(BH) Biglari Holdings - Ratings and Ratios
Restaurants, Insurance, Oil, Media, Investments
Dividends
Currently no dividends paid| Risk via 5d forecast | |
|---|---|
| Volatility | 36.6% |
| Value at Risk 5%th | 55.8% |
| Relative Tail Risk | -7.39% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.01 |
| Alpha | 31.87 |
| CAGR/Max DD | 1.02 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.585 |
| Beta | 0.865 |
| Beta Downside | 1.180 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.43% |
| Mean DD | 11.42% |
| Median DD | 9.73% |
Description: BH Biglari Holdings November 18, 2025
Biglari Holdings Inc. (NYSE: BH) owns and franchises two restaurant concepts in the United States-Steak n Shake and Western Sizzlin-providing quick-service and casual-dining experiences.
Beyond food service, the firm underwrites commercial truck insurance, offering physical-damage and non-trucking liability coverage, as well as broader property-and-casualty and reinsurance products.
The company also operates offshore oil and natural-gas assets in Louisiana state waters and on-shore properties in the Permian Basin, giving it exposure to the energy sector’s price cycles.
In the media space, Biglari publishes, licenses, and sells magazines under the MAXIM brand, leveraging a mix of print and digital audiences.
Founded in 1934 and headquartered in San Antonio, Texas, the business was formerly known as The Steak n Shake Company before rebranding to Biglari Holdings in April 2010; it additionally engages in a range of investment activities.
Recent data points worth noting: Steak n Shake’s same-store sales fell 7 % YoY in Q3 2024, reflecting broader consumer-discretionary weakness; the truck-insurance segment reported a combined ratio of 92 % in the latest filing, indicating underwriting profitability; and the Permian Basin assets contributed roughly 15 % of total revenue, making energy price movements a material driver of earnings.
If you want a deeper, data-driven view of BH’s valuation metrics and scenario analysis, a quick look at ValueRay’s analyst tools could be a useful next step.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income (2.09m TTM) > 0 and > 6% of Revenue (6% = 23.2m TTM) |
| FCFTA 0.08 (>2.0%) and ΔFCFTA 4.51pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 67.58% (prev 14.70%; Δ 52.87pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.10 (>3.0%) and CFO 107.2m > Net Income 2.09m (YES >=105%, WARN >=100%) |
| Net Debt (74.7m) to EBITDA (50.7m) ratio: 1.47 <= 3.0 (WARN <= 3.5) |
| Current Ratio 2.83 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (3.10m) change vs 12m ago 121.7% (target <= -2.0% for YES) |
| Gross Margin 35.62% (prev 31.43%; Δ 4.19pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 39.75% (prev 41.81%; Δ -2.05pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.38 (EBITDA TTM 50.7m / Interest Expense TTM 7.63m) >= 6 (WARN >= 3) |
Altman Z'' 4.94
| (A) 0.24 = (Total Current Assets 404.1m - Total Current Liabilities 143.0m) / Total Assets 1.08b |
| (B) 0.59 = Retained Earnings (Balance) 640.1m / Total Assets 1.08b |
| (C) 0.01 = EBIT TTM 10.6m / Avg Total Assets 972.3m |
| (D) 1.28 = Book Value of Equity 639.8m / Total Liabilities 499.2m |
| Total Rating: 4.94 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 57.68
| 1. Piotroski 5.0pt |
| 2. FCF Yield 7.67% |
| 3. FCF Margin 20.99% |
| 4. Debt/Equity 0.60 |
| 5. Debt/Ebitda 1.47 |
| 6. ROIC - WACC (= -5.21)% |
| 7. RoE 0.37% |
| 8. Rev. Trend 27.56% |
| 9. EPS Trend -6.37% |
What is the price of BH shares?
Over the past week, the price has changed by +8.88%, over one month by +3.94%, over three months by +9.02% and over the past year by +40.35%.
Is BH a buy, sell or hold?
What are the forecasts/targets for the BH price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 500 | 50.9% |
| Analysts Target Price | 500 | 50.9% |
| ValueRay Target Price | 425.6 | 28.4% |
BH Fundamental Data Overview December 10, 2025
P/E Trailing = 148.7934
P/S = 2.5444
P/B = 1.6274
P/EG = -12.63
Beta = 0.699
Revenue TTM = 386.5m USD
EBIT TTM = 10.6m USD
EBITDA TTM = 50.7m USD
Long Term Debt = 214.9m USD (from longTermDebt, last quarter)
Short Term Debt = 35.2m USD (from shortTermDebt, last quarter)
Debt = 347.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 74.7m USD (from netDebt column, last quarter)
Enterprise Value = 1.06b USD (983.4m + Debt 347.2m - CCE 272.5m)
Interest Coverage Ratio = 1.38 (Ebit TTM 10.6m / Interest Expense TTM 7.63m)
FCF Yield = 7.67% (FCF TTM 81.1m / Enterprise Value 1.06b)
FCF Margin = 20.99% (FCF TTM 81.1m / Revenue TTM 386.5m)
Net Margin = 0.54% (Net Income TTM 2.09m / Revenue TTM 386.5m)
Gross Margin = 35.62% ((Revenue TTM 386.5m - Cost of Revenue TTM 248.8m) / Revenue TTM)
Gross Margin QoQ = 39.17% (prev 28.90%)
Tobins Q-Ratio = 0.98 (Enterprise Value 1.06b / Total Assets 1.08b)
Interest Expense / Debt = 0.43% (Interest Expense 1.51m / Debt 347.2m)
Taxrate = -74.62% (out of range, set to none) (2.26m / -3.03m)
NOPAT = unknown (EBIT/Op.Income or Taxrate missing)
Current Ratio = 2.83 (Total Current Assets 404.1m / Total Current Liabilities 143.0m)
Debt / Equity = 0.60 (Debt 347.2m / totalStockholderEquity, last quarter 580.3m)
Debt / EBITDA = 1.47 (Net Debt 74.7m / EBITDA 50.7m)
Debt / FCF = 0.92 (Net Debt 74.7m / FCF TTM 81.1m)
Total Stockholder Equity = 570.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.19% (Net Income 2.09m / Total Assets 1.08b)
RoE = 0.37% (Net Income TTM 2.09m / Total Stockholder Equity 570.6m)
RoCE = 1.34% (EBIT 10.6m / Capital Employed (Equity 570.6m + L.T.Debt 214.9m))
RoIC = 1.59% (EBIT 10.6m / (Assets 1.08b - Curr.Liab 143.0m - Cash 272.5m))
WACC = 6.80% (E(983.4m)/V(1.33b) * Re(9.20%) + (debt cost/tax rate unavailable))
Discount Rate = 9.20% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 47.20%
[DCF Debug] Terminal Value 65.40% ; FCFE base≈59.1m ; Y1≈38.8m ; Y5≈17.7m
Fair Price DCF = 140.3 (DCF Value 290.2m / Shares Outstanding 2.07m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -6.37 | EPS CAGR: -2.54% | SUE: -0.26 | # QB: 0
Revenue Correlation: 27.56 | Revenue CAGR: 0.21% | SUE: N/A | # QB: 0
Additional Sources for BH Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle