NYSE : BH.A
Biglari Holdings Inc. — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 1906.49 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.21B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Biglari Holdings Inc. (BH.A) reported revenue of 405.61M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 329.35M | 318.80M | 289.42M | 298.05M | 303.69M | 307.50M |
| Other Revenue | 76.26M | 76.46M | 72.69M | 67.27M | 64.54M | 58.61M |
| Revenue | 405.61M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M |
| Cost of Revenue | 186.99M | 182.91M | 162.12M | 157.19M | 160.80M | 180.24M |
| Gross Profit | 158.72M | 149.41M | 138.62M | 155.36M | 152.78M | 142.78M |
| Selling, General & Admin | 93.72M | 86.84M | 75.67M | 77.00M | 70.61M | 76.02M |
| Operating Expenses | 134.78M | 127.62M | 115.51M | 115.98M | 107.05M | 106.07M |
| Operating Income | 23.94M | 21.80M | 23.11M | 39.38M | 45.73M | 36.71M |
| Interest Expense | -23.26M | -13.64M | -6.13M | -5.79M | -5.89M | -7.16M |
| Interest & Investment Income | 528.00K | 528.00K | 335.00K | 2.21M | 6.40M | |
| EBT Excluding Unusual Items | 1.21M | 8.68M | 17.31M | 35.79M | 39.84M | 35.95M |
| Gain (Loss) on Sale of Investments | -46.65M | -67.00M | -41.06M | 19.44M | -79.35M | 10.95M |
| Gain (Loss) on Sale of Assets | 6.56M | 11.88M | 16.70M | 13.56M | ||
| Asset Writedown | -1.25M | -1.11M | -3.95M | -3.52M | -4.63M | |
| Pretax Income | -38.87M | -47.69M | -8.15M | 64.85M | -43.03M | 42.27M |
| Income Tax Expense | -9.12M | -10.20M | -4.39M | 9.31M | -10.72M | 6.79M |
| Earnings From Continuing Operations | -29.75M | -37.49M | -3.76M | 55.54M | -32.30M | 35.48M |
| Minority Interest in Earnings | -591.00K | 287.00K | ||||
| Net Income | -29.75M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
| Net Income to Common | -29.75M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
| Shares Outstanding (Basic) | 256.58K | 260.59K | 279.38K | 289.99K | 298.03K | 317.25K |
| Shares Outstanding (Diluted) | 256.58K | 260.59K | 279.38K | 289.99K | 298.03K | 317.25K |
| EPS (Basic) | -115.94 | -143.86 | -13.45 | 189.49 | -107.43 | 111.83 |
| EPS (Diluted) | -115.94 | -143.86 | -13.45 | 189.49 | -107.43 | 111.83 |
| Free Cash Flow | 50.32M | 76.61M | 19.07M | 49.60M | 98.08M | 164.22M |
| Free Cash Flow Per Share | 196.10 | 293.98 | 68.24 | 171.03 | 329.09 | 517.63 |
| Gross Margin | 39.13% | 37.80% | 38.28% | 42.53% | 41.49% | 39.00% |
| Operating Margin | 5.90% | 5.51% | 6.38% | 10.78% | 12.42% | 10.03% |
| Profit Margin | -7.33% | -9.48% | -1.04% | 15.04% | -8.70% | 9.69% |
| Free Cash Flow Margin | 12.40% | 19.38% | 5.27% | 13.58% | 26.63% | 44.86% |
| EBITDA | 65.00M | 62.58M | 62.95M | 78.35M | 82.17M | 66.76M |
| EBITDA Margin | 16.02% | 15.83% | 17.38% | 21.45% | 22.32% | 18.23% |
| D&A For EBITDA | 41.06M | 40.78M | 39.84M | 38.98M | 36.44M | 30.05M |
| EBIT | 23.94M | 21.80M | 23.11M | 39.38M | 45.73M | 36.71M |
| EBIT Margin | 5.90% | 5.51% | 6.38% | 10.78% | 12.42% | 10.03% |
