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. In the quarter to June 2026, revenue grew 7.86%, EPS fell 18.7%, free cash flow fell 66.3% and total debt rose 248.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Biglari Holdings Inc. (BH) Altman Z-score
Biglari Holdings Inc.'s Altman Z-score for fiscal 2025 is 1.66, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.66 | (0.10) |
| FY2024 | 1.76 | (0.08) |
| FY2023 | 1.83 | 0.13 |
| FY2022 | 1.70 | 0.10 |
| FY2021 | 1.60 | 0.48 |
| FY2020 | 1.11 | (0.27) |
| FY2019 | 1.38 | (0.20) |
| FY2018 | 1.58 | (0.05) |
| FY2017 | 1.63 | (0.03) |
| FY2016 | 1.66 | (0.25) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | 0.58 | — | 0.81 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 0.17 | — | 0.10 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | 1.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.61 | ||
Z and Z″ put Biglari Holdings Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CHA Chagee Holdings Limited - Sponsored ADR compare | 4.7× |
| BJRI BJ's Restaurants, Inc. compare | 2.6× |
| CBRL Cracker Barrel Old Country Store, Inc. compare | 2.3× |
| ARCO Arcos Dorados Holdings Inc. compare | 2.1× |
| BH Biglari Holdings Inc. | 1.7× |
| FWRG First Watch Restaurant Group, Inc. compare | 1.1× |
| WEN The Wendy's Company compare | 1.1× |
| BLMN Bloomin' Brands, Inc. compare | 0.8× |
| SG Sweetgreen, Inc. compare | −0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets