Biglari Holdings Inc. (BH)
NYSE:BH
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Biglari Holdings
(NYSE:BH)
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Rating:56Neutral
Price Target:
$276.00
▼(-35.92% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by strong and improving cash generation and rapid TTM revenue growth, alongside moderate leverage. Offsetting this are recurring net losses and volatile profitability, plus a neutral-to-weak technical setup (below key moving averages with negative MACD). Valuation cannot be supported by the provided P/E and dividend yield data.
Positive Factors
Strong cash generation
Sizable and improving operating cash flow and very strong free-cash-flow growth provide durable internal funding. Over 2–6 months this supports working-capital needs, reinvestment in restaurants and insurance operations, and cushions the holding company against investment-related earnings swings.
Negative Factors
Recurring net losses
Negative consolidated net margins and recurring net losses erode retained earnings and reduce capacity to fund growth or return capital. Persisting below-the-line losses weaken long-term earnings durability and increase reliance on non-operating gains to report positive net income.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sizable and improving operating cash flow and very strong free-cash-flow growth provide durable internal funding. Over 2–6 months this supports working-capital needs, reinvestment in restaurants and insurance operations, and cushions the holding company against investment-related earnings swings.
Read all positive factors
Biglari Holdings (BH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$946.10M
Dividend YieldN/A
Average Volume (3M)68.00K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth8.16%
EPS Growth68.84%
CountryUS
Employees2,535
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-6.00
Shares Outstanding2,083,140
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 Cap1.13
Enterprise Value/Revenue2.69
Enterprise Value/Gross Profit8.79
Enterprise Value/Ebitda9.41
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., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it opera...
How the Company Makes Money
Biglari Holdings makes money through a combination of operating-company earnings and investment income/changes in the value of its investment holdings.
1) Restaurant operations (Steak n Shake, Western Sizzlin): The company earns revenue primarily...
Biglari Holdings Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
64
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 397.71M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M |
| Gross Profit | 121.65M | 108.64M | 138.62M | 116.38M | 152.78M | 142.78M |
| EBITDA | 113.65M | 58.89M | 37.82M | 109.62M | 82.17M | 66.76M |
| Net Income | -18.74M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 1.05B | 866.13M | 849.42M | 828.47M | 894.81M |
| Cash, Cash Equivalents and Short-Term Investments | 314.26M | 337.83M | 133.68M | 119.94M | 106.93M | 125.41M |
| Total Debt | 357.71M | 358.64M | 150.19M | 101.24M | 118.83M | 121.38M |
| Total Liabilities | 499.14M | 525.71M | 293.17M | 250.09M | 272.91M | 307.11M |
| Stockholders Equity | 519.16M | 523.43M | 572.96M | 599.33M | 546.97M | 587.70M |
Cash Flow | ||||||
| Free Cash Flow | 81.48M | 76.61M | 19.07M | 49.60M | 98.08M | 164.22M |
| Operating Cash Flow | 111.50M | 106.96M | 49.66M | 73.00M | 127.83M | 228.77M |
| Investing Cash Flow | -140.72M | -65.47M | -87.39M | -66.08M | -136.60M | -58.52M |
| Financing Cash Flow | 200.59M | 196.53M | 39.48M | -16.13M | 3.86M | -156.16M |
Biglari Holdings Technical Analysis
Negative
430.74
Price Trends
299.84
Negative
338.32
Negative
335.45
Negative
Market Momentum
-0.49
Negative
52.75
Neutral
81.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BH, the sentiment is Negative. The current price of 430.74 is above the 20-day moving average (MA) of 278.17, above the 50-day MA of 299.84, and above the 200-day MA of 335.45, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 52.75 is Neutral, neither overbought nor oversold. The STOCH value of 81.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
60 Neutral | $1.28B | 7.44 | 150.73% | 8.15% | -1.84% | -17.48% | |
56 Neutral | $946.10M | -49.16 | -2.77% | ― | 8.16% | 68.84% | |
52 Neutral | $627.54M | 35.47 | 2.85% | ― | 20.41% | 59.88% | |
51 Neutral | $194.78M | -2.49 | -29.57% | ― | 5.20% | -6.01% | |
50 Neutral | $1.05B | 36.81 | -6.47% | 4.72% | -2.41% | -64.77% | |
45 Neutral | $749.65M | -186.80 | -0.90% | 3.54% | -4.13% | -111.07% |
* Consumer Cyclical Sector Average
BH
Biglari Holdings
293.54
26.47
9.91%
CBRL
Cracker Barrel
33.54
-25.68
-43.37%
PZZA
Papa John's International
31.92
-16.26
-33.75%
WEN
Wendy's
6.71
-4.01
-37.40%
FWRG
First Watch Restaurant Group
10.18
-5.79
-36.26%
VENU
Venu Holding Corporation
3.26
-7.17
-68.74%
Biglari Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Biglari Holdings Shareholders Back Directors and Auditor Slate
Positive
Apr 10, 2026
On April 8, 2026, Biglari Holdings Inc. held its Annual Meeting of Shareholders, with approximately 95% of the 211,176 outstanding Class A shares represented in person or by proxy. Shareholders voted on the election of five directors and the ratif...
Business Operations and StrategyFinancial Disclosures
Biglari Holdings Releases 2025 Annual Report and Letter
Negative
Mar 2, 2026
Biglari Holdings Inc. reported that its 2025 Annual Report and the accompanying shareholder letter by Chairman and CEO Sardar Biglari were made available online on February 28, 2026. The company emphasized that its operating businesses are best ev...
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.