Biglari Holdings (BH) AI Stock Analysis

• Market Cap: $1.43B
• Dividend Yield: N/A
• Average Volume (3M): 68.00K
• Price to Earnings (P/E): 682.6
• Beta (1Y): 0.47
• 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: 0.75
• Enterprise Value/Revenue: 2.79
• Enterprise Value/Gross Profit: 7.84
• Enterprise Value/Ebitda: 21.27
• 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: 63 Neutral
• Price Target: $459.00 ▲(6.56% Upside)

The score is driven by solid financial stability and strong cash flow generation, supported by a positive corporate update (potential additional share purchases and strong same-store sales). Offsetting these positives are stretched technical conditions (overbought RSI/Stoch) and a very high P/E multiple, which weigh on risk-adjusted attractiveness.

Positive Factors

Strong free cash flow generation

Sustained FCF growth near 30% TTM provides durable internal funding for operations, reinvestment, and opportunistic capital allocation. Over a multi-month horizon this enhances resilience to industry cycles and supports strategic choices without relying on external financing.

Conservative leverage and strong equity base

Low leverage and a majority-equity asset base reduce financial risk and increase capacity to absorb shocks or fund expansions. This structural balance-sheet strength supports long-term stability, preserves credit optionality and lowers refinancing pressure in the coming months.

Operational improvement at Steak 'n Shake

Double-digit same-store sales growth signals durable recovery in the core restaurant business, strengthening revenue visibility and cash conversion. Sustained SSS gains over quarters materially improve segment economics and support long-term turnaround credibility.

Negative Factors

Very low net profitability

A sub-1% net margin indicates limited ability to convert revenue into earnings, leaving operations highly sensitive to cost or commodity swings. Persistently thin margins constrain reinvestment, dividend capacity, and the buffer against future downturns over the medium term.

Minimal return on equity

ROE near zero implies the company generates almost no incremental return on shareholder capital, highlighting weak capital allocation or structural profitability issues. Over several months this limits shareholder value creation even if the balance sheet is stable.

Earnings volatility / collapsing EPS

Severe EPS decline suggests earnings are volatile or impacted by nonrecurring items, reducing forecast reliability and management credibility. This structural volatility impairs planning, weakens ability to fund growth from earnings, and magnifies downside risk over the medium term.

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

Financials are stable with strengths in cash generation and balance sheet health. Free cash flow growth is strong (29.77% TTM) with robust cash conversion (operating cash flow to net income 6.06), and leverage is conservative (debt-to-equity 0.21; equity ratio 53.76%). The main drag is weak profitability (net margin 0.54%) and minimal ROE (0.30%) despite modest revenue growth (2.47% TTM).

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: 430.74
• 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 430.74 is above the 20-day moving average (MA) of 383.33, above the 50-day MA of 342.80, and above the 200-day MA of 301.93, indicating a bullish trend. The MACD of 32.71 indicates Negative momentum. The RSI at 84.20 is Negative, neither overbought nor oversold. The STOCH value of 98.39 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	$1.63B	9.05	100.85%	8.15%	-0.21%	0.16%
BH	63 Neutral	$1.43B	682.59	0.35%	―	6.87%	-95.91%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PZZA	57 Neutral	$1.24B	33.43	―	4.72%	-0.64%	-60.71%
FWRG	54 Neutral	$1.02B	211.93	0.83%	―	17.27%	-76.53%
CBRL	45 Neutral	$819.44M	49.35	3.89%	3.54%	-1.61%	-58.09%
VENU	43 Neutral	$378.24M	-8.48	-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.

The most recent analyst rating on (BH) stock is a Hold with a $281.00 price target. To see the full list of analyst forecasts on Biglari Holdings stock, see the BH Stock Forecast page.