BH · Biglari Holdings Inc.

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, the company operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM brand names. Further, it involved investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

Cap structure and valuation

Cap structure
SP	$258.17
SO	0.2M
Options	—
Warrants	—
FD SO	0.2M
MC	$53.4M

Cash	$200.1M
Total debt	$80.0M
EV	$-66.7M

TTM Multiples
EV / Revenue	—
EV / EBITDA	—
MC / Net Income	2.0x
EV / FCF	—
MC / FCF	0.7x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2020-11-03. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Some dilution data missing — FD SO falls back to available figures.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	97.48	99.87	99.74	100.62
Revenue YoY %	2.6%	9.6%	10.3%	10.4%
Cost of Revenue	37.47	41.69	41.84	40.04
Gross Profit	60.02	58.18	57.90	60.58
Gross Profit YoY %	4.8%	5.4%	6.8%	11.7%
Gross Margin %	61.6%	58.3%	58.1%	60.2%

SG&A	24.87	22.20	20.42	22.85
Operating Expense	64.16	59.92	51.05	56.91

Operating Income	(4.14)	(1.74)	6.85	3.67
Operating Income YoY %	(141.4%)	(144.6%)	109.5%	(81.4%)
Operating Margin %	(4.2%)	(1.7%)	6.9%	3.7%
EBITDA	6.52	8.97	16.40	13.95
EBITDA Margin %	6.7%	9.0%	16.4%	13.9%

Interest Expense	5.65	5.64	0.83	0.85
Pretax Income	(18.88)	(18.42)	(7.55)	65.10
Tax Provision	(4.35)	(14.21)	(2.26)	14.17
Net Income	(14.53)	(4.21)	(5.29)	50.93
Net Income to Common	(14.53)	(49.85)	(5.29)	50.93
Net Margin %	(14.9%)	(4.2%)	(5.3%)	50.6%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	397.71	395.26	362.11	365.32	368.23
Revenue YoY %	0.6%	9.2%	(0.9%)	(0.8%)	—
Cost of Revenue	161.03	161.32	143.45	137.99	140.26
Gross Profit	236.68	233.94	218.66	227.33	227.97
Gross Profit YoY %	1.2%	7.0%	(3.8%)	(0.3%)	—
Gross Margin %	59.5%	59.2%	60.4%	62.2%	61.9%

SG&A	90.34	86.84	75.67	77.00	70.61
Operating Expense	232.03	215.16	186.10	184.14	191.65

Operating Income	4.65	18.78	32.57	43.20	36.32
Operating Income YoY %	(75.3%)	(42.3%)	(24.6%)	18.9%	—
Operating Margin %	1.2%	4.8%	9.0%	11.8%	9.9%
EBITDA	45.83	59.56	72.41	82.17	72.76
EBITDA Margin %	11.5%	15.1%	20.0%	22.5%	19.8%

Interest Expense	12.97	8.22	0.77	0.68	0.40
Pretax Income	20.25	(47.69)	(8.15)	64.85	(43.03)
Tax Provision	(6.65)	(10.20)	(4.39)	9.31	(10.72)
Net Income	26.90	(37.49)	(3.76)	55.54	(32.30)
Net Income to Common	(18.74)	(37.49)	(3.76)	54.95	(32.02)
Net Margin %	6.8%	(9.5%)	(1.0%)	15.2%	(8.8%)

Diluted EPS	—	-$143.86	-$13.45	$189.49	-$107.43

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	200.07	268.78	272.49	32.77
Receivables	24.94	23.28	21.24	21.08
Inventory	3.52	3.77	3.93	4.37
Total Current Assets	356.21	378.53	404.14	174.28

Net PPE	367.82	366.61	368.13	365.26
Goodwill	52.55	52.57	52.57	52.57
Total Assets	1,018.30	1,025.38	1,079.50	863.58

Accounts Payable	32.03	34.17	27.81	25.54
Total Current Liabilities	144.32	156.00	142.96	126.09
Long-term Debt	211.68	213.92	214.91	—
Total Liabilities	499.14	501.95	499.22	274.29

Retained Earnings	575.68	590.21	640.06	645.36
Total Equity	519.16	523.43	580.28	589.29

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	200.07	268.78	30.71	28.07	37.47
Receivables	24.94	23.28	25.18	22.24	29.38
Inventory	3.52	3.77	4.03	2.98	3.85
Total Current Assets	356.21	378.53	170.62	152.55	150.65

Net PPE	367.82	366.61	376.15	380.49	400.73
Goodwill	52.55	52.57	52.50	53.53	53.51
Total Assets	1,018.30	1,025.38	866.13	849.42	828.47

Accounts Payable	32.03	34.17	28.54	22.45	28.43
Total Current Liabilities	144.32	156.00	147.32	111.10	134.90
Long-term Debt	211.68	213.92	10.00	—	—
Total Liabilities	499.14	501.95	293.17	250.09	272.91

Retained Earnings	575.68	590.21	627.70	631.46	576.51
Total Equity	519.16	523.43	572.96	599.33	555.57

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(14.53)	(49.85)	(5.29)	50.93
D&A	10.66	10.71	9.54	10.27
Operating Cash Flow	20.33	17.77	31.25	42.15

CapEx	(6.97)	(11.40)	(8.95)	(2.70)
Investing Cash Flow	(95.14)	(29.27)	(9.04)	(7.27)

Stock Issuance	14.92	—	—	—
Financing Cash Flow	6.06	7.81	217.50	(30.78)

Effect of FX on Cash	0.05	(0.01)	0.01	0.00

Free Cash Flow	13.37	6.37	22.30	39.44

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(18.74)	(37.49)	(3.76)	54.95	(32.02)
D&A	41.18	40.78	39.84	38.98	36.44
Operating Cash Flow	111.50	106.96	49.66	73.00	127.83

