Biglari Holdings (BH) AI Stock Analysis

• Market Cap: $1.12B
• Dividend Yield: N/A
• Average Volume (3M): 13.18K
• Price to Earnings (P/E): 29.3
• Beta (1Y): 0.46
• Revenue Growth: 4.14%
• EPS Growth: N/A
• Country: US
• Employees: 2,535
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): 16.41
• Shares Outstanding: 2,068,640
• 10 Day Avg. Volume: 10,652
• 30 Day Avg. Volume: 13,181
• PEG Ratio: 0.89
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 0.98
• P/FCF Ratio: 18.67
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: 2.37
• Enterprise Value/Gross Profit: 6.70
• Enterprise Value/Ebitda: 9.11
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 69 Neutral
• Price Target: $396.00 ▲(7.62% Upside)

Biglari Holdings demonstrates a solid financial foundation with strong cash flow and profitability, which are the most significant factors in its score. Technical indicators show bullish momentum, though caution is advised due to overbought signals. The valuation is less attractive due to a high P/E ratio and no dividend yield, which slightly dampens the overall score.

Biglari Holdings Business Overview & Revenue Model

Company Description

Biglari Holdings Inc. is a diversified holding company based in San Antonio, Texas. It operates primarily in the restaurant and insurance sectors, with its most notable subsidiaries including the Steak 'n Shake restaurant chain and First Guard Insurance Company. The company focuses on acquiring and managing businesses that have strong cash flow potential and a sustainable competitive advantage, allowing it to leverage operational efficiencies and capitalize on market opportunities.

How the Company Makes Money

Biglari Holdings generates revenue primarily through its restaurant operations and insurance services. The company earns a significant portion of its revenue from the Steak 'n Shake franchise, which includes both company-owned and franchised locations. Revenue is driven by food and beverage sales, as well as royalties from franchisees. In addition, First Guard Insurance Company contributes to the company's earnings by providing various insurance products, including auto and commercial insurance, which generates premium income. The company also benefits from investment income and capital gains through its investment portfolio, allowing it to diversify its revenue streams. Strategic partnerships and a focus on operational improvements further enhance its financial performance.

Biglari Holdings Financial Statement Overview

Summary

Biglari Holdings presents a stable financial profile with strengths in profitability and cash flow generation. The income statement shows decent margins, though revenue growth is limited. The balance sheet is strong, with low leverage and a solid equity base. Cash flow performance is a highlight, with substantial free cash flow growth. While the company is financially sound, focusing on revenue growth and improving ROE could drive further value.

Income Statement

Biglari Holdings shows a moderate performance in its income statement. The TTM data indicates a gross profit margin of 35.41% and a net profit margin of 10.47%, reflecting decent profitability. However, the revenue growth rate is low at 2.58%, suggesting limited top-line expansion. The EBIT and EBITDA margins are healthy at 15.12% and 26.04%, respectively, indicating efficient operations. Overall, while profitability is stable, growth remains a concern.

Balance Sheet

The balance sheet of Biglari Holdings is relatively strong, with a low debt-to-equity ratio of 0.21, indicating conservative leverage. The return on equity is modest at 6.86%, showing moderate efficiency in generating returns on shareholders' equity. The equity ratio stands at 68.24%, suggesting a solid capital structure with a significant portion of assets financed by equity. The company maintains a stable financial position, though improvements in ROE could enhance shareholder value.

Cash Flow

Biglari Holdings demonstrates robust cash flow performance. The free cash flow growth rate is exceptionally high at 379.77%, indicating significant improvement in cash generation. The operating cash flow to net income ratio is 0.69, and the free cash flow to net income ratio is 0.72, reflecting strong cash conversion. This solid cash flow position provides flexibility for reinvestment and debt servicing, enhancing financial stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	377.18M	362.11M	365.32M	368.23M	366.11M	433.68M
Gross Profit	133.56M	138.62M	116.38M	152.78M	142.78M	136.95M
EBITDA	98.23M	37.82M	109.62M	-692.00K	79.48M	-2.44M
Net Income	39.51M	-3.76M	54.95M	-32.02M	35.48M	-37.99M
Balance Sheet
Total Assets	863.58M	866.13M	849.42M	828.47M	894.81M	1.02B
Cash, Cash Equivalents and Short-Term Investments	137.31M	133.68M	119.94M	106.93M	125.41M	119.36M
Total Debt	125.44M	150.19M	101.24M	118.83M	121.38M	281.27M
Total Liabilities	274.29M	293.17M	250.09M	272.91M	307.11M	453.14M
Stockholders Equity	589.29M	572.96M	599.33M	546.97M	587.70M	564.83M
Cash Flow
Free Cash Flow	62.52M	19.07M	49.60M	98.08M	164.22M	96.85M
Operating Cash Flow	86.69M	49.66M	73.00M	127.83M	228.77M	117.56M
Investing Cash Flow	-94.96M	-87.39M	-66.08M	-136.60M	-58.52M	-129.49M
Financing Cash Flow	13.40M	39.48M	-16.13M	3.86M	-156.16M	-29.11M

Biglari Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 367.97
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH, the sentiment is Positive. The current price of 367.97 is above the 20-day moving average (MA) of 343.31, above the 50-day MA of 322.45, and above the 200-day MA of 266.62, indicating a bullish trend. The MACD of 12.89 indicates Negative momentum. The RSI at 70.31 is Negative, neither overbought nor oversold. The STOCH value of 84.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BH.

Biglari Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BH	69 Neutral	$1.12B	29.28	6.82%	―	4.14%	―
PZZA	65 Neutral	$1.73B	23.32	―	3.48%	-1.46%	8.10%
WEN	63 Neutral	$1.76B	9.41	99.35%	8.46%	1.31%	-1.46%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
FWRG	61 Neutral	$1.12B	285.32	0.69%	―	14.53%	-83.26%
CBRL	57 Neutral	$821.49M	17.80	10.29%	2.71%	0.37%	12.99%
VENU	52 Neutral	$589.45M	―	-48.66%	―	―	―

Biglari Holdings Corporate Events

Biglari Holdings Secures $225 Million Loan for Subsidiary

On September 30, 2025, Steak n Shake Inc., a subsidiary of Biglari Holdings, secured a $225 million loan with a five-year term and an 8.80% fixed interest rate, which will be amortized at 3.0% annually. On the same date, Biglari Holdings terminated a $75 million line of credit, indicating a strategic financial restructuring that could impact its liquidity and financial planning.

The most recent analyst rating on (BH) stock is a Hold with a $305.00 price target. To see the full list of analyst forecasts on Biglari Holdings stock, see the BH Stock Forecast page.

Biglari Holdings Reports 15% Growth in Q3 Sales

In a recent presentation, Steak n Shake Inc., a subsidiary of Biglari Holdings, announced a significant achievement of approximately 15% growth in same-store sales for its U.S. operations during the third fiscal quarter. This growth indicates a positive trend for the company, potentially enhancing its market position and offering promising implications for stakeholders.

The most recent analyst rating on (BH) stock is a Hold with a $305.00 price target. To see the full list of analyst forecasts on Biglari Holdings stock, see the BH Stock Forecast page.