(BH-A) Biglari Holdings - Overview
Stock: Restaurants, Insurance, Energy, Media, Investments
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 93.9% |
| Relative Tail Risk | -45.3% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.59 |
| Alpha | 79.36 |
| Character TTM | |
|---|---|
| Beta | 0.437 |
| Beta Downside | 0.345 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.36% |
| CAGR/Max DD | 1.44 |
Description: BH-A Biglari Holdings January 21, 2026
Biglari Holdings Inc. (NYSE: BH-A) is a diversified holding company that primarily runs and franchises restaurants in the United States under the Steak n Shake and Western Sizzlin brands. The firm also underwrites commercial truck insurance, owns offshore oil and natural-gas assets in Louisiana and the Permian Basin, publishes the MAXIM magazine franchise, and makes assorted investment allocations. The company, originally founded in 1934 as The Steak n Shake Company, rebranded to Biglari Holdings in 2010 and is headquartered in San Antonio, Texas.
Recent public filings show that restaurant operations still dominate revenue, contributing roughly 70 % of total sales (~$1.1 billion in FY 2023). However, same-store sales at Steak n Shake have been volatile, with a year-over-year decline of about 4 % in Q4 2023, reflecting broader consumer-discretionary pressure from inflation and tighter credit conditions. The insurance segment reported a combined ratio of 92 % in 2023, indicating underwriting profitability but also exposure to freight-industry cycles. Oil-and-gas production generated roughly $200 million in revenue, making the business sensitive to WTI crude price swings (e.g., a 15 % price drop in early 2024 would likely cut energy earnings by 10-12 %).
Given the mix of cyclical restaurant sales, insurance loss-ratio dynamics, and commodity-price risk, analysts should model each segment separately and stress-test BH-A’s cash flow under divergent macro scenarios. For a deeper quantitative breakdown of BH-A’s valuation metrics, you might find the ValueRay platform’s analyst tools useful.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income: 2.09m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 4.51 > 1.0 |
| NWC/Revenue: 67.58% < 20% (prev 14.70%; Δ 52.87% < -1%) |
| CFO/TA 0.10 > 3% & CFO 107.2m > Net Income 2.09m |
| Net Debt (74.7m) to EBITDA (50.7m): 1.47 < 3 |
| Current Ratio: 2.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.10m) vs 12m ago 121.7% < -2% |
| Gross Margin: 35.62% > 18% (prev 0.31%; Δ 3531 % > 0.5%) |
| Asset Turnover: 39.75% > 50% (prev 41.81%; Δ -2.05% > 0%) |
| Interest Coverage Ratio: 1.38 > 6 (EBITDA TTM 50.7m / Interest Expense TTM 7.63m) |
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 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) |
| Altman-Z'' Score: 4.94 = AAA |
Beneish M -3.39
| DSRI: 0.93 (Receivables 21.2m/21.4m, Revenue 386.5m/361.7m) |
| GMI: 0.88 (GM 35.62% / 31.43%) |
| AQI: 0.75 (AQ_t 0.25 / AQ_t-1 0.33) |
| SGI: 1.07 (Revenue 386.5m / 361.7m) |
| TATA: -0.10 (NI 2.09m - CFO 107.2m) / TA 1.08b) |
| Beneish M-Score: -3.39 (Cap -4..+1) = AA |
What is the price of BH-A shares?
Over the past week, the price has changed by +6.82%, over one month by +0.54%, over three months by +32.13% and over the past year by +81.80%.
Is BH-A a buy, sell or hold?
What are the forecasts/targets for the BH-A price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | - | - |
| Analysts Target Price | - | - |
| ValueRay Target Price | 3064.9 | 43.8% |
BH-A Fundamental Data Overview February 04, 2026
P/S = 3.2048
P/B = 2.1347
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 = 1.22b USD (1.24b + Debt 347.2m - CCE 369.2m)
Interest Coverage Ratio = 1.38 (Ebit TTM 10.6m / Interest Expense TTM 7.63m)
EV/FCF = 15.00x (Enterprise Value 1.22b / FCF TTM 81.1m)
FCF Yield = 6.67% (FCF TTM 81.1m / Enterprise Value 1.22b)
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 = 1.13 (Enterprise Value 1.22b / Total Assets 1.08b)
Interest Expense / Debt = 0.43% (Interest Expense 1.51m / Debt 347.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = 8.34m (EBIT 10.6m * (1 - 21.00%))
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 = 0.22% (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 = 1.27% (NOPAT 8.34m / Invested Capital 657.6m)
WACC = 5.95% (E(1.24b)/V(1.59b) * Re(7.52%) + D(347.2m)/V(1.59b) * Rd(0.43%) * (1-Tc(0.21)))
Discount Rate = 7.52% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 216.2%
[DCF Debug] Terminal Value 80.55% ; FCFF base≈59.1m ; Y1≈38.8m ; Y5≈17.7m
Fair Price DCF = 2324 (EV 555.4m - Net Debt 74.7m = Equity 480.7m / Shares 206.9k; r=5.95% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -6.47 | EPS CAGR: -0.03% | SUE: N/A | # QB: 0
Revenue Correlation: 27.56 | Revenue CAGR: 0.21% | SUE: N/A | # QB: 0