BH.A Fundamental Analysis - BIGLARI HOLDINGS INC-A

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to BH.A. BH.A was compared to 131 industry peers in the Hotels, Restaurants & Leisure industry. BH.A scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. BH.A does not seem to be growing, but still is valued expensively.

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1. Profitability

1.1 Basic Checks

In the past year BH.A has reported negative net income.

BH.A had a positive operating cash flow in the past year.

The reported net income has been mixed in the past 5 years: BH.A reported negative net income in multiple years.

Each year in the past 5 years BH.A had a positive operating cash flow.

1.2 Ratios

BH.A has a Return On Assets of -7.17%. This is amonst the worse of the industry: BH.A underperforms 81.68% of its industry peers.

With a Return On Equity value of -11.01%, BH.A perfoms like the industry average, outperforming 43.51% of the companies in the same industry.

Looking at the Return On Invested Capital, with a value of 2.33%, BH.A is doing worse than 70.23% of the companies in the same industry.

The Average Return On Invested Capital over the past 3 years for BH.A is significantly below the industry average of 15.73%.

		Industry Rank	Sector Rank
ROA	-7.17%
ROE	-11.01%
ROIC	2.33%

ROA(3y)0.71%

ROA(5y)0.47%

ROE(3y)0.87%

ROE(5y)0.38%

ROIC(3y)4.28%

ROIC(5y)4.07%

1.3 Margins

BH.A's Operating Margin of 5.29% is on the low side compared to the rest of the industry. BH.A is outperformed by 63.36% of its industry peers.

BH.A's Operating Margin has improved in the last couple of years.

BH.A has a Gross Margin of 37.58%. This is in the lower half of the industry: BH.A underperforms 67.94% of its industry peers.

BH.A's Gross Margin has improved in the last couple of years.

		Industry Rank	Sector Rank
OM	5.29%
PM (TTM)	N/A
GM	37.58%

OM growth 3Y-13.98%

OM growth 5Y50.65%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.62%

GM growth 5Y13.62%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), BH.A is destroying value.

The number of shares outstanding for BH.A remains at a similar level compared to 1 year ago.

Compared to 5 years ago, BH.A has less shares outstanding

The debt/assets ratio for BH.A is higher compared to a year ago.

2.2 Solvency

BH.A has an Altman-Z score of 8.38. This indicates that BH.A is financially healthy and has little risk of bankruptcy at the moment.

The Altman-Z score of BH.A (8.38) is better than 91.60% of its industry peers.

BH.A has a debt to FCF ratio of 8.90. This is a slightly negative value and a sign of low solvency as BH.A would need 8.90 years to pay back of all of its debts.

The Debt to FCF ratio of BH.A (8.90) is better than 63.36% of its industry peers.

BH.A has a Debt/Equity ratio of 0.21. This is a healthy value indicating a solid balance between debt and equity.

BH.A's Debt to Equity ratio of 0.21 is fine compared to the rest of the industry. BH.A outperforms 76.34% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.21
Debt/FCF	8.9
Altman-Z	8.38

ROIC/WACC0.26

WACC8.93%

2.3 Liquidity

A Current Ratio of 1.14 indicates that BH.A should not have too much problems paying its short term obligations.

BH.A has a Current ratio (1.14) which is in line with its industry peers.

A Quick Ratio of 1.11 indicates that BH.A should not have too much problems paying its short term obligations.

BH.A has a Quick ratio of 1.11. This is in the better half of the industry: BH.A outperforms 62.60% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.14
Quick Ratio	1.11

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

BH.A shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -616.97%.

BH.A shows a small growth in Revenue. In the last year, the Revenue has grown by 0.86%.

The Revenue for BH.A have been decreasing by -11.55% on average. This is quite bad

EPS 1Y (TTM)-616.97%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-256.63%

Revenue 1Y (TTM)0.86%

Revenue growth 3Y-0.36%

Revenue growth 5Y-11.55%

Sales Q2Q%6.25%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

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4. Valuation

4.1 Price/Earnings Ratio

BH.A reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, BH.A is valued a bit more expensive than the industry average as 78.63% of the companies are valued more cheaply.

61.83% of the companies in the same industry are cheaper than BH.A, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	249.91
EV/EBITDA	53.03

4.3 Compensation for Growth

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2YN/A

EPS Next 3YN/A

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5. Dividend

5.1 Amount

No dividends for BH.A!.

