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BH

Biglari Holdings Inc.

BH

Biglari Holdings Inc. • NYSE
$293.91 ▼ -2.14% (-6.42)
Market Cap $911.99 M
52w High $381.83
52w Low $195.05
Dividend Yield 0%
P/E 136.7
Volume 16.43K
Outstanding Shares 3.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $99.738M ▼ $20.423M ▼ $-5.291M ▼ -5.305% ▼ $-1.71 ▼ $8.023M ▼
Q2-2025 $100.619M ▲ $23.398M ▼ $50.931M ▲ 50.618% ▲ $16.41 ▲ $77.466M ▲
Q1-2025 $95.035M ▲ $31.624M ▲ $-33.275M ▼ -35.013% ▼ $-10.72 ▼ $-28.693M ▼
Q4-2024 $91.115M ▲ $29.316M ▲ $-10.273M ▼ -11.275% ▼ $-7.34 ▼ $-6.078M ▼
Q3-2024 $90.407M $19.51M $32.125M 35.534% $22.95 $15.431M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $369.169M ▲ $1.079B ▲ $499.219M ▲ $580.279M ▼
Q2-2025 $137.307M ▲ $863.579M ▲ $274.293M ▼ $589.286M ▲
Q1-2025 $135.331M ▲ $829.06M ▼ $289.224M ▼ $539.836M ▼
Q4-2024 $133.684M ▲ $866.133M ▲ $293.172M ▲ $572.961M ▼
Q3-2024 $132.793M $865.116M $263.353M $601.763M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.291M ▼ $31.246M ▼ $-9.039M ▼ $217.5M ▲ $239.719M ▲ $22.3M ▼
Q2-2025 $50.931M ▲ $42.147M ▲ $-7.267M ▲ $-30.78M ▼ $4.102M ▲ $39.443M ▲
Q1-2025 $-33.275M ▼ $15.795M ▼ $-19.894M ▲ $2.002M ▼ $-2.057M ▼ $8.495M ▼
Q4-2024 $-10.273M ▼ $17.995M ▲ $-52.472M ▼ $34.615M ▲ $202K ▼ $10.898M ▲
Q3-2024 $32.125M $10.755M $-15.33M $7.56M $2.95M $3.687M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Insurance Operations
Insurance Operations
 $0 ▲$0 ▲$20.00M ▲$20.00M ▲
Media And Licensing
Media And Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲
Oil and Gas
Oil and Gas
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Licensing And Media
Licensing And Media
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Biglari Holdings has been a steady but uneven earner. Revenue has held roughly flat in recent years, suggesting a mature, low‑growth profile rather than a fast‑expanding business. Profitability at the operating level has generally stayed positive, which shows the core businesses can earn money, but net results have swung between gains and losses. That volatility likely reflects investment results, one‑time items, and the cyclical nature of restaurants and insurance. In short, the company seems able to generate profits, but earnings are not smooth or highly predictable year to year.

Balance Sheet

Balance Sheet The balance sheet looks fairly solid and gradually cleaner. Total assets have edged down slightly over time, which can point to a more focused portfolio or asset sales, while shareholders’ equity has stayed broadly stable. Debt levels have come down from earlier peaks, indicating a deliberate move to reduce leverage and financial risk. Cash balances are modest but consistent, suggesting the company manages liquidity tightly rather than building large idle cash piles. Overall, it appears more conservatively financed today than a few years ago, though not cash‑rich.

Cash Flow

Cash Flow Cash generation is a relative strength. The businesses have produced positive operating cash flow every year, and there is consistent free cash flow after capital spending. Cash inflows peaked a few years ago and have eased back since, which is common as turnarounds mature and growth slows. Capital spending has been restrained and fairly small, reflecting a focus on efficiency and selective investment rather than aggressive expansion. The pattern points to a company designed to produce cash and reinvest it carefully, rather than chase rapid top‑line growth.

Competitive Edge

Competitive Edge Biglari Holdings competes more on structure and capital discipline than on having the flashiest brands. It owns a mix of restaurant, insurance, media, and energy businesses, with each unit run relatively independently while capital decisions are centralized. The turnaround at Steak n Shake highlights a willingness to make radical operational changes, such as shifting to a quick‑service, kiosk‑driven model. In insurance, niche focus on commercial trucking and direct‑to‑customer distribution offers a cost edge. However, the group still faces intense competition in casual dining, insurance, and digital media, and its success depends heavily on management’s ability to pick and improve businesses better than rivals. There is also a degree of key‑person risk, given how central the lead capital allocator is to the strategy.

Innovation and R&D

Innovation and R&D Innovation at Biglari is mostly practical and process‑oriented rather than traditional lab‑style R&D. In restaurants, the move to self‑service kiosks, facial recognition for faster ordering, and direct bank payments aims to cut labor and payment costs while speeding service. The insurance operations lean on technology platforms, online self‑service tools, and specialized systems to keep overhead low and serve narrow customer niches efficiently. Media assets like Maxim are being repositioned toward digital and lifestyle experiences rather than staying a traditional print brand. Looking ahead, further use of data, AI‑driven ordering, insurtech tools, and telematics could deepen these advantages, but execution risk is meaningful and the pace of change in each industry is high.

Summary

Overall, Biglari Holdings looks like a collection of mature, cash‑generating businesses overseen by a highly active capital allocator, rather than a typical single‑brand restaurant company. Financially, it tends to produce steady cash flow and modest operating profits, with more volatile bottom‑line earnings driven by investments and sector cycles. The balance sheet has become less leveraged over time, which lowers financial risk but still leaves the company operating with relatively lean cash reserves. Competitively, its strengths lie in niche insurance, a restructured restaurant model, and the flexibility to redeploy capital across industries, offset by exposure to highly competitive markets and reliance on a central decision‑maker. Innovation is real but pragmatic—focused on technology that improves efficiency and customer experience rather than breakthrough products. The long‑term picture depends on continued disciplined capital allocation and successful execution of these operational and digital strategies across its diverse holdings.

NEWS

November 21, 2025 · 9:00 AM UTC

Biglari Capital Highlights Support of Retail Shareholders Against the CEO

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November 13, 2025 · 8:25 AM UTC

Biglari Capital Urges ALL Shareholders to Send a Strong Message to the Cracker Barrel Board That the Current Plan Is Failing

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November 7, 2025 · 4:04 PM UTC

Biglari Holdings Inc. News Release

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November 7, 2025 · 2:08 PM UTC

Egan-Jones Recommends Leadership Change at Cracker Barrel: To Vote AGAINST the Election of Five Incumbent Directors, Including CEO Julie Masino

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