Biglari Holdings Inc. Class B Common Stock (BH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$222.3	—	—	$90.2M	—
Q4 22	—	-$32.9	—	—	$98.5M	—
Q3 22	—	$109.1	—	—	$92M	—
Q2 22	—	-$244.4	—	—	$92.4M	—
Q1 22	—	-$0.98	—	—	$85.4M	—
Q4 21	—	-$14	—	—	$98.9M	—
Q3 21	—	-$33.7	—	—	$82.1M	—
Q2 21	—	-$64	—	—	$90.8M	—
Q1 21	—	$223.3	—	—	$94.3M	—
Q4 20	—	$108.2	—	—	$99.6M	—
Q3 20	—	$60.1	—	—	$101.8M	—
Q2 20	—	$121.5	—	—	$96.5M	—
Q1 20	—	-$412.9	—	—	$135.7M	—
Q4 19	—	$39.6	—	—	$158.4M	—
Q3 19	—	-$0.05	—	—	$160.2M	—
Q2 19	—	$63.5	—	—	$168.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$28.8	—	—	$395.3M	—
FY24	—	-$2.69	—	—	$362.1M	—
FY23	—	$37.9	—	—	$365.3M	—
FY22	—	-$21.5	—	—	$368.2M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$850.1M	$839.8M	$809.9M	$668.8M	$433.7M	$366.1M	$368.2M	$365.3M	$362.1M	$395.3M
YoY change	-1.32%	-1.21%	-3.56%	-17.4%	-35.2%	-15.6%	+0.58%	-0.79%	-0.88%	+9.15%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	850.1M	839.8M	809.9M	668.8M	433.7M	366.1M	368.2M	365.3M	362.1M	395.3M
Cost of revenue	668.3M	687.3M	661.4M	533.7M	296.7M	223.3M	215.4M	210M	223.5M	245.8M
Gross profit	181.8M	152.5M	148.5M	135.2M	137M	142.8M	152.8M	155.4M	138.6M	149.4M
Gross margin	21.4%	18.2%	18.3%	20.2%	31.6%	39%	41.5%	42.5%	38.3%	37.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	127.3M	129M	127.2M	100.2M	76.4M	76M	70.6M	77M	75.7M	86.8M
Operating expenses	127.3M	129M	127.2M	100.2M	76.4M	76M	70.6M	77M	75.7M	86.8M
Operating income	31.6M	2.1M	1.9M	5.5M	28.4M	36.7M	45.7M	39.4M	23.1M	21.8M
Operating margin	3.72%	0.24%	0.24%	0.82%	6.54%	10%	12.4%	10.8%	6.38%	5.51%
Non-operating income, net	135.6M	5.2M	34.7M	69.9M	-63M	12.7M	-82.9M	31.3M	-25.1M	-55.8M
Pretax income	146.3M	-12.9M	16.8M	55.1M	-50.2M	42.3M	-43M	64.8M	-8.2M	-47.7M
Income tax	46.8M	-63M	-2.6M	9.8M	-12.2M	6.8M	-10.7M	9.3M	-4.4M	-10.2M
Net income	99.5M	50.1M	19.4M	45.4M	-38M	35.5M	-32.3M	55.5M	-3.8M	-37.5M
Net margin	11.7%	5.96%	2.39%	6.78%	-8.76%	9.69%	-8.77%	15.2%	-1.04%	-9.48%
EBITDA	190.1M	30.5M	61.6M	113.2M	17.6M	77.7M	6.2M	97.8M	21.9M	-4.4M
EPS	54.2	27.2	11.1	26.3	-22	22.4	-21.5	37.9	-2.69	-28.8
Diluted EPS	54.2	27.2	11.1	26.3	-22	22.4	-21.5	37.9	-2.69	-28.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	90.9M	90.7M	89.5M	91.1M	90.4M	91.1M	95M	100.6M	99.7M	99.9M	97.5M	108.5M
Cost of revenue	54M	52.1M	54.5M	57.4M	55.5M	56.1M	60.5M	61.3M	60.7M	63.4M	59.1M	63.7M
Gross profit	36.9M	38.6M	35M	33.7M	34.9M	35M	34.5M	39.3M	39.1M	36.5M	38.4M	44.8M
Gross margin	40.6%	42.6%	39.1%	37%	38.6%	38.4%	36.3%	39.1%	39.2%	36.5%	39.4%	41.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.3M	22.4M	18.3M	18.7M	19.5M	19.2M	21.4M	22.9M	20.4M	22.2M	24.9M	26.2M
Operating expenses	18.3M	22.4M	18.3M	18.7M	19.5M	19.2M	21.4M	22.9M	20.4M	22.2M	24.9M	26.2M
Operating income	9M	6.8M	6.6M	5.9M	4.8M	5.7M	2.9M	6.2M	9.1M	3.6M	2.9M	8.4M
Operating margin	9.91%	7.54%	7.42%	6.51%	5.36%	6.25%	3.06%	6.18%	9.12%	3.58%	2.94%	7.74%
Non-operating income, net	-81.5M	45.3M	24.1M	-67.5M	40.1M	-21.9M	-41.9M	61M	-14.3M	-60.7M	-14.7M	50.1M
