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Biglari Holdings
(NYSE:BH)
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Rating:55Neutral
Price Target:
$395.00
▲(3.57% Upside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by mixed financial performance: improving revenue and operating metrics plus consistently positive cash flow are offset by continued net losses, elevated leverage versus prior years, and a material recent decline in free cash flow. Technicals are moderately supportive with price above key longer-term moving averages and neutral momentum. Valuation is pressured by the negative P/E, indicating earnings losses with no dividend yield data to offset that.
Positive Factors
Improving Revenue Growth
The recent acceleration in revenue indicates improving demand or operating execution across the portfolio. If sustained, broader top-line growth can provide greater scale for the restaurant and insurance businesses and support future margin expansion.
Negative Factors
Persistent Net Losses
Repeated net losses indicate that operating improvements have not yet overcome the company’s full cost structure and other earnings pressures. Continued losses can weaken retained capital and limit the ability to fund growth without relying on existing liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Revenue Growth
The recent acceleration in revenue indicates improving demand or operating execution across the portfolio. If sustained, broader top-line growth can provide greater scale for the restaurant and insurance businesses and support future margin expansion.
Read all positive factors
Biglari Holdings (BH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend YieldN/A
Average Volume (3M)68.00K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth7.54%
EPS Growth-176.04%
CountryUS
Employees2,359
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-9.69
Shares Outstanding2,112,068
10 Day Avg. Volume169,571
30 Day Avg. Volume67,998
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)1.97
Price to Sales (P/S)2.61
P/FCF Ratio13.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Biglari Holdings Business Overview & Revenue Model
Company Description
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 br...
How the Company Makes Money
Biglari Holdings makes money through a combination of operating-company cash flows and investment returns. (1) Restaurants: Revenue is generated from company-operated restaurant sales (food and beverage) and, where applicable, franchising-related ...
Biglari Holdings Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 405.61M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M |
| Gross Profit | 137.36M | 108.64M | 138.62M | 116.38M | 152.78M | 142.78M |
| EBITDA | 21.74M | -1.49M | 37.82M | 109.62M | 82.17M | 66.76M |
| Net Income | -29.75M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
Balance Sheet | ||||||
| Total Assets | 1.06B | 1.05B | 866.13M | 849.42M | 828.47M | 894.81M |
| Cash, Cash Equivalents and Short-Term Investments | 68.39M | 337.83M | 133.68M | 119.94M | 106.93M | 125.41M |
| Total Debt | 289.33M | 358.64M | 150.19M | 101.24M | 118.83M | 121.38M |
| Total Liabilities | 514.80M | 525.71M | 293.17M | 250.09M | 272.91M | 307.11M |
| Stockholders Equity | 543.79M | 523.43M | 572.96M | 599.33M | 546.97M | 587.70M |
Cash Flow | ||||||
| Free Cash Flow | 49.94M | 76.61M | 19.07M | 49.60M | 98.08M | 164.22M |
| Operating Cash Flow | 83.92M | 106.96M | 49.66M | 73.00M | 127.83M | 228.77M |
| Investing Cash Flow | -276.68M | -65.47M | -87.39M | -66.08M | -136.60M | -58.52M |
| Financing Cash Flow | 228.40M | 196.53M | 39.48M | -16.13M | 3.86M | -156.16M |
Biglari Holdings Technical Analysis
Positive
381.39
Price Trends
378.57
Positive
339.21
Positive
347.66
Positive
Market Momentum
2.52
Positive
49.15
Neutral
44.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH, the sentiment is Positive. The current price of 381.39 is below the 20-day moving average (MA) of 386.68, above the 50-day MA of 378.57, and above the 200-day MA of 347.66, indicating a neutral trend. The MACD of 2.52 indicates Positive momentum. The RSI at 49.15 is Neutral, neither overbought nor oversold. The STOCH value of 44.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BH.
Biglari Holdings Risk Analysis
Biglari Holdings disclosed 28 risk factors in its most recent earnings report. Biglari Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biglari Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $1.25B | -40.38 | -5.49% | ― | 7.54% | -176.04% | |
53 Neutral | $1.32B | 50.14 | 5.89% | 1.86% | -4.92% | -54.90% | |
52 Neutral | $1.64B | 13.06 | 109.00% | 8.01% | -0.98% | -31.26% | |
52 Neutral | $759.68M | 41.19 | 2.85% | ― | 19.27% | 332.49% | |
47 Neutral | $104.55M | -1.64 | -32.23% | ― | 5.09% | 8.91% | |
46 Neutral | $764.77M | 28.68 | -6.17% | 6.06% | -5.65% | -64.96% |
* Consumer Cyclical Sector Average
BH
Biglari Holdings
390.20
88.15
29.18%
CBRL
Cracker Barrel
56.07
-1.41
-2.45%
PZZA
Papa John's International
23.27
-20.10
-46.35%
WEN
Wendy's
8.93
-0.68
-7.04%
FWRG
First Watch Restaurant Group
12.49
-4.94
-28.34%
VENU
Venu Holding Corporation
1.86
-16.04
-89.61%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.