		Industry Rank	Sector Rank
Dividend Yield	N/A

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BIGLARI HOLDINGS INC-A

NYSE:BH.A (8/4/2025, 8:04:00 PM)

1442.6

-9.32 (-0.64%)

Chartmill FA Rating

GICS SectorConsumer Discretionary

GICS IndustryGroupConsumer Services

GICS IndustryHotels, Restaurants & Leisure

Earnings (Last)05-09 2025-05-09/amc

Earnings (Next)08-07 2025-08-07

Inst Owners88.5%

Inst Owner Change0%

Ins Owners0.4%

Ins Owner ChangeN/A

Market Cap3.29B

Analysts43.33

Price TargetN/A

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	N/A

Yearly DividendN/A

Dividend Growth(5Y)N/A

DPN/A

Div Incr Years0

Div Non Decr Years0

Ex-DateN/A

Surprises & Revisions

EPS beat(2)N/A

Avg EPS beat(2)N/A

Min EPS beat(2)N/A

Max EPS beat(2)N/A

EPS beat(4)N/A

Avg EPS beat(4)N/A

Min EPS beat(4)N/A

Max EPS beat(4)N/A

EPS beat(8)N/A

Avg EPS beat(8)N/A

EPS beat(12)N/A

Avg EPS beat(12)N/A

EPS beat(16)N/A

Avg EPS beat(16)N/A

Revenue beat(2)N/A

Avg Revenue beat(2)N/A

Min Revenue beat(2)N/A

Max Revenue beat(2)N/A

Revenue beat(4)N/A

Avg Revenue beat(4)N/A

Min Revenue beat(4)N/A

Max Revenue beat(4)N/A

Revenue beat(8)N/A

Avg Revenue beat(8)N/A

Revenue beat(12)N/A

Avg Revenue beat(12)N/A

Revenue beat(16)N/A

Avg Revenue beat(16)N/A

PT rev (1m)N/A

PT rev (3m)N/A

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)N/A

EPS NY rev (3m)N/A

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)N/A

Revenue NY rev (3m)N/A

Valuation

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A
P/S	8.95
P/FCF	249.91
P/OCF	70.8
P/B	6.09
P/tB	7.09
EV/EBITDA	53.03

EPS(TTM)-110.3

EYN/A

EPS(NY)N/A

Fwd EYN/A

FCF(TTM)5.77

FCFY0.4%

OCF(TTM)20.38

OCFY1.41%

SpS161.27

BVpS236.77

TBVpS203.61

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	-7.17%
ROE	-11.01%
ROCE	2.86%
ROIC	2.33%
ROICexc	2.74%
ROICexgc	3.13%
OM	5.29%
PM (TTM)	N/A
GM	37.58%
FCFM	3.58%

ROA(3y)0.71%

ROA(5y)0.47%

ROE(3y)0.87%

ROE(5y)0.38%

ROIC(3y)4.28%

ROIC(5y)4.07%

ROICexc(3y)5.11%

ROICexc(5y)4.86%

ROICexgc(3y)5.84%

ROICexgc(5y)5.56%

ROCE(3y)5.05%

ROCE(5y)4.78%

ROICexcg growth 3Y-14.08%

ROICexcg growth 5Y44.59%

ROICexc growth 3Y-14.03%

ROICexc growth 5Y43.14%

OM growth 3Y-13.98%

OM growth 5Y50.65%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.62%

GM growth 5Y13.62%

F-Score3

Asset Turnover0.44

Health

		Industry Rank	Sector Rank
Debt/Equity	0.21
Debt/FCF	8.9
Debt/EBITDA	1.87
Cap/Depr	83.03%
Cap/Sales	9.05%
Interest Coverage	250
Cash Conversion	78.02%
Profit Quality	N/A
Current Ratio	1.14
Quick Ratio	1.11
Altman-Z	8.38

F-Score3

WACC8.93%

ROIC/WACC0.26

Cap/Depr(3y)72.81%

Cap/Depr(5y)99.4%

Cap/Sales(3y)7.64%

Cap/Sales(5y)9.06%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)-616.97%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-256.63%

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)0.86%

Revenue growth 3Y-0.36%

Revenue growth 5Y-11.55%

Sales Q2Q%6.25%

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y-44.1%

EBIT growth 3Y-14.29%

EBIT growth 5Y33.25%

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-86.88%

FCF growth 3Y-51.22%

FCF growth 5Y-24.16%

OCF growth 1Y-63.31%

OCF growth 3Y-39.9%

OCF growth 5Y-11.92%

BIGLARI HOLDINGS INC-A (BH.A) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

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2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

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3. Growth

3.1 Past

3.2 Future

3.3 Evolution

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4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

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