Pretax income	-74M	50.7M	29.4M	-62.9M	43.3M	-18M	-41.2M	65.1M	-7.6M	-64.1M	-18.9M	51.6M
Income tax	-17.5M	6.1M	6.8M	-14.7M	11.2M	-7.7M	-7.9M	14.2M	-2.3M	-14.2M	-4.4M	11.7M
Net income	-56.5M	44.6M	22.6M	-48.2M	32.1M	-10.3M	-33.3M	50.9M	-5.3M	-49.9M	-14.5M	39.9M
Net margin	-62.1%	49.2%	25.2%	-52.9%	35.5%	-11.3%	-35%	50.6%	-5.3%	-49.9%	-14.9%	36.8%
EBITDA	-71M	60.1M	38.7M	-64.8M	50.7M	-2.7M	-36.4M	75M	2.7M	-45.7M	70K	54.2M
EPS	-39.1	—	15.9	-34.4	22.9	—	-25.3	38.9	-4.08	—	-11.2	31.6
Diluted EPS	-39.1	—	15.9	-34.4	22.9	—	-25.3	38.9	-4.08	—	-11.2	31.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	508.5M	197.7M	197.2M	191.9M	226.2M	206.8M	239.1M	355.2M	433.1M	1.1B
Enterprise value	—	690.4M	356.5M	419.8M	353.8M	222.1M	218.7M	220.4M	371.7M	453.9M	235.3M
Shares outstanding	1.8M	1.8M	1.7M	1.7M	1.7M	1.6M	1.5M	1.4M	1.4M	1.3M	1.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	10.2	10.2	4.35	—	6.37	—	4.31	—	—	143
P/S	—	0.61	0.24	0.29	0.44	0.62	0.56	0.65	0.98	1.1	2.71
P/B	—	0.89	0.35	0.32	0.34	0.38	0.37	0.4	0.62	0.83	0.4
EV/EBITDA	—	22.7	5.78	3.71	20.2	2.86	35.2	2.25	17	-102.6	3.62
EV/Sales	—	0.82	0.44	0.63	0.82	0.61	0.59	0.6	1.03	1.15	0.58
Earnings yield	—	9.85%	9.81%	23%	—	15.7%	—	23.2%	—	—	0.7%
FCF yield	—	3.49%	1.46%	38.5%	50.5%	72.6%	47.4%	20.7%	5.37%	17.7%	2.54%
PEG	—	—	—	—	—	—	—	—	—	—	-7.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21.4%	18.2%	18.3%	20.2%	31.6%	39%	41.5%	42.5%	38.3%	37.8%	41.3%
Operating margin	3.72%	0.24%	0.24%	0.82%	6.54%	10%	12.4%	10.8%	6.38%	5.51%	7.74%
Net margin	11.7%	5.96%	2.39%	6.78%	-8.76%	9.69%	-8.77%	15.2%	-1.04%	-9.48%	-7.33%
ROE	18.7%	8.76%	3.4%	7.36%	-6.73%	6.04%	-5.81%	9.27%	-0.66%	-7.16%	-5.25%
ROA	9.07%	4.71%	1.88%	3.98%	-3.73%	3.96%	-3.9%	6.54%	-0.43%	-3.66%	1.56%
ROIC	2.97%	0.27%	0.26%	0.53%	3.9%	5.28%	8.06%	5.81%	3.92%	4.01%	4.28%
Return on tangible assets	10.3%	5.38%	2.17%	4.52%	-4.4%	4.79%	-4.78%	7.98%	-0.53%	-4.29%	-3.28%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.06	0.83	0.93	1.04	0.51	1.15	1.12	1.37	1.16	2.43	2.45
Quick ratio	1.01	0.78	0.87	1.01	0.5	1.12	1.09	1.35	1.13	2.4	2.42
Debt / equity	0.54	0.46	0.43	0.54	0.5	0.21	0.21	0.17	0.26	0.69	0.66
Debt / assets	0.26	0.25	0.24	0.29	0.28	0.14	0.14	0.12	0.17	0.35	0.34
Net debt / EBITDA	1	5.97	2.58	1.97	9.22	-0.05	1.91	-0.19	0.75	-4.7	1.4
Interest coverage	7.99	0.36	1.84	3.72	-2.23	6.9	-6.3	12.2	-0.33	-2.5	-0.67
Effective tax rate	32%	0%	0%	17.7%	0%	16.1%	0%	14.4%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	463.7	456.2	465.3	388	251.3	230.8	247.1	252	259.2	303.4	1.6K
EPS (basic)	54.2	27.2	11.1	26.3	-22	22.4	-21.5	37.9	-2.69	-28.8	-28.8
EPS (diluted)	54.2	27.2	11.1	26.3	-22	22.4	-21.5	37.9	-2.69	-28.8	-22.4
Book value per share	290.1	310.4	327.7	357.5	327.3	370.5	372.8	413.4	410.2	401.7	866.2
FCF per share	28	9.64	1.66	44.1	56.1	103.5	65.8	34.2	13.6	58.8	16
Cash per share	53.5	44.5	49.9	65.3	69.2	79.1	71.8	82.7	95.7	259.3	538.1
Capex per share	0.59	0.55	1.49	2.66	2.56	6.37	3.57	17	20.9	23.3	10.8

