Biglari Holdings-A
BH.A
1,823.62
-17.69
-0.96%
Biglari Holdings-A
US · BH.A
#3148 by market cap
1,823.62
-17.69
-0.96%
Live - 5344 symbols - heartbeat 133s ago
· 2026-10-07 19:54
After-hours
1,823.62
0.00%
- Market cap
- 1.16B
- P/E (TTM)i
- -16.38
- P/Bi
- 2.14
- EPSi
- -143.85
- Div yieldi
- 0.00%
- 52W posi
- 46%
Reader sentiment
Are you bullish or bearish on BH.A?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.91, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +9.15% YoY
Margins
- Gross margin
- 37.80%
- Operating margin
- 5.51%
- Net margin
- -9.48%
Key ratios & quality
- Enterprise valuei
- 1.08B
- Altman Z-Scorei
- 2.91
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 809.89M | 668.84M | 433.68M | 366.11M | 368.23M | 365.32M | 362.11M | 395.26M |
| Gross profit | 148.46M | 135.18M | 136.95M | 142.78M | 152.78M | 155.36M | 138.62M | 149.42M |
| Selling & admin expenses | 127.23M | 100.15M | 76.36M | 76.02M | 70.61M | 77.00M | 75.67M | 86.84M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 1.91M | 5.45M | 28.37M | 36.71M | 45.73M | 39.38M | 23.11M | 21.80M |
| Pretax profit | 16.76M | 55.14M | -50.20M | 42.27M | -43.03M | 64.85M | -8.15M | -47.69M |
| Tax | -2.64M | 9.76M | -12.21M | 6.79M | -10.72M | 9.31M | -4.40M | -10.20M |
| Net profit | 19.39M | 45.38M | -37.99M | 35.48M | -32.31M | 55.54M | -3.76M | -37.49M |
| Basic EPS | 56 | 132 | -110 | 112 | -107 | 190 | -13 | -144 |
| Diluted EPS | 55.70 | 131.65 | -110.05 | 111.85 | -107.45 | 189.50 | -13.45 | -143.85 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 95.04M | 100.62M | 99.74M | 99.87M | 97.48M | 108.52M |
| Gross profit | 34.53M | 39.35M | 39.06M | 36.48M | 38.40M | 44.78M |
| Selling & admin expenses | 21.37M | 22.85M | 20.42M | 22.20M | 24.87M | 26.23M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 2.90M | 6.22M | 9.10M | 3.58M | 2.87M | 8.40M |
| Pretax profit | -41.18M | 65.10M | -7.55M | -64.06M | -18.88M | 51.62M |
| Tax | -7.91M | 14.17M | -2.26M | -14.21M | -4.35M | 11.69M |
| Net profit | -33.28M | 50.93M | -5.29M | -49.85M | -14.53M | 39.93M |
| Basic EPS | -126 | 195 | -20 | -191 | -56 | 158 |
| Diluted EPS | -126.40 | 194.55 | -20.40 | -191.15 | -55.80 | 158.15 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 114.93M | 145.39M | 147.78M | 164.81M | 150.65M | 152.55M | 170.62M | 378.53M |
| Cash & ST investments | 86.88M | 112.63M | 119.36M | 125.41M | 106.93M | 119.95M | 133.68M | 337.83M |
| Inventory | 7.54M | 4.67M | 2.74M | 3.80M | 3.85M | 2.98M | 4.03M | 3.77M |
| Total assets | 1.03B | 1.14B | 1.02B | 894.81M | 828.47M | 849.42M | 866.13M | 1.03B |
| Total current liabilities | 122.99M | 139.82M | 288.45M | 143.64M | 134.90M | 111.10M | 147.32M | 156.00M |
| Short-term debt | 5.72M | 18.74M | 169.63M | 16.90M | 26.98M | 14.86M | 49.45M | 47.02M |
| Long-term debt | 180.26M | 179.05M | -- | -- | -- | -- | 10.00M | 213.92M |
| Total liabilities | 459,038,000.00 | 523,011,000.00 | 453,140,000.00 | 307,111,000.00 | 272,906,000.00 | 250,092,000.00 | 293,172,000.00 | 501,954,000.00 |
| Total equity | 570.46M | 616.30M | 564.83M | 587.70M | 555.57M | 599.33M | 572.96M | 523.43M |
| Retained earnings | 564.16M | 611.04M | 573.05M | 608.53M | 576.51M | 631.46M | 627.70M | 590.21M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 171.53M | 174.28M | 404.15M | 378.53M | 356.21M | 383.92M |
| Cash & ST investments | 135.33M | 137.31M | 369.17M | 337.83M | 314.26M | 342.72M |
| Inventory | 4.23M | 4.37M | 3.93M | 3.77M | 3.52M | 3.88M |
| Total assets | 829.06M | 863.58M | 1.08B | 1.03B | 1.02B | 1.06B |
| Total current liabilities | 150.31M | 126.09M | 142.96M | 156.00M | 144.32M | 156.88M |
| Short-term debt | 50.07M | 34.05M | 35.25M | 47.02M | 40.87M | 40.41M |
| Long-term debt | 13.40M | -- | 214.91M | 213.92M | 211.68M | 210.23M |
| Total liabilities | 289,224,000.00 | 274,293,000.00 | 499,219,000.00 | 501,954,000.00 | 499,137,000.00 | 514,796,000.00 |
| Total equity | 539.84M | 589.29M | 580.28M | 523.43M | 519.16M | 543.79M |
| Retained earnings | 594.42M | 645.36M | 640.06M | 590.21M | 575.68M | 615.61M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.68M | 93.68M | 117.56M | 228.77M | 127.83M | 73.00M | 49.66M | 106.96M |
| Depreciation & amortization | 19.32M | 29.58M | 32.22M | 30.05M | 36.44M | 38.98M | 39.84M | 40.78M |
| Free cash flow | 2.88M | 76.00M | 96.85M | 164.22M | 98.08M | 49.60M | 19.07M | 76.61M |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 55.01M | 70.70M | 29.67M | 43.69M | 38.81M | 29.65M | 31.43M | 269.49M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 15.80M | 42.15M | 31.25M | 17.77M | 20.33M | 14.95M |
| Depreciation & amortization | 10.26M | 10.27M | 9.55M | 10.71M | 10.66M | 10.15M |
| Free cash flow | 8.50M | 39.44M | 22.30M | 6.37M | 13.37M | 8.28M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 0 | 0 | -- | -- | 14.92M | 0 |
| Ending cash balance | 29.38M | 33.48M | 273.20M | 269.49M | 200.79M | 69.11M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 3.40 | 7.65 | -6.43 | 6.16 | -5.64 | 9.59 | -0.64 | -6.84 |
| ROA %i | 1.85 | 4.18 | -3.52 | 3.71 | -3.72 | 6.55 | -0.44 | -3.96 |
| ROIC %i | 4.11 | 7.02 | -2.92 | 5.34 | -4.01 | 8.77 | 0.11 | -3.33 |
| 5-year avg ROE %i | -- | 7.53 | 6.78 | 3.97 | 1.03 | 2.26 | 0.61 | 0.52 |
| EBIT margin %i | 4.52 | 11.27 | -7.99 | 13.50 | -10.08 | 19.34 | -0.56 | -8.61 |
| FCF / sales %i | 0.36 | 11.36 | 22.33 | 44.86 | 26.64 | 13.58 | 5.27 | 19.38 |
| Current ratioi | 0.93 | 1.04 | 0.51 | 1.15 | 1.12 | 1.37 | 1.16 | 2.43 |
| Quick ratioi | 0.83 | 0.96 | 0.48 | 1.07 | 1.01 | 1.28 | 1.08 | 2.31 |
| Debt / assetsi | 23.87 | 29.42 | 27.63 | 13.56 | 14.34 | 11.92 | 17.34 | 34.98 |
| LT debt / equityi | 42.07 | 51.35 | 19.77 | 17.78 | 16.79 | 14.41 | 17.58 | 59.53 |
| Interest coveragei | 1.84 | 3.72 | -2.23 | 6.90 | -6.30 | 12.19 | -0.33 | -2.50 |
| Revenue CAGR (3Y) %i | -2.04 | -7.68 | -19.77 | -23.25 | -18.04 | -5.56 | -0.36 | 2.39 |
| Net income CAGR (3Y) %i | -- | -23.01 | -- | 22.31 | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -58.87 | 13.99 | 76.06 | 284.81 | 8.87 | -20.00 | -51.22 | -7.91 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -10.29 | 6.82 | 0.35 | -6.84 | -3.54 | -5.25 |
| ROA %i | -6.95 | 4.72 | 0.22 | -3.96 | -2.03 | -3.10 |
| ROIC %i | -7.66 | 6.57 | 1.07 | -3.33 | -0.66 | -1.48 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -19.49 | 15.12 | 1.78 | -8.61 | -1.75 | -3.85 |
| FCF / sales %i | 3.54 | 16.58 | 20.99 | 19.38 | 20.49 | 12.41 |
| Current ratioi | 1.14 | 1.38 | 2.83 | 2.43 | 2.47 | 2.45 |
| Quick ratioi | 1.05 | 1.26 | 2.73 | 2.31 | 2.35 | 2.34 |
| Debt / assetsi | 18.43 | 14.53 | 32.16 | 34.98 | 35.13 | 33.86 |
| LT debt / equityi | 19.04 | 15.51 | 53.75 | 59.53 | 61.03 | 58.49 |
| Interest coveragei | -10.17 | 7.36 | 0.81 | -2.50 | -0.38 | -0.67 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Steak n Shake is the largest reported line at 66.44% of revenue, across 9 reported segments.
- First Guard follows at 8.47%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Steak n Shake66.44%
First Guard8.47%
Southern Pioneer7.83%
Abraxas Petroleum6.72%
Southern Oil3.65%
Maxim3.23%
Western Sizzlin2.42%
Investment income0.66%
Other0.57%
Quote time 2026-10-07 19:54:59 · For reference only, not investment advice and not tailored to your situation.