BH - NYSE

Biglari Holdings Inc.

BH·NYSE

$292.51

-1.2%

Consumer CyclicalRestaurants

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units. The company also engages in underwriting commercial trucking insurance; selling physical damage and non-trucking liability insurance to truckers; and providing property and casualty insurance. In addition, it operates oil and natural gas properties in the Gulf of Mexico; and publishes and sells magazines and related publishing products under the MAXIM brand name. Further, it licenses media products and services; and engages in the 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.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$918.19M

EPS-12.0800

P/E Ratio-24.21

Earnings Date08/07/2026

1.05B

Assets

21%

3Y+27.0%

5Y+3.0%

10Y-4.0%

525.71M

Total Liabilities

79%

3Y+93.0%

5Y+16.0%

10Y-7.0%

523.43M

Total Equity

-9%

3Y-6.0%

5Y-7.0%

10Y-2.0%

Biglari Holdings Inc. Funding & Solvency Profile

BH · NYSE

Current Assets

Cash & Cash Equivalents268.78M

Net Receivables23.28M

Inventory3.77M

Other Current Assets9.77M

Total Current Assets375 M

Non-Current Assets

Property, Plant & Equipment406.66M

Goodwill & Intangible Assets76.24M

Long-Term Investments154.99M

Other Non-Current Assets36.59M

Total Non-Current Assets598 M

Total Assets

1.05B

Financial Health Analysis

Current Ratio

2.40x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

1.00x

Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.

Working Capital

219 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

36% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Biglari Holdings Inc. Balance Sheet

BH • NYSE

Biglari Holdings Inc. Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Sep 2014	Sep 2013	Sep 2012	Sep 2011	Sep 2010	Sep 2009	Sep 2008	Sep 2007	Sep 2006
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	268.8M	30.7M	28.1M	37.5M	42.3M	24.5M	67.8M	48.6M	58.6M	75.8M	56.5M	124.3M	94.6M	60.4M	99M	47.6M	51.4M	6.9M	2M	4.8M
Short-Term Investments	69.1M	103M	91.9M	69.5M	83.1M	94.9M	44.9M	33.9M	23.3M	22.3M	23.8M	21.5M	85.5M	269.9M	115.3M	32.5M	16.7M	0.0	0.0	0.0
Cash & Short-Term Investments	337.8M	133.7M	119.9M	106.9M	125.4M	119.4M	112.6M	82.4M	81.9M	98.1M	80.3M	145.8M	180.1M	330.2M	214.3M	80.1M	68.1M	6.9M	2M	4.8M
Net Receivables	23.3M	25.2M	22.2M	29.4M	28.5M	19.2M	21.6M	15.7M	15.5M	14.2M	17.7M	16M	7.1M	7M	4.1M	5.8M	7.7M	15.6M	5.3M	5.9M
Accounts Receivables	23.3M	25.2M	22.2M	29.4M	28.5M	19.2M	21.6M	15.7M	15.5M	14.2M	17.7M	16M	7.1M	7M	4.1M	4M	3.9M	15.6M	5.3M	5.9M
Other Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.9M	3.8M	0.0	0.0	0.0
Inventory	3.8M	4M	3M	3.9M	3.8M	2.7M	4.7M	7.5M	7.3M	6.8M	7.6M	6.9M	6.5M	6.6M	5.9M	6.1M	6.6M	6.8M	7.4M	7M
Prepaids	0.0	5.5M	5.6M	4.3M	3.9M	3M	3.1M	1.6M	3.1M	4.3M	4.1M	0.0	3.3M	0.0	0.0	3M	3.5M	2.1M	0.0	3.3M
Other Current Assets	9.8M	2.2M	1.8M	6.2M	3.2M	3.5M	3.4M	3.2M	4.9M	4.4M	3.1M	17.6M	561K	5.2M	16.3M	14.9M	18.5M	29.6M	34.5M	9.9M
Total Current Assets	374.7M	170.6M	152.6M	150.7M	164.8M	147.8M	145.4M	114.9M	112.6M	127.8M	126.8M	186.3M	197.5M	349M	240.6M	109.8M	90.7M	60.9M	49.1M	30.9M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	406.7M	410.2M	412.7M	435.5M	391.9M	359M	410.3M	274.7M	295.8M	312.3M	332.3M	354.1M	346.1M	356.6M	371.7M	386.2M	399.6M	432.7M	489.5M	490.1M
Goodwill	52.6M	52.5M	53.5M	53.5M	53.5M	53.6M	40M	40.1M	40.1M	40M	40M	40.2M	28.3M	27.5M	27.5M	28.8M	14.5M	14.5M	14.5M	14.5M
Intangible Assets	23.7M	22.8M	23.2M	23M	23.5M	24.1M	27.3M	28.1M	26.6M	26.1M	21.7M	22.9M	7.7M	6.2M	7M	8M	1.6M	9.4M	1.9M	2.2M
Goodwill & Intangible Assets	76.2M	75.3M	76.8M	76.6M	77M	77.7M	67.4M	68.2M	66.6M	66.1M	61.7M	63.1M	36M	33.8M	34.5M	36.7M	16.1M	23.9M	16.4M	16.6M
Long-Term Investments	155M	201.7M	199.1M	155.8M	250.4M	419.6M	505.5M	557.5M	566M	577.6M	471.7M	557.2M	397.7M	25.3M	18.8M	23.5M	-13.7M	0.0	0.0	0.0
Tax Assets	0.0	0.0	0.0	8.1M	0.0	19.3M	16.7M	11.5M	12.5M	10.7M	13.5M	0.0	0.0	0.0	0.0	0.0	13.7M	0.0	0.0	0.0
Other Non-Current Assets	36.6M	8.3M	8.3M	1.9M	10.7M	-5.3M	-6M	2.7M	10M	2.5M	-2.1M	14M	11.2M	9.1M	7.3M	7.6M	8.1M	2.6M	7.7M	4.8M
Total Non-Current Assets	674.5M	695.5M	696.9M	677.8M	730M	870.2M	993.9M	914.6M	950.9M	969.2M	877.1M	988.5M	791.1M	424.8M	432.3M	454M	423.8M	459.2M	513.6M	511.6M
Total Assets	1B	866.1M	849.4M	828.5M	894.8M	1B	1.1B	1B	1.1B	1.1B	1B	1.2B	988.5M	773.8M	672.9M	563.8M	514.5M	520.1M	562.8M	542.5M
LIABILITIES
CURRENT LIABILITIES
Total Payables	45.5M	42.1M	37.1M	47.2M	50M	37.5M	32.6M	42M	40.6M	34M	34.6M	40M	31.1M	52.6M	33.6M	30.7M	22.3M	25.3M	28.3M	28.3M
Accounts Payable	35.4M	28.5M	22.4M	28.4M	36.7M	26.5M	3.4M	42M	40.6M	34M	34.6M	39.2M	31.1M	33.2M	29.2M	26.8M	22.3M	25.3M	28.3M	28.3M
Other Payables	10.1M	13.6M	14.6M	18.8M	13.3M	10.9M	29.3M	0.0	0.0	0.0	0.0	789K	0.0	19.4M	4.4M	3.9M	0.0	0.0	0.0	0.0
Accrued Expenses	0.0	0.0	4.5M	14.3M	26M	42.8M	17.2M	21.5M	31.9M	25.6M	22.1M	21.2M	22.4M	22.2M	15.3M	14.3M	9M	10M	29.7M	8M
Short Term Debt	47M	35M	0.0	10M	0.0	152.3M	18.7M	5.7M	1.5M	1.6M	2M	2.9M	9.8M	12.1M	26.1M	18.2M	18.5M	14.9M	34.1M	16.8M
Capital Lease Obligations (Current)	0.0	14.4M	14.9M	17M	16.9M	17.4M	17.5M	4.5M	5.3M	5.6M	5.8M	6.5M	6.2M	5.7M	5.3M	4.6M	4.3M	4.4M	0.0	0.0
Tax Payables	0.0	8.1M	11.1M	14.9M	11.4M	10.9M	29.3M	11.2M	10.6M	12.3M	12.4M	14.1M	13M	13.1M	16.7M	0.0	0.0	0.0	0.0	0.0
Deferred Revenue	0.0	0.0	26.7M	29M	37.6M	44.4M	31.2M	34.4M	37M	32.7M	30.9M	17.9M	0.0	62.6M	0.0	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	63.5M	55.8M	28M	17.5M	13.1M	-5.8M	22.5M	49.3M	56.2M	45.9M	43.8M	72.5M	43.5M	31.7M	34.5M	23.1M	21.4M	21.7M	0.0	30M
Total Current Liabilities	156M	147.3M	111.1M	134.9M	143.6M	288.4M	139.8M	123M	135.5M	120M	117.6M	113M	113M	124.3M	114.9M	90.8M	75.5M	76.3M	92.1M	83.1M
NON-CURRENT LIABILITIES
Long Term Debt	213.9M	10M	0.0	0.0	0.0	0.0	179M	180.3M	181.5M	197.6M	205.9M	215.5M	110.5M	120.3M	101.4M	17.8M	48K	15.8M	16.5M	18.8M
Deferred Revenue (Non-Current)	0.0	0.0	0.0	0.0	0.0	0.0	12.2M	-244.8M	6.7M	6.6M	6.7M	6.4M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Tax Liabilities (Non-Current)	41.8M	29.4M	37.9M	31.3M	46.5M	41.3M	54.2M	86.9M	88.4M	152.3M	125.1M	96.8M	84.5M	8.7M	6.7M	10.3M	9.4M	2.2M	4.9M	5.8M
Other Non-Current Liabilities	16.3M	15.7M	14.7M	14.8M	12.5M	11.7M	0.0	96.1M	93M	156.8M	116.1M	4.6M	9.7M	9M	8.9M	9.5M	7.4M	1.1M	7.1M	3.8M
Total Non-Current Liabilities	369.7M	145.9M	139M	138M	163.5M	164.7M	383.2M	336.1M	356.8M	445M	435M	423M	310.9M	248.3M	233.1M	161.8M	146.9M	160.2M	167.6M	172.4M
Capital Lease Obligations	97.7M	105.2M	101.2M	108.8M	121.4M	129M	154.9M	64.2M	80.8M	89.5M	96M	106.2M	112.5M	116.1M	121.3M	128.8M	134.4M	134.8M	139.1M	144M
Total Liabilities	525.7M	293.2M	250.1M	272.9M	307.1M	453.1M	523M	459M	492.3M	565M	552.5M	536M	424M	372.6M	347.9M	252.6M	222.4M	236.6M	259.7M	255.5M
SHAREHOLDERS' EQUITY
Treasury Stock	-452.2M	-438.6M	-416.3M	-409.7M	-401.9M	-389.6M	-374.9M	-374.2M	-375.9M	-362.9M	-353.9M	-94.5M	-75.9M	-90.5M	-90.6M	-90M	-20.4M	-21.8M	-22.6M	-25.2M
Common Stock	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	1.1M	899K	756K	756K	756K	15.2M	15.2M	15.2M	15.2M
Additional Paid-In Capital	385.6M	385.6M	385.6M	381.8M	381.8M	381.8M	381.8M	381.9M	382M	381.9M	391.9M	391.9M	269.8M	143M	144.6M	143.5M	129.3M	128.5M	127M	123.9M
Retained Earnings	590.2M	627.7M	631.5M	576.5M	608.5M	573.1M	611M	564.2M	565.5M	515.4M	416M	340.8M	348.3M	252M	230.4M	195.8M	167.7M	161.7M	183.5M	173.2M
Accumulated Other Comprehensive Income/Loss	-1.4M	-2.9M	-2.5M	-2.8M	-1.9M	-1.5M	-2.8M	-2.5M	-1.4M	-3.6M	-3.7M	-522K	21.5M	43.9M	-5.5M	-1.2M	112K	-239.3M	-224.8M	-199.3M
Other Total Stockholders' Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	86.8M	0.0	0.0	0.0	0.0	14.4M	239.3M	224.8M	199.3M
Total Stockholders' Equity	523.4M	573M	599.3M	547M	587.7M	564.8M	616.3M	570.5M	571.3M	531.9M	451.4M	638.7M	564.6M	349.1M	279.7M	249M	291.9M	283.6M	303.1M	287M
Total Equity	523.4M	573M	599.3M	555.6M	587.7M	564.8M	616.3M	570.5M	571.3M	531.9M	451.4M	638.7M	564.6M	401.2M	324.9M	311.2M	292M	283.6M	303.1M	287M
Minority Interest	0.0	0.0	0.0	8.6M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	52.1M	45.3M	62.2M	186K	0.0	0.0	0.0
SUMMARY
Total Liabilities & Equity	1B	866.1M	849.4M	828.5M	894.8M	1B	1.1B	1B	1.1B	1.1B	1B	1.2B	988.5M	773.8M	672.9M	563.8M	514.5M	520.1M	562.8M	542.5M
Total Investments	224M	304.7M	291M	225.3M	333.5M	514.4M	550.4M	591.3M	589.3M	599.9M	495.4M	578.8M	483.2M	295.1M	134.1M	56M	3M	0.0	0.0	0.0
Total Debt	358.6M	150.2M	101.2M	118.8M	121.4M	281.3M	352.7M	245.7M	263.7M	288.7M	307.4M	324.6M	232.7M	248.5M	248.9M	164.7M	153M	169.9M	189.7M	179.6M
Net Debt	89.9M	119.5M	73.2M	81.4M	79M	256.8M	284.9M	197.2M	205.2M	212.9M	250.9M	200.3M	138.1M	188.1M	149.9M	117.2M	101.6M	163.1M	187.7M	174.8M
Shares Outstanding	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217	3,078,217

SEC Filings

BH - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 08, 2026	May 08, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 08, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 10, 2026	April 08, 2026	2026	View Filing
10-K/A 10-K/A 2025 FY (Amended) FY	March 31, 2026	December 31, 2025	2025	View Filing
DEF 14A DEF 14A 2026 N/A	March 11, 2026	April 08, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 02, 2026	February 28, 2026	2026	View Filing
10-K 10-K 2025 FY FY	March 02, 2026	December 31, 2025	2025	View Filing
S-3 S-3 N/A	January 16, 2026	January 16, 2026		View Filing
8-K 8-K 2025 N/A	November 21, 2025	November 21, 2025	2025	View Filing
10-Q 10-Q 2025 Q3 Q3	November 07, 2025	September 30, 2025	2025	View Filing

Showing 1 to 10 of 107 filings

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