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.13%	0.12%	0.32%	0.68%	1.02%	2.76%	1.44%	6.74%	8.05%	7.68%	8.38%
Capex / operating cash flow	0.66%	18.3%	6.95%	9.06%	-43.1%	16.4%	1.3K%	22.5%	143.8%	28.4%	40.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	20.7%

Yield

20.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$73.2911

ex-dividend Nov 28, 1990

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 28, 1990	$73.2911
Sep 17, 1990	$0.8622
Jun 4, 1990	$0.8622
Feb 26, 1990	$0.8622
Dec 8, 1989	$0.6898
Aug 28, 1989	$0.6898
May 26, 1989	$0.6898
Feb 27, 1989	$0.6898

Split history

Date	Ratio
May 1, 2018	3:2

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$90.9M	$90.7M	$89.5M	$91.1M	$90.4M	$91.1M	$95M	$100.6M	$99.7M	$99.9M	$97.5M	$108.5M
YoY change	-1.19%	-7.92%	-0.8%	-2.56%	-0.58%	+0.5%	+6.24%	+10.4%	+10.3%	+9.61%	+2.57%	+7.86%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	98.1M	81.9M	86.9M	112.6M	119.4M	125.4M	106.9M	119.9M	133.7M	337.8M
Receivables	14.2M	16.3M	15.7M	21.6M	19.2M	28.5M	29.4M	22.2M	25.2M	23.3M
Inventory	6.8M	7.3M	7.5M	4.7M	2.7M	3.8M	3.9M	3M	4M	3.8M
Total current assets	127.8M	112.6M	114.9M	145.4M	147.8M	164.8M	150.7M	152.6M	170.6M	378.5M
Property, plant & equipment	355.8M	346.3M	333.8M	462.4M	413M	243.3M	283.8M	261M	249.9M	237.4M
Goodwill & intangibles	132.1M	133.3M	136.3M	134.8M	155.3M	154M	153.1M	153.5M	150.6M	152.5M
Total assets	1.1B	1.1B	1B	1.1B	1B	894.8M	828.5M	849.4M	866.1M	1B
Accounts payable	34M	40.6M	42M	32.6M	26.5M	36.7M	28.4M	22.4M	28.5M	34.2M
Short-term debt	7.1M	6.7M	5.7M	18.7M	169.6M	16.9M	27M	14.9M	49.4M	47M
Total current liabilities	120M	135.5M	123M	139.8M	288.4M	143.6M	134.9M	111.1M	147.3M	156M
Long-term debt	281.6M	257M	240M	316.5M	111.6M	104.5M	91.8M	86.4M	100.7M	311.6M
Total liabilities	565M	492.3M	459M	523M	453.1M	307.1M	272.9M	250.1M	293.2M	502M
Shareholders' equity	531.9M	571.3M	570.5M	616.3M	564.8M	587.7M	555.6M	599.3M	573M	523.4M
Total debt	288.7M	263.7M	245.7M	335.2M	281.3M	121.4M	118.8M	101.2M	150.2M	358.6M
Net debt	212.9M	205.2M	197.2M	267.4M	256.8M	79M	81.4M	73.2M	119.5M	89.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	118.4M	119.9M	132.3M	120.5M	132.8M	133.7M	135.3M	137.3M	369.2M	337.8M	314.3M	342.7M
Receivables	25.8M	22.2M	24.2M	19.2M	21.4M	25.2M	22.5M	21.1M	21.2M	23.3M	24.9M	25M
Inventory	3.5M	3M	3.6M	3.6M	3.9M	4M	4.2M	4.4M	3.9M	3.8M	3.5M	3.9M
Total current assets	155.3M	152.6M	168.4M	151.2M	165.2M	170.6M	171.5M	174.3M	404.1M	378.5M	356.2M	383.9M
Property, plant & equipment	265.4M	261M	254.7M	258.6M	255.4M	249.9M	242.4M	238.9M	241.4M	237.4M	236.3M	232.2M
Goodwill & intangibles	152.9M	153.5M	153.3M	151.1M	151.7M	150.6M	151.2M	152.5M	152.5M	152.5M	152.2M	152M
