# Biglari Holdings (BH.US)

Canonical: https://gigainvestors.com/s/BH

Analysis as of: 2026-10-15T06:32:33.587Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $425.17 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 4

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.00×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.14×

- FY2021: 0.18×

- FY2022: 0.22×

- FY2023: 0.11×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.6%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 29.5%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 0.0%

- FY2018: 5.3%

- FY2019: 3.9%

- FY2020: 7.5%

- FY2021: 10.6%

- FY2022: 12.8%

- FY2023: 6.4%

- FY2024: 3.4%

- FY2025: 2.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.43×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $25M

- Net income, five-year total: $17M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: -0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.03×

- FY2022: 0.79×

- FY2023: 1.28×

- FY2024: -1.46×

- FY2025: 0.72×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.1% vs 3.4%

- Per-share earnings: 27.17 to -2.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.1%

- Ordinary dilution, 5-year annual growth: 8.4%

- Market cap gain: $461M

- Cumulative retained earnings: $75M

- Diluted shares, 10-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 8.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$29.86

- Per-share value, starting three-year median: $27.17

- Per-share value, ending three-year median: -$2.69

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $151M

- Cumulative net income, 10 years: $193M

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $54.97

- FY2017: $27.17

- FY2018: $9.37

- FY2019: $21.94

- FY2020: -$18.36

- FY2021: $17.15

- FY2022: -$10.32

- FY2023: $38.37

- FY2024: -$2.69

- FY2025: -$12.08

### accounting: pass

- Sloan accruals: -13.8%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.3%

- FY2017: 2.3%

- FY2018: -0.1%

- FY2019: -4.2%

- FY2020: -15.3%

- FY2021: -21.6%

- FY2022: -19.3%

- FY2023: -2.1%

- FY2024: -6.2%

- FY2025: -13.8%

## Holders

## Price story

Up 188% since Oct 2023 · sales +9.2%

Story as of 2026-10-16T09:58:23.719Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.2%; source https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm; observed 2026-03-02.

- FY2016: $850M 

- FY2017: $840M 

- FY2018: $810M 

- FY2019: $669M 

- FY2020: $434M 

- FY2021: $366M 

- FY2022: $368M 

- FY2023: $365M 

- FY2024: $362M 

- FY2025: $395M 

### Gross margin · FY2025

gross margin 27.5%; source https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm; observed 2026-03-02.

- FY2016: 21.4% 

- FY2017: 18.2% 

- FY2018: 18.3% 

- FY2019: 20.2% 

- FY2020: 31.6% 

- FY2021: 39.0% 

- FY2022: 41.5% 

- FY2023: 31.9% 

- FY2024: 38.3% 

- FY2025: 27.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are USD 395.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm (filed 2026-03-02); FY2025: revenue 395261000; grossProfit 108636000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BH.US: Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, the company operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM brand names. Further, it involved investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

### Why customers stay

Margins ranged from 27.5% to 38.3% during 2023–25; it earns 4.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 38.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.03148899915266061],[2017,0.00029578347634279077],[2018,0.05281624662861986],[2019,0.038668134132489144],[2020,0.07518249470688387],[2021,0.10570368077030906],[2022,0.12846166480325322],[2023,0.0638577170646527],[2024,0.03399697189223214],[2025,0.029103639462561982]]; median 0.04574219038055451. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2016: growth capex 0; upkeep 12030000; owner earnings 110346000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 0; upkeep 8034000; owner earnings 63485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 0; upkeep 17796000; cash acquisitions 0; owner earnings 20914000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 17679000; cash acquisitions 51062000; owner earnings 57279000. Growth capex plus acquisitions / owner earnings = 0.8914610939436792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 0; upkeep 64549000; cash acquisitions 0; owner earnings 979000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 23405000; cash acquisitions 0; owner earnings 70522000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 30594000; cash acquisitions 0; owner earnings 5490000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BH.US SharesStats.PercentInsiders = 0.426 percentage points; cache date 2026-10-15.

