Biglari Holdings Inc. Financial Ratios — BH-A Stock

Profitability (USD)

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	16.16	8.92	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
Return on Assets (%)	5.59	2.99	15.92	2.66	-1.47	9.54	4.64	1.85	4.18	-3.52	3.71	-3.72	6.55	-0.44	-3.96
Return on Capital (%)	9.41	6.39	26.27	6.98	- -	14.9	- -	- -	7.06	- -	5.23	- -	8.25	- -	- -
Return on Invested Capital (%)	7.09	5.62	1.89	1.18	- -	2.69	- -	- -	0.5	- -	3.92	- -	4.83	- -	- -
Gross Margin (%)	26.13	24.2	22.87	21.12	21.27	21.39	18.16	18.33	20.21	31.58	39	41.49	42.53	38.28	37.8
EBITDA Margin (%)	11.5	9.4	6.08	4.94	5.58	6.42	2.8	2.62	5.24	13.97	18.23	22.32	21.45	17.38	15.83
Operating Margin (%)	7.5	5.83	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
Incremental Operating Margin (%)	13.68	-32.3	-143.75	-17	13.31	-73.23	287.69	0.5	-2.51	-9.75	-12.34	424.61	218.19	507.71	-3.95
Pretax Margin (%)	6.74	4.21	28.64	4.92	-4.35	17.21	-1.53	2.07	8.24	-11.58	11.55	-11.68	17.75	-2.25	-12.07
Profit Margin (%)	4.87	2.92	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
Net Income to Common Margin (%)	4.87	2.92	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
Effective Tax Rate (%)	28.99	20.68	34.32	26.17	- -	32.01	- -	- -	17.7	- -	16.06	- -	14.35	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	16.16	8.92	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

Credit (USD)

API ChatGPT

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	249	248	233	325	304	289	264	246	335	281	121	119	101	150	359
ST Debt	31	18	16	9	8	7	7	6	19	170	17	27	15	49	47
LT Debt	217	231	217	315	296	282	257	240	316	112	104	92	86	101	312
Total Debt/EBITDA	3.05	3.57	5.06	8.28	6.32	5.29	11.22	11.58	9.57	4.64	1.82	1.45	1.29	2.39	5.73
Net Debt/EBITDA	0.35	1.03	0.56	2.4	3.15	2.26	5.29	6.27	3.21	2.11	-0.63	-0.33	-0.36	0.23	-0.35
Total Debt/EBIT	4.68	5.75	11.22	22.74	13.05	9.13	128.28	128.99	61.48	9.91	3.31	2.6	2.57	6.5	16.45
Net Debt/EBIT	0.54	1.67	1.24	6.59	6.5	3.9	60.51	69.8	20.63	4.5	-1.15	-0.6	-0.71	0.62	-1
EBITDA to Interest Expense	6.1	3.45	2.81	1.96	2.25	2.61	1.17	1.07	1.73	3.9	9.32	13.95	13.52	10.27	4.59
EBITDA-CapEx/Interest Expense	5.12	3.02	1.71	0.17	1.73	2.45	1.17	0.94	1.73	3.9	9.32	13.95	13.52	10.27	4.59
EBIT to Interest Expense	3.98	2.14	1.27	0.71	1.09	1.51	0.1	0.1	0.27	1.83	5.13	7.76	6.79	3.77	1.6
Interest Expense	13	20	16	20	21	21	20	20	20	16	7	6	6	6	14
Common Equity/Total Assets	34.35	32.66	35.33	29.1	42.25	47.08	53.27	54.91	53.73	56.41	68.13	69.72	74.47	72.6	57.67
Long-Term Debt/Equity (%)	66.93	66.05	38.39	49.35	65.59	52.93	44.98	42.07	51.35	19.77	17.78	16.53	14.41	17.58	59.53
Long-Term Debt/Capital (%)	41.4	41.68	37.24	47.3	41.07	34.97	30.95	29.59	33.4	13.05	14.29	13.03	11.77	12.93	32.8
Long-Term Debt/Total Assets (%)	32.32	29.8	21.93	26.83	29.99	25.67	24.16	23.31	27.78	10.97	11.68	11.09	10.17	11.63	30.39
Total Debt/Equity (%)	76.6	71.16	41.22	50.82	67.32	54.27	46.16	43.07	54.39	49.8	20.65	21.39	16.89	26.21	68.52
Total Debt/Capital (%)	47.38	44.91	39.99	48.7	42.15	35.85	31.76	30.3	35.38	32.88	16.6	16.85	13.8	19.28	37.75
Total Debt/Total Assets (%)	36.99	32.11	23.54	27.63	30.78	26.32	24.8	23.87	29.42	27.63	13.56	14.34	11.92	17.34	34.98
Net Debt to Equity	8.79	20.63	4.54	14.73	33.53	23.19	21.78	23.31	18.25	22.62	-7.21	-4.94	-4.68	2.49	-4.16
Net Debt/Capital (%)	6.7	14.61	5.26	17.36	22.78	16.92	16.12	17.44	12.79	15.37	-6.15	-4.11	-3.98	1.91	-3.2
EBITDA	82	70	46	39	48	55	24	21	35	61	67	82	78	63	63
EBITDA-CapEx	69	61	28	3	37	51	24	19	35	61	67	82	78	63	63
Operating Income (Loss)	53	43	21	14	23	32	2	2	5	28	37	46	39	23	22

Liquidity (USD)

API ChatGPT

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.87	2.66	1.59	1.29	0.69	0.82	0.6	0.71	0.81	0.41	0.87	0.79	1.08	0.91	2.17
Current Ratio	2.09	2.81	1.75	1.65	0.97	1.06	0.83	0.93	1.04	0.51	1.15	1.12	1.37	1.16	2.43
Quick Ratio	1.9	2.71	1.66	1.43	0.84	0.94	0.72	0.83	0.96	0.48	1.07	1.01	1.28	1.08	2.31
CFO/Avg Current Liab	0.73	0.42	0.33	0.24	0.46	0.53	0.2	0.16	0.71	0.55	1.06	0.92	0.59	0.38	0.71
Common Equity/Total Assets	34.35	32.66	35.33	29.1	42.25	47.08	53.27	54.91	53.73	56.41	68.13	69.72	74.47	72.6	57.67
Long-Term Debt/Equity (%)	66.93	66.05	38.39	49.35	65.59	52.93	44.98	42.07	51.35	19.77	17.78	16.53	14.41	17.58	59.53
Long-Term Debt/Capital (%)	41.4	41.68	37.24	47.3	41.07	34.97	30.95	29.59	33.4	13.05	14.29	13.03	11.77	12.93	32.8
Long-Term Debt/Total Assets (%)	32.32	29.8	21.93	26.83	29.99	25.67	24.16	23.31	27.78	10.97	11.68	11.09	10.17	11.63	30.39
Total Debt/Equity (%)	76.6	71.16	41.22	50.82	67.32	54.27	46.16	43.07	54.39	49.8	20.65	21.39	16.89	26.21	68.52
Total Debt/Capital (%)	47.38	44.91	39.99	48.7	42.15	35.85	31.76	30.3	35.38	32.88	16.6	16.85	13.8	19.28	37.75
Total Debt/Total Assets (%)	36.99	32.11	23.54	27.63	30.78	26.32	24.8	23.87	29.42	27.63	13.56	14.34	11.92	17.34	34.98
CFO/Total Liabilities	21.48	11.77	9.15	5.14	9.8	11.21	5.24	4.5	17.91	25.94	74.49	46.84	29.19	16.94	21.31
CFO/CapEx	5.74	5.76	2.16	0.77	4.74	18.81	- -	8.26	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.13	2.03	1.48	1.26	1.64	1.63	1.62	1.93	1.68	1.5	2.1	2.24	2.4	2.43	2.19

Working Capital (USD)

API ChatGPT

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	343.19	132.96	107.54	68.98	51.16	53.28	55.11	50.58	35.78	21.25	15.35	12.72	14.16	15.27	16.31
Days Sales Outstanding	1.06	2.75	3.39	5.29	7.13	6.85	6.62	7.22	10.2	17.18	23.77	28.69	25.79	23.9	22.38
Inventory Turnover	87.71	89.7	89.01	93.69	93.65	93.04	97.9	89.35	87.41	80.08	68.3	56.3	61.47	63.75	63.04
Days Inventory Outstanding	4.16	4.07	4.1	3.9	3.9	3.92	3.73	4.08	4.18	4.56	5.34	6.48	5.94	5.73	5.79
Accounts Payable Turnover	18.71	17.99	18.12	17.81	18.39	19.46	18.44	16.03	14.23	9.97	7.1	6.62	8.22	8.81	7.83
Accounts Payable Turnover Days	19.51	20.29	20.15	20.49	19.85	18.76	19.79	22.78	25.65	36.63	51.42	55.14	44.41	41.44	46.61
Cash Conversion Cycle	-14.28	-13.47	-12.65	-11.3	-8.82	-7.99	-9.44	-11.47	-11.27	-14.89	-22.3	-19.97	-12.69	-11.82	-18.44
Inventory to Cash Days	-3.1	-1.32	-0.71	1.4	3.24	2.93	2.9	3.13	6.02	12.62	18.43	22.2	19.85	18.18	16.59
Inventories	6	7	6	7	8	7	7	8	5	3	4	4	3	4	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	6	7	6	7	8	7	7	8	5	3	4	4	3	4	4

Enterprise Value (USD)

API ChatGPT

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	205	207	202	220	205	230	356	453
- Cash & Cash Equivalents	99	60	95	124	57	76	59	49	68	25	42	37	28	31	269
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	45	52	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -	- -	- -
+ Total Debt	249	248	233	325	304	289	264	246	335	281	121	119	101	150	359
Enterprise Value	80	-30	53	179	224	191	182	363	429	364	216	225	212	373	474
Total Capital	525	553	582	666	721	805	830	811	947	855	731	705	734	779	950
Total Debt/Capital (%)	47.38	44.91	39.99	48.7	42.15	35.85	31.76	30.3	35.38	32.88	16.6	16.85	13.8	19.28	37.75
Total Debt / EV	3.12	-8.37	4.42	1.82	1.36	1.51	1.45	0.68	0.78	0.77	0.56	0.53	0.48	0.4	0.76
EV/Sales	0.11	- -	0.07	0.23	0.26	0.22	0.22	0.45	0.64	0.84	0.59	0.61	0.58	1.03	1.2
EV/EBITDA	0.98	- -	1.14	4.56	4.65	3.49	7.74	17.12	12.26	6	3.24	2.74	2.7	5.92	7.58
EV/EBIT	1.5	- -	2.54	12.52	9.61	6.03	88.46	190.77	78.76	12.83	5.9	4.93	5.37	16.13	21.76
EV/Cash Flow to Firm	0.95	- -	1.06	4.22	3.63	2.46	- -	8.32	3.89	2.81	0.92	1.7	2.71	7.1	4.03
EV/Free Cash Flow to Firm	0.82	- -	0.78	2.29	3.08	2.35	- -	7.87	3.89	2.81	0.92	1.7	2.71	7.1	4.03
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	205	207	202	220	205	230	356	453
Diluted Enterprise Value	195	240	138	200	247	213	205	402	474	459	300	295	303	476	543
EV per Share	172.07	- -	113.67	348.56	478.95	519.74	494.03	1,043.97	1,245.6	1,054.03	682.29	756.26	729.44	1,334.06	1,819.89
TTM Sales	709	740	756	794	861	850	840	810	669	434	366	368	365	362	395
TTM EBITDA	82	70	46	39	48	55	24	21	35	61	67	82	78	63	63
TTM Operating Income	53	43	21	14	23	32	2	2	5	28	37	46	39	23	22
TTM Cash Flow to Firm	84	66	50	42	62	78	-52	44	110	129	235	132	78	52	118
TTM Free Cash Flow to Firm	97	75	67	78	73	81	-52	46	110	129	235	132	78	52	118

Multiples (USD)

