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What this page is: Delvantic's full research page for Biglari Holdings Inc. (BH) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Consumer Cyclical · Restaurants
San Antonio, TX 78259, United States
biglariholdings.com
Price
$387.25
Market Cap
$1.2B
Employees
2,359
Beta
—
Avg Volume
139,730
Last Dividend
$18.27
CEO
Mr. Sardar Biglari C.F.A.
Biglari Holdings Inc. is a diversified holding company managing a wide array of businesses and investments. At its core, the company is focused on the restaurant industry, primarily through its ownership of renowned restaurant chains such as Steak 'n Shake and Western Sizzlin'. These brands have established a significant presence in the casual dining sector, appealing to a broad consumer base with their signature offerings. Beyond its restaurant operations, Biglari Holdings is involved in various other sectors through its investment activities. The firm emphasizes value investing principles and has diversified its portfolio to include interests in insurance and media industries, showcasing a strategic approach to capital allocation. Biglari Holdings plays a unique role in the financial markets by leveraging its revenue from operational businesses to fund other investment pursuits, enabling the company to mitigate risks associated with industry-specific downturns. This diversification makes Biglari Holdings a notable player in the financial landscape, attracting attention for its business model that combines active management with investment prowess across multiple sectors.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 11 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 10, 2026.
EPS surprise history — vs analyst consensus · 4 prints of vendor history
-14.9%
Mar '26
+14.6%
May '26
+41.7%
May '26
-76.6%
Jun '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jun 10, 2026 | $-0.77 | $-1.36 -76.6% | — | — |
| May 19, 2026 | $0.24 | $0.34 +41.7% | — | — |
| May 5, 2026 | $2.88 | $3.30 +14.6% | — | — |
| Mar 5, 2026 | $0.67 | $0.57 -14.9% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 7, 2026 | 8-K | View |
| Aug 7, 2026 | 10-Q | View |
| Aug 5, 2026 | 4 | View |
| Jul 31, 2026 | 4 | View |
| Jul 29, 2026 | 144 | View |
| Jul 21, 2026 | 4 | View |
| Jul 16, 2026 | 4 | View |
| Jul 14, 2026 | 4 | View |
| Jul 6, 2026 | 4 | View |
| Jun 30, 2026 | 4 | View |
| Jun 5, 2026 | 4 | View |
| May 14, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 11, 2026 9:43am (just now)
Current data · timestamped when a report runs
$387.25
Change · Aug 11
+1.63 (+0.42%)
Day Range
$381.39 – $387.25
52-Week Range
$234.92 – $483.60
50-Day MA
$369.42
200-Day MA
$347.30
Volume
264.00
Share Structure
Outstanding
3,139,020.00
Float
653,179.00
Free Float
20.8%
Low free float
— 20.8% of shares trade freely, ~79.2% held by insiders/institutions
Below average liquidity. Large orders can move the price significantly. Insiders or strategic holders control the majority — watch for lockup expirations or secondary offerings.
Small absolute float (0.7M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-2.69
Stock Price: $387.25
EPS (Diluted): -143.86
EPS (Diluted): -143.86
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
0.19
Stock Price: $387.25
Total Equity: $523.43M
Shares: 260,587
Total Equity: $523.43M
Shares: 260,587
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
19.96
Market Cap: $1.21B
Total Debt: $246.99M
Cash: $268.78M
EBITDA: $59.56M
Total Debt: $246.99M
Cash: $268.78M
EBITDA: $59.56M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$1.2B
Market Cap: $1.21B
Total Debt: $246.99M
Cash: $268.78M
Total Debt: $246.99M
Cash: $268.78M
P/S Ratio (Price per dollar of revenue)
HEXStock Price / Revenue Per Share
0.26
Stock Price: $387.25
Revenue: $395.26M
Shares: 260,587
Revenue: $395.26M
Shares: 260,587
EV/Sales (Total value vs revenue — works when P/E can't)
CALC3.01
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
59.2%
Gross Profit: $233.94M
Revenue: $395.26M
Revenue: $395.26M
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
4.8%
Operating Income: $18.78M
Revenue: $395.26M
Revenue: $395.26M
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
-9.5%
Net Income: -$37.49M
Revenue: $395.26M
Revenue: $395.26M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-7.2%
Net Income: -$37.49M
Total Equity: $523.43M
Total Equity: $523.43M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
2.9%
Operating Income: $18.78M
Tax Rate: 21.4%
Equity: $523.43M
Total Debt: $246.99M
Cash: $268.78M
Tax Rate: 21.4%
Equity: $523.43M
Total Debt: $246.99M
Cash: $268.78M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
2.43
Current Assets: $378.53M
Current Liabilities: $156.00M
Current Liabilities: $156.00M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.47
Short-Term Debt: $33.07M
Long-Term Debt: $213.92M
Total Debt: $246.99M
Total Equity: $523.43M
Long-Term Debt: $213.92M
Total Debt: $246.99M
Total Equity: $523.43M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$1,516.81
Revenue: $395.26M
Shares: 260,587
Shares: 260,587
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$2,008.66