### What the price says

The price is 3.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 425.17 USD; reporting-to-trading FX 1; FY2025 annual sales per share 127.38027715114406; price multiple 3.3378008708170044. FY2025 cash earnings/share -8.721237512085079. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $292.12 per share

- 2016-11: $312.62 per share

- 2016-12: $315.47 per share

- 2017-01: $295.47 per share

- 2017-02: $286.29 per share

- 2017-03: $287.99 per share

- 2017-04: $284.42 per share

- 2017-05: $253.47 per share

- 2017-06: $266.49 per share

- 2017-07: $249.55 per share

- 2017-08: $198.51 per share

- 2017-09: $222.19 per share

- 2017-10: $238.29 per share

- 2017-11: $228.67 per share

- 2017-12: $276.27 per share

- 2018-01: $275.13 per share

- 2018-02: $279.47 per share

- 2018-03: $272.27 per share

- 2018-04: $228.17 per share

- 2018-05: $215.19 per share

- 2018-06: $183.49 per share

- 2018-07: $189.43 per share

- 2018-08: $197.55 per share

- 2018-09: $181.35 per share

- 2018-10: $142.50 per share

- 2018-11: $143.05 per share

- 2018-12: $113.58 per share

- 2019-01: $130.92 per share

- 2019-02: $134.01 per share

- 2019-03: $141.36 per share

- 2019-04: $139.33 per share

- 2019-05: $90.60 per share

- 2019-06: $103.86 per share

- 2019-07: $90.80 per share

- 2019-08: $87.71 per share

- 2019-09: $109.00 per share

- 2019-10: $83.48 per share

- 2019-11: $112.80 per share

- 2019-12: $114.42 per share

- 2020-01: $108.48 per share

- 2020-02: $105.46 per share

- 2020-03: $51.40 per share

- 2020-04: $69.99 per share

- 2020-05: $60.88 per share

- 2020-06: $68.98 per share

- 2020-07: $64.93 per share

- 2020-08: $99.10 per share

- 2020-09: $89.01 per share

- 2020-10: $83.77 per share

- 2020-11: $112.00 per share

- 2020-12: $111.20 per share

- 2021-01: $114.74 per share

- 2021-02: $117.14 per share

- 2021-03: $132.76 per share

- 2021-04: $133.06 per share

- 2021-05: $160.17 per share

- 2021-06: $159.47 per share

- 2021-07: $164.45 per share

- 2021-08: $174.85 per share

- 2021-09: $171.81 per share

- 2021-10: $166.23 per share

- 2021-11: $141.87 per share

- 2021-12: $142.57 per share

- 2022-01: $118.50 per share

- 2022-02: $137.43 per share

- 2022-03: $144.61 per share

- 2022-04: $136.39 per share

- 2022-05: $133.71 per share

- 2022-06: $122.70 per share

- 2022-07: $120.21 per share

- 2022-08: $134.86 per share

- 2022-09: $115.60 per share

- 2022-10: $137.95 per share

- 2022-11: $143.86 per share

- 2022-12: $138.80 per share

- 2023-01: $163.07 per share

- 2023-02: $179.80 per share

- 2023-03: $169.20 per share

- 2023-04: $173.20 per share

- 2023-05: $206.03 per share

- 2023-06: $197.14 per share

- 2023-07: $203.16 per share

- 2023-08: $186.00 per share

- 2023-09: $166.00 per share

- 2023-10: $147.77 per share

- 2023-11: $145.82 per share

- 2023-12: $164.93 per share

- 2024-01: $154.67 per share

- 2024-02: $173.21 per share

- 2024-03: $189.68 per share

- 2024-04: $197.11 per share

- 2024-05: $198.99 per share

- 2024-06: $193.38 per share

- 2024-07: $200.75 per share

- 2024-08: $178.99 per share

- 2024-09: $172.01 per share

- 2024-10: $170.31 per share

- 2024-11: $210.43 per share

- 2024-12: $254.29 per share

- 2025-01: $232.01 per share

- 2025-02: $245.12 per share

- 2025-03: $216.54 per share

- 2025-04: $232.91 per share

- 2025-05: $247.14 per share

- 2025-06: $292.21 per share

- 2025-07: $308.32 per share

- 2025-08: $310.87 per share

- 2025-09: $323.65 per share

- 2025-10: $361.31 per share

- 2025-11: $293.91 per share

- 2025-12: $332.43 per share

- 2026-01: $375.03 per share

- 2026-02: $387.78 per share

- 2026-03: $329.59 per share

- 2026-04: $309.25 per share

- 2026-05: $290.48 per share

- 2026-06: $426.03 per share

- 2026-07: $397.49 per share

- 2026-08: $388.48 per share

- 2026-09: $343.86 per share

- 2026-10: $363.81 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.