Biglari Holdings Inc. logo

Biglari Holdings Inc.

BH

NYSEConsumer CyclicalRestaurants

Previous close

$388.85

−$2.05 · -0.52%

Aug 21, 4:00 PM ET

BH company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

7

Overpriced

Momentum

59

Neutral

Sentiment

64

Bullish

Risk resilience

55

Elevated Risk

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Company profile

Company website

Biglari Holdings Inc., an enterprise established in 1934 and based in San Antonio, Texas, is a multifaceted company with its primary operations centered on managing and franchising restaurants throughout the United States. Its well-known dining brands include Steak n Shake and Western Sizzlin. By December 31, 2021, the company's restaurant network comprised 199 company-operated Steak n Shake locations, complemented by 159 franchise partner units and 178 conventional franchise outlets. Its Western Sizzlin brand encompassed 3 company-owned restaurants and 38 franchised establishments. Beyond its restaurant segment, Biglari Holdings engages in several other industries. It underwrites commercial trucking insurance, providing coverage for physical damage and non-trucking liability to truckers, and also offers general property and casualty insurance. The company is involved in the energy sector, operating oil and natural gas properties located in the Gulf of Mexico. Furthermore, it maintains a media presence through the MAXIM brand, publishing magazines and related content, alongside licensing various media products and services. Investment activities also form a part of its corporate portfolio. Originally named The Steak n Shake Company, the organization rebranded itself as Biglari Holdings Inc. in April 2010.

Industry
Restaurants
Sector
Consumer Cyclical
Headquarters
US
CEO
Sardar Biglari
Listed since
Mar 17, 1980
Employees
2,359

Market position

Day range

Current $388.85

52-week range

Current $388.85

Open
$393
Previous close
$390.9
Volume
118.18K
1.1× average
Average volume
107.48K
Average daily volume
Market cap
1.22B USD
Beta
0.53
Market reference 1
50-day average
$383.66
+1.35% above average
200-day average
$348.12
+11.70% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.12B USD
P/E (TTM)
-40.13×
P/B (TTM)
2.24×
P/S (TTM)
3.01×
EV / EBITDA
-752.09×
Earnings yield
-3.63%
Free cash flow yield
7.43%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
33.86%
Operating margin
9.53%
Net margin
-7.33%
Return on equity
-7.16%
Return on assets
-3.57%
Return on invested capital
1.51%

Financial health

Debt / equity
0.53×
Current ratio
2.4×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends47%26%6%-15%Gross margin, FY2021: 39.00%Gross margin, FY2022: 41.49%Gross margin, FY2023: 31.86%Gross margin, FY2024: 38.28%Gross margin, FY2025: 27.48%Operating margin, FY2021: 18.23%Operating margin, FY2022: 22.32%Operating margin, FY2023: 10.78%Operating margin, FY2024: 6.38%Operating margin, FY2025: 4.58%Net margin, FY2021: 9.69%Net margin, FY2022: -8.70%Net margin, FY2023: 15.04%Net margin, FY2024: -1.04%Net margin, FY2025: -9.48%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 39.00%. Gross margin FY2022 41.49%. Gross margin FY2023 31.86%. Gross margin FY2024 38.28%. Gross margin FY2025 27.48%. Operating margin FY2021 18.23%. Operating margin FY2022 22.32%. Operating margin FY2023 10.78%. Operating margin FY2024 6.38%. Operating margin FY2025 4.58%. Net margin FY2021 9.69%. Net margin FY2022 -8.70%. Net margin FY2023 15.04%. Net margin FY2024 -1.04%. Net margin FY2025 -9.48%.

