Biglari Holdings (BH) AI Stock Analysis

• Market Cap: $1.10B
• Dividend Yield: N/A
• Average Volume (3M): 68.00K
• Price to Earnings (P/E): 534.4
• Beta (1Y): 0.40
• Revenue Growth: 6.87%
• EPS Growth: -95.91%
• Country: US
• Employees: 2,535
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): -1.71
• Shares Outstanding: 2,068,640
• 10 Day Avg. Volume: 169,571
• 30 Day Avg. Volume: 67,998
• 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: 0.89
• Enterprise Value/Revenue: 2.54
• Enterprise Value/Gross Profit: 7.13
• Enterprise Value/Ebitda: 19.37
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $326.00 ▼(-9.52% Downside)

Biglari Holdings shows a stable financial position with strong cash flow management and positive corporate events, such as potential stock buybacks and significant sales growth in its restaurant segment. However, the high P/E ratio suggests overvaluation, and technical indicators present mixed signals, contributing to a moderate overall score.

Positive Factors

Strong Cash Flow Management

The strong cash flow growth highlights efficient cash generation, providing the company with flexibility to invest in growth opportunities and manage debt effectively.

Same-Store Sales Growth

The robust same-store sales growth indicates strong consumer demand and effective operational strategies, enhancing the company's competitive position in the restaurant industry.

Conservative Leverage

A low debt-to-equity ratio suggests financial stability and reduced risk, allowing the company to withstand economic fluctuations and invest in strategic initiatives.

Negative Factors

Low Net Profit Margin

A low net profit margin indicates difficulty in translating revenue into profit, potentially limiting the company's ability to reinvest in growth and reward shareholders.

High Interest Rate Loan

The high interest rate on the loan could increase financial burdens, affecting profitability and cash flow, and may limit future financial flexibility.

Minimal Return on Equity

Minimal return on equity indicates inefficient use of equity capital, which may deter investors seeking higher returns, impacting long-term shareholder value.

Biglari Holdings Business Overview & Revenue Model

Company Description

Biglari 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.

How the Company Makes Money

Biglari Holdings generates revenue primarily through its restaurant operations, with Steak 'n Shake contributing significantly to its earnings through sales of food and beverages. The company also earns money through its investment portfolio, which includes equity and other financial instruments. Key revenue streams include direct sales from franchised and company-operated restaurants, franchise fees, and investment income derived from its equity stakes in other companies. Significant partnerships, such as those with suppliers and franchisees, also play a crucial role in enhancing profitability and operational efficiency.

Biglari Holdings Financial Statement Overview

Summary

Biglari Holdings demonstrates a stable financial position with positive cash flow trends and conservative leverage. While revenue growth is modest, profitability remains a challenge with low net margins. The balance sheet is strong with a solid equity base, and cash flow metrics indicate efficient cash management.

Income Statement

Biglari Holdings shows a modest revenue growth rate of 2.47% in the TTM, indicating a positive trend after previous declines. The gross profit margin is stable at 25.51%, but the net profit margin is low at 0.54%, reflecting challenges in converting revenue into profit. The EBIT and EBITDA margins are moderate, suggesting operational efficiency but room for improvement in profitability.

Balance Sheet

The company's debt-to-equity ratio is low at 0.21, indicating a conservative leverage approach. Return on equity is minimal at 0.30%, suggesting limited returns for shareholders. The equity ratio stands at 53.76%, showing a strong equity base relative to assets, which enhances financial stability.

Cash Flow

Biglari Holdings has achieved a significant free cash flow growth rate of 29.77% in the TTM, highlighting improved cash generation. The operating cash flow to net income ratio is robust at 6.06, indicating strong cash flow relative to earnings. The free cash flow to net income ratio of 0.72 suggests effective cash management despite low net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	386.51M	362.11M	365.32M	368.23M	366.11M	433.68M
Gross Profit	137.68M	138.62M	116.38M	152.78M	142.78M	136.95M
EBITDA	50.72M	37.82M	109.62M	82.17M	66.76M	60.59M
Net Income	2.09M	-3.76M	54.95M	-32.02M	35.48M	-37.99M
Balance Sheet
Total Assets	1.08B	866.13M	849.42M	828.47M	894.81M	1.02B
Cash, Cash Equivalents and Short-Term Investments	369.17M	133.68M	119.94M	106.93M	125.41M	119.36M
Total Debt	347.17M	150.19M	101.24M	118.83M	121.38M	281.27M
Total Liabilities	499.22M	293.17M	250.09M	272.91M	307.11M	453.14M
Stockholders Equity	580.28M	572.96M	599.33M	546.97M	587.70M	564.83M
Cash Flow
Free Cash Flow	81.14M	19.07M	49.60M	98.08M	164.22M	96.85M
Operating Cash Flow	107.18M	49.66M	73.00M	127.83M	228.77M	117.56M
Investing Cash Flow	-88.67M	-87.39M	-66.08M	-136.60M	-58.52M	-129.49M
Financing Cash Flow	223.34M	39.48M	-16.13M	3.86M	-156.16M	-29.11M

Biglari Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 360.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 360.3 is above the 20-day moving average (MA) of 316.75, above the 50-day MA of 333.95, and above the 200-day MA of 287.10, indicating a bullish trend. The MACD of 5.63 indicates Negative momentum. The RSI at 67.89 is Neutral, neither overbought nor oversold. The STOCH value of 93.27 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
WEN	65 Neutral	$1.58B	8.71	100.85%	8.15%	-0.21%	0.16%
BH	64 Neutral	$1.10B	534.41	0.35%	―	6.87%	-95.91%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
FWRG	58 Neutral	$971.02M	197.72	0.83%	―	17.27%	-76.53%
PZZA	57 Neutral	$1.32B	34.38	―	4.72%	-0.64%	-60.71%
CBRL	55 Neutral	$581.42M	34.63	3.89%	3.54%	-1.61%	-58.09%
VENU	41 Neutral	$391.64M	-8.04	-40.00%	―	―	―

Biglari Holdings Corporate Events

Biglari Holdings Considers Additional Share Purchases

Biglari Holdings announced that its affiliates may purchase additional shares of its Class A and/or Class B common stock. As of September 30, 2025, the company’s stock is trading below its book value, with the book value per Class A equivalent share at $2,244.26 and per Class B equivalent share at $448.85. Additionally, its subsidiary, Steak n Shake Inc., reported over 15% growth in same-store sales for its U.S. operations in the fourth quarter to date, indicating strong performance in its restaurant segment.

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.

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.