Biglari Holdings Inc. (BH-A) Key Metrics
BH-A valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.34B
- Enterprise value
- $1.12B
- P/E (TTM)
- — 10-yr median 4.3
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 3.3 10-yr median 0.3
- Price / book
- 2.0 10-yr median 0.2
- EV / EBITDA
- 44.2 10-yr median 4.0
- Dividend yield
- —
- Beta
- 0.51
BH-A key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBH-A returns How much profit the business earns on the capital it uses.
Return on equity−6.2 pts
−6.8%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−0.6 pts
2.5%
2025 · hover or tap a bar for each year
20162025
Return on assets−3.5 pts
−3.9%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+14.1 pts
19.4%
2025 · hover or tap a bar for each year
20162025
Asset turnover−1.7%
0.41
2025 · hover or tap a bar for each year
20162025
BH-A financial health Debt, liquidity and how easily interest is covered.
Debt / equity+161.4%
0.69
2025 · hover or tap a bar for each year
20162025
Net debt+$4.3M
$20.8M
2025 · hover or tap a bar for each year
20162025
Current ratio+107.4%
2.40
2025 · hover or tap a bar for each year
20162025
Interest coverage−11.3%
3.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+97.1%
0.34
2025 · hover or tap a bar for each year
20162025
BH-A efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−2 days
22 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−1 days
5 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−2 days
40 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−1 days
-13 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.8 pts
7.7%
2025 · hover or tap a bar for each year
20162025
BH-A valuation history
Fiscal year-endToday10-year median
BH-A returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BH-A debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BH-A price vs earnings per share
Share price at year-endEPS (right axis)
BH-A key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | — | — | $246.4M | — | $143.8M | $121.0M | $124.1M | $121.6M | — | — |
| Enterprise value | — | — | $227.7M | — | $139.7M | $246.5M | $209.3M | $225.1M | — | — |
| P/E ratio | — | — | 4.5 | — | 4.1 | — | 2.7 | 6.3 | — | — |
| Price / sales | — | — | 0.7 | — | 0.4 | 0.3 | 0.2 | 0.2 | — | — |
| Price / book | — | — | 0.4 | — | 0.2 | 0.2 | 0.2 | 0.2 | — | — |
| Price / free cash flow | — | — | 5.0 | — | 0.9 | 1.2 | 1.6 | 42.2 | — | — |
| Price / operating cash flow | — | — | 3.4 | — | 0.6 | 1.0 | 1.3 | 5.9 | — | — |
| EV / sales | — | — | 0.6 | — | 0.4 | 0.6 | 0.3 | 0.3 | — | — |
| EV / EBITDA | — | — | 2.1 | — | 2.1 | 4.1 | 6.0 | 4.0 | — | — |
| EV / free cash flow | — | — | 4.6 | — | 0.9 | 2.5 | 2.8 | 78.1 | — | — |
| Earnings yield | — | — | 22.3% | — | 24.7% | −31.4% | 36.6% | 16.0% | — | — |
| Free cash flow yield | — | — | 20.1% | — | 114.2% | 80.0% | 61.2% | 2.4% | — | — |
| Dividend yield | — | — | — | — | — | — | — | 0.0% | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | — | — | 0.0% | — | — |
| Share price at fiscal year-end | $1,740.05 | $1,274.99 | $793.93 | $687.50 | $695.00 | $585.00 | $600.00 | $587.67 | — | — |
