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MARKETS / NYSE / BH-A
NYSE · RETAIL-EATING PLACES · MID CAP

Biglari Holdings Inc. BH-A

10 fiscal years on record · USD · FY2025 reported · SEC filings only
$395.3M
▲ 9.2% YoY
$-37.5M
$76.6M
▲ 301.8% YoY
In brief

What this company does

Biglari Holdings Inc.'s subsidiaries engage in property and casualty insurance and reinsurance, restaurants, licensing and media, and oil and gas. As of December 31, 2025, the Company employed 2,359 persons. The Company's restaurant operations are conducted through two subsidiaries, Steak n Shake Inc. and Western Sizzlin Corporation, which together operate 435 units. First Guard, an insurance subsidiary, is a direct underwriter of commercial truck insurance, primarily selling physical damage and nontrucking liability insurance to truckers. Southern Oil primarily operates oil and natural gas properties offshore in Louisiana state waters. Abraxas Petroleum operates oil and natural gas wells in the Permian Basin. Maxim's business lies principally in brand licensing. Biglari Holdings Inc. was founded and is led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Written from the business description in Biglari Holdings Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth
USD 395.3M
Revenue, FY2025 · full 10-year series below
Revenue $M Net income $M
FY2025 · Revenue 395.3 · Net income -37.5
400M2016201720182019202020212022202320242025
Compound annual growth
+2.4%
−1.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −1.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−9 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -12.1% · Net -9.5%
5%10%15%-5%-10%2016201720182019202020212022202320242025
ROE
FY2025 · ROE -6.8%
5%10%15%-2%-4%-6%2016201720182019202020212022202320242025

Each USD of equity lost 7 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 76.6
80M160M2016201720182019202020212022202320242025

Total assetsUSD 1.0B
EquityUSD 523.4M
CashUSD 268.8M
Gross debtUSD 247.0M
Net debtUSD -21.8M
Current ratio2.43×

The company holds more cash than debt.

The 10-year record
10 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016
Revenue $B0.40.40.40.40.40.40.70.8··
Operating income $B−0.0−0.00.1−0.00.0−0.10.10.0··
EBITDA $B−0.00.00.1−0.00.1−0.00.10.0··
Income tax $B−0.0−0.00.0−0.00.0−0.00.0−0.0··
Net income $B−0.0−0.00.1−0.00.0−0.00.00.00.10.1
Free cash flow $B0.10.00.00.10.20.10.10.0··
EPS, diluted $−143.86−13.45189.49−107.43111.83−110.05131.64···
Dividend / sh $··········
Payout %··········
ROE %−6.8−0.69.6−5.66.2−6.47.63.49.118.7

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 10 of 19 fiscal years. 63 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityRetail-Eating Places
Listed onNYSE
Incorporated inIndiana
Fiscal year endsDecember 31
Data on record since2016

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