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 SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
Medium confidenceValuation multiple is compressed (P/E -24.2).
Valuation inputs: P/E -24.2, earnings yield N/A, momentum -1.2%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE -7.2%, ROIC +1.5%).
Profitability stack: net margin -9.5%, ROE -7.2%, ROIC +1.5%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +50.1%, momentum -1.2%, net margin -9.5%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Biglari Holdings Inc. Market vs Earnings Trajectory
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Biglari Holdings Inc. Fair Value Envelope
Biglari Holdings Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Minimal operating profit suggests high operating costs or pricing challenges. Scalability is concerning.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Profitability Insight
Non-operating losses: Core business is profitable but other expenses (interest, taxes, one-time items) are driving net losses. Review capital structure and non-operating items.
Biglari 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. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
Balanced capital structure with moderate leverage. Equity exceeds debt, suggesting healthy financial stability.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Capital-intensive business with significant long-term investments in property, equipment, or intangibles.
Financial Health Insight
Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.
Biglari Holdings Inc. Street Expectations Map
No Target Data
No analyst price targets available for bh.
Biglari Holdings Inc. Insider Positioning
During the last 12 months, insiders have purchased $20.72M worth of BH shares, with no selling activity reported.
3 Months
61.2K
16.04M
0
0.00
+16.0M
+$16.04M
3-6 Months
7.2K
2.53M
0
0.00
+2.5M
+$2.53M
6-9 Months
7.2K
2.15M
0
0.00
+2.1M
+$2.15M
9-12 Months
0
0.00
0
0.00
+0
+$0
Top Buyers
Biglari, Sardar
Director, 10 Percent Owner, Officer: Chairman And Ceo
$20.72M
Top Sellers
No selling activity
Insider Activity Analysis
Net Insider Sentiment
Strong bullish signal with $20.72M net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.
Buy/Sell Ratio
Perfect buy/sell ratio. Only buying activity with zero selling—the most bullish possible insider signal.
Recent Trend (3 Months)
Very strong recent buying momentum. Recent insider purchases significantly outpace sales, suggesting near-term optimism.
Insider Participation
1 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.
Insider Activity Insight
Unanimous insider buying: Zero selling combined with active buying is rare and typically very bullish. Insiders appear to see significant upside with limited downside risk.
No Dividend Yield Data
BH has not reported any dividend yield values in the available annual periods.
bh Dividend History
Learning Layer
Related Guides
Build conviction on BH by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.