(BH) Biglari Holdings - Overview
Stock: Restaurants, Insurance, Energy, Media, Investments
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 50.7% |
| Relative Tail Risk | -7.87% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.48 |
| Alpha | 62.91 |
| Character TTM | |
|---|---|
| Beta | 0.842 |
| Beta Downside | 0.994 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.43% |
| CAGR/Max DD | 1.03 |
Description: BH Biglari Holdings January 21, 2026
Biglari Holdings Inc. (NYSE:BH) is a diversified holding company whose primary operating segment is the restaurant franchise business, notably the Steak n Shake and Western Sizzlin brands. In addition, BH generates ancillary revenue from three non-restaurant lines: commercial truck insurance (physical-damage and non-trucking liability), offshore oil and natural-gas production in Louisiana and the Permian Basin, and media publishing under the MAXIM brand. The firm was originally incorporated as The Steak n Shake Company and rebranded in 2010; it traces its origins to 1934 and is headquartered in San Antonio, Texas.
Recent public filings (Q2 2024) show that restaurants account for roughly 70 % of consolidated revenue, with the remaining 30 % split between insurance (≈15 %), energy (≈10 %) and media (≈5 %). Key performance indicators that drive these segments include: (1) same-store sales growth at Steak n Shake, which fell 4.2 % YoY amid rising labor costs and a softening discretionary-spending environment; (2) gross written premiums in the truck-insurance unit, which rose 8 % YoY, reflecting higher freight volumes but also increased loss ratios; and (3) average realized natural-gas price of $2.45 /MMBtu, a 12 % decline from the prior year, pressuring the oil-and-gas segment’s cash flow. The broader restaurant sector remains sensitive to consumer confidence and inflation, while the insurance line is exposed to underwriting cycles and regulatory changes, and the energy assets are tied to commodity price volatility.
Given the company’s mixed-business model and the divergent macro drivers across its segments, a granular, data-driven valuation is essential; for a deeper quantitative view of BHs valuation metrics, you might explore the analyst tools on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income: 2.09m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 4.51 > 1.0 |
| NWC/Revenue: 67.58% < 20% (prev 14.70%; Δ 52.87% < -1%) |
| CFO/TA 0.10 > 3% & CFO 107.2m > Net Income 2.09m |
| Net Debt (74.7m) to EBITDA (50.7m): 1.47 < 3 |
| Current Ratio: 2.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.10m) vs 12m ago 121.7% < -2% |
| Gross Margin: 35.62% > 18% (prev 0.31%; Δ 3531 % > 0.5%) |
| Asset Turnover: 39.75% > 50% (prev 41.81%; Δ -2.05% > 0%) |
| Interest Coverage Ratio: 1.38 > 6 (EBITDA TTM 50.7m / Interest Expense TTM 7.63m) |
Altman Z'' 4.94
| A: 0.24 (Total Current Assets 404.1m - Total Current Liabilities 143.0m) / Total Assets 1.08b |
| B: 0.59 (Retained Earnings 640.1m / Total Assets 1.08b) |
| C: 0.01 (EBIT TTM 10.6m / Avg Total Assets 972.3m) |
| D: 1.28 (Book Value of Equity 639.8m / Total Liabilities 499.2m) |
| Altman-Z'' Score: 4.94 = AAA |
Beneish M -3.39
| DSRI: 0.93 (Receivables 21.2m/21.4m, Revenue 386.5m/361.7m) |
| GMI: 0.88 (GM 35.62% / 31.43%) |
| AQI: 0.75 (AQ_t 0.25 / AQ_t-1 0.33) |
| SGI: 1.07 (Revenue 386.5m / 361.7m) |
| TATA: -0.10 (NI 2.09m - CFO 107.2m) / TA 1.08b) |
| Beneish M-Score: -3.39 (Cap -4..+1) = AA |
What is the price of BH shares?
Over the past week, the price has changed by +10.90%, over one month by +11.52%, over three months by +15.01% and over the past year by +78.25%.
Is BH a buy, sell or hold?
What are the forecasts/targets for the BH price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 500 | 20.2% |
| Analysts Target Price | 500 | 20.2% |
| ValueRay Target Price | 566.9 | 36.3% |
BH Fundamental Data Overview February 03, 2026
P/S = 3.032
P/B = 1.9868
P/EG = -12.63
Revenue TTM = 386.5m USD
EBIT TTM = 10.6m USD
EBITDA TTM = 50.7m USD
Long Term Debt = 214.9m USD (from longTermDebt, last quarter)
Short Term Debt = 35.2m USD (from shortTermDebt, last quarter)
Debt = 347.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 74.7m USD (from netDebt column, last quarter)
Enterprise Value = 1.25b USD (1.17b + Debt 347.2m - CCE 272.5m)
Interest Coverage Ratio = 1.38 (Ebit TTM 10.6m / Interest Expense TTM 7.63m)
EV/FCF = 15.36x (Enterprise Value 1.25b / FCF TTM 81.1m)
FCF Yield = 6.51% (FCF TTM 81.1m / Enterprise Value 1.25b)
FCF Margin = 20.99% (FCF TTM 81.1m / Revenue TTM 386.5m)
Net Margin = 0.54% (Net Income TTM 2.09m / Revenue TTM 386.5m)
Gross Margin = 35.62% ((Revenue TTM 386.5m - Cost of Revenue TTM 248.8m) / Revenue TTM)
Gross Margin QoQ = 39.17% (prev 28.90%)
Tobins Q-Ratio = 1.15 (Enterprise Value 1.25b / Total Assets 1.08b)
Interest Expense / Debt = 0.43% (Interest Expense 1.51m / Debt 347.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = 8.34m (EBIT 10.6m * (1 - 21.00%))
Current Ratio = 2.83 (Total Current Assets 404.1m / Total Current Liabilities 143.0m)
Debt / Equity = 0.60 (Debt 347.2m / totalStockholderEquity, last quarter 580.3m)
Debt / EBITDA = 1.47 (Net Debt 74.7m / EBITDA 50.7m)
Debt / FCF = 0.92 (Net Debt 74.7m / FCF TTM 81.1m)
Total Stockholder Equity = 570.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.22% (Net Income 2.09m / Total Assets 1.08b)
RoE = 0.37% (Net Income TTM 2.09m / Total Stockholder Equity 570.6m)
RoCE = 1.34% (EBIT 10.6m / Capital Employed (Equity 570.6m + L.T.Debt 214.9m))
RoIC = 1.27% (NOPAT 8.34m / Invested Capital 657.6m)
WACC = 7.04% (E(1.17b)/V(1.52b) * Re(9.02%) + D(347.2m)/V(1.52b) * Rd(0.43%) * (1-Tc(0.21)))
Discount Rate = 9.02% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 47.20%
[DCF Debug] Terminal Value 74.84% ; FCFF base≈59.1m ; Y1≈38.8m ; Y5≈17.7m
Fair Price DCF = 166.3 (EV 418.6m - Net Debt 74.7m = Equity 343.9m / Shares 2.07m; r=7.04% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -6.37 | EPS CAGR: -2.54% | SUE: -0.26 | # QB: 0
Revenue Correlation: 27.56 | Revenue CAGR: 0.21% | SUE: N/A | # QB: 0