BH Stock Analysis: Biglari Holdings | NYSE
Restaurants | NYSE, USA | Market Cap: 1.267m USD | 12M Return: 31% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.7M
Rev. Trend: 66.8%
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Biglari Holdings Inc. is a diversified holding company whose largest business is operating and franchising restaurants in the United States, primarily under the Steak n Shake and Western Sizzlin brands. In addition to its restaurant operations, the company underwrites commercial truck insurance and property and casualty insurance, holds oil and natural gas interests in Louisiana state waters and the Permian Basin, publishes magazines under the MAXIM brand, and maintains an investment portfolio. The company was founded in 1934, is headquartered in San Antonio, Texas, and was renamed from The Steak n Shake Company to Biglari Holdings Inc. in April 2010.
The restaurant franchise model typically allows operators like Biglari Holdings to expand brand presence and generate recurring royalty revenue without bearing the full cost of new restaurant buildouts, while company-operated locations provide direct exposure to store-level margins. The Permian Basin, where the company holds oil and gas interests, is one of the most active onshore oil-producing regions in the United States, known for its shale deposits and high drilling activity.
- Steak n Shake same-store traffic and pricing pressure restaurant margins
- Insurance underwriting results swing quarterly earnings volatility
- Investment portfolio performance and oil segment track commodity prices
| 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 (30.5m): 5.28 < 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 35.10%; Δ -4.51% > 0.5%) |
| Asset Turnover: 43.06% > 50% (prev 44.35%; Δ -1.29% > 0%) |
| Interest Coverage Ratio: -0.97 > 6 (EBIT TTM -10.7m / 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: -0.01 (EBIT TTM -10.7m / Avg Total Assets 923.7m) |
| D: 1.04 (Book Value of Equity 519.2m / Total Liabilities 499.1m) |
| Altman-Z'' = 4.22 = AA |
| DSRI: 1.02 (Receivables 24.9m/22.5m, Revenue 397.7m/367.7m) |
| GMI: 1.15 (GM 35.10% / 30.59%) |
| 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 = -2.94 (Cap -4..+1) = A |
As of July 10, 2026, the stock is trading at USD 394.70 with a total of 59,139 shares traded. Over the past week, the price has changed by -6.17%, over one month by +29.76%, over three months by +20.59% and over the past year by +30.98%.
Current recommended Stop Loss: 344.60 (which is 12.7% or 2.5 ATR below the current price).
Biglari Holdings has no consensus analysts rating.
| Analysts Target Price | 500 | 26.7% |
P/E Forward = 10.5708
P/S = 3.1866
P/B = 2.565
P/EG = -12.63
Revenue TTM = 397.7m USD
EBIT TTM = -10.7m USD
EBITDA TTM = 30.5m 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 = 1.43b USD (1.27b + Debt 475.5m - CCE 314.3m)
Interest Coverage Ratio = -0.97 (Ebit TTM -10.7m / Interest Expense TTM 11.0m)
EV/FCF = 17.53x (Enterprise Value 1.43b / FCF TTM 81.5m)
FCF Yield = 5.70% (FCF TTM 81.5m / Enterprise Value 1.43b)
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 = 1.40 (Enterprise Value 1.43b / Total Assets 1.02b)
Interest Expense / Debt = 2.32% (Interest Expense 11.0m / Debt 475.5m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -8.43m (EBIT -10.7m * (1 - 21.00%)) [loss with tax shield]
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 = 5.28 (Net Debt 161.2m / EBITDA 30.5m)
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 = -1.40% (EBIT -10.7m / Capital Employed (Equity 553.0m + L.T.Debt 211.7m))
RoIC = -0.94% (negative operating profit) (NOPAT -8.43m / Invested Capital 895.0m)
WACC = 6.46% (E(1.27b)/V(1.74b) * Re(8.19%) + D(475.5m)/V(1.74b) * Rd(2.32%) * (1-Tc(0.21)))
Discount Rate = 8.19% (= 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