Total assets	827.2M	849.4M	885.3M	809.1M	865.1M	866.1M	829.1M	863.6M	1.1B	1B	1B	1.1B
Accounts payable	22.2M	22.4M	21.8M	25.8M	26.3M	28.5M	27.8M	25.5M	27.8M	34.2M	32M	30.4M
Short-term debt	34.2M	14.9M	14.5M	14.5M	14.4M	49.4M	50.1M	34.1M	35.2M	47M	40.9M	40.4M
Total current liabilities	141.6M	111.1M	118.3M	105.8M	112M	147.3M	150.3M	126.1M	143M	156M	144.3M	156.9M
Long-term debt	88.4M	86.4M	91.9M	92.9M	101M	100.7M	102.8M	91.4M	311.9M	311.6M	316.8M	318M
Total liabilities	269.8M	250.1M	266.7M	239.9M	263.4M	293.2M	289.2M	274.3M	499.2M	502M	499.1M	514.8M
Shareholders' equity	557.4M	599.3M	618.6M	569.2M	601.8M	573M	539.8M	589.3M	580.3M	523.4M	519.2M	543.8M
Total debt	122.7M	101.2M	106.4M	107.4M	115.3M	150.2M	152.8M	125.4M	347.2M	358.6M	357.7M	358.4M
Net debt	88.7M	73.2M	71.9M	80.5M	85.5M	119.5M	124.2M	92.7M	74.7M	89.9M	157.6M	290.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	99.5M	50.1M	19.4M	45.4M	-38M	35.5M	-32.3M	55.5M	-3.8M	-37.5M
Depreciation & amortization	22.9M	21.4M	19.3M	29.6M	32.2M	30.1M	36.4M	39M	39.8M	40.8M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	4.5M	-1.7M	713K	14.1M	7.7M	-9.2M	11.9M	8.6M	-7.3M	-3.4M
Operating cash flow	165.4M	5.5M	37.3M	50.5M	-10.2M	61.6M	418K	109.7M	20.3M	107M
Capital expenditure	1.1M	1M	2.6M	4.6M	4.4M	10.1M	5.3M	24.6M	29.1M	-30.4M
Investing cash flow	-16.8M	-3.5M	-46.5M	-92.3M	-108.8M	6M	-106.9M	-42.7M	-56.8M	-86.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-15.7M	-23.4M	-7.8M	-8M	-29.1M	-156.2M	-16.1M	-57.7M	39.5M	196.5M
Net change in cash	132.9M	-21.4M	-17M	-49.8M	-148.1M	-88.5M	-122.6M	9.3M	2.9M	217M
Free cash flow	51.3M	17.7M	2.9M	76M	96.9M	164.2M	98.1M	49.6M	19.1M	76.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-56.5M	44.6M	22.6M	-48.2M	32.1M	-10.3M	-33.3M	50.9M	-5.3M	-49.9M	-14.5M	39.9M
Depreciation & amortization	9.6M	9.3M	10.1M	9.1M	10.6M	10.1M	10.3M	10.3M	9.5M	10.7M	10.7M	10.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	452K	342K	-2.2M	3.5M	-3.7M	-2.7M	1.6M	-1M	-3.1M	6M	-2.5M	267K
Operating cash flow	-69.2M	66.8M	34.3M	-51.1M	47.9M	-8.7M	-30.6M	42.1M	31.2M	17.8M	20.3M	14.9M
Capital expenditure	10.7M	4.2M	920K	20.9M	3.6M	3.7M	9.6M	-2.7M	-8.9M	-11.4M	-7M	-6.7M
Investing cash flow	-21.4M	-3.4M	-6.6M	3.5M	-8.3M	-45.4M	-12.6M	-10.2M	-14.5M	-32.3M	-95.3M	-149.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	2.7M	-39.5M	-1.4M	-7.3M	6.5M	-10.4M	2M	-44.8M	-25.5M	52.7M	6.1M	-3.3M
Net change in cash	-88M	23.9M	26.2M	-55M	46.1M	-64.4M	-41.2M	-12.8M	-8.8M	38.2M	-68.9M	-137.6M
Free cash flow	10.8M	17.8M	14.5M	-10M	3.7M	10.9M	8.5M	39.4M	22.3M	6.4M	13.4M	8.3M

Biglari Holdings Inc. Class B Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement