BH-A
Biglari Holdings Inc.Consumer Cyclical·Restaurants
$1,489.60
$935M market cap
Revenue
$197.3M
Free Cash Flow
$19.7M
Rev Growth
+0.0%
FCF Margin
10.0%
P/FCF
47.4x
EV/FCF
49.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units. The company also engages in underwriting commercial
2-Year Price History
$1446.28+47.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 97.5 | 13.7 | 3.1 | -14.5 | 20.3 | 13.4 | -7.0 | 314.3 | 357.7 | 3.1 | 2.4% | 2.0x | -- |
| Act | 2025-Q4 | 99.9 | 14.4 | 3.7 | -49.9 | 17.8 | 6.4 | -11.4 | 337.8 | 358.6 | 3.1 | 2.8% | 35.0x | -- |
Valuation & Metrics
Market Stats
Price$1,489.60
Market Cap$935M
Enterprise Value$979M
P/S Ratio4.7x
P/FCF47.4x
EV/FCF49.6x
FCF Margin (TTM)10.0%
FCF Yield2.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$197.3M
Net Income$-64.4M
Free Cash Flow$19.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin14.3%
Net Margin-32.6%
FCF Margin10.0%
CapEx % of Revenue9.3%
SBC % of Revenue0.0%
ROIC2.6%
WC Change % Rev-1.7%
Interest Coverage4.3x
Forward Outlook & Risk
Employees
Headcount2,535
Revenue / Employee$77,850
Gross Profit / Employee$21,108
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
36.4%(+15.7% YoY)
33 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
2.5%(+1.2% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.0% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BIGLARI CAPITAL CORP. | $269M | $1221.31 | +$0 | +$1.4M | -1.9% | $929M |
| GAMCO INVESTORS, INC. ET AL | $19.6M | $912.50 | −$1.1M | −$3.2M | -0.0% | $10.15B |
| DIMENSIONAL FUND ADVISORS LPPassive | $10.1M | $1284.09 | −$110K | +$1.1M | -0.4% | $480.92B |
| RENAISSANCE TECHNOLOGIES LLC | $10.0M | $1611.36 | +$2.7M | +$9.5M | +1.2% | $63.91B |
| BlackRock, Inc.Passive | $4.7M | $1211.99 | +$1.9M | +$2.0M | -0.2% | $5.69T |
| MARSHALL WACE, LLP | $4.1M | $1687.50 | +$2.9M | +$4.1M | +0.6% | $92.71B |
| Trexquant Investment LP | $4.1M | $1681.85 | +$863K | +$4.1M | -0.2% | $13.81B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $3.7M | $1742.69 | +$3.7M | +$3.7M | — | $4.04T |
| VICTORY CAPITAL MANAGEMENT INC | $3.4M | $1742.69 | +$3.4M | +$3.4M | -0.2% | $156.12B |
| GABELLI FUNDS LLC | $2.7M | $912.50 | +$0 | −$113K | -0.2% | $14.68B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $2.4M | $1697.26 | +$849K | +$2.3M | +0.1% | $184.72B |
| MILLENNIUM MANAGEMENT LLC | $2.0M | $1730.91 | +$1.3M | +$2.0M | -0.5% | $127.40B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.9M | $1401.22 | +$352K | +$598K | +2.3% | $1.61T |
| XTX Topco Ltd | $1.6M | $1667.42 | +$1.0M | +$1.6M | -1.9% | $5.74B |
| BALYASNY ASSET MANAGEMENT LLC | $1.5M | $1741.99 | +$1.1M | +$1.5M | -0.4% | $48.01B |
| Aquatic Capital Management LLC | $1.4M | $1741.89 | +$1.0M | +$1.4M | +0.1% | $3.48B |
| UBS Group AG | $1.1M | $1592.49 | +$938K | +$946K | -0.3% | $562.11B |
| STATE STREET CORPPassive | $976K | $1609.07 | −$366K | +$472K | -0.2% | $2.89T |
| HRT FINANCIAL LP | $927K | $1543.20 | +$474K | +$927K | -0.6% | $39.46B |
| Point72 Asset Management, L.P. | $821K | $1740.10 | +$16K | +$821K | +0.9% | $54.88B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.77%
avg per quarter
Holders (ex-self)
-1.55%
excl. this stock
Buyers (this Q)
+0.04%
28 buyers · $0.02B in
Sellers (this Q)
+0.14%
7 sellers · $0.00B out
alpha coverage: 99% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-0.1%
how holders react when this stock falls
On quiet Qs
-2.5%
−10% to +10% baseline
On rallies (+10%+)
-2.1%
how they react when this stock rises
Holders' portfolio flow this Q
+1.0%
inflows — adds are organic
Sellers' portfolio flow this Q
-2.5%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.3%
Holder mid (any stock)
-0.6%
Holder rally (any stock)
-3.0%
Biggest decreases this quarter
GAMCO INVESTORS, INC. ET AL−$1.1Mα-0.0CITADEL ADVISORS LLCexited−$884KOMERS ADMINISTRATION Corpexited−$870KJANE STREET GROUP, LLCexited−$698KJPMORGAN CHASE & COexited−$438KGOLDMAN SACHS GROUP INC−$411Kα-0.2STATE STREET CORP−$366Kα-0.2DIMENSIONAL FUND ADVISORS LP−$110Kα-0.4Engineers Gate Manager LP−$108Kα-1.8BANK OF AMERICA CORP /DE/exited−$31K
New buyers this quarter
Top-5 holders · 89.4%
BIGLARI CAPITAL CORP.--
GAMCO INVESTORS, INC. ET AL--
DIMENSIONAL FUND ADVISORS LP--
RENAISSANCE TECHNOLOGIES LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BIGLARI CAPITAL CORP.154KGAMCO INVESTORS, INC. ET AL11KRENAISSANCE TECHNOLOGIES LLC6KMARSHALL WACE, LLP2KTrexquant Investment LP2KVICTORY CAPITAL MANAGEMENT INC2KGABELLI FUNDS LLC2KMILLENNIUM MANAGEMENT LLC1KARROWSTREET CAPITAL, LIMITED PARTNERSHIP1KXTX Topco Ltd935
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
1
Buy: 1Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$21.72M
18 txns · 1 insider · 76,319 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 14,351 | $258.06 | $3.70M | $360.79M |
| 2026-05-13 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 15,358 | $260.36 | $4.00M | $360.27M |
| 2026-05-12 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 22,965 | $249.84 | $5.74M | $341.88M |
| 2026-03-13 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 2,810 | $302.20 | $849K | $406.59M |
| 2026-03-09 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 3,320 | $301.06 | $1000K | $404.21M |
| 2026-03-06 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 2,441 | $307.20 | $750K | $411.43M |
| 2026-03-03 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 1,146 | $331.15 | $379K | $442.70M |
| 2025-12-17 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 3,452 | $463.34 | $1.60M | $618.89M |
| 2025-12-16 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 156 | $1599.87 | $250K | $205.49M |
| 2025-12-15 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 212 | $698.01 | $148K | $930.19M |
| 2025-12-12 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 449 | $333.14 | $150K | $443.90M |
| 2025-12-10 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 310 | $321.94 | $100K | $428.83M |
| 2025-12-09 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 938 | $319.08 | $299K | $424.92M |
| 2025-12-08 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 973 | $315.08 | $307K | $419.30M |
| 2025-12-05 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 1,465 | $306.90 | $450K | $408.12M |
| 2025-12-04 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 1,139 | $306.05 | $349K | $406.54M |
| 2025-12-03 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 2,802 | $303.32 | $850K | $402.57M |
| 2025-11-24 | BUY | BIGLARI, SARDAR | director, 10 percent owner, officer: Chairman and CEO | 2,032 | $393.35 | $799K | $520.95M |
Filing Risk Analysis
Filing Risk Scores
BIGLARI HOLDINGS INC.: A Case Study in Circular Capital and Subsidiary Asset Stripping
Overall Risk
8/10
Fraud
6/10
Dilution
9/10
Insolvency
4/10
Earnings Overstated
7/10
Hidden Liabilities
5/10
Legal
4/10
Audit Warnings
2/10
Hidden Upside
3/10
Contextually Acceptable
2/10