Biglari Holdings Inc. · Restaurants

BH-A

Low riskNext report: Around Nov 6 (est.)

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The short version

A company still losing money with steady sales. Institutions are adding.

Watch out for

Losing money

Money moves

No insider buying or selling in the last 30 days
Institutions added 7.1% to their holdings in the quarter ending June 2026 (44 bought, 22 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$1,888.10-1.4% that day

Company value: $391M; Share price times all shares
Price vs sales: 0.96x; No profit over the last year, so this compares value with sales instead
Cash vs value: 18%; Cash as a share of company value
Debt vs value: 55%; Debt as a share of company value

From BH-A's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$108.5M+7.9% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $405.6M, up 7.5% from the 12 months before. Over 5 years, sales shrank about 1.8% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of BH-A. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).

Sales growth+8% a yearRecently: +7.5% a yearProfit margin10%Last 12 months: -7.3%P/E at the end15xMany steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$596M

Profit in 5 years$60M

Price these guesses point to$4,321.51+129% vs $1,888.10 todayAbout +18% a year, before dividends

What today's price needs: with a 10% margin and a 15x P/E, sales could shrink about 8.5% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

2/5Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-6.8%
PassDebt under half of equityNot relying on borrowed money.0.41x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-9.5%
MissProfitable every yearSteady profits, not one good year.6 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$76.6M

Revenue: $395.3M; +9.2% vs prior year
5-year growth: -1.8%/yr; revenue, per year
Total debt: $213.9M; 0.41x equity
Current ratio: 2.43x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: share count not growing, gross margin 40%+. A checklist is a starting point for research, not a verdict.