Income trends

Revenue

395.26M USD+9.15%

Operating income

18.11M USD-21.62%

Net income

−37.49M USD-897.29%
Income trends across reported periods438.54M USD265.44M USD92.34M USD−80.76M USDRevenue, FY2021: 366.11M USDRevenue, FY2022: 368.23M USDRevenue, FY2023: 365.32M USDRevenue, FY2024: 362.11M USDRevenue, FY2025: 395.26M USDOperating income, FY2021: 66.76M USDOperating income, FY2022: 82.17M USDOperating income, FY2023: 39.38M USDOperating income, FY2024: 23.11M USDOperating income, FY2025: 18.11M USDNet income, FY2021: 35.48M USDNet income, FY2022: −32.02M USDNet income, FY2023: 54.95M USDNet income, FY2024: −3.76M USDNet income, FY2025: −37.49M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 366.11M USD. Revenue FY2022 368.23M USD. Revenue FY2023 365.32M USD. Revenue FY2024 362.11M USD. Revenue FY2025 395.26M USD. Operating income FY2021 66.76M USD. Operating income FY2022 82.17M USD. Operating income FY2023 39.38M USD. Operating income FY2024 23.11M USD. Operating income FY2025 18.11M USD. Net income FY2021 35.48M USD. Net income FY2022 −32.02M USD. Net income FY2023 54.95M USD. Net income FY2024 −3.76M USD. Net income FY2025 −37.49M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue395.26M USD362.11M USD365.32M USD368.23M USD366.11M USD
Cost of goods sold286.63M USD223.49M USD248.94M USD215.45M USD223.33M USD
Gross profit108.64M USD138.62M USD116.38M USD152.78M USD142.78M USD
Selling, general, and administrative90.52M USD75.67M USD77M USD70.61M USD76.02M USD
Operating expenses90.52M USD115.51M USD77M USD70.61M USD76.02M USD
Interest expense5.42M USD6.13M USD5.8M USD5.89M USD7.16M USD
Depreciation and amortization40.78M USD39.84M USD38.98M USD36.44M USD30.05M USD
Operating income18.11M USD23.11M USD39.38M USD82.17M USD66.76M USD
Net income−37.49M USD−3.76M USD54.95M USD−32.02M USD35.48M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
75%
3 beats, 1 miss, 0 met estimates
Average EPS surprise
+300.28%
4 comparable reports
Latest EPS result
1.58

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates28.265.04-18.18-41.4Q4 '24No estimateQ1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26No estimateQ2 '26No estimateQ3 '26No estimate
Q4 2024, reported Nov 8, 2024: actual 1.15, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 1, 2025: actual -36.6, estimate -2.74, surprise -1235.77%, Miss. Q2 2025, reported May 9, 2025: actual 23.37, estimate -1.77, surprise +1420.34%, Beat. Q3 2025, reported Aug 8, 2025: actual 9.17, estimate -3.65, surprise +351.23%, Beat. Q4 2025, reported Nov 7, 2025: actual 23.46, estimate -4.15, surprise +665.30%, Beat. Q1 2026, reported Feb 28, 2026: actual -2.38, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 8, 2026: actual -0.559, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 7, 2026: actual 1.58, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates221.09M174.3M127.51M80.73MQ4 '24No estimateQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26No estimateQ2 '26No estimateQ3 '26No estimate
Q4 2024, reported Nov 8, 2024: actual 90.41M USD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 1, 2025: actual 91.12M USD, estimate 205.58M USD, surprise -55.68%, Miss. Q2 2025, reported May 9, 2025: actual 95.04M USD, estimate 206.54M USD, surprise -53.99%, Miss. Q3 2025, reported Aug 8, 2025: actual 100.62M USD, estimate 211.41M USD, surprise -52.41%, Miss. Q4 2025, reported Nov 7, 2025: actual 99.74M USD, estimate 206.3M USD, surprise -51.65%, Miss. Q1 2026, reported Feb 28, 2026: actual 99.87M USD, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 8, 2026: actual 97.48M USD, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 7, 2026: actual 108.52M USD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Corporate action history

Stock split

Effective May 1, 2018

3:2

Stock split

Effective Aug 15, 2014

1,077:1,000

Stock split

Effective Aug 23, 2013

1,077:1,000

Stock split

Effective Dec 21, 2009

1:20

Stock split

Effective Dec 27, 1999

11:10

Stock split

Effective Dec 29, 1998

5:4

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