📊 BH Key Takeaways
Investment Thesis
Biglari Holdings is experiencing significant operational distress with negative operating income (-12.1% margin) and net losses despite 9.2% revenue growth, indicating fundamental business challenges in its restaurant operations. While the company maintains adequate liquidity (2.43x current ratio) and generates positive free cash flow ($76.6M), these are insufficient to offset deteriorating profitability and negative return metrics (ROE -7.2%, ROA -3.7%), suggesting structural issues in operational efficiency rather than temporary headwinds.
BH Strengths
- Strong liquidity position with $268.8M cash and 2.43x current ratio provides financial flexibility
- Positive free cash flow of $76.6M (19.4% FCF margin) demonstrates ability to generate cash despite losses
- Conservative leverage at 0.41x Debt/Equity ratio with manageable debt burden of $213.9M
BH Risks
- Persistent operating losses (-$47.7M operating income) with negative operating margin of -12.1% indicate core business is unprofitable
- Deteriorating profitability despite revenue growth suggests cost structure problems or pricing pressures in restaurant segment
- Negative return metrics (ROE -7.2%, ROA -3.7%) and interest coverage of -5.8x signal inability to generate adequate returns on assets and cover interest obligations
Key Metrics to Watch
- Operating margin trend - critical to determine if losses are temporary or structural
- Gross margin sustainability at 8.7% - whether this reflects industry conditions or operational inefficiency
- Cash burn rate relative to operating cash flow - monitor if positive FCF can persist amid net losses
BH Financial Metrics
💡 AI Analyst Insight
Strong liquidity with a 2.43x current ratio provides a solid financial cushion.
BH Profitability Ratios
BH vs Consumer Sector
How Biglari Holdings Inc. compares to Consumer sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
BH Balance Sheet & Liquidity
BH 5-Year Financial Trend
5-Year Trend Summary: Biglari Holdings Inc.'s revenue has declined by 41% over the 5-year period, indicating business contraction. The most recent EPS of $189.49 reflects profitable operations.
BH Growth Metrics (YoY)
BH Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $90.4M | -$5.3M | N/A |
| Q2 2025 | $91.1M | $17.7M | N/A |
| Q1 2025 | $89.5M | $22.6M | N/A |
| Q3 2024 | $90.4M | $6.5M | N/A |
| Q2 2024 | $91.1M | $1.9M | N/A |
| Q1 2024 | $89.5M | $22.6M | N/A |
| Q3 2023 | $90.9M | $10.3M | N/A |
| Q2 2023 | $92.4M | $1.9M | N/A |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
BH Capital Allocation
BH SEC Filings
Access official SEC EDGAR filings for Biglari Holdings Inc. (CIK: 0001726173)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| Mar 13, 2026 | 4 | xslF345X05/form408106003_03132026.xml | View → |
| Mar 11, 2026 | DEF 14A | bh-20260311.htm | View → |
| Mar 9, 2026 | 4 | xslF345X05/form408106003_03092026.xml | View → |
| Mar 6, 2026 | 4 | xslF345X05/form408106003_03062026.xml | View → |
| Mar 3, 2026 | 4 | xslF345X05/form408106003_03032026.xml | View → |
❓ Frequently Asked Questions about BH
What is the AI rating for BH?
Biglari Holdings Inc. (BH) has an AI rating of SELL with 85% confidence, based on fundamental analysis of SEC EDGAR filings.
What are BH's key strengths?
Strong liquidity position with $268.8M cash and 2.43x current ratio provides financial flexibility. Positive free cash flow of $76.6M (19.4% FCF margin) demonstrates ability to generate cash despite losses.
What are the risks of investing in BH?
Persistent operating losses (-$47.7M operating income) with negative operating margin of -12.1% indicate core business is unprofitable. Deteriorating profitability despite revenue growth suggests cost structure problems or pricing pressures in restaurant segment.
What is BH's revenue and growth?
Biglari Holdings Inc. reported revenue of $395.3M.
Does BH pay dividends?
Biglari Holdings Inc. does not currently pay dividends.
Where can I find BH SEC filings?
Official SEC filings for Biglari Holdings Inc. (CIK: 0001726173) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is BH's EPS?
Biglari Holdings Inc. has a diluted EPS of $-143.86.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.