Saturday 17 October 2026 Export BH’s income statement to Excel — free account

Biglari Holdings Inc.

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.

432.37 7.20 +1.69%

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Market cap: $1.3B
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 22.38

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	4	—	—	4	—	1	1	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 1,330.00

Revenue 405.61

Net Income (29.75)

Free Cash Flow 64.95

Net Debt (24.67)

Current Ratio 2.45

Debt/Equity 0.58

P/E ratio 0.00

Fwd P/E 24.00

P/S ratio 0.27

P/B ratio 0.20

Past 5Y EPS Growth —

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth 7,606.69%

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 90.20%

10-year low 10-year high

P/B against its own 10 years 87.95%

10-year low 10-year high

EV/Sales against its own 10 years 88.79%

10-year low 10-year high

EV/FCF against its own 10 years 58.81%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	214.00	193.37	111.00	80.90	37.85	106.00	110.56	137.01	145.95	195.05	Analyst estimates 2026–2028 Powerpack
	High	327.83	326.67	295.87	165.65	135.00	188.50	167.39	218.50	271.35	381.83
People
People	Employees	21,519	20,732	18,684	10,906	3,862	2,633	2,559	2,466	2,535	2,359
	Revenue/emp, $m	0.04	0.04	0.04	0.06	0.11	0.14	0.14	0.15	0.14	0.17
Income, $m
Income, $m	Revenue	850	840	810	669	434	366	368	365	362	395
	Gross margin, %	21.39	18.16	18.33	20.21	31.58	39.00	41.49	42.53	38.28	37.80
	EBT	146	(13)	17	55	(50)	42	(43)	65	(8)	(48)
	EBT margin, %	17.21	(1.53)	2.07	8.24	(11.58)	11.55	(11.68)	17.75	(2.25)	(12.07)
	Net income	99	50	19	45	(38)	35	(32)	56	(4)	(37)
	Depreciation	23	21	19	30	32	30	36	39	40	41
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
	Earnings	271.22	136.01	55.71	131.64	(110.05)	111.83	(107.43)	189.49	(13.45)	(143.86)
	Cash flow	172.75	70.02	59.40	271.78	340.54	720.98	428.94	251.73	177.74	410.43
	Capex	(29.85)	(19.09)	(36.49)	(38.01)	(47.18)	(171.60)	(81.97)	4.21	(5.21)	(35.97)
	Free cash flow	142.90	50.92	22.91	233.77	293.36	549.38	346.97	255.94	172.53	374.46
	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
	Shares, m	0	0	0	0	0	0	0	0	0	0
Valuation, ×
Valuation, ×	P/E	3.97	2.06	2.02	0.87	0.00	1.28	0.00	0.85	0.00	0.00
	P/S	0.14	0.12	0.05	0.06	0.09	0.12	0.11	0.13	0.20	0.22
	P/B	0.22	0.18	0.07	0.06	0.07	0.08	0.07	0.08	0.12	0.17
	EV/Sales	0.36	0.34	0.25	0.29	0.44	0.50	0.50	0.47	0.55	0.56
	EV/FCF	5.52	15.20	25.43	2.45	1.88	1.06	1.80	2.32	4.10	2.26
Cash, $m
Cash, $m	Operating cash flow	63	26	21	94	118	229	128	73	50	107
	Capex	(11)	(7)	(13)	(13)	(16)	(54)	(24)	1	(1)	(9)
	Free cash flow	52	19	8	81	101	174	103	74	48	98
Balance, $m
Balance, $m	Working capital	8	(23)	(8)	6	(141)	21	16	41	23	223
	Total debt	289	264	246	270	112	104	92	86	101	312
	Net debt	191	182	163	158	(7)	(21)	(15)	(34)	(33)	(26)
	Shareholders’ equity	532	571	570	616	565	588	556	599	573	523
Returns, %
Returns, %	ROA	9.54	4.64	1.85	4.18	(3.52)	3.71	(3.72)	6.55	(0.44)	(3.96)
	ROIC	2.73	0.02	(2.01)	(1.86)	(1.21)	2.75	4.20	4.77	3.77	2.36
	ROE	20.23	9.08	3.40	7.65	(6.43)	6.16	(5.60)	9.52	(0.64)	(6.84)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ARCO Arcos Dorados Holdings Inc.	$1.7B	6.5×	10.7×	+14.30% (above 0%: growing)	+100.00% (above 0%: growing)	+254.29% (above 0%: growing)	11.81%	5.56%	Compare
CHA Chagee Holdings Limited - Sponsored ADR	$1.6B	12.2×	8.9×	+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	48.2×	84.6×	−2.15% (below 0%: shrinking)	+83.33% (above 0%: growing)	+191.55% (above 0%: growing)	71.25%	1.55%	Compare
BH Biglari Holdings Inc.	$1.3B	— (loss-making)	24.0×	+7.86% (above 0%: growing)	−18.71% (below 0%: shrinking)	−66.30% (below 0%: shrinking)	41.26%	12.17%
BJRI BJ's Restaurants, Inc.	$1.3B	30.6×	20.0×	+6.37% (above 0%: growing)	−11.00% (below 0%: shrinking)	−84.81% (below 0%: shrinking)	74.52%	4.74%	Compare
WEN The Wendy's Company	$1.3B	10.2×	11.6×	+1.72% (above 0%: growing)	−41.38% (below 0%: shrinking)	+152.25% (above 0%: growing)	59.72%	13.90%	Compare
SG Sweetgreen, Inc.	$1.3B	91.3×	— (loss-making)	+3.81% (above 0%: growing)	n/m	+19.78% (above 0%: growing)	13.07%	(14.23%)	Compare
BLMN Bloomin' Brands, Inc.	$850.2M	31.1×	8.6×	+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.	$762.8M	40.4×	67.6×	+15.20% (above 0%: growing)	+33.33% (above 0%: growing)	−580.44% (below 0%: shrinking)	20.43%	2.29%	Compare
Median of peers	$1.3B	30.9×	11.6×	+5.09%	+33.33%	+100.78%	46.53%	4.26%

All 56 Restaurants stocks →

Biglari Holdings Inc. (BH) key facts

Strength: Biglari Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $395.3 million, up 9.15% from fiscal 2024.
Biglari Holdings Inc. (BH) is a Restaurants company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 16, 2026, BH traded at $432.37, a market capitalization of $1.3 billion.
Return on equity was −6.84% and debt-to-equity 0.58.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.66 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.