Biglari Holdings Inc
BH.A—
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Biglari Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- FCF of 81.1M TTM is 4.8x industry median (16.8M) despite revenue 57% below median - capital-light cash engine[Free Cash Flow TTM]
- Net margin 0.5% TTM vs industry median 2.3% - 81M FCF masks weak bottom-line profitability[Net Margin TTM]
- Cash of 272M (25% of assets) with 217M net debt issuance - balance sheet restructuring in progress[Cash and Equivalents]
Watch Triggers
- ROIC TTM: Rises above 3% (industry median) — Would signal capital allocation improvement - currently at 0.25% vs 3% median
- Total Revenue TTM: Returns to positive 3Y growth above 5% — Current 2.7% 3Y growth masks -0.4% 5Y trend; reversal needed for multiple expansion
- Net Margin TTM: Exceeds 2% (approaching industry median) — Would close gap between FCF and earnings, validating cash quality
Bull Case
FCF yield exceptional: 81M FCF on 580M equity (14% yield) with 272M cash buffer provides optionality for buybacks or acquisitions
Free Cash Flow TTMCash and EquivalentsCommon Stockholders Equity
Gross margin 38% TTM vs industry 26% median - 46% advantage indicates pricing power in restaurant segment
Gross Margin TTM
Bear Case
ROE 0.35% and ROIC 0.25% TTM are 95%+ below industry medians - capital allocation destroying value despite FCF generation
ROE TTMROIC TTM
Revenue declined -0.4% 5Y CAGR vs industry +8.4% median - structural shrinkage in core business
Total Revenue 5yr Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
FCF-to-net income disconnect suggests hidden value or accounting complexity requiring resolution
1-3ymed
- 81M FCF vs 2M net income (39x gap)
- 14M investment gains distorting P&L
- Negative pretax income despite positive operating income
FCF margin 21% vs net margin 0.5% TTMInterest expense 8.5M consuming operating incomePretax income -1.6M TTM
Valuation Context
Caveats
BH.A Fundamentals
Accommodation and Food Services → Food Services and Drinking Places
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.95B | — | ||
$4.11B | — | ||
0.00 | — | ||
$397.71M | +8.2% | — | |
$-73.25 | — | ||
5.47% | +0.2% | — | |
-4.71% | +11.5% | — | |
$81.48M | +525.2% | — | |
-3.54% | +6.8% | — | |
Beta 5Y (Monthly) | unknown | — |
BH.A Dividend History
No dividends
BH.A Stock Splits
No stock splits
BH.A SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/08/26 | 03/31/26 | 10-Q | |
03/02/26 | 12/31/25 | 10-K | |
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | 10-K | |
11/08/24 | 09/30/24 | 10-Q | |
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05/10/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/27/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
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02/24/20 | 12/31/19 | 10-K | |
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02/25/19 | 12/31/18 | 10-K | |
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05/03/19 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
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01/26/09 | 12/31/08 | Unknown | -- |
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