API ChatGPT

	2011 Y	2012 Y	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
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	8.83	2.21	1.72	0.96	1.6	3.15	7.17	4.24
EV/EBIT	1.5	- -	2.54	12.52	9.61	6.03	88.46	190.77	78.76	12.83	5.9	4.93	5.37	16.13	21.76
Enterprise Value	80	-30	53	179	224	191	182	363	429	364	216	225	212	373	474
Low Price	- -	- -	- -	- -	- -	- -	- -	571.46	409.1	250.5	525	540.33	687.5	750	999.01
EV/Sales	0.11	- -	0.07	0.23	0.26	0.22	0.22	0.45	0.64	0.84	0.59	0.61	0.58	1.03	1.2
EV/EBITDA	0.98	- -	1.14	4.56	4.65	3.49	7.74	17.12	12.26	6	3.24	2.74	2.7	5.92	7.58
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	10.55	4.56	- -	6.21	- -	4.19	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	16.14	4.44	-4.19	6.67	-6.13	4.54	-69.12	-9.54
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	23.07	6.21	-6.2	8.49	-7.63	5.59	-98.9	-13.19
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	10.26	3.11	-2.28	4.69	-5.03	3.63	-55.74	-6.94
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	0.36	0.34	0.35	0.36	0.35	0.36	0.57	0.77
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	0.55	0.33	0.28	0.39	0.34	0.39	0.41	0.6
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	0.79	0.46	0.41	0.49	0.42	0.49	0.59	0.84
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	0.35	0.23	0.15	0.27	0.28	0.32	0.33	0.44
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	0.41	0.38	0.41	0.43	0.43	0.44	0.72	1.01
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	0.62	0.37	0.33	0.46	0.41	0.48	0.52	0.8
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	0.89	0.51	0.48	0.59	0.51	0.59	0.75	1.11
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	0.4	0.26	0.18	0.33	0.34	0.38	0.42	0.58
Price/Sales	- -	- -	- -	- -	- -	- -	- -	0.25	0.31	0.47	0.6	0.56	0.63	0.98	1.15
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	0.39	0.3	0.37	0.65	0.53	0.68	0.72	0.9
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	0.55	0.42	0.54	0.82	0.66	0.84	1.03	1.25
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	0.25	0.21	0.2	0.45	0.44	0.55	0.58	0.66
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	9.89	2.21	1.72	0.96	1.6	3.15	7.17	4.24
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	15.14	2.15	1.35	1.04	1.54	3.42	5.23	3.34
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	21.63	3.01	2	1.32	1.91	4.2	7.49	4.62
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	9.62	1.51	0.74	0.73	1.26	2.73	4.22	2.43
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	13.5	2.15	1.35	1.04	1.54	3.42	5.23	3.34
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	19.3	3.01	2	1.32	1.91	4.2	7.49	4.62
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	8.58	1.51	0.74	0.73	1.26	2.73	4.22	2.43
EV/Sales Average	0.28	0.32	0.18	0.25	0.29	0.25	0.24	0.63	0.7	0.96	0.86	0.78	0.88	1.05	1.13
EV/Sales High	0.28	0.32	0.18	0.25	0.29	0.25	0.24	0.8	0.82	1.13	1.04	0.91	1.04	1.36	1.48
EV/Sales Low	0.28	0.32	0.18	0.25	0.29	0.25	0.24	0.49	0.61	0.79	0.67	0.68	0.75	0.91	0.89
EV/EBITDA Average	2.39	3.45	3	5.11	5.15	3.9	8.73	24.04	13.39	6.86	4.73	3.48	4.12	6.03	7.15
EV/EBITDA High	2.39	3.45	3	5.11	5.15	3.9	8.73	30.37	15.67	8.12	5.69	4.07	4.85	7.8	9.34
EV/EBITDA Low	2.39	3.45	3	5.11	5.15	3.9	8.73	18.66	11.66	5.66	3.68	3.05	3.48	5.23	5.6
EV/EBIT Average	3.67	5.56	6.66	14.03	10.63	6.73	99.79	267.81	86.02	14.66	8.6	6.26	8.2	16.41	20.53
EV/EBIT High	3.67	5.56	6.66	14.03	10.63	6.73	99.79	338.31	100.71	17.35	10.35	7.31	9.65	21.26	26.81
EV/EBIT Low	3.67	5.56	6.66	14.03	10.63	6.73	99.79	207.92	74.92	12.1	6.69	5.49	6.92	14.24	16.06
Last Price	- -	- -	- -	- -	- -	- -	- -	587.67	600	585	695	687.5	793.93	1,274.99	1,740.05
High Price	- -	- -	- -	- -	- -	- -	- -	1,285	817	681.95	948.97	819.98	1,058.5	1,330.66	1,897.59
Enterprise Value Average	195	240	138	200	247	213	205	510	469	416	316	286	323	379	448
Enterprise Value High	195	240	138	200	247	213	205	644	549	492	380	334	380	491	584
Enterprise Value Low	195	240	138	200	247	213	205	396	408	343	246	251	273	329	350

Shares Outstanding	2	2	3	3	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	1,528.46	1,590.19	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
EBITDA per Share	175.77	149.53	99.32	76.39	102.95	148.72	63.84	60.97	101.61	175.53	210.43	275.72	270.2	225.32	240.14
Operating Income per Share	114.65	92.77	44.78	27.83	49.86	86.2	5.58	5.47	15.82	82.18	115.71	153.44	135.78	82.71	83.65
Basic EPS, GAAP	74.49	46.39	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
Basic EPS from Cont Ops	73.2	53.16	307.06	56.16	-33.94	271.22	136.01	55.71	131.64	-110.05	111.83	-108.39	191.52	-13.45	-143.86
Diluted EPS, GAAP	74.11	46.28	302.31	56.06	-33.94	271.22	136.01	55.71	131.64	-110.05	111.83	-107.43	189.49	-13.45	-143.86
Diluted EPS from Cont Ops	72.82	53.03	306.41	56.06	-33.94	271.22	136.01	55.71	131.64	-110.05	111.83	-108.39	191.52	-13.45	-143.86
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	161.1	107.34	83.78	53.76	112.46	172.76	70.03	59.4	271.75	340.55	721.09	428.9	251.74	177.75	410.46
Free Cash Flow per Basic Share	133.05	88.71	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
Cash & Equivalents per Share	461.87	709.41	388.99	284.3	171.96	267.55	222.37	249.58	326.71	345.79	395.3	358.8	413.62	478.5	1,296.43
Book Value per Share	498.16	542.96	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
Tangible Book Value per Share	625.98	677.46	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

Biglari Holdings Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)