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what it is
Biglari Holdings runs restaurants, insures truckers, owns oil assets, and plays with its cash in public markets.
how it gets paid
Last year Biglari made $395M in revenue.
why it's growing
Revenue grew 9.2% last year. EDGAR shows latest-quarter revenue at $295M, up 196% from the same quarter last year.
what just happened
Revenue hit $295M, but earnings per share stayed negative.
At a glance
B+ balance sheet — decent shape, but not bulletproof
5/100 earnings predictability — expect surprises
38.7x trailing p/e — you're paying up for this one
9.2% return on capital — nothing to write home about
-$13.45 fy2024 eps est
xvary composite: 54/100 — below average
What they do
Biglari Holdings runs restaurants, insures truckers, owns oil assets, and plays with its cash in public markets.
You are not buying one business. You are buying 144 company-run restaurants and 269 franchised units, where franchised means other operators run the stores and pay fees. That gives BH cash from both sides, but it also leaves you with earnings that swung from $189.49 in 2023 to -$13.45 in 2024.
How they make money
$395M
annual revenue · their business grew +9.2% last year
total revenue
$395M
+9.2%
The products that matter
runs and franchises restaurants
restaurant operations
$395.3M revenue base
This is the clearest operating business in the snapshot. It generated the reported $395.3M of revenue, up 9.2% from last year. If you want a fundamental anchor, this is it.
core revenue
holds market-facing investments
investment portfolio
$62.3M Q4 losses
This is the earnings swing factor. Q4 investment losses of $62.3M were large enough to help push full-year results to a $143.9M net loss. That is a big number next to a $395.3M revenue base.
headline driver
licenses media and brand IP
MAXIM brand
disclosure thin
MAXIM is part of the story, but the current snapshot does not break out its contribution inside the $395.3M revenue figure. Thin disclosure is not a footnote when you are trying to value the pieces.
limited transparency
Key numbers
$395M
ttm revenue
This is the size of the whole machine. It is real revenue, but it still has to outrun lumpy profit.
-$13.45
fy2024 eps
Earnings per share means profit for one share. A negative $13.45 says the company did not turn revenue into steady profit last year.
38.7x
trailing p/e
Price-to-earnings ratio means share price divided by profit. At 38.7x, you are paying a rich multiple for a business with wild swings.
$312M
debt
Long-term debt means borrowing due after one year. At $312M, debt still matters when earnings wobble.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $312M (33% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $295M, but earnings per share stayed negative.
EDGAR shows latest-quarter revenue at $295M, up 196% from the same quarter last year. Yahoo Finance lists actual earnings per share at -$1.71, with no estimate shown.
$295M
revenue
-$1.71
eps
196.0%
revenue vs. last year
the number that mattered
The $295M quarter matters because it was 196% bigger than a year earlier. That is growth, even if profit still leaks.
source: EDGAR filing and Yahoo Finance, 2025
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What could go wrong
The biggest risk is not vague market drama. It is that BH mixes operating businesses and portfolio assets in a way that creates structure risk, earnings volatility, and a valuation problem all at once.
high
investment company act risk
BH has disclosed the risk of being classified as an investment company under the 1940 Act. That would mean tighter regulation and less operating flexibility.
The damage is structural. You are not talking about one bad quarter. You are talking about a business model that could need a rewrite.
med
premium valuation without premium operations
The stock trades at 2.7x sales versus 0.8x for peers, while operating income fell 31% last year.
If the market stops paying for future capital-allocation magic, the multiple has room to compress even before the business changes.
med
core profit erosion
Revenue rose to $395.3M, but operating income dropped 31% and profit margin landed at -9.48%.
That means the operating business is giving you less cushion against portfolio losses, not more. Same company. Smaller margin for error.
med
thin disclosure
The snapshot shows $395.3M of revenue, but it does not cleanly break out how much value comes from restaurants, investments, or MAXIM.
When the parts are blurry, you can end up paying a sum-of-the-parts premium without a clean parts list.
A business that lost $143.9M last year, carries $312M of long-term debt, and trades at 2.7x sales does not have much room for more operating slippage or another ugly quarter in the portfolio.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
1940 act classification
This is the first thing to watch. If the company moves closer to investment-company treatment, the whole BH structure gets harder to underwrite.
metric
operating income after the 31% drop
You want stabilization in the next report. If core profit keeps falling, the portfolio has to do all the heavy lifting again.
calendar
annual shareholder meeting
april 8, 2026 at the majestic theatre in san antonio. Listen for any direct talk about capital allocation, structure, and the 1940 Act risk.
trend
insider buying pace
Sardar Biglari bought 2,810 shares at $302.20 on mar. 13, 2026. One purchase is a data point. A pattern would matter more.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not trust this earnings stream to behave. Portfolio marks can drown out operating progress in a hurry.
balance sheet strength
B+
Good enough to avoid immediate stress. Not strong enough to make a 31% drop in operating income irrelevant.
source: institutional data
Institutional activity
institutional ownership data for BH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$325
current price
n/a
target midpoint · n/a from current
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