Biglari Holdings Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Biglari Holdings (BH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 45/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Biglari Holdings's revenue declined 0.9% year-over-year, from $365.3M to $362.1M. This contraction results in a growth score of 26/100.

Leverage

100

Biglari Holdings carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Biglari Holdings's current ratio of 1.16 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 26/100, which could limit financial flexibility.

Cash Flow

Biglari Holdings's free cash flow margin of 5.3% results in a low score of 26/100. Capital expenditures of $30.6M absorb a large share of operating cash flow.

Piotroski F-Score Weak

2/9

Biglari Holdings passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-13.21x

For every $1 of reported earnings, Biglari Holdings generates $-13.21 in operating cash flow ($49.7M OCF vs -$3.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$362.1M

YoY-0.9%

5Y CAGR-11.5%

Biglari Holdings generated $362.1M in revenue in fiscal year 2024. This represents a decrease of 0.9% from the prior year.

EBITDA

N/A

Free Cash Flow

$19.1M

YoY-61.6%

5Y CAGR-24.2%

Biglari Holdings generated $19.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 61.6% from the prior year.

Net Income

-$3.8M

YoY-106.8%

Biglari Holdings reported -$3.8M in net income in fiscal year 2024. This represents a decrease of 106.8% from the prior year.

EPS (Diluted)

$-13.45

YoY-107.1%

Biglari Holdings earned $-13.45 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 107.1% from the prior year.

Cash & Debt

$30.7M

YoY+9.4%

5Y CAGR-14.6%

Biglari Holdings held $30.7M in cash against $10.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

60.4%

YoY-1.8pp

5Y CAGR+35.3pp

Biglari Holdings's gross margin was 60.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.8 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-1.0%

YoY-16.1pp

5Y CAGR-7.8pp

Biglari Holdings's net profit margin was -1.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 16.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$30.6M

YoY+30.7%

5Y CAGR+11.6%

Biglari Holdings invested $30.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 30.7% from the prior year.

BH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$362.1M-0.9%	$365.3M-0.8%	$368.2M+0.6%	$366.1M-15.6%	$433.7M-35.2%	$668.8M
Cost of Revenue	$143.4M+4.0%	$138.0M-1.6%	$140.3M-16.3%	$167.5M-32.1%	$246.7M-50.8%	$500.9M
Gross Profit	$218.7M-3.8%	$227.3M-0.3%	$228.0M+14.8%	$198.6M+6.2%	$187.0M+11.4%	$167.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$75.7M-1.7%	$77.0M+9.1%	$70.6M-7.1%	$76.0M-0.4%	$76.4M-23.8%	$100.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$771K+13.2%	$681K+70.7%	$399K-64.4%	$1.1M-92.8%	$15.5M-23.3%	$20.3M
Income Tax	-$4.4M-147.2%	$9.3M+186.8%	-$10.7M-257.9%	$6.8M+155.6%	-$12.2M-225.1%	$9.8M
Net Income	-$3.8M-106.8%	$54.9M+271.6%	-$32.0M-190.2%	$35.5M+193.4%	-$38.0M-183.7%	$45.4M
EPS (Diluted)	$-13.45-107.1%	$189.49+276.4%	$-107.43-196.1%	$111.83+201.6%	$-110.05-183.6%	$131.64

