# Biglari Holdings Inc. (BH)

> Source: Nexqual · https://nexqual.com/BH · data as of 2026-10-23 14:56 UTC · cite as "Nexqual, Biglari Holdings Inc. (BH), nexqual.com/BH" · informational, not investment advice.

**Price:** USD 390.25 (-1.28% today) · US market open, as of October 23, 2026 at 14:56 UTC; quotes may be delayed. Prev close 395.33 · day 388.1–395.5 · 52w 234.92–483.6 · market cap $1.24B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $406M, net income -$29.7M (-7.3% margin), free cash flow $50.3M (SEC filings).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $14.1M; 0 by opportunistic insiders, 2 by routine insiders.
- Total return with dividends: 1Y +4.7% vs S&P 500 +14.5%; 5Y +134.8% vs S&P 500 +77.2%.
- Next earnings: 2026-11-06, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $366M | $368M | $365M | $362M | $395M | $406M |
| Gross profit | $199M | $228M | $227M | $219M | $234M | — |
| Net income | $35.5M | -$32.0M | $54.9M | -$3.8M | -$37.5M | -$29.7M |
| EPS (diluted) | $111.83 | -$107.43 | $189.49 | -$13.45 | -$143.86 | — |
| Free cash flow | $164M | $98.1M | $49.6M | $19.1M | $76.6M | $50.3M |
| Gross margin | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% | — |
| Net margin | 9.7% | -8.7% | 15.0% | -1.0% | -9.5% | -7.3% |
| Revenue growth | -15.6% | +0.6% | -0.8% | -0.9% | +9.2% | — |
| Cash + short-term investments | $42.3M | $37.5M | $28.1M | $30.7M | $269M | — |
| Total debt | $104M | — | — | $45.0M | $247M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.1x · EV/Sales 3.5x · P/FCF 24.7x · P/B 2.3x · FCF yield 4.05% · Earnings yield -2.39% · Net debt $170M · EV $1.41B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $14.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-04…2026-06-05 | Biglari, Sardar | Chairman and CEO | 2,278 | $659K | 289.2 | Routine (bought in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-12…2026-05-14 | Biglari, Sardar | Chairman and CEO | 52,674 | $13.4M | 255.15 | Routine (bought in Dec each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +4.7% | +134.8% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | +4.7% | +18.6% |
| Volatility (annualized) | 54.0% | 43.2% |
| Max drawdown | -48.0% (Jan 2026→May 2026) | -42.8% (Jan 2026→May 2026) |

## Peers (Restaurants)
WEN (Wendy's Company (The)) USD 6.24 -5.10% · BJRI (BJ's Restaurants, Inc.) USD 56.83 -3.33% · SG (Sweetgreen, Inc.) USD 10 -2.15% · CBRL (Cracker Barrel Old Country Stor) USD 67.14 -0.25% · ARCO (Arcos Dorados Holdings Inc.) USD 7.92 -1.31% · BLMN (Bloomin' Brands, Inc.) USD 9.71 -5.45%

## More
Full page: https://nexqual.com/BH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BH's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Shake | "We believe the franchise partner information is useful to readers, as it has a direct effect on Steak n Shake's profitability." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Restaurant | $74.7M | 68.9% | +3.8% |
| Restaurant | $74.7M | 68.9% | +3.8% |
| Insurance | $19.0M | 17.5% | +1.1% |
| Oil And Gas | $11.3M | 10.4% | +50.2% |
| Brand Licensing | $3.5M | 3.2% | +53.3% |
| Total revenue | $108.5M | 100% | — |
The lines above cover 168.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Restaurant | $74.7M | 68.9% | +3.8% |
| — Product (part of Restaurant) | $45.6M | 42.1% | -2.6% |
| — Franchisor (part of Restaurant) | $23.1M | 21.3% | +14.8% |
| — Royalty (part of Restaurant) | $3.4M | 3.1% | +7.1% |
| — Product & Service Other (part of Restaurant) | $2.6M | 2.4% | +38.0% |
| Insurance Underwriting | $17.7M | 16.3% | +3.1% |
| Oil and gas | $11.3M | 10.4% | +50.2% |
| Investment Income1 | $717,000 | 0.7% | -14.5% |
| Total revenue | $108.5M | 100% | — |
The lines above cover 96.2% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2019-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |