Biglari Holdings Inc. Financial Ratios — BH Stock

Profitability (USD)

	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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 (%)	8.92	46.6	8.34	- -	-7.6	21.31	9.25	3.43	7.71	-6.4	5.99	-5.39	9.08	-0.6	-6.14
Return on Assets (%)	2.99	15.92	2.66	- -	-3.21	9.54	4.64	1.85	4.18	-3.52	3.71	-3.72	6.55	-0.44	-3.96
Return on Capital (%)	6.39	26.27	6.98	- -	- -	14.9	- -	- -	7.06	- -	5.23	- -	8.25	- -	- -
Return on Invested Capital (%)	5.62	1.89	1.18	- -	- -	2.69	- -	- -	0.5	- -	3.92	- -	4.83	- -	- -
Gross Margin (%)	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 (%)	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 (%)	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 (%)	-32.3	-143.75	-17	1.8	2.7	-73.23	287.69	0.5	-2.51	-9.75	-12.34	424.61	218.19	507.71	-3.95
Pretax Margin (%)	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 (%)	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 (%)	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 (%)	20.68	34.32	26.17	- -	- -	32.01	- -	- -	17.7	- -	16.06	- -	14.35	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	8.92	46.6	8.34	- -	-7.6	21.31	9.25	3.43	7.71	-6.4	5.99	-5.39	9.08	-0.6	-6.14

Credit (USD)

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	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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	248	233	325	- -	304	289	264	246	335	281	121	119	101	150	359
ST Debt	18	16	9	- -	8	7	7	6	19	170	17	27	15	49	47
LT Debt	231	217	315	- -	296	282	257	240	316	112	104	92	86	101	312
Total Debt/EBITDA	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	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	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	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	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	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	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	20	16	20	- -	21	21	20	20	20	16	7	6	6	6	14
Common Equity/Total Assets	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 (%)	66.05	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 (%)	41.68	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 (%)	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 (%)	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 (%)	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 (%)	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	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 (%)	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	70	46	39	- -	48	55	24	21	35	61	67	82	78	63	63
EBITDA-CapEx	61	28	3	- -	37	51	24	19	35	61	67	82	78	63	63
Operating Income (Loss)	43	21	14	- -	23	32	2	2	5	28	37	46	39	23	22

Liquidity (USD)

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	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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	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	2.81	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	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	0.42	0.33	0.24	- -	0.9	0.53	0.2	0.16	0.71	0.55	1.06	0.92	0.59	0.38	0.71
Common Equity/Total Assets	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 (%)	66.05	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 (%)	41.68	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 (%)	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 (%)	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 (%)	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 (%)	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	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	5.76	2.16	0.77	- -	4.74	18.81	- -	8.26	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.72	2.32	1.91	- -	2.21	2.25	2.24	1.92	1.67	1.49	2.11	2.24	2.42	2.43	2.16

Working Capital (USD)

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	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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	132.96	107.54	68.98	- -	97.25	53.28	55.11	50.58	35.78	21.25	15.35	12.72	14.16	15.27	16.31
Days Sales Outstanding	2.75	3.39	5.29	- -	3.75	6.85	6.62	7.22	10.2	17.18	23.77	28.69	25.79	23.9	22.38
Inventory Turnover	89.7	89.01	93.69	- -	178.65	93.04	97.9	89.35	87.41	80.08	68.3	56.3	61.47	63.75	63.04
Days Inventory Outstanding	4.07	4.1	3.9	- -	2.04	3.92	3.73	4.08	4.18	4.56	5.34	6.48	5.94	5.73	5.79
Accounts Payable Turnover	17.99	18.12	17.81	-0.35	39.59	19.46	18.44	16.03	14.23	9.97	7.1	6.62	8.22	8.81	7.83
Accounts Payable Turnover Days	20.29	20.15	20.49	-1,038.2	9.22	18.76	19.79	22.78	25.65	36.63	51.42	55.14	44.41	41.44	46.61
Cash Conversion Cycle	-13.47	-12.65	-11.3	- -	-3.42	-7.99	-9.44	-11.47	-11.27	-14.89	-22.3	-19.97	-12.69	-11.82	-18.44
Inventory to Cash Days	-1.32	-0.71	1.4	- -	1.71	2.93	2.9	3.13	6.02	12.62	18.43	22.2	19.85	18.18	16.59
Inventories	7	6	7	- -	8	7	7	8	5	3	4	4	3	4	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	7	6	7	- -	8	7	7	8	5	3	4	4	3	4	4

