1. United States of America Stocks

  2. •

    Consumer Cyclical

  3. •

    Restaurants
Biglari Holdings Inc.

Biglari Holdings Inc.

BH-A
Biglari Holdings Inc.US flagNew York Stock Exchange
1,542.57
USD
+14.98
- -
968.43MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1,632.41
1,547.73
1,845.39
2,318.32
2,281.15
2,326.56
1,940.15
1,256.35
1,153.99
1,235.55
1,259.78
1,296.13
1,516.82
1,526.14
Basic EPS, GAAP
302.95
56.16
-33.94
271.22
136.01
55.71
131.64
-110.05
111.83
-107.43
189.49
-13.45
-143.86
-71.93
Free Cash Flow per Basic Share
45.04
-16.06
88.72
163.58
70.03
52.21
271.75
340.55
721.09
428.9
251.74
177.75
410.46
427.85
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
754.28
666.51
893.41
1,408.6
1,538.98
1,623.92
1,775.78
1,663.39
1,921.71
1,938.21
2,181.47
2,250.82
2,269.3
2,213.49
Tangible Book Value per Share
1,141.69
1,122.37
834.76
1,270.56
1,370.86
1,442.91
1,592.26
1,411.29
1,609.72
1,607.28
1,802.05
1,781.24
1,716.08
1,700.25
Basic Weighted Avg Shares
- -
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Sales/Revenue/Turnover
756
794
861
850
840
810
669
434
366
368
365
362
395
398
Operating Margin (%)
2.74
1.8
2.7
3.72
0.24
0.24
0.82
6.54
10.03
12.42
10.78
6.38
5.51
5.47
Depreciation Expense
25
25
25
23
21
19
30
32
30
36
39
40
41
41
Net Income, GAAP
140
29
-16
99
50
19
45
-38
35
-32
55
-4
-37
-19
Effective Tax Rate (%)
34.32
26.17
- -
32.01
- -
- -
17.7
- -
16.06
- -
14.35
- -
- -
21.77
Profit Margin (%)
18.56
3.63
-1.84
11.7
5.96
2.39
6.78
-8.76
9.69
-8.7
15.04
-1.04
-9.48
-4.71
Working Capital
84
73
-4
8
-23
-8
6
-141
21
16
41
23
223
212
LT Debt
217
315
296
282
257
240
316
112
104
92
86
101
312
317
Total Equity
565
639
451
532
571
570
616
565
588
556
599
573
523
519
Return on Invested Capital (%)
1.89
1.18
- -
2.69
- -
- -
0.5
- -
3.92
- -
4.83
- -
- -
- -
Return on Capital (%)
26.27
6.98
- -
14.9
- -
- -
7.06
- -
5.23
- -
8.25
- -
- -
6.37
Return on Common Equity (%)
46.6
8.34
-4.18
21.31
9.25
3.43
7.71
-6.4
5.99
-5.39
9.08
-0.6
-6.14
-3.2

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
35
47
41
LT Borrowings
215
214
212
LT Finance Leases
97
98
105
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3
3
3
Market Capitalization
404
455
454

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
404
379
356
Cash, Cash Equivalents & STI
369
338
314
Accounts Receivable, Net
21
23
25
Inventories
4
4
4
Total Current Liabilities
143
156
144
Payables & Accruals
57
58
50
ST Debt
35
47
41
Deferred Revenue
26
27
29

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.82%
-1.32%
-8.64%
Free Cash Flow
49.02%
18.2%
115.38%
Net Income, GAAP
-75.32%
27.04%
897.29%
Sales/Revenue/Turnover
-6.62%
-1.5%
9.15%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
89
91
90
91
362
2025
95
101
100
100
395
2026
97
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
79.56
-171.89
114.77
- -
-13.45
2025
-126.4
194.57
-20.38
- -
-143.86
2026
-55.81
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Sardar Biglari
Full Time Employees
2,535
Sector
Consumer Cyclical
Industry
Restaurants
Address
17802 IH 10 West San Antonio TX United States of America 78257
IPO Date
May 2, 2018
CIK
0001726173
Website
biglariholdings.com
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Business
Biglari Holdings Inc. is a diversified holding company that owns subsidiaries engaged in restaurant operations, insurance underwriting, oil and gas production, and licensing and media activities. The company operates through reportable segments including Restaurant Operations, which encompasses Steak n Shake Inc. for franchising and operating Steak n Shake restaurants featuring Steakburgers, thin-cut fries and milkshakes; and Western Sizzlin Corporation for franchising Western Sizzlin restaurants; Insurance Operations, conducted through First Guard Insurance Company offering commercial truck physical damage and non-trucking liability insurance, Southern Pioneer Property & Casualty Insurance Company providing property and casualty coverage, and Biglari Reinsurance Ltd.; Oil and Gas Operations via Southern Oil Company managing oil and natural gas properties offshore in Louisiana state waters and Abraxas Petroleum Corporation in the Permian Basin; and the Maxim segment for licensing and media. Biglari Holdings Inc. primarily serves customers in the United States with restaurant franchising and operations nationwide, insurance products targeted at truckers and property owners, and oil and gas activities in domestic basins. Founded in 1934 and headquartered in San Antonio, Texas, at 19100 Ridgewood Parkway, Suite 1200, the company employs approximately 2,535 people and maintains its executive offices there. Recent developments include Steak n Shake receiving a $225 million five-year loan from Biglari Holdings in October 2025 to support operational upgrades and franchise expansion; Sardar Biglari, the company's Founder, Chairman and CEO, acquiring additional shares in December 2024, increasing holdings and underscoring strategic confidence; affiliates of Sardar Biglari accumulating over 5.5% ownership in Jack in the Box in early 2025; and the release of third quarter and first nine months 2025 financial results in November 2025.

Company News

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