| Effective Tax Rate | 14.35% | 16.06% | ||||
| Revenue as Reported | 405.61M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 68.39M | 268.78M | 30.71M | 28.07M | 37.47M | 42.35M |
| Short-Term Investments | 274.32M | 69.05M | 102.97M | 91.88M | 69.47M | 83.06M |
| Cash & Short-Term Investments | 342.71M | 337.83M | 133.68M | 119.94M | 106.93M | 125.41M |
| Accounts Receivable | 24.99M | 23.28M | 25.18M | 22.24M | 29.38M | 28.51M |
| Other Receivables | 1.04M | 1.14M | 1.02M | 1.45M | 3.22M | |
| Receivables | 24.99M | 24.33M | 26.32M | 23.26M | 30.83M | 31.73M |
| Inventory | 3.88M | 3.77M | 4.03M | 2.98M | 3.85M | 3.80M |
| Prepaid Expenses | 8.63M | 5.11M | 5.59M | 4.34M | 3.87M | |
| Other Current Assets | 12.33M | 3.96M | 1.48M | 773.00K | 4.70M | |
| Total Current Assets | 383.92M | 378.53M | 170.62M | 152.55M | 150.65M | 164.81M |
| Property, Plant & Equipment | 409.71M | 406.66M | 410.17M | 412.71M | 435.46M | 391.89M |
| Long-Term Investments | 178.70M | 154.28M | 201.73M | 199.10M | 155.79M | 250.40M |
| Goodwill | 52.55M | 52.57M | 52.50M | 53.53M | 53.51M | 53.55M |
| Other Intangible Assets | 23.46M | 23.67M | 22.82M | 23.23M | 23.04M | 23.46M |
| Other Long-Term Assets | 10.24M | 9.68M | 8.31M | 8.30M | 10.01M | 10.70M |
| Total Assets | 1.06B | 1.03B | 866.13M | 849.42M | 828.47M | 894.81M |
| Accounts Payable | 30.36M | 34.17M | 28.54M | 22.45M | 28.43M | 36.68M |
| Accrued Expenses | 16.18M | 12.68M | 11.62M | 19.57M | 14.29M | 27.51M |
| Current Portion of Long-Term Debt | 28.27M | 33.07M | 35.00M | 10.00M | ||
| Current Portion of Leases | 12.14M | 13.95M | 14.45M | 14.86M | 16.98M | 16.90M |
| Current Income Taxes Payable | 15.02M | 10.08M | 8.13M | 11.05M | 14.90M | 11.39M |
| Current Unearned Revenue | 28.02M | 27.20M | 27.61M | 26.74M | 28.97M | 37.59M |
| Other Current Liabilities | 26.89M | 24.85M | 21.96M | 16.44M | 21.33M | 13.56M |
| Total Current Liabilities | 156.88M | 156.00M | 147.32M | 111.10M | 134.90M | 143.64M |
| Long-Term Debt | 210.23M | 213.92M | 10.00M | |||
| Long-Term Leases | 107.81M | 97.70M | 90.74M | 86.39M | 91.84M | 104.48M |
| Long-Term Deferred Tax Liabilities | 23.20M | 18.03M | 29.39M | 37.94M | 31.34M | 46.53M |
| Other Long-Term Liabilities | 16.68M | 16.31M | 15.72M | 14.66M | 14.82M | 12.46M |
| Total Liabilities | 514.80M | 501.95M | 293.17M | 250.09M | 272.91M | 307.11M |
| Common Stock | 1.15M | 1.14M | 1.14M | 1.14M | 1.14M | 1.14M |
| Additional Paid-In Capital | 400.50M | 385.59M | 385.59M | 385.59M | 381.79M | 381.79M |
| Retained Earnings | 615.61M | 590.21M | 627.70M | 631.46M | 576.51M | 608.53M |
| Treasury Stock | -471.83M | -452.16M | -438.60M | -416.34M | -409.68M | -401.85M |
| Comprehensive Income & Other | -1.64M | -1.35M | -2.87M | -2.52M | -2.79M | -1.91M |
| Total Common Equity | 543.79M | 523.43M | 572.96M | 599.33M | 546.97M | 587.70M |
| Minority Interest | 8.60M | |||||
| Shareholders' Equity | 543.79M | 523.43M | 572.96M | 599.33M | 555.57M | 587.70M |
| Total Liabilities & Equity | 1.06B | 1.03B | 866.13M | 849.42M | 828.47M | 894.81M |
| Total Debt | 358.45M | 358.64M | 150.19M | 101.24M | 118.83M | 121.38M |
| Net Cash (Debt) | -15.73M | -20.80M | -16.50M | 18.70M | -11.89M | 4.03M |
| Net Cash Per Share | -61.32 | -79.84 | -59.07 | 64.49 | -39.90 | 12.71 |
| Filing Date Shares Outstanding | 636.90K | 627.80K | 620.59K | 620.59K | 620.59K | 620.59K |
| Total Common Shares Outstanding | 627.80K | 620.59K | 620.59K | 620.59K | 620.59K | 620.59K |
| Working Capital | 227.04M | 222.53M | 23.30M | 41.45M | 15.76M | 21.17M |
| Book Value Per Share | 866.17 | 843.43 | 923.25 | 965.74 | 881.36 | 946.99 |
| Tangible Book Value | 467.77M | 447.19M | 497.64M | 522.57M | 470.42M | 510.69M |
| Tangible Book Value Per Share | 745.10 | 720.58 | 801.89 | 842.05 | 758.01 | 822.90 |
| Land | 134.90M | 133.52M | 134.74M | 139.90M | 143.31M | 144.60M |
| Buildings | 177.50M | 169.31M | 160.28M | 151.72M | 151.63M | 148.60M |
| Machinery | 211.88M | 213.40M | 213.80M | 212.42M | 222.66M | 224.58M |
| Construction In Progress | 2.13M | 2.19M | 672.00K | 1.63M | 2.24M | 2.81M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -29.75M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M |
| Depreciation & Amortization | 41.06M | 40.78M | 39.84M | 38.98M | 36.44M | 30.05M |
| Loss (Gain) From Sale of Assets | -9.46M | -15.62M | -22.80M | -21.24M | -1.58M | -25.00K |
| Asset Writedown & Restructuring Costs | 528.00K | 1.25M | 1.11M | 3.95M | 3.52M | 4.63M |
| Loss (Gain) From Sale of Investments | 46.12M | 66.47M | 40.72M | -21.65M | 79.35M | -17.17M |
| Loss (Gain) on Equity Investments | 34.02M | 56.00M | 10.00M | 14.50M | 70.70M | 180.17M |
| Other Operating Activities | -17.30M | -11.24M | -8.49M | 7.16M | -15.87M | 5.41M |
| Change in Accounts Receivable | 691.00K | 3.46M | -5.24M | 5.78M | 3.34M | -9.32M |
| Change in Accounts Payable | 25.20M | 10.16M | 368.00K | -12.23M | -24.58M | -592.00K |
| Change in Other Net Operating Assets | -6.81M | -6.81M | -2.09M | 2.81M | 8.52M | 136.00K |
| Operating Cash Flow | 84.30M | 106.96M | 49.66M | 73.00M | 127.83M | 228.77M |
| Capital Expenditures | -33.98M | -30.35M | -30.59M | -23.41M | -29.75M | -64.55M |
| Sale of Property, Plant & Equipment | 14.63M | 20.98M | 29.14M | 24.63M | 5.32M | 10.10M |
| Cash Acquisitions | -5.39M | -58.27M | ||||
| Investment in Securities | -257.33M | -56.10M | -85.93M | -61.91M | -53.90M | -4.08M |
| Investing Cash Flow | -276.68M | -65.47M | -87.39M | -66.08M | -136.60M | -58.52M |
| Long-Term Debt Issued | 278.25M | 61.05M | 31.60M | 30.00M | ||
| Long-Term Debt Repaid | -79.85M | -21.57M | -47.73M | -26.14M | -156.16M | |
| Total Debt Repaid | -37.15M | -79.85M | -21.57M | -47.73M | -26.14M | -156.16M |
| Net Debt Issued (Repaid) | 215.35M | 198.40M | 39.48M | -16.13M | 3.86M | -156.16M |
| Issuance of Common Stock | 14.92M | |||||
