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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% | 897.3% |
| 2024 | $362M | $38M | $-4M | $19M | -0.7% | -0.9% | -106.8% |
| 2023 | $365M | $110M | $55M | $50M | 9.2% | -0.8% | -271.6% |
| 2022 | $368M | $-1M | $-32M | $98M | -5.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 368.23 | 365.32 | 362.11 | 395.26 |
| Operating 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 | 149.42 |
| Operating Expense | - | 107.05 | 115.98 | 115.51 | 127.62 |
| Selling General And Administration | - | 70.61 | 77 | 75.67 | 86.84 |
| Total Expenses | - | 322.50 | 325.94 | 339.01 | 373.46 |
| Operating Income | - | 45.73 | 39.38 | 23.11 | 21.80 |
| EBITDA | - | -0.69 | 109.62 | 37.82 | 6.73 |
| Normalized EBITDA | - | 6.22 | 97.79 | 21.89 | -4.42 |
| EBIT | - | -37.14 | 70.64 | -2.02 | -34.05 |
| Interest Expense | - | 5.89 | 5.80 | 6.13 | 13.64 |
| Net Interest Income | - | -5.89 | -5.80 | -6.13 | -13.64 |
| Other Income Expense | - | -82.87 | 31.27 | -25.13 | -55.85 |
| Interest Expense Non Operating | - | 5.89 | 5.80 | 6.13 | 13.64 |
| Net Non Operating Interest Income Expense | - | -5.89 | -5.80 | -6.13 | -13.64 |
| Pretax Income | - | -43.03 | 64.85 | -8.15 | -47.69 |
| Tax Provision | - | -10.72 | 9.31 | -4.39 | -10.20 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.72 | 1.70 | 3.34 | 2.39 |
| Net Income Continuous Operations | - | -32.30 | 55.54 | -3.76 | -37.49 |
| Net Income From Continuing And Discontinued Operation | - | -32.02 | 54.95 | -3.76 | -37.49 |
| Net Income From Continuing Operation Net Minority Interest | - | -32.02 | 54.95 | -3.76 | -37.49 |
| Net Income | - | -32.02 | 54.95 | -3.76 | -37.49 |
| Net Income Common Stockholders | - | -32.02 | 54.95 | -3.76 | -37.49 |
| Net Income Including Noncontrolling Interests | - | -32.30 | 55.54 | -3.76 | -37.49 |
| Normalized Income | - | -26.83 | 44.82 | -16.34 | -46.26 |
| Diluted NI Availto Com Stockholders | - | -32.02 | 54.95 | -3.76 | -37.49 |
| Basic Average Shares | - | 1.49 | 1.45 | 1.40 | 1.30 |
| Diluted Average Shares | - | 1.49 | 1.45 | 1.40 | 1.30 |
| Reconciled Depreciation | - | 36.44 | 38.98 | 39.84 | 40.78 |
| Reconciled Cost Of Revenue | - | 215.45 | 209.96 | 223.49 | 245.85 |
| Total Unusual Items | - | -6.91 | 11.83 | 15.93 | 11.15 |
| Total Unusual Items Excluding Goodwill | - | -6.91 | 11.83 | 15.93 | 11.15 |
| Minority Interests | - | 0.29 | -0.59 | 0 | 0 |
| Special Income Charges | - | -3.52 | 9.62 | 15.59 | 10.63 |
| Impairment Of Capital Assets | - | 3.52 | 3.95 | 1.11 | 1.25 |
| Gain On Sale Of Security | - | -3.39 | 2.21 | 0.34 | 0.53 |
| Depreciation Amortization Depletion Income Statement | - | 36.44 | 38.98 | 39.84 | 40.78 |
| Depreciation And Amortization In Income Statement | 30.05 | 36.44 | - | - | - |
| Gain On Sale Of Ppe | - | 0 | 13.56 | 16.70 | 11.88 |
| Earnings From Equity Interest | - | -75.95 | 19.44 | -41.06 | -67 |
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 | $930M | -24.80 | 1.78 | -7.2% | 151.51 |
| Accel Entertainment, Inc. | ACEL | $982M | 19.09 | 3.64 | 19.1% | 7.02 |
| Arhaus, Inc. | ARHS | $940M | 13.97 | 2.25 | 16.1% | 7.10 |
| Petco Health and Wellness Company, Inc. | WOOF | $926M | 102.17 | 0.80 | 0.8% | 10.95 |
| BJ's Restaurants, Inc. | BJRI | $902M |
| - |
| - |
| - |
| - |
| - |
| 18.47 |
| 2.46 |
| 13.3% |
| 10.59 |
| Myers Industries, Inc. | MYE | $893M | 25.56 | 3.03 | 11.9% | 10.77 |
| Sweetgreen, Inc. | SG | $876M | -6.53 | 2.46 | -37.6% | -18.57 |
| Standard Motor Products, Inc. | SMP | $875M | 21.17 | 1.28 | 6.0% | 8.16 |
| Arko Corp. | ARKO | $871M | 38.28 | 3.26 | 8.5% | 12.26 |
| Peer Median | - | 20.13 | 2.46 | 10.2% | 9.38 | |