BH - NYSE
Biglari Holdings Inc.
$292.51
-1.2%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.
At a Glance
Live SnapshotBiglari Holdings Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Biglari Holdings Inc. Cash Flow Statement
BH • NYSE
| Biglari Holdings Inc. Cash Flow Statement | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
-37.5M | -3.8M | 54.9M | -32.3M | 35.5M | -38M | 45.4M | 19.4M | 50.1M | 99.5M | -15.8M | 28.8M | 142.2M | 24.7M | 34M | 29.4M | 6M | -23M | 11.8M | 28M | |
40.8M | 39.8M | 39M | 36.4M | 30.1M | 32.2M | 29.6M | 19.3M | 21.4M | 22.9M | 24.8M | 24.9M | 25.3M | 26.4M | 28.4M | 29.3M | 31.4M | 33.7M | 32.2M | 29M | |
-11.5M | -8.5M | 6.6M | -15.6M | 5.3M | -12.2M | -38.5M | -2.2M | -64.3M | 38.5M | -26.5M | 9.2M | 72M | -2.7M | 0.0 | -3.3M | 6.5M | -2.2M | -483K | -956K | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 526K | 888K | 950K | 1.7M | 2.9M | 0.0 | 0.0 | 0.0 | |
108.3M | 29M | -23.9M | 152M | 167.8M | 160.3M | 59.4M | -3.8M | 5.5M | -105.8M | 62.8M | -29.1M | -201.8M | 4.9M | -6.7M | -1.1M | 2.8M | 17.5M | 8.5M | 4.5M | |
(0.0) | (5.9M) | (5.7M) | (1.1M) | (4.5M) | (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) | |
6.8M | -7M | -3.6M | -12.7M | -9.8M | -24.7M | -2.1M | -12M | 13.1M | 8.3M | 7.3M | -6.2M | 639K | -4.3M | 15M | 12.7M | 2.8M | -4.7M | -9.2M | 8.2M | |
107M | 49.7M | 73M | 127.8M | 228.8M | 117.6M | 93.7M | 20.7M | 25.8M | 63.3M | 52.5M | 27.6M | 38.8M | 50M | 71.6M | 68.6M | 52.3M | 24.4M | 43.4M | 69.6M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-30.4M | -30.6M | -23.4M | -29.7M | -64.5M | -20.7M | -17.7M | -17.8M | -8M | -12M | -11.1M | -35.8M | -14.2M | -8.7M | -13M | -8.7M | -5.8M | -31.4M | -68.6M | -90.4M | |
(0.0) | (0.0) | -5.4M | -106.8M | -12.3M | -106.3M | -91.1M | -39M | (1M) | (1.1M) | (135K) | -40.1M | -2.1M | (2.4M) | (196K) | -2.4M | (0.0) | (0.0) | (0.0) | (0.0) | |
-57.8M | -67.4M | -107.9M | -134.5M | -110.2M | -300M | -154.8M | -58.6M | -46.4M | -49.9M | -114.8M | -112.5M | -47M | -108.8M | -171.9M | -73.2M | -3M | (0.0) | (0.0) | (0.0) | |
90.9M | 57.5M | 91M | 129.1M | 118.4M | 293.1M | 149M | 48.6M | 41.8M | 32.1M | 12.4M | 12M | 1K | 38.1M | 90.1M | 47.1M | 230K | 0.0 | 0.0 | 0.0 | |
-68.1M | -46.8M | -20.4M | 5.3M | 10.1M | 4.4M | 44.6M | 41.6M | 1M | 1.1M | 135K | 5.7M | 2.4M | -10.9M | 5.2M | 5.8M | 13.5M | 14.9M | 8.5M | 3.1M | |
-65.5M | -87.4M | -66.1M | -136.6M | -58.5M | -129.5M | -70M | -25.3M | -11.5M | -28.8M | -113.3M | -170.8M | -60.8M | -87.9M | -89.5M | -31.4M | (4.9M) | -16.6M | -60.1M | -87.3M | |
FINANCING ACTIVITIES | ||||||||||||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 85.9M | 75.6M | 0.0 | -541K | -36.7M | 855K | 1M | 1.9M | 1.7M | |
196.5M | 39.5M | -16.1M | 3.9M | -156.2M | -29.1M | -8M | -7.6M | -23M | -15.3M | -12.5M | -2.7M | -18M | -442K | 84.2M | -5.2M | -13.5M | -3.6M | 11.3M | 17.7M | |
(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) | -8K | (0.0) | -39.4M | (0.0) | (0.0) | (0.0) | -312K | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 49K | 30K | 64K | 222K | 175.6M | -1.2M | -267K | -14.3M | 852K | -34K | 137K | 202K | 72K | |
196.5M | 39.5M | -16.1M | 3.9M | -156.2M | -29.1M | -8M | -7.5M | -23M | -15.2M | -12.3M | 172.9M | 56.3M | -709K | 69.4M | -41M | -12.7M | -2.5M | 13.4M | 19.5M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
39K | 22K | 59K | 38K | -64K | 10K | -5K | -78K | 165K | -38K | -36K | -16K | -103K | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
238.1M | 1.8M | -9.2M | -4.9M | 14M | -41M | 15.7M | -12.2M | -8.6M | 19.3M | -73.1M | 29.7M | 34.3M | -38.6M | 51.4M | -3.8M | 44.5M | 5.4M | -3.3M | 1.8M | |
31.4M | 29.7M | 38.8M | 43.7M | 29.7M | 70.7M | 55M | 67.2M | 75.8M | 56.5M | 129.7M | 94.6M | 60.4M | 99M | 47.6M | 51.4M | 6.9M | 1.5M | 4.8M | 3.1M | |
269.5M | 31.4M | 29.7M | 38.8M | 43.7M | 29.7M | 70.7M | 55M | 67.2M | 75.8M | 56.5M | 124.3M | 94.6M | 60.4M | 99M | 47.6M | 51.4M | 6.9M | 1.5M | 4.8M | |
76.6M | 19.1M | 49.6M | 98.1M | 164.2M | 96.9M | 76M | 2.9M | 17.7M | 51.3M | 41.4M | -8.2M | 24.6M | 41.3M | 58.6M | 60M | 46.6M | -7M | -25.2M | -20.9M |
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 | |
10-Q 10-Q 2026 Q1 Q1 | May 08, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 10, 2026 | April 08, 2026 | 2026 | |
10-K/A 10-K/A 2025 FY (Amended) FY | March 31, 2026 | December 31, 2025 | 2025 | |
DEF 14A DEF 14A 2026 N/A | March 11, 2026 | April 08, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 02, 2026 | February 28, 2026 | 2026 | |
10-K 10-K 2025 FY FY | March 02, 2026 | December 31, 2025 | 2025 | |
S-3 S-3 N/A | January 16, 2026 | January 16, 2026 | ||
8-K 8-K 2025 N/A | November 21, 2025 | November 21, 2025 | 2025 | |
10-Q 10-Q 2025 Q3 Q3 | November 07, 2025 | September 30, 2025 | 2025 |
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