Biglari Holdings (BH-A) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Biglari Holdings

NYSE•Consumer Cyclical•Restaurants

$1,928.21-14.93(-0.01%)Market closed

Market Cap

$440.66M

P/S

1.1x

P/B

0.8x

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, the company operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM brand names. Further, it involved investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

How this company scores

AverageMetricSide Score: 48/100

Strongest: Balance Sheet & Red Flags (16/25); weakest: Cash & Earnings Quality (8/25).

Profitability11/25

Growth13/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality8/25

Strengths

Long cash runwayLow leverageConsistent free cash flowConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 191.5x5y range 2.3x – 191.5x

Currently above its 10-quarter median.

P/S · 1.1x5y range 0.6x – 1.2x

Currently above its 20-quarter median.

P/B · 0.8x5y range 0.4x – 0.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 69.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.7x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $440.66M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $405.61M
Q. Revenue: $108.52M
TTM EBITDA: $48.30M
TTM Op. Income: $7.25M
Q. Op. Income: $6.27M
TTM Net Income: $-29.75M
Q. Net Income: $39.93M
EPS: $158.17
Shares Out.: $252,420

$405.61M in TTM revenue grew 7.5% YoY, reaching $108.52M last quarter. TTM EBITDA of $48.30M and TTM operating income of $7.25M show growth is flowing through to the bottom line. However, net income is negative at $29.75M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 15.1%
Op. Margin: 5.8%
Net Margin: 36.8%

Op. margin of 5.8% is up 2.1% YoY — cost efficiency is improving. Net margin at 36.8% Over the past year, operating margin is up 58% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.1x
P/B Ratio: 0.8x

P/S of 1.1x and P/B of 0.8x. P/S is low relative to typical market levels. Across the last 3 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.06B
Cash: $68.39M
Long-Term Debt: $210.23M
Book Value: $543.79M
D/E Ratio: 0.4
Debt/EBITDA: 12.8

With $1.06B in assets and $210.23M in long-term debt, D/E is 0.4and book value is $543.79M — a conservative capital structure with a cushion to weather downturns. Across the last 4 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $14.95M
TTM Free Cash Flow: $50.32M
FCF Margin: 12.4%
FCF / Net Income: -1.7

TTM FCF of $50.32M on $14.95M in operating cash flow. The FCF / Net Income ratio of -1.7x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 20% — a weakening trend.