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Biglari Holdings, Inc. Class A
(NYSE:BH.A)
Select Model
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Rating:54Neutral
Price Target:
$2,185.00
Action:Reiterated
Date:10/21/26
The score is primarily driven by mixed financial performance: strong revenue growth and positive cash flow are offset by ongoing losses and volatile profitability, with leverage trending higher versus prior years. Technicals are supportive (price above major moving averages) but appear overbought, increasing near-term risk. Valuation is a drag because the negative P/E reflects loss-making results and no dividend yield was provided.
Positive Factors
Diversified Business Model
A diversified operating structure gives Biglari Holdings multiple sources of revenue and earnings, including restaurant sales, insurance underwriting and investment income, publishing, and portfolio returns. This breadth can support capital redeployment and reduce reliance on any single business over the next several quarters.
Negative Factors
Persistent Losses
Repeated losses across the TTM period and two recent fiscal years show that revenue growth has not yet translated into dependable earnings power. The reversal from a profitable 2023 also indicates that margins and results remain volatile, limiting confidence in near-term profitability sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Business Model
A diversified operating structure gives Biglari Holdings multiple sources of revenue and earnings, including restaurant sales, insurance underwriting and investment income, publishing, and portfolio returns. This breadth can support capital redeployment and reduce reliance on any single business over the next several quarters.
Read all positive factors
Biglari Holdings, Inc. Class A (BH.A) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.39B
Dividend YieldN/A
Average Volume (3M)36.04K
Price to Earnings (P/E)―
Beta (1Y)0.23
Revenue Growth7.54%
EPS Growth-176.04%
CountryUS
Employees2,359
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-9.69
Shares Outstanding214,482
10 Day Avg. Volume37,900
30 Day Avg. Volume36,038
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 Cap4.75
Enterprise Value/Revenue16.33
Enterprise Value/Gross Profit48.21
Enterprise Value/Ebitda304.60
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, Inc. Class A Business Overview & Revenue Model
Company Description
Biglari Holdings Inc. is a diverse corporation primarily recognized for its extensive restaurant operations and franchising activities across the United States. It manages and licenses eateries under its prominent Steak n Shake and Western Sizzlin...
How the Company Makes Money
Biglari Holdings makes money through a mix of operating-business earnings and investment/insurance-related income. (1) Restaurant operations generate revenue primarily from food and beverage sales to customers at company-operated locations and fro...
Biglari Holdings, Inc. Class A Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
63
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, Inc. Class A Technical Analysis
Positive
―
Price Trends
1874.30
Positive
1873.20
Positive
1839.78
Positive
Market Momentum
73.56
Negative
62.80
Neutral
80.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH.A, the sentiment is Positive. The current price of undefined is equal to the 20-day moving average (MA) of 1870.09, equal to the 50-day MA of 1874.30, and equal to the 200-day MA of 1839.78, indicating a bullish trend. The MACD of 73.56 indicates Negative momentum. The RSI at 62.80 is Neutral, neither overbought nor oversold. The STOCH value of 80.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BH.A.
Biglari Holdings, Inc. Class A 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% | |
61 Neutral | $1.26B | 29.10 | 10.97% | 1.95% | 3.54% | 56.84% | |
54 Neutral | $1.39B | -42.75 | -5.49% | ― | 7.54% | -176.04% | |
52 Neutral | $1.49B | 46.06 | 7.05% | 1.52% | -4.74% | -32.14% | |
52 Neutral | $1.24B | 9.52 | 109.00% | 7.80% | -0.98% | -31.26% | |
46 Neutral | $885.32M | 31.41 | 7.35% | 1.45% | -2.05% | ― | |
44 Neutral | $407.12M | 60.98 | -2.46% | 2.44% | 6.44% | -82.92% |
* Consumer Cyclical Sector Average
BH.A
Biglari Holdings, Inc. Class A
1,917.20
128.20
7.17%
BJRI
BJ's Restaurants
58.79
26.10
79.84%
CBRL
Cracker Barrel
67.31
31.43
87.59%
DIN
Dine Brands Global
31.84
4.60
16.90%
WEN
Wendy's
6.57
-1.91
-22.50%
BLMN
Bloomin' Brands
10.27
2.62
34.18%
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.