Biglari Holdings (BH) AI Stock Analysis

• Market Cap: $1.09B
• Dividend Yield: N/A
• Average Volume (3M): 68.00K
• Price to Earnings (P/E): ―
• 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): -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): 1.01
• Price to Sales (P/S): 2.61
• P/FCF Ratio: 13.47
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 2.31
• Enterprise Value/Gross Profit: 7.10
• Enterprise Value/Ebitda: 12.81
• 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: 50 Neutral
• Price Target: $336.00 ▼(-21.99% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by sharply weaker profitability (despite solid cash generation and manageable leverage), bearish technical signals with the stock trading below key moving averages, and an extremely high P/E that provides little valuation support. A negative recent corporate update on losses and declining operating earnings further weighs on the outlook.

Positive Factors

Strong cash generation

Consistently positive operating and free cash flow, with a notable step-up in 2025, indicates the company generates real cash from operations despite reported accounting losses. Durable cash generation supports capital allocation, debt servicing, and reinvestment over the next 2–6 months and cushions against earnings volatility.

Manageable leverage

A low debt-to-equity range and sizable equity base provide balance-sheet flexibility and lower financial risk. Manageable leverage gives the company room to absorb short-term operational or investment shocks, maintain underwriting capacity in insurance, and avoid forced asset sales during periods of investment volatility.

Diversified holding-company model

A multi-segment structure—restaurants, an insurance platform with float, consumer businesses, and an investment portfolio—creates multiple cash and earnings channels. This diversification reduces single-industry dependence and provides optionality: underwriting float and operating cash can fund investments and support operations through cycles.

Negative Factors

Profitability deterioration

A material swing from solid profitability to sizable losses and a negative EBITDA margin signals weakened underlying earnings power. Persistent margin pressure undermines sustainable returns, increases the risk to reinvestment plans, and makes operating performance less reliable over the medium term.

Investment-result volatility

Heavy influence of investment gains/losses on reported results creates profit volatility that can mask core operating trends. When investment swings dominate earnings, management faces greater uncertainty in capital allocation, and stakeholders may find it harder to assess durable earnings quality and future ROE.

Choppy free cash flow momentum

Although FCF is positive, inconsistent growth and declines in several years indicate variable cash conversion. This variability complicates long-term planning, reduces predictability for investments or buybacks, and suggests operating or working-capital sensitivity that could pressure liquidity during adverse conditions.

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

Mixed fundamentals: revenue has been broadly stable, leverage looks manageable, and operating/free cash flow are consistently positive with a strong 2025 step-up. However, profitability deteriorated sharply, with net margin swinging from strong in 2023 to sizable losses in 2024–2025 and negative EBITDA margin in 2025, reducing earnings quality and consistency.

Income Statement

Revenue has been broadly stable with a modest increase in 2025 (annual revenue growth of 2.3%) after slight declines in 2023–2024. Profitability, however, has been volatile: the company swung from strong profitability in 2023 (15.0% net margin) to losses in 2024 and a much larger loss in 2025 (about -9.5% net margin). Reported operating profitability also deteriorated, with 2025 showing negative EBITDA margin, indicating weaker underlying earnings power and reduced consistency.

Balance Sheet

Leverage appears manageable with debt-to-equity generally in the ~0.17–0.26 range in recent years, though total debt increased in 2025 versus 2024. Equity is sizable relative to debt, which provides balance-sheet support, but returns to shareholders have been inconsistent, moving from positive return on equity in 2023 to negative in 2024–2025 in line with net losses. Overall, the capital structure looks reasonable, but earnings volatility is a key risk to balance-sheet quality over time.

Cash Flow

Cash generation is a clear strength: operating cash flow and free cash flow are positive across all provided years, with a notably strong step-up in 2025 (operating cash flow of $107.0M and free cash flow of $76.6M). Even as reported earnings turned sharply negative in 2025, cash flow remained solid, suggesting the business is still producing cash. The main weakness is choppier momentum in free cash flow growth (declining in multiple years, including 2025), which points to variability in cash conversion and/or reinvestment needs.

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	268.78M	133.68M	119.94M	106.93M	125.41M
Total Debt	227.87M	150.19M	101.24M	118.83M	121.38M
Total Liabilities	525.71M	293.17M	250.09M	272.91M	307.11M
Stockholders Equity	1.03B	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: Positive
• MACD: Positive
• 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 385.12, above the 50-day MA of 393.29, and above the 200-day MA of 329.47, indicating a neutral trend. The MACD of -13.88 indicates Positive momentum. The RSI at 36.79 is Neutral, neither overbought nor oversold. The STOCH value of 23.75 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	$1.38B	9.79	87.63%	8.15%	-0.21%	0.16%
FWRG	52 Neutral	$792.96M	48.41	0.83%	―	17.27%	-76.53%
BH	50 Neutral	$1.09B	-27.52	0.35%	―	6.87%	-95.91%
CBRL	45 Neutral	$694.45M	131.25	-0.90%	3.54%	-1.61%	-58.09%
PZZA	45 Neutral	$1.02B	42.31	―	4.72%	-0.64%	-60.71%
VENU	44 Neutral	$220.89M	-18.82	-40.00%	―	―	―

Biglari Holdings Corporate Events

Biglari Holdings Releases 2025 Annual Report and Letter

Biglari Holdings Inc. reported that its 2025 Annual Report and the accompanying shareholder letter by Chairman and CEO Sardar Biglari were made available online on February 28, 2026. The company emphasized that its operating businesses are best evaluated excluding investment gains or losses, underscoring the distinction between core operations and market-driven investment results.

For the fourth quarter of 2025, Biglari Holdings posted a net loss attributable to shareholders of $49.9 million, compared with a $10.3 million loss in the prior-year quarter, largely reflecting significantly higher investment losses. For the full year 2025, the company recorded a net loss of $37.5 million versus a $3.8 million loss in 2024, while pre-tax operating earnings declined to $18.8 million from $32.6 million, and book value per Class A equivalent share stood at $2,059.32 as of December 31, 2025.

The most recent analyst rating on (BH) stock is a Buy with a $414.00 price target. To see the full list of analyst forecasts on Biglari Holdings stock, see the BH Stock Forecast page.