Biglari Holdings Inc. (BH) Stock

Biglari Holdings Inc. (BH) is a Consumer Discretionary stock trading at $381.00 (as of 2026-07-24), with a market capitalization of $777.12M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Biglari Holdings Inc. operates and franchises restaurants in the United States under the Steak n Shake and Western Sizzlin names, including company-operated and franchised units. The company also operates in commercial trucking insurance and other property and casualty insurance, has oil and natural gas properties in the Gulf of Mexico, and publishes and licenses MAXIM-branded media products and services.

Understand Biglari Holdings Inc.: how it makes money

Biglari Holdings primarily operates and franchises restaurants in the United States (Steak n Shake and Western Sizzlin), and it also underwrites commercial trucking insurance for truckers.

Profitability is driven by the combined outcomes of restaurant operations and franchising (Steak n Shake and Western Sizzlin), plus underwriting results from commercial trucking insurance, rather than a single line of business.

Business quality (Weak): A multi-business holding company centered on restaurant company-operated and franchised units, with an additional trucking insurance underwriting business that can change earnings even when restaurant fundamentals are steady.

Bull case

  • Restaurant franchise plus company-operated model: As of December 31, 2021, Biglari had both company-operated and franchised restaurant units across Steak n Shake and Western Sizzlin, which can diversify where restaurant cash flows come from.
  • Additional business line beyond restaurants: The company also engages in underwriting commercial trucking insurance, creating a second revenue and earnings driver alongside restaurants.

Bear case

  • Restaurant operating exposure: Because Biglari operates company restaurants, its results can be pressured by restaurant-level challenges even if franchised units remain stable.
  • Insurance underwriting risk: Underwriting commercial trucking insurance adds exposure to claim and underwriting volatility, which can hurt results independently of restaurant performance.
  • Recent profitability weakness: In the latest quarter provided (2026-03-31), operating margin was negative (operating margin -19.4%).
Valuation — source: SEC EDGAR (first-party)
Price$381.00
Market Cap$777.12M
EV / EBITDA51.7
Price / Book1.50
Price / Sales1.95
FCF Yield10.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$395.26M
Net Margin-9.5%
Return on Equity-3.6%
Debt / Equity0.46
Current Ratio2.47
Revenue Growth (YoY)9.2%
FCF Growth (YoY)301.8%
Financial Health — source: SEC EDGAR
Altman Z-Score2.23 (grey)
Valuation vs Sector & Industry
Sector P/E (Consumer Discretionary)21.6
Industry P/E (Restaurants, Hotels & Motels)26.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBIGLARI CAPITAL CORP. ($467.12M)
Institutional Holders Tracked10
Company
SectorConsumer Discretionary
IndustryRestaurants, Hotels & Motels
CEOSardar Biglari
Employees2,535
CountryUS
IPO Date1980-03-17

Related Companies (Business model: Restaurant Operator / Franchisor; 8 closest by market cap; US-domiciled)

  • BJ's Restaurants, Inc. (BJRI)
  • Cracker Barrel Old Country Store, Inc. (CBRL)
  • Papa John's International, Inc. (PZZA)
  • First Watch Restaurant Group, Inc. (FWRG)
  • Sweetgreen, Inc. (SG)
  • Bloomin' Brands, Inc. (BLMN)
  • Kura Sushi USA, Inc. (KRUS)
  • Dine Brands Global, Inc. (DIN)
BH earnings history · BH institutional & insider holders · BH KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.