Biglari Holdings Inc.

NYSE•BH

CEO: Mr. Sardar Biglari C.F.A.

Sector: Consumer Cyclical

Industry: Restaurants

Listing Date: 1980-03-17

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. 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 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.

Contact Information

19100 Ridgewood Parkway, Suite 1200, San Antonio, TX, 78259, United States

210-344-3400

www.biglariholdings.com

Market Cap

$933.51M

P/E (TTM)

-24.6

30.6

Dividend Yield

52W High

$483.60

52W Low

$222.54

52W Range

29%

Rank43Top 50.7%

3.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$99.87M+0.00%

4-Quarter Trend

EPS

-$16.07+0.00%

4-Quarter Trend

FCF

$6.37M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Restaurant Revenue Growth Strong Net sales for restaurant operations reached $181.884M USD, increasing 14.2% driven by 10.5% Steak n Shake same-store sales growth.

Insurance Underwriting Profit Rises Net underwriting gain for insurance segment totaled $5.696M USD in 2025, up $2.190M compared to 2024 results.

Cash Position Significantly Improved Total cash, cash equivalents, and restricted cash ended 2025 at $269.493M USD, a substantial increase from $31.432M in 2024.

Total Revenue Increased Total revenues for 2025 were $395.261M USD, reflecting a 9.2% increase over the $362.114M reported in 2024.

Risk Factors

Net Loss Widened Substantially Net loss attributable to shareholders was $(37.488)M USD in 2025, significantly worse than the $(3.759)M loss reported in 2024.

Investment Partnership Losses Increased Investment partnership losses totaled $(67.001)M USD in 2025, worsening by $25.943M compared to the $(41.058)M loss in 2024.

Material Weakness in Controls Material weakness identified in internal control over financial reporting due to insufficient segregation of duties in insurance loss review process.

Oil/Gas Prices Remain Volatile Oil and gas earnings highly dependent on volatile commodity prices; potential future impairments exist if prices decline further.

Outlook

Remediation of Control Deficiency Management plans to implement measures to address the material weakness in insurance loss review controls; testing required for remediation confirmation.

Capital Position Augmented Subsequent events show intent to use net proceeds from ATM offering to augment capital position and support investment activities.

Debt Structure Changes Noted Steak n Shake secured $225.000M note payable in September 2025; Biglari Holdings line of credit balance reduced to $27.250M.

Future Regulatory Compliance Focus Operations remain subject to extensive government regulations, requiring ongoing costs for compliance across restaurant and insurance segments.

Peer Comparison

Revenue (TTM)

ARCO

$4.68B

+4.7%

GIII

$3.36B

+8.3%

CBRL

$3.36B

-4.1%

Gross Margin (Latest Quarter)

CRI

43.2%

-1.9pp

GIII

36.0%

+0.2pp

25.8%

+0.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ARCO	$1.82B	8.6	32.5%	57.8%
CRI	$1.34B	14.1	10.5%	47.2%
GIII	$1.30B	19.4	3.9%	10.9%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

1.7%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 7, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data