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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

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

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
300M600M
2016201920222025
Compound annual growth
+2.4%
−1.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −1.8% a year over the five years to FY2025.

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%
201620202025
ROE
FY2025 · ROE -6.8%
5%10%15%-2%-4%-6%
201620202025
Three returns, three denominators.
Return on capital employedNot available: we don't have a clean operating profit figure for this period.

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
100M200M
201620202025

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—not applicable◌not available in our data
BH-A, 10-year financial record
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 % — not applicable: no dividend——————————
ROE %−6.8−0.69.6−5.66.2−6.47.63.49.118.7

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 10 of the 10 fiscal years we could check. 24 checks were skipped: the balance sheet is not tagged before 2019. 12 checks were skipped: EPS is not tagged before 2019. 11 checks were skipped: revenue is not tagged before 2018.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityRetail-Eating Places
Listed onNYSE
Incorporated inIndiana
Fiscal year endsDecember 31
Data on record since2016

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