Biglari Holdings Inc (BH)
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Biglari Holdings looks like a miniature Berkshire: restaurants, insurance, oil, an owner-operator who allocates capital centrally. But the mandatory filings to the U.S. securities regulator, the SEC, tell a different story. The operating businesses — Steak 'n Shake, First Guard, Southern Oil, Maxim — contributed $14.2 million to earnings in 2025; the bottom line was still a $37.5 million loss, because the in-house investment partnerships (Lion Fund) lost $52.0 million. Those funds hold the company's own stock, carried as treasury even though it is legally outstanding — and Chairman Sardar Biglari controls roughly 73.1 percent of the vote while owning 0.1 share directly. On Reddit the stock shows up with 6 mentions in 24 hours (ApeWisdom, as of July 23, 2026). Not investment advice — just a sober look at who owns the company, who makes the loss, and who sits at the register.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralBiglari Holdings ist eine Beteiligungsholding (Restaurants Steak ’n Shake/Western Sizzlin, Versicherung First Guard/Southern Pioneer/Biglari Reinsurance, Öl & Gas Southern Oil/Abraxas, Markenlizenz Maxim, Investmentpartnerschaften Lion Fund I+II). In den geprüften Berichten (2×10-K, 4×10-Q) kommt „artificial intelligence“ kein einziges Mal vor — weder als Umsatzquelle noch als konkretes Geschäftsrisiko für das eigene Modell; damit besteht kein belastbarer KI-Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-02 · 10-K 2025-03-03 · 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09
Rated on July 23, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -15.53 | -2,589.20 | 91 | -2.60 | -52.90 | 2 | -10 |
| 2024: Q3 | 10.35 | 105.30 | 90 | -0.60 | 35.50 | 11 | 4 |
| 2024: Q4 | -3.31 | -123.00 | 91 | 0.50 | -11.30 | 18 | 11 |
| 2025: Q1 | -10.72 | -247.40 | 95 | 6.20 | -35.00 | 16 | 9 |
| 2025: Q2 | 16.41 | 205.70 | 101 | 10.40 | 50.60 | 42 | 39 |
| 2025: Q3 | -20.38 | -296.90 | 100 | 10.30 | -5.30 | 31 | 22 |
| 2025: Q4 | -16.07 | -385.30 | 100 | 9.60 | -49.90 | 18 | 6 |
| 2026: Q1 | -55.89 | -421.20 | 98 | 2.60 | -14.90 | 20 | 13 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The operating businesses are profitable — every year: in 2025 restaurants (+$16.4 million), insurers (+$10.5 million, with float) and oil and gas (+$10.9 million) contributed a combined $14.2 million to earnings (2024: $24.1 million, 2023: $39.2 million), and operating revenue rose 9.2 percent to $395.3 million. A diversified, real business under the holding roof.
Net income is a roller coaster (between +$55.5 and −$38.0 million from 2019 to 2025), driven by the investment partnerships, not the business: in 2025 the funds cost $52.0 million and turned an operating gain into a $37.5 million net loss. Whoever invests is also betting on Sardar Biglari's stock picking.
Roughly 73.1 percent of the vote sits with one person who owns 0.1 Class A share directly (proxy 2026); more than half of the economic shares sit in the in-house funds and are carried as treasury even though legally outstanding. Minority shareholders effectively have no say, and the chairman is practically irremovable.
Two 25 percent layers (fund incentive reallocation plus the Incentive Agreement on operating book-value growth), each over a 6 percent hurdle and high-water mark. Strictly designed, but the upside is shared while the price losses of the same capital fall fully on the minority shareholder.
A solid balance sheet with $268.8 million in cash (from $30.7 million) and $1,025.4 million in total assets; the stock trades roughly at its look-through book value (~$2,000 per Class A-equivalent, anchor price of the company's own early-2026 placement ~$2,106). But equity has fallen since 2019 ($616.3 → $523.4 million), and the stock is thin.
Biglari Holdings is the doppelgänger trap in pure form: from the outside a miniature Berkshire with restaurants, insurance float and an owner-operator capital allocator — but in the notes a structure in which profitable businesses each year (2025: +$14.2 million) are overlaid by the valuation swings of the in-house funds (2025: −$52.0 million, net loss $37.5 million). Those funds hold the company's own stock, through which Sardar Biglari controls roughly 73.1 percent of the vote with 0.1 share held directly and collects 25 percent of the upside on two levels. Whoever invests buys good businesses at book value — and a captain no annual meeting will ever remove. Not investment advice.
- Biglari Holdings landed on the research list via the Reddit hype scanner (6 mentions in 24 hours, ApeWisdom, as of July 23, 2026). The stock is not a typical momentum or value scanner hit but an owner-run special situation with two share classes and very thin trading volume — classic metrics (P/E, P/S) mislead here.
- Net income is dominated by the investment partnerships (Lion Fund), whose fair value ($772.6 million as of December 31, 2025) swings with the market; the company itself warns of "significant volatility in our periodic earnings." The operating segment contributions show the actual business one level below.
- Valuation figures are dated and evergreen: book value per Class A-equivalent share about $2,000, anchor price of the company's own early-2026 share placement about $2,106 (Class A) and $413 (Class B); analyses are evergreen, daily prices are not a buy argument. Not to be confused: the two classes BH (Class B) and BH-A (Class A) are economically linked 1:5.
About the Company
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.
| Employees | 2,359 |
|---|---|
| Headquarters | San Antonio, TX |
| Website | biglariholdings.com |
| IPO Date | 25. Feb 1992 |
| Next Earnings | 14. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Sardar Biglari C.F.A. | Chairman & CEO | 1978 |
| Bruce W. Lewis | Controller | 1965 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.