Biglari Holdings Inc. (BH-A) Balance Sheet
BH-A balance sheet, 2025
December 31, 2025 · U.S. dollars$1.05B assets = $525.7M liabilities + $523.4M equity
Both columns are drawn to the same scale: what BH-A owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BH-A financial health
Descriptive bands, not a rating. Fiscal 2025.
BH-A balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.10B2016 | $1.05B2025 | −0.5%/yr | |
| Total liabilities | $565.0M2016 | $525.7M2025 | −0.8%/yr | |
| Shareholders’ equity | $531.9M2016 | $523.4M2025 | −0.2%/yr | |
| Cash & short-term investments | $98.1M2016 | $337.8M2025 | +14.7%/yr | |
| Total debt | $288.7M2016 | $358.6M2025 | +2.4%/yr | |
| Net cash (debt) | −$190.6M2016 | −$20.8M2025 | +$169.8M | |
| Working capital | $7.8M2016 | $218.7M2025 | +$210.9M | |
| Book value per share | $2,757.632018 | $1,931.482023 | −6.9%/yr | |
| Current ratio | 1.062016 | 2.402025 | +1.34 | |
| Debt / equity | 0.542016 | 0.692025 | +0.14 | |
| Shares outstanding | 207K2018 | 310K2023 | +8.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BH-A assets
BH-A liabilities and equity
BH-A debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BH-A balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $337.8M | $133.7M | $119.9M | $106.9M | $125.4M | $119.4M | $112.6M | $82.4M | $81.9M | $98.1M |
| Cash & equivalents | $268.8M | $30.7M | $28.1M | $37.5M | $42.3M | $24.5M | $67.8M | $48.6M | $58.6M | $75.8M |
| Short-term investments | $69.0M | $103.0M | $91.9M | $69.5M | $83.1M | $94.9M | $44.9M | $33.9M | $23.3M | $22.3M |
| Receivables | $23.3M | $25.2M | $22.2M | $29.4M | $28.5M | $19.2M | $21.6M | $15.7M | $15.5M | $14.2M |
| Inventory | $3.8M | $4.0M | $3.0M | $3.9M | $3.8M | $2.7M | $4.7M | $7.5M | $7.3M | $6.8M |
| Other current assets | $9.8M | $7.7M | $6.4M | $10.5M | $7.1M | $6.5M | $6.4M | $9.2M | $8.0M | $8.7M |
| Total current assets | $374.7M | $170.6M | $151.5M | $150.7M | $164.8M | $147.8M | $145.4M | $114.9M | $112.6M | $127.8M |
| Property, plant & equipment (net) | $406.7M | $410.2M | $412.7M | $435.5M | $391.9M | $359.0M | $410.3M | $274.7M | $295.8M | $312.3M |
| Goodwill & intangible assets | $76.2M | $75.3M | $76.8M | $76.5M | $77.0M | $77.7M | $67.4M | $68.2M | $66.6M | $66.1M |
| Long-term investments | $154.3M | $201.7M | $199.1M | $155.8M | $250.4M | $419.6M | $505.5M | $557.5M | $566.0M | $577.6M |
| Other non-current assets | $37.3M | $8.3M | $19.0M | $10.0M | $10.7M | $14.0M | $10.6M | $14.2M | $22.5M | $13.2M |
| Total assets | $1.05B | $866.1M | $859.1M | $828.5M | $894.8M | $1.02B | $1.14B | $1.03B | $1.06B | $1.10B |
| Liabilities | ||||||||||
| Accounts payable | $34.2M | $28.5M | $22.4M | $28.4M | $36.7M | $26.5M | $32.6M | $42.0M | $40.6M | $34.0M |
| Short-term debt | $47.0M | $49.4M | $14.9M | $27.0M | $16.9M | $169.6M | $18.7M | $5.7M | $6.7M | $7.1M |
| Deferred revenue | $27.2M | $27.6M | $5.3M | $29.0M | $37.6M | $44.4M | $31.2M | $34.4M | $37.0M | $32.7M |
| Total current liabilities | $156.0M | $147.3M | $111.1M | $134.9M | $143.6M | $288.4M | $139.8M | $123.0M | $135.5M | $120.0M |
| Long-term debt | $213.9M | $10.0M | $0 | $0 | $0 | $0 | $179.0M | $0 | $0 | $0 |
| Lease obligations | $111.6M | $105.2M | $101.2M | $108.8M | $121.4M | $129.0M | $154.9M | $64.2M | $80.8M | $89.5M |
| Other long-term liabilities | $155.8M | $135.9M | $148.7M | $138.0M | $163.5M | $164.7M | $204.1M | $336.1M | $356.8M | $445.0M |
| Total liabilities | $525.7M | $293.2M | $259.8M | $272.9M | $307.1M | $453.1M | $523.0M | $459.0M | $492.3M | $565.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | $590.2M | $627.7M | $631.5M | $576.5M | $608.5M | $573.0M | $611.0M | $564.2M | $565.5M | $515.4M |
| Treasury stock | — | — | — | — | −$401.9M | −$389.6M | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$1.4M | −$2.9M | −$2.5M | −$2.8M | −$1.9M | −$1.5M | −$2.8M | −$2.5M | −$1.4M | −$3.6M |
| Minority interest | $0 | $0 | $0 | $8.6M | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $523.4M | $573.0M | $599.3M | $547.0M | $587.7M | $564.8M | $616.3M | $570.5M | $571.3M | $531.9M |
| Key figures | ||||||||||
| Total debt | $358.6M | $150.2M | $101.2M | $118.8M | $121.4M | $244.8M | $197.8M | $186.0M | $263.7M | $288.7M |
| Net cash (debt) | −$20.8M | −$16.5M | $18.7M | −$11.9M | $4.0M | −$125.4M | −$85.2M | −$103.6M | −$181.9M | −$190.6M |
| Working capital | $218.7M | $23.3M | $40.4M | $15.8M | $21.2M | −$140.7M | $5.6M | −$8.1M | −$22.9M | $7.8M |
| Tangible book value | $447.2M | $497.6M | $522.6M | $470.4M | $510.7M | $487.2M | $548.9M | $502.3M | $504.7M | $465.9M |
| Book value per share | — | — | $1,931.48 | — | $2,840.98 | $2,730.43 | $2,979.24 | $2,757.63 | — | — |
| Shares outstanding | — | — | 310K | — | 207K | 207K | 207K | 207K | — | — |
| Current ratio | 2.40 | 1.16 | 1.36 | 1.12 | 1.15 | 0.51 | 1.04 | 0.93 | 0.83 | 1.06 |
| Quick ratio | 2.31 | 1.08 | 1.28 | 1.01 | 1.07 | 0.48 | 0.96 | 0.80 | 0.72 | 0.94 |
| Debt / equity | 0.69 | 0.26 | 0.17 | 0.22 | 0.21 | 0.43 | 0.32 | 0.33 | 0.46 | 0.54 |
| Equity / assets | 49.9% | 66.2% | 69.8% | 66.0% | 65.7% | 55.5% | 54.1% | 55.4% | 53.7% | 48.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $68.4M | $314.3M | $337.8M | $369.2M | $137.3M | $135.3M | $133.7M | $132.8M | $120.5M | $132.3M | $119.9M | $118.4M |
| Cash & equivalents | $68.4M | $200.1M | $268.8M | $272.5M | $32.8M | $28.7M | $30.7M | $29.9M | $26.9M | $34.5M | $28.1M | $34.0M |
| Short-term investments | $274.3M | $114.2M | $69.0M | $96.7M | $104.5M | $106.7M | $103.0M | $102.9M | $93.6M | $97.7M | $91.9M | $84.4M |
| Receivables | $25.0M | $24.9M | $23.3M | $21.2M | $21.1M | $22.5M | $25.2M | $21.4M | $19.2M | $24.2M | $22.2M | $25.8M |
| Inventory | $3.9M | $3.5M | $3.8M | $3.9M | $4.4M | $4.2M | $4.0M | $3.9M | $3.6M | $3.6M | $3.0M | $3.5M |
| Other current assets | $286.6M | $13.5M | $9.8M | $9.8M | $11.5M | $9.5M | $7.7M | $7.2M | $7.9M | $8.4M | $6.4M | $7.7M |
| Total current assets | $383.9M | $356.2M | $374.7M | $404.1M | $174.3M | $171.5M | $170.6M | $165.2M | $151.2M | $168.4M | $151.5M | $155.3M |
| Property, plant & equipment (net) | $366.5M | $410.2M | $406.7M | $407.7M | $400.8M | $404.2M | $410.2M | $414.3M | $415.7M | $411.4M | $412.7M | $417.3M |
| Goodwill & intangible assets | $76.0M | $76.1M | $76.2M | $76.2M | $76.2M | $75.6M | $75.3M | $75.8M | $75.5M | $76.6M | $76.8M | $76.4M |
| Long-term investments | $178.7M | $165.5M | $154.3M | $179.2M | $202.9M | $169.1M | $201.7M | $201.6M | $158.7M | $220.8M | $199.1M | $169.4M |
| Other non-current assets | $53.5M | $10.3M | $37.3M | $12.2M | $9.4M | $8.6M | $8.3M | $8.2M | $7.9M | $8.0M | $19.0M | $8.7M |
| Total assets | $1.06B | $1.02B | $1.05B | $1.08B | $863.6M | $829.1M | $866.1M | $865.1M | $809.1M | $885.3M | $859.1M | $827.2M |
| Liabilities | ||||||||||||
| Accounts payable | $30.4M | $32.0M | $34.2M | $27.8M | $25.5M | $27.8M | $28.5M | $26.3M | $25.8M | $21.8M | $22.4M | $22.2M |
| Short-term debt | $36.4M | $40.9M | $47.0M | $35.2M | $34.1M | $50.1M | $49.4M | $14.4M | $14.5M | $14.5M | $14.9M | $34.2M |
| Deferred revenue | $4.7M | $29.4M | $27.2M | $26.1M | $28.2M | $26.5M | $27.6M | $25.8M | $27.0M | $27.9M | $5.3M | $26.0M |
| Total current liabilities | $156.9M | $144.3M | $156.0M | $143.0M | $126.1M | $150.3M | $147.3M | $112.0M | $105.8M | $118.3M | $111.1M | $141.6M |
| Long-term debt | $210.2M | $211.7M | $213.9M | $214.9M | $0 | $13.4M | $10.0M | $9.0M | $0 | $0 | $0 | $0 |
| Lease obligations | $119.9M | $117.8M | $111.6M | $111.3M | $106.4M | $104.4M | $105.2M | $106.3M | $107.3M | $106.4M | $101.2M | $103.7M |
| Other long-term liabilities | $147.7M | $143.1M | $155.8M | $141.3M | $148.2M | $125.5M | $135.9M | $142.3M | $134.1M | $148.5M | $148.7M | $128.2M |
| Total liabilities | $514.8M | $499.1M | $525.7M | $499.2M | $274.3M | $289.2M | $293.2M | $263.4M | $239.9M | $266.7M | $259.8M | $269.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | $615.6M | $575.7M | $590.2M | $640.1M | $645.4M | $594.4M | $627.7M | $638.0M | $605.8M | $654.0M | $631.5M | $586.8M |
| Accumulated other comprehensive income | −$1.6M | −$1.6M | −$1.4M | −$1.4M | −$1.4M | −$2.4M | −$2.9M | −$2.2M | −$2.7M | −$2.5M | −$2.5M | −$3.1M |
| Minority interest | — | — | $0 | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $543.8M | $519.2M | $523.4M | $580.3M | $589.3M | $539.8M | $573.0M | $601.8M | $569.2M | $618.6M | $599.3M | $557.4M |
| Key figures | ||||||||||||
| Total debt | $289.3M | $357.7M | $358.6M | $347.2M | $125.4M | $152.8M | $150.2M | $115.3M | $107.4M | $106.4M | $101.2M | $122.7M |
| Net cash (debt) | −$220.9M | −$43.5M | −$20.8M | $22.0M | $11.9M | −$17.5M | −$16.5M | $17.4M | $13.2M | $25.8M | $18.7M | −$4.3M |
| Working capital | $227.0M | $211.9M | $218.7M | $261.2M | $48.2M | $21.2M | $23.3M | $53.2M | $45.4M | $50.2M | $40.4M | $13.7M |
| Tangible book value | $467.8M | $443.1M | $447.2M | $504.0M | $513.0M | $464.2M | $497.6M | $525.9M | $493.6M | $541.9M | $522.6M | $481.0M |
| Book value per share | — | — | — | — | — | — | — | — | — | — | $1,931.48 | — |
| Shares outstanding | — | — | — | — | — | — | — | — | — | — | 310K | — |
| Current ratio | 2.45 | 2.47 | 2.40 | 2.83 | 1.38 | 1.14 | 1.16 | 1.47 | 1.43 | 1.42 | 1.36 | 1.10 |
| Quick ratio | 0.60 | 2.35 | 2.31 | 2.73 | 1.26 | 1.05 | 1.08 | 1.38 | 1.32 | 1.32 | 1.28 | 1.02 |
| Debt / equity | 0.53 | 0.69 | 0.69 | 0.60 | 0.21 | 0.28 | 0.26 | 0.19 | 0.19 | 0.17 | 0.17 | 0.22 |
| Equity / assets | 51.4% | 51.0% | 49.9% | 53.8% | 68.2% | 65.1% | 66.2% | 69.6% | 70.4% | 69.9% | 69.8% | 67.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
BH-A financial position
At the end of fiscal 2025 (December 31, 2025), Biglari Holdings had total assets of $1.0 billion (up 21.1% from a year earlier), total liabilities of $525.7 million and shareholders' equity of $523.4 million. It held $337.8 million in cash and short-term investments against $358.6 million of debt, net debt of $20.8 million. Its current ratio was 2.40. In the latest quarter (ended June 30, 2026) total assets were $1.1 billion and equity $543.8 million.
Related: BH-A income statement, BH-A cash flow statement, BH-A key metrics. See the BH-A stock overview for the latest quote and news.
BH-A balance sheet FAQ
What are Biglari Holdings's total assets?
Biglari Holdings reported total assets of $1.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $866.1 million a year earlier.
How much debt does Biglari Holdings have?
Biglari Holdings had $358.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.69.
How much cash does Biglari Holdings have?
Biglari Holdings held $337.8 million in cash and short-term investments at the end of fiscal 2025; with $358.6 million of debt that is net debt of $20.8 million.
What is Biglari Holdings's book value?
Biglari Holdings's shareholders' equity (book value) was $523.4 million at the end of fiscal 2025.
What is Biglari Holdings's current ratio?
Biglari Holdings had current assets of $374.7 million and current liabilities of $156.0 million, a current ratio of 2.40 (it can cover its short-term obligations).
How much goodwill does Biglari Holdings have?
Biglari Holdings carried $76.2 million of goodwill and intangible assets, 7.3% of total assets, at the end of fiscal 2025.