CapEx	(30.02)	(30.35)	(30.59)	(23.41)	(29.75)
Investing Cash Flow	(140.72)	(65.47)	(87.39)	(66.08)	(136.60)

Debt Repayment	—	—	—	0.00	0.00
Financing Cash Flow	200.59	196.53	39.48	(16.13)	3.86

Effect of FX on Cash	0.05	0.04	0.02	0.06	0.04

Free Cash Flow	81.48	76.61	19.07	49.60	98.08

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	2.47	2.43	2.83	1.38
Quick Ratio	2.44	2.40	2.80	1.35
Debt / Equity	0.96	0.96	0.86	0.47
EBITDA Margin %	6.7%	9.0%	16.4%	13.9%
Working Capital	211.89	222.53	261.19	48.19
Net Debt	11.60	(54.86)	(57.57)	—
ROE %	(2.8%)	(0.8%)	(0.9%)	8.6%
ROA %	(1.4%)	(0.4%)	(0.5%)	5.9%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	2.47	2.43	1.16	1.37	1.12
Quick Ratio	2.44	2.40	1.13	1.35	1.09
Debt / Equity	0.96	0.96	0.51	0.42	0.49
EBITDA Margin %	11.5%	15.1%	20.0%	22.5%	19.8%
Working Capital	211.89	222.53	23.30	41.45	15.76
Net Debt	11.60	(54.86)	(20.71)	—	—
ROE %	5.2%	(7.2%)	(0.7%)	9.3%	(5.8%)
ROA %	2.6%	(3.7%)	(0.4%)	6.5%	(3.9%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-05-14	P	14,351	$258.06	$3,703,419
2026-05-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-05-13	P	15,358	$260.36	$3,998,609
2026-05-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-05-12	P	22,965	$249.84	$5,737,576
2026-03-13	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-03-13	P	2,810	$302.20	$849,182
2026-03-09	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-03-09	P	3,320	$301.06	$999,519
2026-03-06	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-03-06	P	2,441	$307.20	$749,875
2026-03-03	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2026-03-03	P	1,146	$331.15	$379,498
2025-12-17	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-17	P	3,084	$323.71	$998,322
2025-12-17	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-17	P	368	$1,633.52	$601,135
2025-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-16	P	156	$1,599.87	$249,580
2025-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-15	P	152	$328.00	$49,856
2025-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-15	P	60	$1,635.37	$98,122
2025-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-12	P	449	$333.14	$149,580
2025-12-10	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-10	P	310	$321.94	$99,801
2025-12-10	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-09	P	938	$319.08	$299,297
2025-12-10	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-08	P	973	$315.08	$306,573
2025-12-05	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-05	P	1,465	$306.90	$449,608
2025-12-05	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-04	P	1,139	$306.05	$348,591
2025-12-05	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-12-03	P	2,802	$303.32	$849,903
2025-11-24	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-11-24	P	213	$1,406.27	$299,536
2025-11-24	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2025-11-24	P	1,819	$274.74	$499,752
2024-12-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-17	P	682	$1,250.34	$852,732
2024-12-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-17	P	2,589	$249.55	$646,085
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-16	P	114	$1,186.32	$135,240
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-16	P	703	$234.12	$164,586
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-13	P	17	$1,160.00	$19,720
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-13	P	128	$234.98	$30,077
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-12	P	277	$1,174.06	$325,215
2024-12-16	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-12	P	239	$234.13	$55,957
2024-12-09	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-05	P	2,167	$228.47	$495,094
2024-12-04	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-04	P	444	$223.85	$99,389
2024-12-04	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-03	P	274	$1,108.95	$303,852
2024-12-04	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-03	P	2,667	$223.47	$595,994
2024-12-04	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-02	P	144	$1,078.01	$155,233
2024-12-04	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-12-02	P	1,591	$217.16	$345,502
2024-11-29	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-27	P	327	$1,068.21	$349,305
2024-11-29	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-27	P	2,095	$212.54	$445,271
2024-11-29	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-26	P	130	$1,030.10	$133,913
2024-11-29	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-26	P	798	$206.95	$165,146
2024-11-22	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-22	P	384	$207.95	$79,853
2024-11-22	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-21	P	1,186	$207.46	$246,048
2024-11-22	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-20	P	1	$1,030.00	$1,030
2024-11-22	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-20	P	856	$210.00	$179,760
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-19	P	151	$1,045.10	$157,810
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-19	P	3,965	$209.77	$831,738
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-18	P	197	$1,049.29	$206,710
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-18	P	4,948	$208.78	$1,033,043
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-15	P	782	$1,049.52	$820,725
2024-11-19	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-15	P	5,152	$209.97	$1,081,765
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-14	P	671	$1,032.57	$692,854
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-14	P	3,992	$210.13	$838,839
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-13	P	1,630	$997.72	$1,626,284
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-13	P	6,928	$199.00	$1,378,672
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-12	P	460	$897.76	$412,970
2024-11-14	BIGLARI, SARDAR	Director, Officer (Chairman and CEO), 10% Owner	2024-11-12	P	4,534	$181.34	$822,196
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-22	P	4,516	$13.48	$60,876
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-21	P	43,161	$13.59	$586,558
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-20	P	100,000	$13.42	$1,342,000
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-19	P	62,329	$13.46	$838,948
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-16	P	21,325	$13.13	$279,997
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-15	P	50,554	$13.00	$657,202
2024-08-27	BIGLARI, SARDAR	10% Owner	2024-08-14	P	62,362	$12.47	$777,654