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) Piotroski F-score
Biglari Holdings Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | (6.00) |
| FY2023 | 9 | 3.00 |
| FY2022 | 6 | (1.00) |
| FY2021 | 7 | 3.00 |
| FY2020 | 4 | (3.00) |
| FY2019 | 7 | 0.00 |
| FY2018 | 7 | 4.00 |
| FY2017 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (3.96%) | (0.44%) | Fail | 0 |
| Positive operating cash flow | 106.96m | 49.66m | Pass | 1 |
| Rising return on assets | (3.96%) | (0.44%) | Fail | 0 |
| Cash flow above net income | 144.45m | 53.42m | Pass | 1 |
| Falling long-term leverage | 0.33 | 0.12 | Fail | 0 |
| Rising current ratio | 2.43 | 1.16 | Pass | 1 |
| No new shares issued | 260,600 | 279,400 | Pass | 1 |
| Rising gross margin | 37.80% | 38.28% | Fail | 0 |
| Rising asset turnover | 0.42 | 0.42 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| BLMN Bloomin' Brands, Inc. compare | 7 |
| BJRI BJ's Restaurants, Inc. compare | 7 |
| ARCO Arcos Dorados Holdings Inc. compare | 5 |
| CBRL Cracker Barrel Old Country Store, Inc. compare | 5 |
| WEN The Wendy's Company compare | 4 |
| FWRG First Watch Restaurant Group, Inc. compare | 4 |
| BH Biglari Holdings Inc. | 4 |
| SG Sweetgreen, Inc. compare | 3 |
| CHA Chagee Holdings Limited - Sponsored ADR compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover