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Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, the company operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM brand names. Further, it involved investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $395M | $7M | $-37M | $77M | -7.2% | 9.2% | - |
| 2024 | $362M | $38M | $-4M | $19M | -0.7% | -0.9% | -106.8% |
| 2023 | $365M | $110M | $55M | $50M | 9.2% | -0.8% | - |
| 2022 | $368M | $-1M | $-32M | $98M | -5.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 368.23 | 365.32 | 362.11 | 395.26 |
| Cost Of Revenue | 215.45 | 209.96 | 223.49 | 245.85 |
| Gross Profit | 152.78 | 155.36 | 138.62 | 149.41 |
| Operating Expense | 107.05 | 115.98 | 115.51 | 127.62 |
| Operating Income | 45.73 | 39.38 | 23.11 | 21.80 |
| EBITDA | -0.69 | 109.62 | 37.82 | 6.73 |
| EBIT | -37.13 | 70.64 | -2.02 | -34.05 |
| Pretax Income | -43.03 | 64.85 | -8.15 | -47.69 |
| Tax Provision | -10.72 | 9.31 | -4.39 | -10.20 |
| Net Income | -32.02 | 54.95 | -3.76 | -37.49 |
| Net Income Common Stockholders | -32.02 | 54.95 | -3.76 | -37.49 |
| Total Expenses | 322.50 | 325.94 | 339.01 | 373.46 |
| Interest Expense | 5.89 | 5.79 | 6.13 | 13.64 |
| Selling General And Administration | 70.61 | 77 | 75.67 | 86.84 |
| Normalized EBITDA | 6.22 | 97.79 | 21.89 | -4.42 |
| Normalized Income | -26.83 | 44.82 | -16.34 | -46.26 |
| Basic EPS | -21.49 | 37.90 | -2.69 | -28.77 |
| Diluted EPS | -21.49 | 37.90 | -2.69 | -28.77 |
| Tax Effect Of Unusual Items | -1.72 | 1.70 | 3.34 | 2.39 |
| Tax Rate For Calcs | 0.25 | 0.14 | 0.21 | 0.21 |
| Total Unusual Items | -6.91 | 11.83 | 15.93 | 11.15 |
| Total Unusual Items Excluding Goodwill | -6.91 | 11.83 | 15.93 | 11.15 |
| Net Income From Continuing Operation Net Minority Interest | -32.02 | 54.95 | -3.76 | -37.49 |
| Reconciled Depreciation | 36.44 | 38.98 | 39.84 | 40.78 |
| Reconciled Cost Of Revenue | 215.45 | 209.96 | 223.49 | 245.85 |
| Net Interest Income | -5.89 | -5.79 | -6.13 | -13.64 |
| Net Income From Continuing And Discontinued Operation | -32.02 | 54.95 | -3.76 | -37.49 |
| Diluted Average Shares | 1.49 | 1.45 | 1.40 | 1.30 |
| Basic Average Shares | 1.49 | 1.45 | 1.40 | 1.30 |
| Diluted NI Availto Com Stockholders | -32.02 | 54.95 | -3.76 | -37.49 |
| Minority Interests | 0.29 | -0.59 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -32.30 | 55.54 | -3.76 | -37.49 |
| Net Income Continuous Operations | -32.30 | 55.54 | -3.76 | -37.49 |
| Other Income Expense | -82.87 | 31.27 | -25.13 | -55.85 |
| Special Income Charges | -3.52 | 9.62 | 15.59 | 10.63 |
| Gain On Sale Of Ppe | 0 | 13.56 | 16.70 | 11.88 |
| Impairment Of Capital Assets | 3.52 | 3.95 | 1.11 | 1.25 |
| Earnings From Equity Interest | -75.95 | 19.44 | -41.06 | -67 |
| Gain On Sale Of Security | -3.39 | 2.21 | 0.34 | 0.53 |
| Net Non Operating Interest Income Expense | -5.89 | -5.79 | -6.13 | -13.64 |
| Interest Expense Non Operating | 5.89 | 5.79 | 6.13 | 13.64 |
| Depreciation Amortization Depletion Income Statement | 36.44 | 38.98 | 39.84 | 40.78 |
| Depreciation And Amortization In Income Statement | 36.44 | 0 | 0 | 0 |
| Operating Revenue | 368.23 | 365.32 | 362.11 | 395.26 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Biglari Holdings Inc.this co. | BH | $934M | - | 0.35 | -7.2% | 3.32 |
| LGI Homes, Inc. | LGIH | $1.1B | 14.50 | 0.50 | 3.5% | 31.64 |
| Arhaus, Inc. | ARHS | $1.0B | 15.29 | 2.48 | 16.1% | 10.01 |
| Douglas Dynamics, Inc. | PLOW | $1.0B | 22.54 | 3.62 | 16.7% | 13.83 |
| Accel Entertainment, Inc. | ACEL | $1.0B | 20.82 |
| 3.81 |
| 18.8% |
| 7.10 |
| ACV Auctions Inc. | ACVA | $958M | - | 2.10 | -15.4% | -24.26 |
| Winnebago Industries, Inc. | WGO | $928M | 36.15 | 0.76 | 2.1% | 11.45 |
| Gentherm Incorporated | THRM | $928M | 51.09 | 1.30 | 2.5% | 9.90 |
| BJ's Restaurants, Inc. | BJRI | $839M | 16.44 | 2.19 | 13.3% | 9.82 |
| Peer Median | - | 20.82 | 2.15 | 8.4% | 9.96 | |