| Per share | ||||||||||
| Revenue per share | — | — | $1,177.32 | — | $1,769.79 | $2,096.46 | $3,233.23 | $3,915.10 | — | — |
| Earnings per share | — | — | $177.08 | — | $171.50 | −$183.64 | $219.37 | $93.74 | — | — |
| Operating cash flow per share | — | — | $235.27 | — | $1,105.88 | $568.28 | $452.87 | $99.96 | — | — |
| Free cash flow per share | — | — | $159.84 | — | $793.85 | $468.20 | $367.41 | $13.93 | — | — |
| Cash per share | — | — | $386.55 | — | $606.24 | $577.02 | $544.45 | $398.41 | — | — |
| Book value per share | — | — | $1,931.48 | — | $2,840.98 | $2,730.43 | $2,979.24 | $2,757.63 | — | — |
| Tangible book value per share | — | — | $1,684.10 | — | $2,468.70 | $2,355.01 | $2,653.48 | $2,428.11 | — | — |
| Dividends per share | — | — | — | — | — | — | — | $0.00 | — | — |
| Capex per share | — | — | $75.43 | — | $312.04 | $100.08 | $85.46 | $86.03 | — | — |
| Debt per share | — | — | $326.28 | — | $586.75 | $1,183.42 | $956.11 | $899.06 | — | — |
| Shares outstanding | — | — | 310K | — | 207K | 207K | 207K | 207K | — | — |
| Change in shares outstanding | — | — | — | — | 0.0% | 0.0% | 0.0% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −6.8% | −0.6% | 9.6% | −5.6% | 6.2% | −6.4% | 7.6% | 3.4% | 9.1% | 20.2% |
| Return on invested capital (ROIC) | 2.5% | 3.1% | 5.9% | 11.4% | 8.8% | 6.9% | 4.2% | 5.1% | 0.0% | 3.1% |
| Return on assets (ROA) | −3.9% | −0.4% | 6.5% | −3.7% | 3.7% | −3.5% | 4.2% | 1.9% | 4.6% | 9.5% |
| Return on tangible assets | −3.9% | −0.5% | 7.0% | −4.3% | 4.3% | −4.0% | 4.2% | 2.0% | 5.0% | 9.6% |
| Free cash flow margin | 19.4% | 5.3% | 13.6% | 26.6% | 44.9% | 22.3% | 11.4% | 0.4% | 2.1% | 6.0% |
| Income quality (OCF / net income) | — | — | 1.33 | — | 6.45 | — | 2.06 | 1.07 | 0.51 | 0.64 |
| Financial health | ||||||||||
| Total debt | $358.6M | $150.2M | $101.2M | $118.8M | $121.4M | $244.8M | $197.8M | $186.0M | $263.7M | $288.7M |
| Cash & short-term investments | $337.8M | $133.7M | $119.9M | $106.9M | $125.4M | $119.4M | $112.6M | $82.4M | $81.9M | $98.1M |
| Net debt | $20.8M | $16.5M | −$18.7M | $11.9M | −$4.0M | $125.4M | $85.2M | $103.6M | $181.9M | $190.6M |
| Debt / equity | 0.69 | 0.26 | 0.17 | 0.22 | 0.21 | 0.43 | 0.32 | 0.33 | 0.46 | 0.54 |
| Debt / assets | 0.34 | 0.17 | 0.12 | 0.14 | 0.14 | 0.24 | 0.17 | 0.18 | 0.25 | 0.26 |
| Net debt / EBITDA | — | 0.44 | −0.17 | 0.14 | −0.06 | 2.07 | 2.43 | 1.85 | 6.34 | 3.49 |
| Current ratio | 2.40 | 1.16 | 1.36 | 1.12 | 1.15 | 0.51 | 1.04 | 0.93 | 0.83 | 1.06 |
| Quick ratio | 2.38 | 1.13 | 1.34 | 1.09 | 1.12 | 0.50 | 1.01 | 0.87 | 0.78 | 1.01 |
| Interest coverage | 3.3 | 3.8 | 6.8 | 13.9 | 9.3 | 3.9 | 1.7 | 1.8 | 0.0 | 1.5 |
| Working capital | $218.7M | $23.3M | $40.4M | $15.8M | $21.2M | −$140.7M | $5.6M | −$8.1M | −$22.9M | $7.8M |
| Invested capital | $544.2M | $589.5M | $580.6M | $558.9M | $583.7M | $690.3M | $701.5M | $674.0M | $753.2M | $722.5M |
| Tangible asset value | $447.2M | $497.6M | $522.6M | $479.0M | $510.7M | $487.2M | $548.9M | $502.3M | $504.7M | $465.9M |
| Net current asset value | −$151.1M | −$122.6M | −$108.2M | −$122.3M | −$142.3M | −$305.4M | −$377.6M | −$344.1M | −$379.6M | −$437.2M |
