Biglari Holdings Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting less on Steak 'n Shake or First Guard than on one person: that Sardar Biglari will, over the coming years, create more value with the capital — business and funds alike — than his double 25 percent pay and the equity that has fallen since 2019 suggest, and that you can live with roughly 73 percent of the vote in one hand and a net result that hangs on the market, not the grill. Whoever waits checks in every report: is book value per (look-through) share growing again? How do the operating segment contributions develop without the funds? And does the Lion Fund swing back into the black? The governance structure is the dominant risk and the reason for caution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Biglari Holdings is the doppelgänger trap in pure form: from the outside a miniature Berkshire with restaurants, insurance float and an owner-operator capital allocator — but in the notes a structure in which profitable businesses each year (2025: +$14.2 million) are overlaid by the valuation swings of the in-house funds (2025: −$52.0 million, net loss $37.5 million). Those funds hold the company's own stock, through which Sardar Biglari controls roughly 73.1 percent of the vote with 0.1 share held directly and collects 25 percent of the upside on two levels. Whoever invests buys good businesses at book value — and a captain no annual meeting will ever remove. Not investment advice.
Operating substance
The operating businesses are profitable — every year: in 2025 restaurants (+$16.4 million), insurers (+$10.5 million, with float) and oil and gas (+$10.9 million) contributed a combined $14.2 million to earnings (2024: $24.1 million, 2023: $39.2 million), and operating revenue rose 9.2 percent to $395.3 million. A diversified, real business under the holding roof.
Earnings quality & volatility
Net income is a roller coaster (between +$55.5 and −$38.0 million from 2019 to 2025), driven by the investment partnerships, not the business: in 2025 the funds cost $52.0 million and turned an operating gain into a $37.5 million net loss. Whoever invests is also betting on Sardar Biglari's stock picking.
Governance & control
Roughly 73.1 percent of the vote sits with one person who owns 0.1 Class A share directly (proxy 2026); more than half of the economic shares sit in the in-house funds and are carried as treasury even though legally outstanding. Minority shareholders effectively have no say, and the chairman is practically irremovable.
Compensation structure
Two 25 percent layers (fund incentive reallocation plus the Incentive Agreement on operating book-value growth), each over a 6 percent hurdle and high-water mark. Strictly designed, but the upside is shared while the price losses of the same capital fall fully on the minority shareholder.
Balance sheet & valuation
A solid balance sheet with $268.8 million in cash (from $30.7 million) and $1,025.4 million in total assets; the stock trades roughly at its look-through book value (~$2,000 per Class A-equivalent, anchor price of the company's own early-2026 placement ~$2,106). But equity has fallen since 2019 ($616.3 → $523.4 million), and the stock is thin.
Worth Noting
Biglari Holdings landed on the research list via the Reddit hype scanner (6 mentions in 24 hours, ApeWisdom, as of July 23, 2026). The stock is not a typical momentum or value scanner hit but an owner-run special situation with two share classes and very thin trading volume — classic metrics (P/E, P/S) mislead here.
Net income is dominated by the investment partnerships (Lion Fund), whose fair value ($772.6 million as of December 31, 2025) swings with the market; the company itself warns of "significant volatility in our periodic earnings." The operating segment contributions show the actual business one level below.
Valuation figures are dated and evergreen: book value per Class A-equivalent share about $2,000, anchor price of the company's own early-2026 share placement about $2,106 (Class A) and $413 (Class B); analyses are evergreen, daily prices are not a buy argument. Not to be confused: the two classes BH (Class B) and BH-A (Class A) are economically linked 1:5.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 247.80 $ to 476.90 $ · Last price: 352.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Restaurants
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Biglari Holdings Inc BH | 1.1 | – | 44.3 | 39.1 | 2.9 | 9.2 | 14.1 |
| McDonald’s Corporation MCD | 176.6 | 21.4 | 15.4 | 57.4 | 44.3 | 3.7 | -16.4 |
| Starbucks Corporation SBUX | 110.2 | 75.7 | 24.8 | 22.3 | 8.4 | 2.8 | 19.1 |
| Chipotle Mexican Grill Inc CMG | 43.0 | 30.7 | 22.5 | 39.4 | 13.3 | 5.4 | -14.3 |
| Yum! Brands Inc YUM | 37.2 | 23.2 | 17.5 | 45.3 | 31.1 | 8.8 | -5.0 |
| Restaurant Brands International Inc. QSR | 33.2 | 23.9 | 14.5 | 34.1 | 25.9 | 12.2 | 19.0 |
| Darden Restaurants Inc DRI | 23.9 | 20.8 | 14.4 | 21.7 | 14.3 | 6.0 | 2.2 |
| Yum China Holdings Inc YUMC | 14.2 | 15.2 | 8.4 | 20.3 | 11.5 | 4.4 | -4.9 |
| Texas Roadhouse Inc TXRH | 11.0 | 28.0 | 18.1 | 16.3 | 9.0 | 9.4 | 3.2 |
| Median of companies shown | 33.2 | 23.6 | 17.5 | 34.1 | 13.3 | 6.0 | 2.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 850 | 32 | 99 | 54.24 | 63 | 532 | 1,097 |
| 2017 | 840 | 0 | 50 | 27.20 | 26 | 571 | 1,064 |
| 2018 | 810 | 37 | 19 | 9.37 | 21 | 570 | 1,029 |
| 2019 | 669 | 35 | 45 | 21.94 | 94 | 616 | 1,139 |
| 2020 | 434 | 61 | -38 | -18.36 | 118 | 565 | 1,018 |
| 2021 | 366 | 67 | 35 | 17.15 | 229 | 588 | 895 |
| 2022 | 368 | 82 | -32 | -21.49 | 128 | 547 | 828 |
| 2023 | 365 | 39 | 55 | 38.55 | 73 | 599 | 849 |
| 2024 | 362 | 23 | -4 | -2.69 | 50 | 573 | 866 |
| 2025 | 395 | 18 | -37 | -12.08 | 107 | 523 | 1,049 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -15.53 | -2,589.20 | 91 | -2.60 | -52.90 | 2 | -10 |
| 2024: Q3 | 10.35 | 105.30 | 90 | -0.60 | 35.50 | 11 | 4 |
| 2024: Q4 | -3.31 | -123.00 | 91 | 0.50 | -11.30 | 18 | 11 |
| 2025: Q1 | -10.72 | -247.40 | 95 | 6.20 | -35.00 | 16 | 9 |
| 2025: Q2 | 16.41 | 205.70 | 101 | 10.40 | 50.60 | 42 | 39 |
| 2025: Q3 | -20.38 | -296.90 | 100 | 10.30 | -5.30 | 31 | 22 |
| 2025: Q4 | -16.07 | -385.30 | 100 | 9.60 | -49.90 | 18 | 6 |
| 2026: Q1 | -55.89 | -421.20 | 98 | 2.60 | -14.90 | 20 | 13 |
| 2026: Q2 | – | – | 109 | 7.90 | 36.80 | 15 | 8 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $49.9M |
|---|---|
| Market cap | $1.08B |
| Free cash flow in year ten | $115.8M |
| Terminal value as a share of market value | 56.5% |
For comparison: over the past five years free cash flow shrank by 4.6% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Biglari Holdings ist eine Beteiligungsholding (Restaurants Steak ’n Shake/Western Sizzlin, Versicherung First Guard/Southern Pioneer/Biglari Reinsurance, Öl & Gas Southern Oil/Abraxas, Markenlizenz Maxim, Investmentpartnerschaften Lion Fund I+II). In den geprüften Berichten (2×10-K, 4×10-Q) kommt „artificial intelligence“ kein einziges Mal vor — weder als Umsatzquelle noch als konkretes Geschäftsrisiko für das eigene Modell; damit besteht kein belastbarer KI-Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-02 · 10-K 2025-03-03 · 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.4%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 27.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 28.5%
- Gross margin at 40% or higher and without meaningful erosion 27.5%
- Goodwill from acquisitions does not grow faster than revenue 5.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 216 m
- Return on capital at 15% or higher, or up versus two years ago 2.0%
- Insiders hold at least 10% or are net buyers 0.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -8.2%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% -6.0%
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT 1.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 99.1%
- Return on equity > 15% -8.4%
- ROCE > 15% 2.0%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Biglari, Sardar | 10% Owner | Sell | 550 | 17.06 | 9,383 |
| Aug 5, 2026 | Biglari, Sardar | 10% Owner | Sell | 40,000 | 16.90 | 676,000 |
| Aug 3, 2026 | Biglari, Sardar | 10% Owner | Sell | 10,000 | 16.73 | 167,300 |
| Jul 30, 2026 | Biglari, Sardar | 10% Owner | Sell | 273 | 16.70 | 4,559 |
| Jul 29, 2026 | Biglari, Sardar | 10% Owner | Sell | 3,305 | 16.71 | 55,227 |
| Jul 29, 2026 | Biglari, Sardar | 10% Owner | Sell | 3,306 | 16.71 | 55,243 |
| Jul 17, 2026 | Biglari, Sardar | 10% Owner | Sell | 11,000 | 16.71 | 183,810 |
| Jul 16, 2026 | Biglari, Sardar | 10% Owner | Sell | 2,749 | 16.70 | 45,908 |
| Jul 15, 2026 | Biglari, Sardar | 10% Owner | Sell | 6,533 | 16.71 | 109,166 |
| Jul 14, 2026 | Biglari, Sardar | 10% Owner | Sell | 1,211 | 16.73 | 20,260 |
The company
About the Company
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.
- Employees
- 2,359
- Headquarters
- San Antonio, TX
- Address
- 19100 Ridgewood Parkway, 78259 San Antonio, United States
- Phone
- 210 344 3400
- Website
- biglariholdings.com
- IPO Date
- 02/25/1992
- ISIN
- US08986R3093
- Stock Split
- 3:2 on 05/01/2018
- Stock Split
- 448:415 on 08/15/2014
- Stock Split
- 1405:1304 on 08/23/2013
Management
| Name | Title | Birth Year |
|---|---|---|
| Sardar Biglari C.F.A. | Chairman & CEO | 1978 |
| Bruce W. Lewis | Controller | 1965 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/07/2026 Biglari Holdings Inc. (BH): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.