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$99.7M-0.9%	$100.6M+5.9%	$95.0M+4.3%	$91.1M0.0%	$91.1M+1.9%	$89.5M-1.3%	$90.7M-0.3%	$90.9M
Cost of Revenue	$41.8M+4.5%	$40.0M+6.0%	$37.8M+5.1%	$35.9M-2.6%	$36.9M+7.2%	$34.4M+2.7%	$33.5M-8.9%	$36.8M
Gross Profit	$57.9M-4.4%	$60.6M+5.8%	$57.3M+3.8%	$55.2M+1.7%	$54.3M-1.4%	$55.0M-3.7%	$57.1M+5.5%	$54.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$20.4M-10.6%	$22.9M+7.0%	$21.4M+11.1%	$19.2M+3.1%	$18.7M+2.1%	$18.3M-18.5%	$22.4M+22.4%	$18.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$829K-2.7%	$852K-5.3%	$900K+98.2%	$454K+981.0%	$42K	$0-100.0%	$212K-19.1%	$262K
Income Tax	-$2.3M-116.0%	$14.2M+279.2%	-$7.9M-2.9%	-$7.7M+47.8%	-$14.7M-316.0%	$6.8M	N/A	N/A
Net Income	-$5.3M-110.4%	$50.9M+253.1%	-$33.3M-223.9%	-$10.3M+78.7%	-$48.2M-313.4%	$22.6M-49.4%	$44.6M+179.0%	-$56.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$866.1M+2.0%	$849.4M+2.5%	$828.5M-7.4%	$894.8M-12.1%	$1.0B-10.7%	$1.1B
Current Assets	$170.6M+11.8%	$152.6M+1.3%	$150.7M-8.6%	$164.8M+11.5%	$147.8M+1.6%	$145.4M
Cash & Equivalents	$30.7M+9.4%	$28.1M-25.1%	$37.5M-11.5%	$42.3M+72.8%	$24.5M-63.8%	$67.8M
Inventory	$4.0M+35.3%	$3.0M-22.6%	$3.9M+1.3%	$3.8M+38.9%	$2.7M-41.4%	$4.7M
Accounts Receivable	$25.2M+13.2%	$22.2M-24.3%	$29.4M+3.0%	$28.5M+48.6%	$19.2M-11.3%	$21.6M
Goodwill	$52.5M-1.9%	$53.5M0.0%	$53.5M-0.1%	$53.5M-0.1%	$53.6M+33.9%	$40.0M
Total Liabilities	$293.2M+17.2%	$250.1M-8.4%	$272.9M-11.1%	$307.1M-32.2%	$453.1M-13.4%	$523.0M
Current Liabilities	$147.3M+32.6%	$111.1M-17.6%	$134.9M-6.1%	$143.6M-50.2%	$288.4M+106.3%	$139.8M
Long-Term Debt	$10.0M	N/A	N/A	$104.5M-6.4%	$111.6M-57.6%	$263.2M
Total Equity	$573.0M-4.4%	$599.3M+9.6%	$547.0M-6.9%	$587.7M+4.0%	$564.8M-8.4%	$616.3M
Retained Earnings	$627.7M-0.6%	$631.5M+9.5%	$576.5M-5.3%	$608.5M+6.2%	$573.0M-6.2%	$611.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.1B+25.0%	$863.6M+4.2%	$829.1M-4.3%	$866.1M+7.1%	$809.1M-8.6%	$885.3M+4.2%	$849.4M+2.7%	$827.2M
Current Assets	$404.1M+131.9%	$174.3M+1.6%	$171.5M+0.5%	$170.6M+12.9%	$151.2M-10.3%	$168.4M+10.4%	$152.6M-1.8%	$155.3M
Cash & Equivalents	$272.5M+731.6%	$32.8M+14.3%	$28.7M-6.7%	$30.7M+14.2%	$26.9M-22.1%	$34.5M+23.1%	$28.1M-17.4%	$34.0M
Inventory	$3.9M-10.0%	$4.4M+3.3%	$4.2M+5.0%	$4.0M+12.4%	$3.6M+0.6%	$3.6M+19.6%	$3.0M-13.8%	$3.5M
Accounts Receivable	$21.2M+0.7%	$21.1M-6.3%	$22.5M-10.6%	$25.2M+31.4%	$19.2M-20.8%	$24.2M+8.8%	$22.2M-13.7%	$25.8M
Goodwill	$52.6M0.0%	$52.6M+0.1%	$52.5M0.0%	$52.5M0.0%	$52.5M-1.9%	$53.5M0.0%	$53.5M0.0%	$53.5M
Total Liabilities	$499.2M+82.0%	$274.3M-5.2%	$289.2M-1.3%	$293.2M+22.2%	$239.9M-10.1%	$266.7M+6.7%	$250.1M-7.3%	$269.8M
Current Liabilities	$143.0M+13.4%	$126.1M-16.1%	$150.3M+2.0%	$147.3M+39.3%	$105.8M-10.6%	$118.3M+6.5%	$111.1M-21.5%	$141.6M
Long-Term Debt	$214.9M	N/A	N/A	$10.0M	N/A	N/A	N/A	N/A
Total Equity	$580.3M-1.5%	$589.3M+9.2%	$539.8M-5.8%	$573.0M+0.7%	$569.2M-8.0%	$618.6M+3.2%	$599.3M+7.5%	$557.4M
Retained Earnings	$640.1M-0.8%	$645.4M+8.6%	$594.4M-5.3%	$627.7M+3.6%	$605.8M-7.4%	$654.0M+3.6%	$631.5M+7.6%	$586.8M

