Biglari Holdings (BH) AI Stock Analysis

• Market Cap: $1.05B
• Dividend Yield: N/A
• Average Volume (3M): 68.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.61
• Revenue Growth: 6.87%
• EPS Growth: -95.91%
• Country: US
• Employees: 2,535
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): -16.07
• Shares Outstanding: 2,083,140
• 10 Day Avg. Volume: 169,571
• 30 Day Avg. Volume: 67,998
• PEG Ratio: -0.08
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 2.61
• P/FCF Ratio: 13.47
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 2.82
• Enterprise Value/Gross Profit: 8.67
• Enterprise Value/Ebitda: 15.64
• 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: 52 Neutral
• Price Target: $331.00 ▼(-23.16% Downside)
• Action: Reiterated Date: 04/11/26
• Date: Action: Reiterated 04/11/26

The score is held back primarily by volatile and weakening profitability (losses in 2024–2025), partially offset by consistently positive operating and free cash flow and a manageable leverage profile. Technical indicators are mixed with a generally weaker medium-term trend, and valuation is constrained by loss-making earnings and no dividend yield data.

Positive Factors

Strong cash generation

Consistent positive operating and free cash flow—including a step-up to $107.0M OCF and $76.6M FCF in 2025—provides durable internal funding for operations, debt service and strategic choices. Strong cash conversion cushions the company through earnings volatility and supports long-term flexibility.

Negative Factors

Eroding profitability; widening net losses

The swing to a materially larger net loss in 2025 and a meaningful decline in pre-tax operating earnings indicate weakening core earnings power. Sustained margin erosion reduces retained earnings, impairs ROE, and constrains the firm’s ability to fund growth or return capital without relying on non-operating gains.

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 opera...

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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 opera...

How the Company Makes Money

Biglari Holdings makes money through a combination of operating-company earnings and investment income/changes in the value of its investment holdings. 1) Restaurant operations (Steak n Shake, Western Sizzlin): The company earns revenue primarily...

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Biglari Holdings makes money through a combination of operating-company earnings and investment income/changes in the value of its investment holdings. 1) Restaurant operations (Steak n Shake, Western Sizzlin): The company earns revenue primarily...

Biglari Holdings Financial Statement Overview

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	395.26M	362.11M	365.32M	368.23M	366.11M
Gross Profit	108.64M	138.62M	116.38M	152.78M	142.78M
EBITDA	58.89M	37.82M	109.62M	82.17M	66.76M
Net Income	-37.49M	-3.76M	54.95M	-32.02M	35.48M
Balance Sheet
Total Assets	1.05B	866.13M	849.42M	828.47M	894.81M
Cash, Cash Equivalents and Short-Term Investments	337.83M	133.68M	119.94M	106.93M	125.41M
Total Debt	358.64M	150.19M	101.24M	118.83M	121.38M
Total Liabilities	525.71M	293.17M	250.09M	272.91M	307.11M
Stockholders Equity	523.43M	572.96M	599.33M	546.97M	587.70M
Cash Flow
Free Cash Flow	76.61M	19.07M	49.60M	98.08M	164.22M
Operating Cash Flow	106.96M	49.66M	73.00M	127.83M	228.77M
Investing Cash Flow	-65.47M	-87.39M	-66.08M	-136.60M	-58.52M
Financing Cash Flow	196.53M	39.48M	-16.13M	3.86M	-156.16M

Biglari Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 430.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH, the sentiment is Negative. The current price of 430.74 is above the 20-day moving average (MA) of 318.18, above the 50-day MA of 352.91, and above the 200-day MA of 336.53, indicating a neutral trend. The MACD of -3.49 indicates Negative momentum. The RSI at 47.66 is Neutral, neither overbought nor oversold. The STOCH value of 65.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BH.

Biglari Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WEN	57 Neutral	$1.31B	9.79	140.58%	8.15%	-0.21%	0.16%
FWRG	53 Neutral	$701.87M	48.41	0.83%	―	17.27%	-76.53%
BH	52 Neutral	$1.05B	-27.52	-6.72%	―	6.87%	-95.91%
PZZA	48 Neutral	$1.17B	42.31	-6.99%	4.72%	-0.64%	-60.71%
CBRL	45 Neutral	$634.55M	131.25	-0.90%	3.54%	-1.61%	-58.09%
VENU	44 Neutral	$220.27M	-6.94	-40.03%	―	―	―

Biglari Holdings Corporate Events