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Biglari Holdings Inc.

Rank #325Decline

BH-A · NYSE · Consumer Cyclical

Biglari Holdings Inc. (BH-A) — Rank #325 by gross profitability (GP/assets 0.22) · ROE -6.9% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001726173 · all metrics point-in-time as of the filing date.

About

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States.

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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.

Industry
Restaurants
Sector
Consumer Cyclical
State
IN
Filer Category
Accelerated filer
Fiscal Year End
December 31

Price History

BH-A+114.2% · +16.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$1.11B

P/E (annual)

—

P/S (annual)

2.8

P/B

2.0

P/OCF (annual)

10.4

Shareholder Yield

—

Employees

2,359

Industry

Restaurants

Exchange

NYSE

Signal Flags

1 green1 yellow1 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.22
Return on equity
-6.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.99
Current ratio
2.45×
Net cash
-$170.11M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
—

Growth

0/1 pass
Revenue growth
-40.9%
Piotroski F-Score
N/A
Share dilution
—

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

4 of 5 thresholds not computable from filed data.

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.22

Primary signal (Novy-Marx).

Return on equity

-6.9%

Gross margin

59.2%

Revenue growth (YoY)

-40.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2019202020212022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

2.4%

Revenue CAGR (5Y)

-1.8%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

-7.9%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.99

Current ratio

2.45×

Quick ratio

0.60×

Net cash

-$170.11M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$76.61M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

3.04

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

—

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20182022
Unknown
Decline
Value
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