| Graham number | — | — | $2,774.11 | — | $3,311.02 | — | $3,834.72 | $2,411.73 | — | — |
| Graham net-net per share | — | — | −$392.01 | — | −$765.81 | −$1,537.33 | −$1,894.08 | −$1,745.33 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% |
| Capex / revenue | 7.7% | 8.4% | 6.4% | 8.1% | 17.6% | 4.8% | 2.6% | 2.2% | 1.0% | 1.4% |
| Capex / operating cash flow | 28.4% | 61.6% | 32.1% | 23.3% | 28.2% | 17.6% | 18.9% | 86.1% | 31.2% | 19.0% |
| Capex / depreciation | 0.74 | 0.77 | 0.60 | 0.82 | 2.15 | 0.64 | 0.60 | 0.92 | 0.37 | 0.52 |
| Stock-based compensation / revenue | — | — | 3.3% | — | — | — | — | — | — | — |
| SG&A / revenue | 22.0% | 20.9% | 21.1% | 19.2% | 20.8% | 17.6% | 15.0% | 16.4% | 15.6% | 15.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 22.4 | 23.9 | 25.8 | 28.7 | 23.8 | 17.2 | 10.2 | 7.0 | 6.5 | 6.9 |
| Days of inventory on hand | 5.0 | 5.7 | 5.0 | 6.5 | 5.3 | 4.6 | 4.2 | 4.1 | 3.7 | 3.9 |
| Days payables outstanding | 39.9 | 41.6 | 37.3 | 55.2 | 51.7 | 36.4 | 25.5 | 22.8 | 19.8 | 18.7 |
| Cash conversion cycle (days) | -12.6 | -12.0 | -6.5 | -20.0 | -22.5 | -14.6 | -11.1 | -11.7 | -9.6 | -8.0 |
| Receivables turnover | 16.31 | 15.27 | 14.16 | 12.72 | 15.35 | 21.25 | 35.78 | 51.79 | 56.50 | 53.28 |
| Payables turnover | 9.14 | 8.77 | 9.79 | 6.62 | 7.07 | 10.03 | 14.31 | 16.02 | 18.43 | 19.48 |
| Inventory turnover | 73.49 | 63.75 | 72.89 | 56.30 | 68.30 | 80.08 | 87.41 | 89.35 | 97.90 | 93.04 |
| Asset turnover | 0.41 | 0.42 | 0.43 | 0.43 | 0.38 | 0.40 | 0.62 | 0.77 | 0.78 | 0.81 |
| Average receivables | $24.2M | $23.7M | $25.8M | $28.9M | $23.8M | $20.4M | $18.7M | $15.6M | $14.9M | $16.0M |
| Average payables | $31.4M | $25.5M | $25.4M | $32.6M | $31.6M | $29.6M | $37.3M | $41.3M | $37.3M | $34.3M |
| Average inventory | $3.9M | $3.5M | $3.4M | $3.8M | $3.3M | $3.7M | $6.1M | $7.4M | $7.0M | $7.2M |
| Intangibles / total assets | 7.3% | 8.7% | 8.9% | 9.2% | 8.6% | 7.6% | 5.9% | 6.6% | 6.3% | 6.0% |
Computed from BH-A's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BH-A valuation and financial ratios
Biglari Holdings earned a return on equity of −6.8% and a return on invested capital of 2.5% in fiscal 2025. It ended the year with $358.6 million of debt and $337.8 million in cash and short-term investments, net debt of $20.8 million.
See the BH-A income statement, the BH-A chart for price history, or the BH-A stock overview for the latest quote and news.
BH-A key metrics FAQ
What is Biglari Holdings's return on equity?
Biglari Holdings's return on equity (ROE) was −6.8% in fiscal 2025: net income of -$37.5 million on average shareholders' equity of $548.2 million.
What is Biglari Holdings's ROIC?
Biglari Holdings's return on invested capital was 2.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Biglari Holdings have?
Biglari Holdings had total debt of $358.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.69.
What is Biglari Holdings's current ratio?
Biglari Holdings's current ratio was 2.40 at the end of fiscal 2025: current assets were 2.40 times current liabilities.