Latest Ratios: P/E Ratio -33.4x · EV/EBITDA 23.1x · ROE -6.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.0B | $356M | $235M | $207M | $226M | $192M | $197M | $198M | $509M | $578M |
| Enterprise Value | $1.4B | $1.1B | $475M | $308M | $288M | $305M | $449M | $482M | $395M | $714M | $791M |
| P/E Ratio → | -33.44 | — | — | 4.28 | — | 6.37 | — | 4.35 | 10.20 | 10.16 | 5.82 |
| P/S Ratio | 3.21 | 2.61 | 0.98 | 0.64 | 0.56 | 0.62 | 0.44 | 0.29 | 0.24 | 0.61 | 0.68 |
| P/B Ratio | 2.39 | 1.97 | 0.62 | 0.39 | 0.37 | 0.38 | 0.34 | 0.32 | 0.35 | 0.89 | 1.09 |
| P/FCF | 16.55 | 13.47 | 18.67 | 4.74 | 2.11 | 1.38 | 1.98 | 2.59 | 68.59 | 28.66 | 11.27 |
| P/OCF | 11.86 | 9.64 | 7.17 | 3.22 | 1.62 | 0.99 | 1.63 | 2.11 | 9.56 | 19.73 | 9.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.84 | 1.31 | 0.84 | 0.78 | 0.83 | 1.03 | 0.72 | 0.49 | 0.85 | 0.93 |
| EV / EBITDA | 23.06 | 19.04 | 7.55 | 3.93 | 2.43 | 3.15 | 4.83 | 7.46 | 7.06 | 32.87 | 14.51 |
| EV / EBIT | 74.97 | 61.91 | — | 4.36 | 6.30 | 8.31 | 15.82 | 88.44 | 10.78 | 98.69 | 25.03 |
| EV / FCF | — | 14.64 | 24.93 | 6.22 | 2.94 | 1.86 | 4.63 | 6.34 | 137.01 | 40.22 | 15.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.5% | 27.5% | 38.3% | 31.9% | 41.5% | 39.0% | 31.6% | 20.2% | 18.3% | 18.2% | 21.4% |
| Operating Margin | 4.6% | 4.6% | 6.4% | 10.8% | 22.3% | 18.2% | 14.0% | 5.2% | 4.5% | 0.0% | 3.7% |
| Net Profit Margin | -9.5% | -9.5% | -1.0% | 15.0% | -8.7% | 9.7% | -8.8% | 6.8% | 2.4% | 6.0% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.8% | -6.8% | -0.6% | 9.5% | -5.6% | 6.2% | -6.4% | 7.6% | 3.4% | 9.1% | 20.2% |
| ROA | -3.9% | -3.9% | -0.4% | 6.5% | -3.7% | 3.7% | -3.5% | 4.2% | 1.9% | 4.6% | 9.5% |
| ROIC | 2.1% | 2.1% | 2.5% | 4.5% | 9.5% | 6.7% | 5.3% | 3.1% | 3.6% | 0.0% | 3.3% |
| ROCE | 2.2% | 2.2% | 3.2% | 5.5% | 11.4% | 9.0% | 7.0% | 3.7% | 4.0% | 0.0% | 3.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.26 | 0.17 | 0.21 | 0.21 | 0.50 | 0.57 | 0.43 | 0.46 | 0.54 |
| Debt / EBITDA | 6.09 | 6.09 | 2.39 | 1.29 | 1.00 | 1.25 | 3.03 | 5.46 | 4.39 | 12.15 | 5.29 |
| Net Debt / Equity | — | 0.17 | 0.21 | 0.12 | 0.15 | 0.13 | 0.45 | 0.46 | 0.35 | 0.36 | 0.40 |
| Net Debt / EBITDA | 1.53 | 1.53 | 1.90 | 0.93 | 0.69 | 0.82 | 2.77 | 4.41 | 3.52 | 9.45 | 3.90 |
| Debt / FCF | — | 1.17 | 6.27 | 1.48 | 0.83 | 0.48 | 2.65 | 3.75 | 68.41 | 11.56 | 4.15 |
| Interest Coverage | 3.34 | 3.34 | -0.33 | 12.19 | 7.76 | 5.13 | 1.83 | 0.27 | 1.84 | 0.36 | 1.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 1.16 | 1.37 | 1.12 | 1.15 | 0.51 | 1.04 | 0.93 | 0.83 | 1.06 |
| Quick Ratio | 2.38 | 2.38 | 1.13 | 1.35 | 1.09 | 1.12 | 0.50 | 1.01 | 0.87 | 0.78 | 1.01 |
| Cash Ratio | 2.17 | 2.17 | 0.91 | 1.08 | 0.79 | 0.87 | 0.41 | 0.81 | 0.67 | 0.60 | 0.82 |
| Asset Turnover | — | 0.38 | 0.42 | 0.43 | 0.44 | 0.41 | 0.43 | 0.59 | 0.79 | 0.79 | 0.77 |
| Inventory Turnover | 76.05 | 76.05 | 55.44 | 83.54 | 55.95 | 58.72 | 108.42 | 114.18 | 87.76 | 94.56 | 98.67 |
| Days Sales Outstanding | — | 21.50 | 25.38 | 22.22 | 29.12 | 28.42 | 16.15 | 11.81 | 7.09 | 6.75 | 6.09 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 23.4% | — | 15.7% | — | 23.0% | 9.8% | 9.8% | 17.2% |
| FCF Yield | 6.0% | 7.4% | 5.4% | 21.1% | 47.4% | 72.6% | 50.5% | 38.5% | 1.5% | 3.5% | 8.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $3M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M |
Investment Portfolio Mark-to-Market Volatility
According to recent market data, Biglari Holdings trades at a price-to-sales ratio of 3.21, which appears to reflect a significant conglomerate discount when compared to the valuation multiples of its disparate restaurant and energy peers, suggesting the market struggles to price the company's complex, multi-segment cash flow profile.
