Biglari Holdings Inc. (BH.A) vs Portillo's Inc. (PTLO)

Biglari Holdings Inc. and Portillo's Inc. are both Restaurants companies. Biglari Holdings Inc. is the larger, with a market value of $491.2M against $274.2M — 1.8× the size. Biglari Holdings Inc. has negative trailing earnings, so its P/E is not meaningful; Portillo's Inc. trades at 18.4×. Portillo's Inc. grew revenue faster over the last twelve months: 2.89% against 1.19%. Biglari Holdings Inc. has the higher net margin (5.46% vs 1.85%) and the lower return on invested capital (0.00% vs 2.91%). Across the 19 metrics below, Portillo's Inc. leads on 12 and Biglari Holdings Inc. on 7.

Valuation

Metric BH.A PTLO Restaurants median
P/E n/m 18.42 22.14
P/S 14.34 0.34 0.91
P/B 9.60 0.50 2.01
Price to free cash flow 69.71 n/m 19.41
EV/EBITDA 63.09 7.19 11.48
EV/Sales 14.35 0.63 1.20
Earnings yield (6.33%) 5.43% 2.30%
Free cash flow yield 1.43% (3.62%) 3.92%

Profitability

Metric BH.A PTLO Restaurants median
Gross margin 32.12% 65.31% 38.77%
Operating margin 0.00% 4.55% 4.30%
Net margin 5.46% 1.85% 1.85%
Free cash flow margin 20.57% (1.22%) 3.12%
Return on equity 3.72% 2.78% 3.07%
Return on assets 0.00% 0.87% 1.50%
Return on invested capital 0.00% 2.91% 3.14%

Growth

Metric BH.A PTLO Restaurants median
Revenue growth (TTM) 1.19% 2.89% 5.16%
EPS growth (last fiscal year) (969.59%) (41.30%) —
Revenue growth, 5-year CAGR (15.20%) 9.96% 10.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BH.A PTLO Restaurants median
Debt to equity 0.22 0.47 0.10
Current ratio 1.10 0.26 0.81
Net debt to EBITDA 0.15 3.05 0.43

Dividend

Metric BH.A PTLO Restaurants median
Dividend yield — — 2.32%
Payout ratio 0.00 0.00 0.00

Size

Metric BH.A PTLO Restaurants median
Market cap 491.16m 274.16m 482.66m

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