Biglari Holdings Inc.

Insider Sentiment (TTM):

Last Purchase:2026-06-05Last Sale:-Shares Purchased (TTM):32,018Shares Sold (TTM):0

Institutional Sentiment:

As of:2018-06-30Institutional Shares Owned:2,002,678Shares Outstanding:2,068,535Institutional Ownership Pct.:96.82%

Earnings Market Reaction:

Filing Date:2026-05-08Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Biglari Holdings Inc. (BH) — SEC Financial Statements & Analysis

Biglari Holdings Inc. (BH) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Assets
Cash And Cash Equivalents At Carrying Value	200	269	272	33	29	31	30	27	35	28	34	31
Investments	114	69	97	105	107	103	103	94	98	92	84	88
Assets Current
Accounts Receivable Net Current	25	23	21	21	23	25	21	19	24	22	26	23
Assets Current	356	379	404	174	172	171	165	151	168	153	155	153
Inventory Net	4	4	4	4	4	4	4	4	4	3	3	4
Other Assets Current	13	14	10	12	9	8	7	8	8	7	8	8
Property Plant And Equipment Net	368	367	368	365	370	376	381	381	377	380	384	389
Operating Lease Right Of Use Asset	42	40	40	36	34	34	34	35	34	32	34	34
Goodwill	-	53	-	-	-	52	-	-	-	54	-	-
Intangible Assets Net Excluding Goodwill	-	24	-	-	-	23	-	-	-	23	-	-
Intangible Assets Net Including Goodwill	76	-	76	76	76	-	76	76	77	-	76	77
Equity Method Investments	165	154	179	203	169	202	202	159	221	199	169	229
Other Assets Noncurrent	10	10	12	9	9	8	8	8	8	8	9	9
Assets	1,018	1,025	1,079	864	829	866	865	809	885	849	827	890
Liabilities And Stockhold…
Liabilities
Accounts Payable And Accrued Liabilities Current	66	73	71	56	64	63	67	60	73	67	79	73
Unearned Premiums	19	18	18	18	18	17	16	15	15	14	14	14
Liabilities Current
Liabilities Current	144	156	143	126	150	147	112	106	118	111	142	121
Long Term Debt Current	-	-	-	-	-	-	-	0	-	0	19	4
Lines Of Credit Current	-	-	-	19	35	35	-	-	-	0	-	-
Debt Current	28	33	21	-	-	35	-	-	-	-	-	-
Long Term Debt Noncurrent	212	214	215	-	-	10	-	-	-	-	-	-
Deferred Income Tax Liabilities Net	22	18	28	41	20	29	35	26	42	38	25	48
Long Term Line Of Credit	-	-	-	0	13	10	9	-	-	0	-	-
Asset Retirement Obligations Noncurrent	16	16	16	16	15	15	15	15	14	14	14	14
Other Liabilities Noncurrent	1	1	1	1	1	1	0	0	0	0	0	0
Liabilities	499	502	499	274	289	293	263	240	267	250	270	274
Common Stock Value	1	1	1	1	1	1	1	1	1	1	1	1
Additional Paid In Capital	401	386	386	386	386	386	386	386	386	386	386	386
Retained Earnings Accumulated Deficit	576	590	640	645	594	628	638	606	654	631	587	643
Stockholders Equity
Stockholders Equity	519	523	580	589	540	573	602	569	619	599	557	616
Accumulated Other Comprehensive Income Loss Net Of…	-2	-1	-1	-1	-2	-3	-2	-3	-3	-3	-3	-3
Treasury Stock Common Value	-457	-452	-445	-441	-439	-439	-421	-421	-420	-416	-413	-411
Minority Interest	-	-	-	-	-	-	-	-	-	0	0	0
Liabilities And Stockholders Equity	1,018	1,025	1,079	864	829	866	865	809	885	849	827	890

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-5.30%	31.70%	-	-	-	-	-	-	-	-	-	-
2025	3.18%	21.68%	33.41%	12.95%	18.88%	36.24%	-18.36%	-1.22%	29.76%	-9.10%	-8.04%	-17.67%
2024	-6.14%	-8.78%	-6.15%	-4.30%	-9.26%	-7.89%	16.52%	42.41%	24.72%	-5.53%	-2.36%	7.95%
2023	-	-	-	-6.10%	-16.53%	-25.43%	-7.61%	7.34%	-4.22%	14.86%	14.13%	14.29%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Liquidity Ratios
Current Ratio	2.47	2.43	2.83	1.38	1.14	1.16	1.47	1.43	1.42	1.37	1.10	1.26
Quick Ratio	2.44	2.40	2.80	1.35	1.11	1.13	1.44	1.40	1.39	1.35	1.07	1.23
Working Capital	211.89M	222.53M	261.19M	48.19M	21.22M	23.30M	53.17M	45.38M	50.15M	41.45M	13.72M	31.63M
Leverage & Debt
Debt to Equity	0.96	0.96	0.86	0.47	0.54	0.51	0.44	0.42	0.43	0.42	0.48	0.44
Interest Coverage TTM	-0.96	-4.80	0.48	20.86	-46.12	-9.58	102.81	-122.04	5.52	86.47	30.86	231.26
Debt Ratio	0.49	0.49	0.46	0.32	0.35	0.34	0.30	0.30	0.30	0.29	0.33	0.31
Efficiency & Turnover
Asset Turnover TTM	0.43	0.42	0.40	0.45	0.43	0.42	0.43	0.43	0.41	0.44	0.44	0.45
Days Sales Outstanding TTM	21.77	22.38	20.13	19.48	23.18	23.90	23.80	21.04	25.65	25.79	25.24	24.15
Receivables Turnover TTM	16.76	16.31	18.14	18.74	15.75	15.27	15.34	17.35	14.23	14.16	14.46	15.11
Margin Metrics
Gross Profit Margin TTM	59.51%	59.19%	59.75%	60.25%	60.08%	60.39%	61.00%	60.90%	61.69%	62.23%	63.21%	63.49%
Operating Profit Margin TTM	-6.38%	-12.07%	-0.41%	13.07%	-21.41%	-2.25%	16.73%	-15.69%	2.46%	17.75%	7.09%	37.97%
Net Profit Margin TTM	-4.71%	-9.48%	0.54%	10.47%	-16.21%	-1.04%	13.98%	-10.51%	3.29%	15.04%	5.54%	29.18%
Growth Metrics
Net Revenue Growth (1Y)	8.16%	9.15%	6.87%	4.14%	0.85%	-0.88%	-3.07%	-3.21%	-2.26%	-0.79%	1.19%	4.30%
Net Income Growth (1Y)	-68.56%	897.29%	-95.86%	-203.76%	-597.19%	-106.84%	144.66%	-134.87%	-64.24%	-270.09%	-144.07%	-221.90%
Calculated Values
Free Cash Flow TTM	81.48M	76.61M	81.14M	62.52M	13.03M	19.07M	26.00M	33.12M	50.13M	49.60M	53.53M	101.25M
Net Debt	39.86M	-21.79M	-37.37M	-14.48M	5.63M	13.57M	-29.89M	-28.23M	-36.12M	-28.07M	-16.58M	-28.87M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-05Purchase

Owner: Biglari, Capital Corp., B…

Title: Chairman and CEO

Shares: 535

Price/Share: $297.14

Value: $158,969.90

Shares Owned: 1,400,382

Relationship: TenPercentOwner

Ownership: Indirect

2026-05-14Purchase

Owner: Lion, Fund, L.P., Biglari…

Title: Chairman and CEO

Shares: 14,351

Price/Share: $258.06

Value: $3,703,419.06

Shares Owned: 1,398,104

Relationship: TenPercentOwner

Ownership: Indirect

2026-03-13Purchase

Owner: Biglari,, Sardar, Lion Fu…

Title: Chairman and CEO

Shares: 2,810

Price/Share: $302.20

Value: $849,182.00

Shares Owned: 1,345,430

Relationship: TenPercentOwner

Ownership: Indirect

2026-03-09Purchase

Owner: Lion, Fund, L.P., Biglari…

Title: Chairman and CEO

Shares: 3,320

Price/Share: $301.06

Value: $999,519.20

Shares Owned: 1,342,620

Relationship: TenPercentOwner

Ownership: Indirect

2026-03-06Purchase

Owner: Lion, Fund, L.P., Biglari…

Title: Chairman and CEO

Shares: 2,441

Price/Share: $307.20

Value: $749,875.20

Shares Owned: 1,339,300

Relationship: TenPercentOwner

Ownership: Indirect

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-05	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	535	297.14	$158,969.90	1,400,382	4
2026-05-14	Lion, Fund, L.P., Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	14,351	258.06	$3,703,419.06	1,398,104	4
2026-03-13	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,810	302.20	$849,182.00	1,345,430	4
2026-03-09	Lion, Fund, L.P., Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	3,320	301.06	$999,519.20	1,342,620	4
2026-03-06	Lion, Fund, L.P., Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,441	307.20	$749,875.20	1,339,300	4
2026-03-03	Biglari, Capital Corp., L…	Director,Officer,TenPercentOwner	Chairman and CEO	Indirect	Purchase	1,146	331.15	$379,497.90	1,336,859	4
2025-12-17	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	3,452	978.62	$3,378,196.24	1,335,713	4
2025-12-16	Biglari,, Sardar, Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	156	1599.87	$249,579.72	128,444	4
2025-12-10	Lion, Fund, L.P., Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	310	321.94	$99,801.40	1,332,028	4
2025-12-05	Biglari,, Sardar, Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	1,465	306.90	$449,608.50	1,329,807	4
2025-11-24	Lion, Fund, L.P., Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,032	840.50	$1,707,896.00	1,324,401	4
2024-12-17	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	3,271	749.94	$2,453,053.74	1,322,582	4
2024-12-16	Biglari, Capital Corp., L…	Director,Officer,TenPercentOwner	Chairman and CEO	Indirect	Purchase	817	710.22	$580,249.74	1,319,993	4
2024-12-05	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,167	228.47	$495,094.49	1,318,923	4
2024-12-04	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	444	223.85	$99,389.40	1,316,756	4
2024-11-27	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,422	640.38	$1,551,000.36	1,312,054	4
2024-11-22	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	384	207.95	$79,852.80	1,309,161	4
2024-11-19	Lion, Fund, L.P., Biglari…	Director,Officer,TenPercentOwner	Chairman and CEO	Indirect	Purchase	4,116	627.43	$2,582,501.88	1,306,735	4
2024-11-14	Biglari,, Sardar, Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	4,663	621.35	$2,897,355.05	1,292,670	4
2024-03-15	Biglari, Capital Corp., L…	Director,Officer,TenPercentOwner	Chairman and CEO	Indirect	Purchase	4,030	588.34	$2,371,010.20	1,277,216	4
2024-03-13	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	1,009	585.36	$590,628.24	1,273,343	4
2024-03-11	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	2,057	568.20	$1,168,787.40	1,271,744	4
2024-03-06	Biglari,, Sardar, Biglari…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	674	554.82	$373,948.68	1,268,412	4
2023-12-15	Biglari, Capital Corp., B…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	521	531.67	$277,000.07	1,265,811	4
2023-12-13	Biglari,, Sardar, Lion Fu…	TenPercentOwner	Chairman and CEO	Indirect	Purchase	1,429	527.78	$754,197.62	1,264,887	4
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Institutional Ownership

No data available for chart

2018-06-30

96.82%

Inst. Shares: 2,002,678

Shares Outstanding: 2,068,535

2018-03-31

91.37%

Inst. Shares: 1,890,044

Shares Outstanding: 2,068,535

2017-12-31

90.14%

Inst. Shares: 1,864,665

Shares Outstanding: 2,068,535

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2018-06-30	2,002,678	2,068,535	96.82%
2018-03-31	1,890,044	2,068,535	91.37%
2017-12-31	1,864,665	2,068,535	90.14%
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Biglari Holdings Inc. (BH) — SEC Financial Statements & Analysis

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