The negative P/E ratio of -33.44 is largely a byproduct of accounting volatility rather than a reflection of operational failure, making traditional earnings-based valuation metrics largely irrelevant for this entity. Investors should instead focus on the P/B ratio of 2.39 and the underlying asset value, as the market appears to be heavily discounting the potential for future capital allocation success.
Based on reported financial statements, Biglari Holdings has struggled to generate consistent returns on invested capital, with ROIC hovering near 0.4% to 2.1% over the last ten quarters, indicating that the company's capital-intensive restaurant and energy operations are currently failing to compound value effectively for shareholders.
The low ROIC suggests that the company's transition to a franchise-partner model has yet to yield the expected efficiency gains required to overcome the drag of corporate overhead. This trend warrants further investigation into whether the current capital allocation strategy is truly value-accretive or if it is merely recycling capital into low-return, non-core assets.
As indicated by recent quarterly filings, the company maintains a negative cash conversion cycle, consistently ranging between -3 and -18 days, which suggests that Biglari Holdings effectively utilizes its supplier payment terms to manage liquidity despite the inherent volatility of its restaurant and energy business segments.
The ability to maintain a negative CCC is a positive indicator of operational leverage, allowing the company to fund its working capital needs through trade payables rather than external financing. However, investors should monitor whether this efficiency is sustainable or if it relies on aggressive payment delays that could eventually strain supplier relationships.
According to the latest balance sheet data, Biglari Holdings maintains a current ratio of 2.47, providing a robust short-term liquidity buffer that appears sufficient to withstand the cyclical pressures of its restaurant operations and the inherent volatility of its concentrated equity investment portfolio during market downturns.
The quick ratio of 2.44 confirms that the company's liquidity is not overly dependent on inventory, which is critical given the perishable nature of restaurant supplies. This strong liquidity position provides management with the necessary flexibility to pursue opportunistic acquisitions, though it remains subject to the company's broader capital allocation decisions.
As highlighted in historical financial data, the price-to-earnings ratio is the most commonly misapplied metric for Biglari Holdings, as it obscures the company's true economic earning power by including non-cash, mark-to-market investment gains and losses that do not reflect the underlying performance of the restaurant and energy subsidiaries.
Analysts should prioritize operating cash flow or adjusted EBITDA over GAAP net income to better assess the health of the core business. Relying on the P/E ratio for a holding company with a large, volatile investment portfolio leads to distorted conclusions about the company's fundamental valuation and operational trajectory.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BH stock.
Biglari Holdings Inc.'s current P/E ratio is -33.4x. The historical average is 14.3x.
Biglari Holdings Inc.'s current EV/EBITDA is 23.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
Biglari Holdings Inc.'s return on equity (ROE) is -6.8%. The historical average is 9.1%.
Based on historical data, Biglari Holdings Inc. is trading at a P/E of -33.4x. Compare with industry peers and growth rates for a complete picture.
Biglari Holdings Inc. has 27.5% gross margin and 4.6% operating margin.
Biglari Holdings Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.