(BH) Biglari Holdings - Overview
Sector: Consumer Cyclical | Industry: Restaurants | Exchange: NYSE (USA) | Market Cap: 859m USD | Total Return: 10.3% in 12m
Avg Turnover: 15.0M
Rev. Trend: 66.8%
Warnings
Share dilution 37.9% YoY
Tailwinds
No distinct edge detected
Biglari Holdings Inc. (BH) is a diversified holding company headquartered in San Antonio, Texas, with core operations across the restaurant, insurance, energy, and media sectors. The company’s primary revenue drivers are its Steak n Shake and Western Sizzlin restaurant brands, which utilize a mix of corporate-owned and franchised locations. In the restaurant industry, franchising allows a parent company to expand its brand footprint with lower capital expenditure compared to company-owned models.
The company also maintains a significant presence in the specialty insurance market, focusing on commercial trucking liability and property and casualty reinsurance. Beyond these segments, Biglari Holdings manages oil and gas assets in the Permian Basin and Gulf Coast, and owns the media brand MAXIM. This conglomerate structure is modeled after diversified investment vehicles where cash flows from operating businesses are reallocated into various investment activities. Evaluating the intrinsic value of such diversified holdings often requires a sum-of-the-parts analysis. You can further explore these valuation metrics and historical performance data on ValueRay.
Originally founded in 1934 as The Steak n Shake Company, the firm transitioned to its current holding company structure in 2010. This evolution reflects a strategic shift from a pure-play restaurant operator to a multi-industry investment entity.
- Steak n Shake franchise conversion progress dictates restaurant operating margins
- Commercial trucking insurance loss ratios impact insurance segment underwriting profitability
- Crude oil and natural gas price volatility affects energy production revenue
- Investment partnership performance and capital allocation decisions drive book value changes
- Maxim brand licensing revenue stability influences media segment cash flow generation
| Net Income: -18.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 6.43 > 1.0 |
| NWC/Revenue: 53.28% < 20% (prev 5.77%; Δ 47.51% < -1%) |
| CFO/TA 0.11 > 3% & CFO 111.5m > Net Income -18.7m |
| Net Debt (161.2m) to EBITDA (113.7m): 1.42 < 3 |
| Current Ratio: 2.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.14m) vs 12m ago 37.95% < -2% |
| Gross Margin: 30.59% > 18% (prev 0.35%; Δ 3.02k% > 0.5%) |
| Asset Turnover: 43.06% > 50% (prev 44.35%; Δ -1.29% > 0%) |
| Interest Coverage Ratio: 6.58 > 6 (EBITDA TTM 113.7m / Interest Expense TTM 11.0m) |
| A: 0.21 (Total Current Assets 356.2m - Total Current Liabilities 144.3m) / Total Assets 1.02b |
| B: 0.57 (Retained Earnings 575.7m / Total Assets 1.02b) |
| C: 0.08 (EBIT TTM 72.5m / Avg Total Assets 923.7m) |
| D: 1.15 (Book Value of Equity 575.3m / Total Liabilities 499.1m) |
| Altman-Z'' = 4.95 = AAA |
| DSRI: 1.02 (Receivables 24.9m/22.5m, Revenue 397.7m/367.7m) |
| GMI: 1.15 (GM 30.59% / 35.10%) |
| AQI: 0.81 (AQ_t 0.25 / AQ_t-1 0.31) |
| SGI: 1.08 (Revenue 397.7m / 367.7m) |
| TATA: -0.13 (NI -18.7m - CFO 111.5m) / TA 1.02b) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of May 25, 2026, the stock is trading at USD 276.96 with a total of 47,324 shares traded.
Over the past week, the price has changed by +3.56%,
over one month by -10.47%,
over three months by -26.15% and
over the past year by +10.30%.
Biglari Holdings has no consensus analysts rating.
| Analysts Target Price | 500 | 80.5% |
P/S = 2.1603
P/B = 1.617
P/EG = -12.63
Revenue TTM = 397.7m USD
EBIT TTM = 72.5m USD
EBITDA TTM = 113.7m USD
Long Term Debt = 211.7m USD (from longTermDebt, last quarter)
Short Term Debt = 40.9m USD (from shortTermDebt, last quarter)
Debt = 475.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 117.8m
Net Debt = 161.2m USD (calculated: Debt 475.5m - CCE 314.3m)
Enterprise Value = 1.02b USD (859.1m + Debt 475.5m - CCE 314.3m)
Interest Coverage Ratio = 6.58 (Ebit TTM 72.5m / Interest Expense TTM 11.0m)
EV/FCF = 12.52x (Enterprise Value 1.02b / FCF TTM 81.5m)
FCF Yield = 7.98% (FCF TTM 81.5m / Enterprise Value 1.02b)
FCF Margin = 20.49% (FCF TTM 81.5m / Revenue TTM 397.7m)
Net Margin = -4.71% (Net Income TTM -18.7m / Revenue TTM 397.7m)
Gross Margin = 30.59% ((Revenue TTM 397.7m - Cost of Revenue TTM 276.1m) / Revenue TTM)
Gross Margin QoQ = 28.46% (prev 25.80%)
Tobins Q-Ratio = 1.00 (Enterprise Value 1.02b / Total Assets 1.02b)
Interest Expense / Debt = 2.32% (Interest Expense 11.0m / Debt 475.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = 57.3m (EBIT 72.5m * (1 - 21.00%))
Current Ratio = 2.47 (Total Current Assets 356.2m / Total Current Liabilities 144.3m)
Debt / Equity = 0.92 (Debt 475.5m / totalStockholderEquity, last quarter 519.2m)
Debt / EBITDA = 1.42 (Net Debt 161.2m / EBITDA 113.7m)
Debt / FCF = 1.98 (Net Debt 161.2m / FCF TTM 81.5m)
Total Stockholder Equity = 553.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.03% (Net Income -18.7m / Total Assets 1.02b)
RoE = -3.39% (Net Income TTM -18.7m / Total Stockholder Equity 553.0m)
RoCE = 9.48% (EBIT 72.5m / Capital Employed (Equity 553.0m + L.T.Debt 211.7m))
RoIC = 6.95% (NOPAT 57.3m / Invested Capital 824.2m)
WACC = 5.82% (E(859.1m)/V(1.33b) * Re(8.02%) + D(475.5m)/V(1.33b) * Rd(2.32%) * (1-Tc(0.21)))
Discount Rate = 8.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.55 | Cagr: 41.74%
[DCF] Terminal Value 77.97% ; FCFF base≈54.1m ; Y1≈62.0m ; Y5≈91.3m
[DCF] Fair Price = 581.9 (EV 1.37b - Net Debt 161.2m = Equity 1.21b / Shares 2.08m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 66.84 | Revenue CAGR: 2.55% | SUE: N/A | # QB: 0