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Biglari Holdings Inc. (BH) vs First Watch Restaurant Group, Inc. (FWRG)

Biglari Holdings Inc. and First Watch Restaurant Group, Inc. are both Restaurants companies. Biglari Holdings Inc. is the larger, with a market value of $1.3B against $762.8M — 1.7× the size. Biglari Holdings Inc. has negative trailing earnings, so its P/E is not meaningful; First Watch Restaurant Group, Inc. trades at 40.4×. First Watch Restaurant Group, Inc. grew revenue faster over the last twelve months: 19.3% against 7.54%. First Watch Restaurant Group, Inc. has the higher net margin (1.35% vs −7.33%) and the higher return on invested capital (1.95% vs 0.87%). Across the 19 metrics below, Biglari Holdings Inc. leads on 10 and First Watch Restaurant Group, Inc. on 9.

Valuation

Metric BH FWRG Restaurants median
P/E n/m 40.40 24.26
P/S 0.27 0.57 0.92
P/B 0.20 1.18 2.01
Price to free cash flow 1.68 n/m 20.49
EV/EBITDA 3.41 9.07 11.76
EV/Sales 0.60 0.77 1.24
Earnings yield (25.27%) 2.48% 2.07%
Free cash flow yield 59.52% (2.92%) 3.58%

Profitability

Metric BH FWRG Restaurants median
Gross margin 39.13% 20.63% 38.77%
Operating margin 7.52% 2.14% 4.30%
Net margin (7.33%) 1.35% 1.85%
Free cash flow margin 16.01% (1.66%) 3.12%
Return on equity (5.25%) 2.88% 3.72%
Return on assets (3.10%) 1.02% 1.50%
Return on invested capital 0.87% 1.95% 3.14%

Growth

Metric BH FWRG Restaurants median
Revenue growth (TTM) 7.54% 19.27% 5.66%
EPS growth (last fiscal year) (969.59%) 3.33% (7.75%)
Revenue growth, 5-year CAGR (1.84%) 28.99% 10.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BH FWRG Restaurants median
Debt to equity 0.58 0.46 0.10
Current ratio 2.45 0.27 0.77
Net debt to EBITDA (0.36) 2.53 0.43

Dividend

Metric BH FWRG Restaurants median
Dividend yield — — 1.97%
Payout ratio — — 0.42

Size

Metric BH FWRG Restaurants median
Market cap 1.33b 762.77m 493.91m

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