Biglari Holdings Inc. (BH-A) AI Stock Analysis

Biglari Holdings Inc., formerly known as The Steak n Shake Company, operates primarily in the restaurant industry across the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin brands. As of December 31, 2021, its footprint included 199 company-operated Steak n Shake units, 159 franchise partner units, 178 traditional franchise units, three company-operated Western Sizzlin locations, and 38 franchised units. Additionally, Biglari Holdings engages in commercial trucking insurance, property and casualty insurance, oil and gas properties in the Gulf of Mexico, publishing under the MAXIM brand name, and diverse investment activities.

Annual revenue fluctuated from $366.1M in FY2021 to $368.2M in FY2022, $365.3M in FY2023, and $362.1M in FY2024 before increasing 9.2% to $395.3M in FY2025. Gross margin contracted from 39.0% in FY2021 to 27.5% in FY2025, while operating margin fell from 18.2% to 4.6%. Net income shifted between positive and negative years, posting $35.5M in FY2021, -$32.0M in FY2022, $54.9M in FY2023, -$3.8M in FY2024, and -$37.5M in FY2025. For the trailing twelve months ended June 30, 2026, revenue stood at $405.6M with a profit margin of -7.3%. In the latest quarter ended June 30, 2026, quarterly revenue grew 7.9% year-over-year, while quarterly earnings declined 18.7%.

As of June 30, 2026, Biglari Holdings held $68.4M in cash and short-term investments alongside total debt of $289.3M, resulting in net debt of $220.9M. Total assets reached $1.06B against shareholders' equity of $543.8M. Liquidity showed a current ratio of 2.45 and a debt-to-equity ratio of 0.53. In FY2025, the company produced operating cash flow of $107.0M and free cash flow of $76.6M, while capital expenditures totaled $30.4M. Over the five-year period, share count changed by 1417.2%.

Biglari Holdings has a market cap of $1.34B and an enterprise value of $1.12B. Its price-to-sales ratio of 3.3x trades at a premium to the median of 0.7x for its US-listed Consumer Cyclical peers. The stock's EV-to-EBITDA multiple is 44.2x compared to the peer median of 11.1x, and its price-to-book ratio is 2.0x. In price performance, the stock delivered a 1-year return of 22.4% and a 5-year return of 153.0%, outperforming the S&P 500 SPY returns of 16.8% and 83.0% over the same periods.

No Wall Street analyst ratings, consensus price targets, or forward earnings estimates are provided for Biglari Holdings Inc. (BH-A). The company operates without published consensus estimates or a listed next earnings date in the reported figures. In the latest trailing twelve months ended June 30, 2026, the company reported diluted earnings per share of -$113.69, while quarterly earnings contracted 18.7% year-over-year. Without formal analyst coverage or published price targets, investors must evaluate performance based on historical results, such as the FY2025 loss of -$37.5M.

This page is an AI-written research summary of Biglari Holdings Inc. (BH-A). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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