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Biglari Holdings
(NYSE:BH)
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Rating:61Neutral
Price Target:
$426.00
▲(11.70% Upside)
Action:Reiterated
Date:06/27/26
The overall score reflects solid but uneven fundamentals: improving cash flow and a deleveraged, stronger balance sheet support the stock despite ongoing net losses and margin compression, making financial performance the dominant driver. Technicals contribute meaningfully, with the share price exhibiting strong upside momentum above all major moving averages, though overbought RSI and Stochastic readings suggest elevated near-term risk. Valuation conditions remain weak due to a deeply negative P/E and no dividend, limiting downside protection and keeping the overall score in the lower-middle of the range rather than higher.
Positive Factors
Free Cash Flow Strength
Consistently strong operating cash flow and a large, sustained increase in free cash flow provide durable funding for reinvestment, debt reduction, and opportunistic investments. High FCF reduces dependency on external financing and supports long-term capital allocation flexibility.
Negative Factors
Recurring Net Losses
Despite operating profitability, recurring net losses erode retained earnings and limit the company's ability to compound shareholder value. Persistent below-the-line losses constrain dividend prospects, share repurchases, and reinvestment if losses persist or fluctuate unpredictably.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Consistently strong operating cash flow and a large, sustained increase in free cash flow provide durable funding for reinvestment, debt reduction, and opportunistic investments. High FCF reduces dependency on external financing and supports long-term capital allocation flexibility.
Read all positive factors
Biglari Holdings (BH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.21B
Dividend YieldN/A
Average Volume (3M)68.00K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth7.54%
EPS Growth-176.04%
CountryUS
Employees2,359
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-6.00
Shares Outstanding2,083,140
10 Day Avg. Volume169,571
30 Day Avg. Volume67,998
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)1.97
Price to Sales (P/S)2.61
P/FCF Ratio13.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Biglari Holdings Business Overview & Revenue Model
Company Description
Biglari Holdings Inc., an enterprise established in 1934 and based in San Antonio, Texas, is a multifaceted company with its primary operations centered on managing and franchising restaurants throughout the United States. Its well-known dining br...
How the Company Makes Money
Biglari Holdings makes money through a combination of operating-company cash flows and investment returns. (1) Restaurants: Revenue is generated from company-operated restaurant sales (food and beverage) and, where applicable, franchising-related ...
Biglari Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 397.71M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M |
| Gross Profit | 121.65M | 108.64M | 138.62M | 116.38M | 152.78M | 142.78M |
| EBITDA | 30.51M | -1.49M | 37.82M | 109.62M | 82.17M | 66.76M |
| Net Income | -18.74M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 1.05B | 866.13M | 849.42M | 828.47M | 894.81M |
| Cash, Cash Equivalents and Short-Term Investments | 314.26M | 337.83M | 133.68M | 119.94M | 106.93M | 125.41M |
| Total Debt | 357.71M | 358.64M | 150.19M | 101.24M | 118.83M | 121.38M |
| Total Liabilities | 499.14M | 525.71M | 293.17M | 250.09M | 272.91M | 307.11M |
| Stockholders Equity | 519.16M | 523.43M | 572.96M | 599.33M | 546.97M | 587.70M |
Cash Flow | ||||||
| Free Cash Flow | 81.48M | 76.61M | 19.07M | 49.60M | 98.08M | 164.22M |
| Operating Cash Flow | 111.50M | 106.96M | 49.66M | 73.00M | 127.83M | 228.77M |
| Investing Cash Flow | -140.72M | -65.47M | -87.39M | -66.08M | -136.60M | -58.52M |
| Financing Cash Flow | 200.59M | 196.53M | 39.48M | -16.13M | 3.86M | -156.16M |
Biglari Holdings Technical Analysis
Neutral
381.39
Price Trends
367.49
Positive
334.76
Positive
347.18
Positive
Market Momentum
4.88
Positive
51.19
Neutral
56.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH, the sentiment is Neutral. The current price of 381.39 is below the 20-day moving average (MA) of 386.95, above the 50-day MA of 367.49, and above the 200-day MA of 347.18, indicating a neutral trend. The MACD of 4.88 indicates Positive momentum. The RSI at 51.19 is Neutral, neither overbought nor oversold. The STOCH value of 56.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BH.
Biglari Holdings Risk Analysis
Biglari Holdings disclosed 28 risk factors in its most recent earnings report. Biglari Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biglari Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $1.21B | -39.80 | -4.44% | ― | 7.54% | -176.04% | |
53 Neutral | $1.29B | 47.65 | 5.89% | 1.86% | -4.92% | -54.90% | |
52 Neutral | $1.46B | 11.06 | 109.00% | 8.01% | -0.98% | -31.26% | |
50 Neutral | $766.47M | 40.75 | 2.85% | ― | 20.41% | 59.88% | |
46 Neutral | $805.59M | 29.44 | -6.17% | 6.06% | -5.65% | -64.96% | |
31 Underperform | $119.53M | -1.80 | -29.57% | ― | 5.20% | -6.01% |
* Consumer Cyclical Sector Average
BH
Biglari Holdings
385.62
101.67
35.81%
CBRL
Cracker Barrel
56.10
-2.22
-3.80%
PZZA
Papa John's International
23.85
-20.12
-45.76%
WEN
Wendy's
7.30
-2.16
-22.80%
FWRG
First Watch Restaurant Group
12.03
-5.77
-32.42%
VENU
Venu Holding Corporation
2.03
-13.37
-86.82%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.