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BH-A

Biglari Holdings Inc.

BH-A

Biglari Holdings Inc. • NYSE
$1525.13 ▲ 1.46% (+21.98)
Market Cap $946.48 M
52w High $1850.00
52w Low $999.01
Dividend Yield 0%
P/E 142.8
Volume 1.70K
Outstanding Shares 620.59K

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 Q4-2024Q1-2025Q2-2025Q3-2025
Insurance Operations
Insurance Operations
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Media And Licensing
Media And Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲
Oil and Gas
Oil and Gas
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Licensing And Media
Licensing And Media
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the last several years, drifting slightly lower rather than growing. Operating profits are positive but modest, suggesting the core businesses are functioning but not especially high-margin. Net income has swung between profit, loss, and roughly breakeven, which points to earnings that are sensitive to one‑off items, investment results, or restructuring moves. The very large swings in earnings per share hint that reported results can be quite volatile year to year, even when the underlying operations look steadier. Overall, the income statement shows a business that is operating in the black, but without consistent growth and with headline profits that can jump around a lot.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady, with total assets and shareholders’ equity holding in a fairly narrow range over time. Debt has come down meaningfully from earlier levels, which reduces financial strain and interest obligations. Cash on hand is modest but stable, suggesting the company runs lean rather than stockpiling large cash reserves. Equity remains comfortably larger than debt, pointing to a capital structure that is not overly aggressive. In short, the balance sheet appears disciplined and conservative, with a gradual tilt toward lower leverage rather than expansion at all costs.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, which is a key strength. However, operating cash flow peaked a few years ago and has trended down since, implying that while the businesses still throw off cash, they are not currently building momentum. Free cash flow has remained positive each year, helped by relatively modest capital spending. That indicates management has room to service obligations, reinvest selectively, or pursue capital allocation decisions without heavy dependence on outside financing. The overall cash flow picture is one of reliability rather than rapid growth.

Competitive Edge

Competitive Edge Biglari Holdings’ main competitive edge comes from its structure as a diversified holding company and its focus on opportunistic capital allocation. It is not a typical restaurant operator; instead, it combines restaurants, insurance, media, and energy interests under one roof. This diversification can cushion the impact of downturns in any single industry. Subsidiaries such as Steak n Shake and First Guard use distinctive models—low‑entry‑cost franchise partnerships in restaurants and direct‑to‑consumer sales in trucking insurance—to carve out niches. The centralized investment mindset, combined with decentralized operating control at the subsidiaries, is designed to let each business compete nimbly while benefiting from a shared capital allocation philosophy. The flip side is that the group’s performance is closely tied to management’s investment judgment and execution across very different sectors.

Innovation and R&D

Innovation and R&D Innovation at Biglari Holdings is less about lab research and more about applying new technologies and business models inside its subsidiaries. Steak n Shake is experimenting with biometrics for check‑in and payments, self‑service kiosks, digital menu boards, and even cryptocurrency payments to improve speed, lower fees, and differentiate the customer experience. The insurance subsidiaries are modernizing their systems, moving to cloud platforms and online self‑service tools, which can streamline product launches and improve service quality. Maxim is shifting to a digital‑first content model to stay relevant in a changing media landscape. Management has also signaled interest in automation, artificial intelligence, and other emerging tools in the restaurant operations over time. These efforts suggest a willingness to experiment and adopt technology early, though many of these initiatives are still evolving and their long‑term payoff remains uncertain.

Summary

Overall, Biglari Holdings presents as a diversified, investment‑driven holding company with stable but slow‑moving underlying operations, a conservative balance sheet, and dependable, if not growing, cash generation. The group’s subsidiaries occupy distinct niches and are being used as platforms for technological and business model experimentation, especially in restaurants and insurance. The combination of steady free cash flow, reduced leverage, and a broad opportunity set gives management flexibility, but also concentrates the company’s future on the quality of its capital allocation and its ability to turn innovation into durable, scalable earnings rather than one‑time swings in reported profits.

NEWS

November 7, 2025 · 4:04 PM UTC

Biglari Holdings Inc. News Release

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