Biglari Holdings Inc. (BH) AI Stock Analysis

Biglari Holdings Inc., operating primarily through its subsidiaries, is involved in restaurant operations, insurance services, energy exploration, publishing, and investment activities across the United States. The company owns, operates, and franchises restaurants under brands including Steak n Shake and Western Sizzlin. As of December 31, 2021, its restaurant network included 199 company-operated Steak n Shake restaurants, 159 franchise partner units, 178 traditional franchise units, 3 company-operated Western Sizzlin restaurants, and 38 franchised units. Additionally, the company underwrites commercial trucking insurance, holds interests in oil and natural gas properties in the Gulf of Mexico, and publishes MAXIM magazine.

Between FY2021 and FY2024, Biglari Holdings experienced modest revenue changes, moving from $366.1M in FY2021 to $368.2M in FY2022, $365.3M in FY2023, and $362.1M in FY2024. Revenue rebounded in FY2025, expanding 9.2% to $395.3M, though gross margin contracted from 38.3% in FY2024 to 27.5% in FY2025, and operating margin declined to 4.6%. Net income fluctuated widely across these periods, recording $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 totaled $405.6M with an operating margin of 7.7% and net margin of -7.3%. Latest quarterly revenue grew 7.9% year-over-year, while quarterly earnings declined 18.7%.

As of June 30, 2026, Biglari Holdings maintained cash and short-term investments of $68.4M against total debt of $289.3M, resulting in net debt of $220.9M. The company reported total assets of $1.06B and shareholders' equity of $543.8M, supported by a current ratio of 2.45 and a debt-to-equity ratio of 0.53. In FY2025, operating cash flow reached $107.0M, supporting capital expenditures of $30.4M and generating $76.6M in free cash flow. Over five years, its share count changed by 51.7%.

Biglari Holdings trades at a forward P/E of 10.6x, below the 14.1x median of its US-listed Consumer Cyclical peers. Its enterprise value stands at $1.12B, representing an EV/EBITDA multiple of 44.2x, significantly higher than the peer group median of 11.1x. The company's price-to-sales multiple of 3.4x also exceeds the peer median of 0.7x. At a share price of $434.04 on October 16, 2026, the stock has gained 21.9% over the past year and 159.4% over five years, outpacing the S&P 500 (SPY) gains of 16.8% and 83.0% over the same periods.

Analysts track Biglari Holdings with a mean price target of $500.00, representing a 15.2% premium over its last close of $434.04 on October 16, 2026. Across its reported quarters, the company delivered 2 earnings beats over the last 4 quarters. Institutional investors hold 95.2% of shares, while insider ownership accounts for 0.4%, and short interest represents 3.6% of float. The company's next earnings report date is scheduled for November 6, 2026.

This page is an AI-written research summary of Biglari Holdings Inc. (BH). 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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