139.82M288.45M143.64M134.9M111.1M147.32M
Accounts Payable34.65M33.96M40.62M41.97M3.35M26.54M36.68M28.43M22.45M28.54M
Days Payables Outstanding18.6518.5521.5723.162.2932.6459.9548.1732.9146.61
Short-Term Debt2M1.56M1.47M5.72M18.74M152.26M010M035M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Liabilities43.85M45.94M56.21M49.33M22.51M-5.83M13.1M17.45M27.99M55.76M
Current Ratio1.08x1.06x0.83x0.93x1.04x0.51x1.15x1.12x1.37x1.16x
Quick Ratio1.01x1.01x0.78x0.87x1.01x0.50x1.12x1.09x1.35x1.13x
Cash Conversion Cycle-7.05-8.75-10.96-11.912.71-13.13-25.32-12.52-6.32-14.65
Total Non-Current Liabilities+434.99M445.02M356.76M336.05M383.19M164.69M163.47M138.01M138.99M145.86M
Long-Term Debt205.88M197.63M181.52M180.26M179.05M000010M
Capital Lease Obligations90.18M83.93M75.47M59.74M137.41M111.64M104.48M91.84M86.39M90.74M
Deferred Tax Liabilities125.13M152.31M88.4M86.87M54.23M41.35M46.53M31.34M37.94M29.39M
Other Non-Current Liabilities116.12M156.83M93.04M96.05M011.7M12.46M14.82M14.66M15.72M
Total Liabilities552.55M565.03M492.26M459.04M523.01M453.14M307.11M272.91M250.09M293.17M
Total Debt+307.43M288.68M263.74M245.72M352.71M281.27M121.38M118.83M101.24M150.19M
Net Debt250.9M212.88M205.16M197.16M284.94M256.77M79.03M81.36M73.18M119.48M
Debt / Equity0.68x0.54x0.46x0.43x0.57x0.50x0.21x0.21x0.17x0.26x
Debt / EBITDA6.40x5.29x12.15x4.39x5.46x3.03x1.25x1.00x1.29x2.39x
Net Debt / EBITDA5.22x3.90x9.45x3.52x4.41x2.77x0.82x0.69x0.93x1.90x
Interest Coverage1.09x1.51x0.01x1.84x1.73x3.90x9.32x13.95x6.79x3.77x
Total Equity+451.37M531.94M571.33M570.46M616.3M564.83M587.7M555.57M599.33M572.96M
Equity Growth %-0.29%0.18%0.07%-0%0.08%-0.08%0.04%-0.05%0.08%-0.04%
Book Value per Share193.39290.14310.38327.75357.55327.25370.49372.83420.45409.39
Total Shareholders' Equity451.37M531.94M571.33M570.46M616.3M564.83M587.7M546.97M599.33M572.96M
Common Stock1.07M1.07M1.07M1.14M1.14M1.14M1.14M1.14M1.14M1.14M
Retained Earnings415.98M515.43M565.5M564.16M611.04M573.05M608.53M576.51M631.46M627.7M
Treasury Stock-353.86M-362.89M-375.86M-374.23M-374.86M-389.62M-401.85M-409.68M-416.34M-438.6M
Accumulated OCI-3.68M-3.58M-1.4M-2.52M-2.81M-1.53M-1.91M-2.79M-2.52M-2.87M
Minority Interest00000008.6M00