| Other Financing Activities | -2.24M | -1.87M | ||||
| Financing Cash Flow | 228.03M | 196.53M | 39.48M | -16.13M | 3.86M | -156.16M |
| Foreign Exchange Rate Adjustments | -21.00K | 39.00K | 22.00K | 59.00K | 38.00K | -64.00K |
| Net Cash Flow | 35.63M | 238.06M | 1.78M | -9.15M | -4.88M | 14.02M |
| Free Cash Flow | 50.32M | 76.61M | 19.07M | 49.60M | 98.08M | 164.22M |
| Free Cash Flow Margin | 12.40% | 19.38% | 5.27% | 13.58% | 26.63% | 44.86% |
| Free Cash Flow Per Share | 196.10 | 293.98 | 68.24 | 171.03 | 329.09 | 517.63 |
| Levered Free Cash Flow | 27.71M | 22.87M | 17.16M | 36.01M | 8.45M | -19.09M |
| Unlevered Free Cash Flow | 42.24M | 31.40M | 20.99M | 39.63M | 12.13M | -14.62M |
| Cash Interest Paid | 11.65M | 11.65M | 5.89M | 5.82M | 5.85M | 7.03M |
| Cash Income Tax Paid | 2.74M | 2.74M | 5.94M | 5.68M | 1.09M | 4.53M |
| Change in Working Capital | 19.08M | 6.80M | -6.97M | -3.64M | -12.72M | -9.78M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.21B | 1.05B | 789.78M | 505.42M | 429.35M | 438.70M |
| Enterprise Value | 1.23B | 1.03B | 772.34M | 509.71M | 446.47M | 437.07M |
| Last Close Price | 1,906.49 | 1,740.05 | 1,274.99 | 793.93 | 687.50 | 695.00 |
| PE Ratio | 9.20 | 12.37 | ||||
| PS Ratio | 2.99 | 2.65 | 2.18 | 1.38 | 1.17 | 1.20 |
| PB Ratio | 2.20 | 2.00 | 1.38 | 0.84 | 0.77 | 0.75 |
| P/TBV Ratio | 2.60 | 2.34 | 1.59 | 0.97 | 0.91 | 0.86 |
| P/FCF Ratio | 24.13 | 13.68 | 41.42 | 10.19 | 4.38 | 2.67 |
| P/OCF Ratio | 14.40 | 9.79 | 15.90 | 6.92 | 3.36 | 1.92 |
| EV/Sales Ratio | 3.03 | 2.60 | 2.13 | 1.40 | 1.21 | 1.19 |
| EV/EBITDA Ratio | 18.92 | 16.39 | 12.27 | 6.50 | 5.43 | 6.55 |
| EV/EBIT Ratio | 51.37 | 47.05 | 33.42 | 12.95 | 9.76 | 11.91 |
| EV/FCF Ratio | 24.44 | 13.39 | 40.51 | 10.28 | 4.55 | 2.66 |
| Debt / Equity Ratio | 0.66 | 0.69 | 0.26 | 0.17 | 0.21 | 0.21 |
| Debt / EBITDA Ratio | 5.32 | 5.55 | 2.37 | 1.28 | 1.40 | 1.48 |
| Debt / FCF Ratio | 7.12 | 4.68 | 7.88 | 2.04 | 1.21 | 0.74 |
| Net Debt / Equity Ratio | 0.03 | 0.04 | 0.03 | -0.03 | 0.02 | -0.01 |
| Net Debt / EBITDA Ratio | 0.24 | 0.33 | 0.26 | -0.24 | 0.14 | -0.06 |
| Net Debt / FCF Ratio | 0.31 | 0.27 | 0.87 | -0.38 | 0.12 | -0.03 |
| Asset Turnover | 0.42 | 0.42 | 0.42 | 0.43 | 0.43 | 0.38 |
| Inventory Turnover | 45.30 | 46.90 | 46.25 | 46.02 | 42.02 | 55.12 |
| Quick Ratio | 2.34 | 2.32 | 1.09 | 1.29 | 1.02 | 1.09 |
| Current Ratio | 2.45 | 2.43 | 1.16 | 1.37 | 1.12 | 1.15 |
| Return on Equity (ROE) | -5.25% | -6.84% | -0.64% | 9.62% | -5.65% | 6.16% |
| Return on Assets (ROA) | 1.56% | 1.44% | 1.68% | 2.93% | 3.32% | 2.40% |
| Return on Invested Capital (ROIC) | 4.27% | 3.84% | 3.95% | 5.88% | 7.95% | 4.70% |
| Return on Capital Employed (ROCE) | 2.70% | 2.50% | 3.20% | 5.30% | 6.60% | 4.90% |
| Earnings Yield | -6.08% | -3.58% | -0.48% | 10.87% | -7.46% | 8.09% |
| FCF Yield | 4.14% | 7.31% | 2.41% | 9.81% | 22.84% | 37.43% |
| Buyback Yield / Dilution | 4.83% | 6.73% | 3.66% | 2.70% | 6.06% | 8.09% |