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Friday 6 November 2026 Export BH’s income statement to Excel — free account

Biglari Holdings Inc.

BH Consumer Cyclical Restaurants

Biglari Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $395.3 million, up 9.15% from fiscal 2024.

Revenue
+7.86%
EPS
−18.7%
Free cash flow
−66.3%
Total debt
+248.0%

Quarter to June 2026, against a year earlier

335.91 36.97 −9.91%
Market cap
$1.0B
P/E
0.0×
Fwd P/E
24.0×
Dividend yield
—
F-score
4/9
Altman Z
1.66
Beneish M
−3.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 21.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 4 — — 4 — 1 1 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 1,040.00
Revenue ttm 405.61
Net income ttm (29.75)
Free cash flow ttm 64.95
Net debt Q (24.67)
Valuation
P/E 0.00
Forward P/E 24.00
Price / sales 0.21
Forward P/S Powerpack
Price / FCF 1.31
Price / book 0.16
Financial health
Current ratio Q 2.45 (at or above 1.5: strong)
Debt / equity Q 0.58
Interest coverage Q 1.91
Growth
Revenue growth Q +7.86% (above 0%: growing)
Operating income growth Q +70.81% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +7,606.69% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.5×; over the ten years it ranged from 0.2× in 2020 to 0.7× in 2016.
P/S against its own 10 years 81.44%
10-year low 10-year high
P/B against its own 10 years 73.01%
10-year low 10-year high
EV/Sales against its own 10 years 82.84%
10-year low 10-year high
EV/FCF against its own 10 years 54.80%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 120 134 338 343
Receivables 22 25 23 25
Inventory 3 4 4 4
Other 7 8 14 12
153 171 379 384
2023 2024 2025 Q'26
Payables 67 63 73 78
ST’ Debt — — — —
Other 30 34 36 39
111 147 156 157

Compound Annual Growth %

10y 5y 3y
Sales (7.49%) (1.84%) 2.39%
Cash Flow 7.38% (1.87%) (5.77%)
Earnings 0.00% 0.00% 0.00%
Book Value 1.49% (1.51%) (1.97%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY14 Estimate 1.07 Actual 2.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY12 5.10 3.84 Miss by 1.26
Q4 FY12 5.29 3.42 Miss by 1.87
Q1 FY14 1.50 1.71 Beat by 0.21
Q2 FY14 1.07 2.47 Beat by 1.40