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+52.5M63.35M25.78M20.68M93.68M117.56M228.77M127.83M73M49.66M
Operating CF Margin %0.06%0.07%0.03%0.03%0.14%0.27%0.62%0.35%0.2%0.14%
Operating CF Growth %0.9%0.21%-0.59%-0.2%3.53%0.25%0.95%-0.44%-0.43%-0.32%
Net Income-15.84M99.45M50.07M19.39M45.38M-37.99M35.48M-32.3M54.95M-3.76M
Depreciation & Amortization24.78M22.93M21.45M19.32M29.58M32.22M30.05M36.44M38.98M39.84M
Stock-Based Compensation0000000000
Deferred Taxes-26.48M38.48M-64.32M-2.15M-38.55M-12.22M5.27M-15.58M6.57M-8.49M
Other Non-Cash Items62.78M-105.82M5.51M-3.84M59.4M160.27M167.75M151.99M-23.85M29.03M
Working Capital Changes7.26M8.3M13.07M-12.04M-2.13M-24.73M-9.78M-12.72M-3.64M-6.97M
Change in Receivables686K4.28M-2.23M-359K3.67M7.01M-9.32M3.34M5.78M-5.24M
Change in Inventory0000-3.67M09.32M-3.34M00
Change in Payables4.28M3.91M15.04M-12.22M-16.25M-32.48M-592K-24.58M-12.23M368K
Cash from Investing+-113.3M-28.8M-11.55M-25.29M-69.98M-129.49M-58.52M-136.6M-66.08M-87.39M
Capital Expenditures-11.08M-12.03M-8.03M-17.8M-17.68M-20.7M-64.55M-29.75M-23.41M-30.59M
CapEx % of Revenue0.01%0.01%0.01%0.02%0.03%0.05%0.18%0.08%0.06%0.08%
Acquisitions----------
Investments----------
Other Investing135K1.08M1M41.63M44.58M4.42M10.1M5.32M-20.4M-46.8M
Cash from Financing+-12.31M-15.23M-23M-7.53M-8.01M-29.11M-156.16M3.86M-16.13M39.48M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing222K64K30K49K000000
Net Change in Cash----------
Free Cash Flow+41.41M51.32M17.75M2.88M76M96.85M164.22M98.08M49.6M19.07M
FCF Margin %0.05%0.06%0.02%0%0.11%0.22%0.45%0.27%0.14%0.05%
FCF Growth %6.03%0.24%-0.65%-0.84%25.37%0.27%0.7%-0.4%-0.49%-0.62%
FCF per Share17.7427.999.641.6644.0956.12103.5365.8234.7913.62
FCF Conversion (FCF/Net Income)-3.31x0.64x0.51x1.07x2.06x-3.09x6.45x-3.99x1.33x-13.21x
Interest Paid0000007.03M5.85M5.82M5.89M
Taxes Paid0000004.53M1.09M5.68M5.94M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-2.91%20.23%9.08%3.4%7.65%-6.43%6.16%-5.6%9.52%-0.64%
Return on Invested Capital (ROIC)2.27%3.28%0.03%3.56%3.15%5.28%6.73%9.46%4.51%2.54%
Gross Margin21.27%21.39%18.16%18.33%20.21%31.58%39%41.49%31.86%38.28%
Net Margin-1.84%11.7%5.96%2.39%6.78%-8.76%9.69%-8.7%15.04%-1.04%
Debt / Equity0.68x0.54x0.46x0.43x0.57x0.50x0.21x0.21x0.17x0.26x
Interest Coverage1.09x1.51x0.01x1.84x1.73x3.90x9.32x13.95x6.79x3.77x
FCF Conversion-3.31x0.64x0.51x1.07x2.06x-3.09x6.45x-3.99x1.33x-13.21x
Revenue Growth4.03%-1.32%-1.21%-3.56%-17.42%-35.16%-15.58%0.58%-0.79%-0.88%

Revenue by Segment

2021202220232024
Restaurant Operations---251.45M
Restaurant Operations Growth----
Insurance Operations---72.69M
Insurance Operations Growth----
Oil and Gas-57.55M-36.95M
Oil and Gas Growth----
Licensing And Media-4.58M-1.03M
Licensing And Media Growth----
Gift Cards5.9M-5.28M-
Gift Cards Growth----
Advertising6.83M-4.48M-
Advertising Growth----
Franchise2.03M-1.21M-
Franchise Growth----

Frequently Asked Questions

Growth & Financials

Biglari Holdings Inc. (BH) reported $386.5M in revenue for fiscal year 2024. This represents a 46% decrease from $709.2M in 2011.

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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