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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	488	591	581	500	507	578	509	198	197	192	226	207	239	355	433
- Cash & Cash Equivalents	60	95	124	- -	57	76	59	49	68	25	42	37	28	31	269
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -	- -	- -
+ Total Debt	248	233	325	- -	304	289	264	246	335	281	121	119	101	150	359
Enterprise Value	459	644	760	500	731	769	690	357	420	354	222	227	220	372	454
Total Capital	553	582	666	- -	721	805	830	811	947	855	731	705	734	779	950
Total Debt/Capital (%)	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	0.54	0.36	0.43	- -	0.42	0.38	0.38	0.69	0.8	0.79	0.55	0.52	0.46	0.4	0.79
EV/Sales	0.62	0.85	0.96	- -	0.85	0.9	0.82	0.44	0.63	0.82	0.61	0.62	0.6	1.03	1.15
EV/EBITDA	6.59	14	19.39	- -	15.2	14.1	29.37	16.8	11.98	5.84	3.33	2.77	2.81	5.9	7.25
EV/EBIT	10.62	31.06	53.22	- -	31.39	24.33	335.81	187.16	77	12.47	6.05	4.97	5.6	16.09	20.82
EV/Cash Flow to Firm	6.95	13	17.94	- -	11.87	9.91	- -	8.16	3.8	2.74	0.95	1.72	2.83	7.08	3.86
EV/Free Cash Flow to Firm	6.14	9.54	9.72	- -	10.06	9.5	- -	7.72	3.8	2.74	0.95	1.72	2.83	7.08	3.86
Diluted Market Cap	490	593	582	501	507	578	509	198	197	192	226	207	239	355	433
Diluted Enterprise Value	730	731	782	501	754	791	714	395	465	449	305	297	312	475	523
EV per Share	197.07	278.17	296.22	266.34	313	419.42	375.08	204.84	243.54	205.01	140.03	152.55	152.03	266.1	348.4
TTM Sales	740	756	794	- -	861	850	840	810	669	434	366	368	365	362	395
TTM EBITDA	70	46	39	- -	48	55	24	21	35	61	67	82	78	63	63
TTM Operating Income	43	21	14	- -	23	32	2	2	5	28	37	46	39	23	22
TTM Cash Flow to Firm	66	50	42	- -	62	78	-52	44	110	129	235	132	78	52	118
TTM Free Cash Flow to Firm	75	67	78	- -	73	81	-52	46	110	129	235	132	78	52	118

Multiples (USD)