EPS $

Mar Jun Sep Dec Year
’26 (55.89) 158.17 — — —
’25 (126.40) 194.57 (20.38) (191.14) (143.86)
’24 79.56 (171.89) 114.77 (36.60) (13.45)
’23 222.28 6.64 (195.55) 154.05 189.49
’22 (0.98) (244.37) 109.13 32.87 (107.43)
’21 223.29 (64.04) (33.74) (13.96) 111.83
’20 (400.37) 121.51 60.07 103.21 (110.05)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 97 109 — — —
’25 95 101 100 100 395
’24 89 91 90 91 362
’23 90 94 91 91 365
’22 85 92 92 98 368
’21 94 91 82 99 366
’20 136 97 102 100 434
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 20 15 — — —
’25 16 42 31 18 107
’24 19 2 11 18 50
’23 20 12 17 24 73
’22 21 13 66 28 128
’21 165 22 24 18 229
’20 50 48 8 11 118
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 14 14 — — —
’25 18 42 28 9 98
’24 15 11 7 15 48
’23 16 14 22 22 74
’22 12 6 61 25 103
’21 161 3 4 7 174
’20 46 45 7 4 101
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 850 840 810 669 434 366 368 365 362 395 406 (8.2%) — — — —
Gross margin, % 21.39 18.16 18.33 20.21 31.58 39.00 41.49 42.53 38.28 37.80 39.13 +16.4 pt
EBT 146 (13) 17 55 (50) 42 (43) 65 (8) (48) (39) n/m
EBT margin, % 17.21 (1.53) 2.07 8.24 (11.58) 11.55 (11.68) 17.75 (2.25) (12.07) (9.58) (29.3) pt
Net income 99 50 19 45 (38) 35 (32) 56 (4) (37) (30) n/m
Per share, $
Per share, $ Revenue 2,318.18 2,280.84 2,326.61 1,940.35 1,256.32 1,153.82 1,235.67 1,259.72 1,296.04 1,516.73 1,607.02 (4.6%)
Earnings 271.22 136.01 55.71 131.64 (110.05) 111.83 (107.43) 189.49 (13.45) (143.86) (109.24) n/m
Cash flow 172.75 70.02 59.40 271.78 340.54 720.98 428.94 251.73 177.74 410.43 333.98 +10.1%
Capex (29.85) (19.09) (36.49) (38.01) (47.18) (171.60) (81.97) 4.21 (5.21) (35.97) (76.65) +2.1%
Free cash flow 142.90 50.92 22.91 233.77 293.36 549.38 346.97 255.94 172.53 374.46 257.33 +11.3%
Book value 1,450.61 1,551.68 1,638.77 1,787.93 1,636.23 1,852.18 1,864.32 2,066.66 2,050.68 2,008.55 2,154.47 +3.7%
Shares, m 0 0 0 0 0 0 0 0 0 0 0 (3.7%)
Valuation, ×
Valuation, × P/E 3.97 2.06 2.02 0.87 0.00 1.28 0.00 0.85 0.00 0.00 0.00 1.1
P/S 0.14 0.12 0.05 0.06 0.09 0.12 0.11 0.13 0.20 0.22 0.21 0.1
P/B 0.22 0.18 0.07 0.06 0.07 0.08 0.07 0.08 0.12 0.17 0.16 0.1
EV/Sales 0.36 0.34 0.25 0.29 0.44 0.50 0.50 0.47 0.55 0.56 0.54 0.4
EV/FCF 5.52 15.20 25.43 2.45 1.88 1.06 1.80 2.32 4.10 2.26 3.38 6.2
Cash, $m
Cash, $m Operating cash flow 63 26 21 94 118 229 128 73 50 107 84 +6.0%
Capex (11) (7) (13) (13) (16) (54) (24) 1 (1) (9) (19) (1.7%)
Free cash flow 52 19 8 81 101 174 103 74 48 98 65 +7.2%
Balance, $m
Balance, $m Working capital 8 (23) (8) 6 (141) 21 16 41 23 223 227 +45.2%
Net debt 191 182 163 158 (7) (21) (15) (34) (33) (26) (25) n/m
Shareholders’ equity 532 571 570 616 565 588 556 599 573 523 544 (0.2%)
Returns, %
Returns, % ROA 9.54 4.64 1.85 4.18 (3.52) 3.71 (3.72) 6.55 (0.44) (3.96) (3.10) (13.5) pt
ROIC 2.73 0.02 (2.01) (1.86) (1.21) 2.75 4.20 4.77 3.77 2.36 0.87 (0.4) pt
ROE 20.23 9.08 3.40 7.65 (6.43) 6.16 (5.60) 9.52 (0.64) (6.84) (5.25) (27.1) pt
People
People Employees 21,519 20,732 18,684 10,906 3,862 2,633 2,559 2,466 2,535 2,359 — (21.8%)
Revenue/emp, $m 0.04 0.04 0.04 0.06 0.11 0.14 0.14 0.15 0.14 0.17 — +17.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Biglari Holdings Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CHA Chagee Holdings Limited - Sponsored ADR $1.5B 12.1× 9.1× +8.20% (above 0%: growing) +620.00% (above 0%: growing) +49.31% (above 0%: growing) 53.99% 15.37% Compare
CBRL Cracker Barrel Old Country Store, Inc. $1.5B 47.5× 36.9× −2.15% (below 0%: shrinking) +83.33% (above 0%: growing) +191.55% (above 0%: growing) 71.25% 1.55% Compare
WEN The Wendy's Company $1.5B 15.6× 15.3× −0.46% (below 0%: shrinking) −65.22% (below 0%: shrinking) −20.35% (below 0%: shrinking) 57.01% 10.20% Compare
ARCO Arcos Dorados Holdings Inc. $1.5B 5.7× 8.5× +14.30% (above 0%: growing) +100.00% (above 0%: growing) +254.29% (above 0%: growing) 11.81% 5.56% Compare
SG Sweetgreen, Inc. $1.4B 105× — (loss-making) +3.81% (above 0%: growing) n/m +19.78% (above 0%: growing) 13.07% (14.23%) Compare
BJRI BJ's Restaurants, Inc. $1.2B 29.9× 28.0× +6.37% (above 0%: growing) −11.00% (below 0%: shrinking) −84.81% (below 0%: shrinking) 74.52% 4.74% Compare
BH Biglari Holdings Inc. $1.0B — (loss-making) 24.0× +7.86% (above 0%: growing) −18.71% (below 0%: shrinking) −66.30% (below 0%: shrinking) 41.26% 12.17%
BLMN Bloomin' Brands, Inc. $896.5M 32.7× 11.5× +1.34% (above 0%: growing) +23.33% (above 0%: growing) +321.24% (above 0%: growing) 39.06% 3.77% Compare
FWRG First Watch Restaurant Group, Inc. $809.9M 39.8× 138× +10.71% (above 0%: growing) +55.20% (above 0%: growing) +2.94% (above 0%: growing) 21.13% 3.16% Compare
Median of peers $1.4B 31.3× 15.3× +5.09% +55.20% +34.55% 46.53% 4.26%

All 55 Restaurants stocks →

Pay and ownership Proxy statement filed 11 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 900.00k 900.00k 244.01
2024 1.35m 1.35m 183.95
2023 8.17m 8.17m 117.72
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Biglari Holdings Inc. (BH) Latest News

31 Aug

Impact 4 · · TheStreet
Impact 3 ·

19 Feb

Impact 3 · · Benzinga

17 Feb

Impact 4 · · decrypt.co

26 Jan

Impact 3 · · Simply Wall St.

23 Jan

Impact 3 · · Benzinga

21 Jan

Impact 4 · · Investor's Business Daily

15 Jan

Impact 3 · · StockStoryStockStoryZacksStockStoryStockStoryStockStoryStockStory

13 Jan

Impact 3 · · The Motley Fool

20 Nov

Impact 3 · · Associated Press Finance

14 Nov

Impact 3 · · Simply Wall St.

7 Nov

Impact 4 · · PR Newswire
Impact 3 · · Associated Press Finance

4 Oct

Impact 4 · · Simply Wall St.

7 Sep

Impact 4 · · Simply Wall St.

1 Sep

Impact 3 ·

27 Aug

Impact 4 · · The Wall Street Journal

14 Aug

Impact 4 · · PR Newswire

10 Aug

Impact 4 ·
Impact 3 ·

8 Aug

Impact 4 ·
Impact 3 ·

11 May

Impact 4 · · Simply Wall St.

9 May

Impact 3 ·
Impact 3 · · PR Newswire

27 Apr

Impact 3 · · Simply Wall St.

31 Mar

Impact 4 ·

4 Mar

Impact 4 · · Simply Wall St.

1 Mar

Impact 3 · · PR Newswire

11 Feb

Impact 4 · · Simply Wall St.
stockrow.com/BH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com