BH Fundamental Analysis - BIGLARI HOLDINGS INC-B

Fundamental Rating

Overall BH gets a fundamental rating of 2 out of 10. We evaluated BH against 131 industry peers in the Hotels, Restaurants & Leisure industry. BH scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. BH does not seem to be growing, but still is valued expensively.

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1. Profitability

1.1 Basic Checks

BH had negative earnings in the past year.

In the past year BH had a positive cash flow from operations.

In multiple years BH reported negative net income over the last 5 years.

BH had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

Looking at the Return On Assets, with a value of -7.17%, BH is doing worse than 80.92% of the companies in the same industry.

BH has a Return On Equity (-11.01%) which is comparable to the rest of the industry.

BH has a worse Return On Invested Capital (2.33%) than 70.99% of its industry peers.

Measured over the past 3 years, the Average Return On Invested Capital for BH is significantly below the industry average of 15.79%.

		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

With a Operating Margin value of 5.29%, BH is not doing good in the industry: 64.12% of the companies in the same industry are doing better.

In the last couple of years the Operating Margin of BH has grown nicely.

Looking at the Gross Margin, with a value of 37.58%, BH is doing worse than 66.41% of the companies in the same industry.

BH'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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BH is destroying value.

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

The number of shares outstanding for BH has been reduced compared to 5 years ago.

Compared to 1 year ago, BH has a worse debt to assets ratio.

2.2 Solvency

BH has an Altman-Z score of 2.95. This is not the best score and indicates that BH is in the grey zone with still only limited risk for bankruptcy at the moment.

BH has a Altman-Z score of 2.95. This is in the better half of the industry: BH outperforms 72.52% of its industry peers.

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

With a decent Debt to FCF ratio value of 8.90, BH is doing good in the industry, outperforming 64.89% of the companies in the same industry.

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

The Debt to Equity ratio of BH (0.21) is better than 77.86% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.21
Debt/FCF	8.9
Altman-Z	2.95

ROIC/WACC0.26

WACC9.01%

2.3 Liquidity

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

BH has a better Current ratio (1.14) than 61.07% of its industry peers.

BH has a Quick Ratio of 1.11. This is a normal value and indicates that BH is financially healthy and should not expect problems in meeting its short term obligations.

With a decent Quick ratio value of 1.11, BH is doing good in the industry, outperforming 62.60% of the companies in the same industry.

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

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

The Revenue for BH 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 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 is valued a bit cheaper than 74.81% of the companies in the same industry.

BH's Price/Free Cash Flow ratio is in line with the industry average.

		Industry Rank	Sector Rank
P/FCF	52.93
EV/EBITDA	9.12

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

BH does not give a dividend.

		Industry Rank	Sector Rank
Dividend Yield	N/A

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BIGLARI HOLDINGS INC-B

NYSE:BH (8/22/2025, 8:04:00 PM)

After market: 305.54 0 (0%)

305.54

+9.92 (+3.36%)

Chartmill FA Rating

GICS SectorConsumer Discretionary

GICS IndustryGroupConsumer Services

GICS IndustryHotels, Restaurants & Leisure

Earnings (Last)08-07 2025-08-07

Earnings (Next)11-06 2025-11-06

Inst Owners88.5%

Inst Owner Change1.89%

Ins Owners0.4%

Ins Owner Change0%

Market Cap696.63M

Analysts43.33

Price TargetN/A

Short Float %23.33%

Short Ratio2.25

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	1.89
P/FCF	52.93
P/OCF	15
P/B	1.29
P/tB	1.5
EV/EBITDA	9.12

EPS(TTM)-110.3

EYN/A

EPS(NY)N/A

Fwd EYN/A

FCF(TTM)5.77

FCFY1.89%

OCF(TTM)20.38

OCFY6.67%

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	2.95

F-Score3

WACC9.01%

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-B (BH) 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

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

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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