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	2012 Y	2013 Y	2014 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	09/30/2012	09/30/2013	09/30/2014	12/31/2014	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	8.35	10.45	9.18	- -	7.97	8.67	19.73	8.53	2.11	1.63	0.99	1.62	3.28	7.15	4.05
EV/EBIT	10.62	31.06	53.22	- -	31.39	24.33	335.81	187.16	77	12.47	6.05	4.97	5.6	16.09	20.82
Enterprise Value	459	644	760	500	731	769	690	357	420	354	222	227	220	372	454
Low Price	161.13	187.68	224.01	208	216.7	214	193.37	111	80.9	37.85	106	110.56	137.01	145.95	195.05
EV/Sales	0.62	0.85	0.96	- -	0.85	0.9	0.82	0.44	0.63	0.82	0.61	0.62	0.6	1.03	1.15
EV/EBITDA	6.59	14	19.39	- -	15.2	14.1	29.37	16.8	11.98	5.84	3.33	2.77	2.81	5.9	7.25
Price/Earnings	22.62	4.22	20.17	- -	- -	5.82	10.16	10.19	4.35	- -	6.37	- -	4.35	- -	- -
Price/Earnings Average	23.43	3.75	24.23	- -	-38.71	5.01	9.49	18.86	4.28	-3.95	6.75	-6.17	4.58	-69.62	-9.7
Price/Earnings High	26.75	4.44	28.82	- -	-45.12	6.04	12.01	26.56	6.29	-6.13	8.43	-7.79	5.77	-100.84	-13.27
Price/Earnings Low	17.37	3.1	19.94	- -	-31.93	3.95	7.11	9.96	3.07	-1.72	4.74	-5.15	3.62	-54.24	-6.78
Price/Book Value	1.93	1.69	1.7	- -	1.22	1.12	0.9	0.35	0.32	0.33	0.37	0.36	0.38	0.56	0.73
Price/Book Value Average	2	1.5	2.04	- -	1.47	0.96	0.84	0.65	0.32	0.26	0.39	0.34	0.4	0.42	0.61
Price/Book Value High	2.29	1.78	2.43	- -	1.71	1.16	1.06	0.91	0.47	0.41	0.49	0.43	0.5	0.6	0.84
Price/Book Value Low	1.48	1.24	1.68	- -	1.21	0.76	0.63	0.34	0.23	0.11	0.28	0.29	0.31	0.32	0.43
Price/Tangible Book Value	1.55	1.12	1.01	- -	1.3	1.24	1.01	0.39	0.36	0.39	0.44	0.43	0.46	0.71	0.97
Price/Tangible Book Value Average	1.6	0.99	1.21	- -	1.57	1.07	0.94	0.73	0.35	0.31	0.47	0.41	0.48	0.53	0.81
Price/Tangible Book Value High	1.83	1.18	1.44	- -	1.83	1.29	1.19	1.03	0.52	0.48	0.59	0.52	0.61	0.76	1.11
Price/Tangible Book Value Low	1.19	0.82	1	- -	1.3	0.84	0.71	0.38	0.25	0.13	0.33	0.34	0.38	0.41	0.57
Price/Sales	0.66	0.78	0.73	- -	0.59	0.68	0.61	0.24	0.29	0.44	0.62	0.56	0.65	0.98	1.1
Price/Sales Average	0.68	0.7	0.88	- -	0.71	0.59	0.57	0.45	0.29	0.35	0.65	0.54	0.69	0.72	0.92
Price/Sales High	0.78	0.82	1.05	- -	0.83	0.71	0.72	0.64	0.43	0.54	0.82	0.68	0.87	1.05	1.26
Price/Sales Low	0.51	0.57	0.72	- -	0.59	0.46	0.42	0.24	0.21	0.15	0.46	0.45	0.54	0.56	0.64
Price/Cash Flow	9.77	15.24	21.07	- -	9.66	9.13	19.73	9.56	2.11	1.63	0.99	1.62	3.28	7.15	4.05
Price/Cash Flow Average	10.12	13.55	25.31	- -	11.68	7.86	18.44	17.69	2.07	1.28	1.05	1.55	3.45	5.27	3.4
Price/Cash Flow High	11.56	16.05	30.11	- -	13.62	9.49	23.32	24.9	3.05	1.98	1.31	1.95	4.34	7.63	4.65
Price/Cash Flow Low	7.51	11.2	20.83	- -	9.63	6.19	13.81	9.34	1.49	0.56	0.73	1.29	2.72	4.11	2.38
Price/Free Cash Flow Average	8.65	9.28	11.03	- -	9.65	7.47	18.44	15.78	2.07	1.28	1.05	1.55	3.45	5.27	3.4
Price/Free Cash Flow High	9.87	11	13.12	- -	11.24	9.01	23.32	22.22	3.05	1.98	1.31	1.95	4.34	7.63	4.65
Price/Free Cash Flow Low	6.41	7.68	9.08	- -	7.96	5.88	13.81	8.33	1.49	0.56	0.73	1.29	2.72	4.11	2.38
EV/Sales Average	1.01	0.88	1.13	- -	1	0.84	0.81	0.69	0.69	0.94	0.87	0.78	0.89	1.05	1.15
EV/Sales High	1.1	1.01	1.3	- -	1.12	0.96	0.96	0.88	0.83	1.13	1.03	0.92	1.07	1.38	1.49
EV/Sales Low	0.83	0.76	0.98	- -	0.87	0.71	0.67	0.48	0.61	0.74	0.68	0.69	0.74	0.89	0.87
EV/EBITDA Average	10.72	14.43	22.92	- -	17.91	13.04	28.96	26.52	13.18	6.71	4.77	3.5	4.15	6.06	7.24
EV/EBITDA High	11.75	16.54	26.3	- -	20.02	14.93	34.31	33.55	15.78	8.08	5.66	4.13	4.98	7.92	9.39
EV/EBITDA Low	8.84	12.45	19.77	- -	15.67	11.1	23.87	18.39	11.61	5.32	3.7	3.1	3.47	5.14	5.5
EV/EBIT Average	17.28	32.01	62.92	- -	36.97	22.49	331.02	295.47	84.68	14.33	8.68	6.29	8.25	16.5	20.8
EV/EBIT High	18.94	36.69	72.19	- -	41.34	25.75	392.26	373.83	101.42	17.26	10.3	7.42	9.9	21.57	26.95
EV/EBIT Low	14.25	27.62	54.28	- -	32.35	19.15	272.91	204.92	74.63	11.35	6.73	5.57	6.9	13.99	15.78
Last Price	209.82	255.44	226.51	266.34	217.21	315.47	276.27	113.58	114.42	111.2	142.57	138.8	164.93	254.29	332.43
High Price	248.14	268.92	323.74	316.94	306.29	327.83	326.67	295.87	165.65	135	188.5	167.39	218.5	271.35	381.83
Enterprise Value Average	746	664	898	489	861	711	681	563	462	407	319	288	325	381	453
Enterprise Value High	818	761	1,031	595	962	814	806	712	553	490	378	339	390	499	587
Enterprise Value Low	615	573	775	391	753	605	561	390	407	322	247	255	272	323	344

Shares Outstanding	2	3	3	- -	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	2	2	3	2	2	2	2	2	2	2	2	1	1	1	1
Basic Weighted Avg Shares	2	2	3	2	2	2	2	2	2	2	2	1	1	1	1
Revenue per Share	318.04	326.48	309.55	- -	369.08	463.66	456.23	465.31	388.03	251.27	230.8	247.11	251.96	259.23	303.36
EBITDA per Share	29.91	19.86	15.28	- -	20.59	29.74	12.77	12.19	20.32	35.11	42.09	55.14	54.04	45.06	48.03
Operating Income per Share	18.55	8.96	5.57	- -	9.97	17.24	1.12	1.09	3.16	16.44	23.14	30.69	27.16	16.54	16.73
Basic EPS, GAAP	9.28	60.59	11.23	- -	-6.79	54.24	27.2	11.14	26.33	-22.01	22.37	-21.49	37.9	-2.69	-28.77
Basic EPS from Cont Ops	10.63	61.41	11.23	- -	-6.79	54.24	27.2	11.14	26.33	-22.01	22.37	-21.68	38.3	-2.69	-28.77
Diluted EPS, GAAP	9.26	60.46	11.21	- -	-6.79	54.24	27.2	11.14	26.33	-22.01	22.37	-21.49	37.9	-2.69	-28.77
Diluted EPS from Cont Ops	10.61	61.28	11.21	- -	-6.79	54.24	27.2	11.14	26.33	-22.01	22.37	-21.68	38.3	-2.69	-28.77
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	21.47	16.76	10.75	- -	22.49	34.55	14.01	11.88	54.35	68.11	144.22	85.78	50.35	35.55	82.09
Free Cash Flow per Basic Share	17.74	9.01	-3.21	- -	17.74	32.72	14.01	10.44	54.35	68.11	144.22	85.78	50.35	35.55	82.09
Cash & Equivalents per Share	141.88	77.8	56.86	- -	34.39	53.51	44.47	49.92	65.34	69.16	79.06	71.76	82.72	95.7	259.29
Book Value per Share	108.59	150.86	133.3	- -	178.68	281.72	307.8	324.78	355.16	332.68	384.34	387.64	436.29	450.16	453.86
Tangible Book Value per Share	135.49	228.34	224.47	- -	166.95	254.11	274.17	288.58	318.45	282.26	321.94	321.46	360.41	356.25	343.22

Biglari Holdings Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)