Total Equity: $523.43M
Shares: 260,587
Shares: 260,587
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$293.98
Operating CF: $106.96M
CapEx: -$30.35M
Shares: 260,587
CapEx: -$30.35M
Shares: 260,587
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
4.7%
Last Dividend: $18.27
Stock Price: $387.25
Stock Price: $387.25
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$37.49M
Net Income: -$37.49M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 7, 2026 4:20am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $366.1M | $368.2M | $365.3M | $362.1M | $395.3M |
| Cost of Revenue | $167.5M | $140.3M | $138.0M | $143.4M | $161.3M |
| Gross Profit | $198.6M | $228.0M | $227.3M | $218.7M | $233.9M |
| Operating Expenses | $173.7M | $191.6M | $184.1M | $186.1M | $215.2M |
| Operating Income | $24.9M | $36.3M | $43.2M | $32.6M | $18.8M |
| Net Income | $35.5M | -$32.0M | $54.9M | -$3.8M | -$37.5M |
| EBITDA | $55.0M | $72.8M | $82.2M | $72.4M | $59.6M |
| EPS | — | — | — | — | — |
| EPS (Diluted) | $111.83 | $-107.43 | $189.49 | $-13.45 | $-143.86 |
Balance Sheet (Annual)
Last updated: Aug 7, 2026 4:20am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $42.3M | $37.5M | $28.1M | $30.7M | $268.8M |
| Total Current Assets | $164.8M | $150.7M | $152.6M | $170.6M | $378.5M |
| Total Assets | $894.8M | $828.5M | $849.4M | $866.1M | $1.0B |
| Current Liabilities | $143.6M | $134.9M | $111.1M | $147.3M | $156.0M |
| Long-Term Debt | $104.5M | — | — | $10.0M | $213.9M |
| Total Liabilities | $307.1M | $272.9M | $250.1M | $293.2M | $502.0M |
| Total Equity | $587.7M | $555.6M | $599.3M | $573.0M | $523.4M |
| Retained Earnings | $608.5M | $576.5M | $631.5M | $627.7M | $590.2M |
Cash Flow (Annual)
Last updated: Aug 7, 2026 4:20am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $228.8M | $127.8M | $73.0M | $49.7M | $107.0M |
| Capital Expenditure | -$64.5M | -$29.7M | -$23.4M | -$30.6M | -$30.4M |
| Free Cash Flow | $164.2M | $98.1M | $49.6M | $19.1M | $76.6M |
| Acquisitions (net) | $0 | -$58.3M | $0 | $0 | — |
| Net Debt Issued / (Repaid) | -$150.0M | $0 | $0 | $0 | $223.0M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $14.0M | -$4.9M | -$9.2M | $1.8M | $238.1M |
Growth Trends (YoY %)
Last updated: Aug 7, 2026 4:20am (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +0.6% | -0.8% | -0.9% | +9.2% |
| Gross Profit Growth | +14.8% | -0.3% | -3.8% | +7.0% |
| Operating Income Growth | +45.8% | +18.9% | -24.6% | -42.3% |
| Net Income Growth | -190.2% | +271.6% | -106.8% | -897.3% |
| EBITDA Growth | +32.4% | +12.9% | -11.9% | -17.7% |
Dividend History (Last 20)
Last updated: Aug 5, 2026 5:57pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 1990-11-28 | $73.29 | — | — | — |
| 1990-09-17 | $0.86 | — | — | — |
| 1990-06-04 | $0.86 | — | — | — |
| 1990-02-26 | $0.86 | — | — | — |
| 1989-12-08 | $0.69 | — | — | — |
| 1989-08-28 | $0.69 | — | — | — |
| 1989-05-26 | $0.69 | — | — | — |
| 1989-02-27 | $0.69 | — | — | — |
| 1988-12-15 | $0.69 | — | — | — |
| 1988-08-29 | $0.52 | — | — | — |
| 1988-06-14 | $0.52 | — | — | — |
| 1988-02-29 | $0.86 | — | — | — |
| 1987-08-27 | $0.86 | — | — | — |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-30 | BIGLARI, SARDAR | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-30 | BIGLARI CAPITAL CORP. | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-30 | LION FUND II, L.P. | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-30 | Biglari Holdings Inc. | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-30 | Biglari Reinsurance Ltd. | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-30 | Biglari Insurance Group Inc. | S-Sale | 273.00 | $16.70 | $4,559 |
| 2026-07-29 | BIGLARI, SARDAR | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | BIGLARI, SARDAR | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-29 | BIGLARI CAPITAL CORP. | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | BIGLARI CAPITAL CORP. | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-29 | LION FUND II, L.P. | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | LION FUND II, L.P. | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-29 | Biglari Holdings Inc. | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | Biglari Holdings Inc. | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-29 | Biglari Reinsurance Ltd. | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | Biglari Reinsurance Ltd. | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-29 | Biglari Insurance Group Inc. | S-Sale | 3,306.00 | $16.71 | $55,243 |
| 2026-07-29 | Biglari Insurance Group Inc. | S-Sale | 3,305.00 | $16.71 | $55,227 |
| 2026-07-17 | BIGLARI, SARDAR | S-Sale | 11,000.00 | $16.71 | $183,810 |
| 2026-07-17 | BIGLARI CAPITAL CORP. | S-Sale | 11,000.00 | $16.71 | $183,810 |
Industry Benchmarks
Compares BH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BH — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for BH — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for BH — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for BH — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.525 · a5aac093 · 2026-08-10 20:52:14