BH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$49.7M-32.0%	$73.0M-42.9%	$127.8M-44.1%	$228.8M+94.6%	$117.6M+25.5%	$93.7M
Capital Expenditures	$30.6M+30.7%	$23.4M-21.3%	$29.7M-53.9%	$64.5M+211.8%	$20.7M+17.1%	$17.7M
Free Cash Flow	$19.1M-61.6%	$49.6M-49.4%	$98.1M-40.3%	$164.2M+69.6%	$96.9M+27.4%	$76.0M
Investing Cash Flow	-$87.4M-32.2%	-$66.1M+51.6%	-$136.6M-133.4%	-$58.5M+54.8%	-$129.5M-85.0%	-$70.0M
Financing Cash Flow	$39.5M+344.8%	-$16.1M-517.9%	$3.9M+102.5%	-$156.2M-436.5%	-$29.1M-263.4%	-$8.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$31.2M-25.9%	$42.1M+166.8%	$15.8M-12.2%	$18.0M+908.1%	$1.8M-90.7%	$19.1M-21.4%	$24.3M+41.8%	$17.2M
Capital Expenditures	$8.9M+230.8%	$2.7M-63.0%	$7.3M+2.9%	$7.1M-40.0%	$11.8M+157.5%	$4.6M-29.2%	$6.5M+2.2%	$6.4M
Free Cash Flow	$22.3M-43.5%	$39.4M+364.3%	$8.5M-22.0%	$10.9M+208.5%	-$10.0M-169.2%	$14.5M-18.5%	$17.8M+65.0%	$10.8M
Investing Cash Flow	-$9.0M-24.4%	-$7.3M+63.5%	-$19.9M+62.1%	-$52.5M-528.9%	-$8.3M+25.8%	-$11.2M-14.1%	-$9.9M+64.5%	-$27.8M
Financing Cash Flow	$217.5M+806.6%	-$30.8M-1637.5%	$2.0M-94.2%	$34.6M+2787.5%	-$1.3M+8.2%	-$1.4M+93.2%	-$20.5M-248.0%	$13.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	60.4%-1.8pp	62.2%+0.3pp	61.9%+7.7pp	54.3%+11.1pp	43.1%+18.0pp	25.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1.0%-16.1pp	15.0%+23.7pp	-8.7%-18.4pp	9.7%+18.4pp	-8.8%-15.5pp	6.8%
Return on Equity	N/A	9.2%	N/A	6.0%	N/A	7.4%
Return on Assets	-0.4%-6.9pp	6.5%+10.3pp	-3.9%-7.8pp	4.0%+7.7pp	-3.7%-7.7pp	4.0%
Current Ratio	1.16-0.2	1.37+0.3	1.12-0.0	1.15+0.6	0.51-0.5	1.04
Debt-to-Equity	0.02-0.4	0.42-0.1	0.50+0.3	0.18-0.0	0.20-0.2	0.43
FCF Margin	5.3%-8.3pp	13.6%-13.1pp	26.6%-18.2pp	44.9%+22.5pp	22.3%+11.0pp	11.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	58.1%-2.2pp	60.2%-0.1pp	60.3%-0.3pp	60.6%+1.0pp	59.5%-2.0pp	61.5%-1.5pp	63.0%+3.5pp	59.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-5.3%-55.9pp	50.6%+85.6pp	-35.0%-23.7pp	-11.3%+41.6pp	-52.9%-78.1pp	25.2%-24.0pp	49.2%+111.4pp	-62.2%
Return on Equity	N/A	8.6%	N/A	5.3%	N/A	3.6%-3.8pp	7.4%	N/A
Return on Assets	-0.5%-6.4pp	5.9%+9.9pp	-4.0%-2.8pp	-1.2%+4.8pp	-6.0%-8.5pp	2.5%-2.7pp	5.3%+12.1pp	-6.8%
Current Ratio	2.83+1.4	1.38+0.2	1.14-0.0	1.16-0.3	1.430.0	1.42+0.1	1.37+0.3	1.10
Debt-to-Equity	0.37-0.1	0.47-0.1	0.54+0.5	0.02-0.4	0.420.0	0.43+0.0	0.42-0.1	0.48
FCF Margin	22.4%-16.8pp	39.2%+30.3pp	8.9%-3.0pp	12.0%+23.0pp	-11.0%-27.3pp	16.2%-3.4pp	19.7%+7.8pp	11.9%

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Frequently Asked Questions

What is Biglari Holdings's annual revenue?

Biglari Holdings (BH) reported $362.1M in total revenue for fiscal year 2024. This represents a -0.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Biglari Holdings's revenue growing?

Biglari Holdings (BH) revenue declined by 0.9% year-over-year, from $365.3M to $362.1M in fiscal year 2024.

Is Biglari Holdings profitable?

No, Biglari Holdings (BH) reported a net income of -$3.8M in fiscal year 2024, with a net profit margin of -1.0%.

What is Biglari Holdings's earnings per share (EPS)?

Biglari Holdings (BH) reported diluted earnings per share of $-13.45 for fiscal year 2024. This represents a -107.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Biglari Holdings have?

As of fiscal year 2024, Biglari Holdings (BH) had $30.7M in cash and equivalents against $10.0M in long-term debt.

What is Biglari Holdings's gross margin?

Biglari Holdings (BH) had a gross margin of 60.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Biglari Holdings's net profit margin?

Biglari Holdings (BH) had a net profit margin of -1.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Biglari Holdings's free cash flow?

Biglari Holdings (BH) generated $19.1M in free cash flow during fiscal year 2024. This represents a -61.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Biglari Holdings's operating cash flow?

Biglari Holdings (BH) generated $49.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Biglari Holdings's total assets?

Biglari Holdings (BH) had $866.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Biglari Holdings's capital expenditures?

Biglari Holdings (BH) invested $30.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Biglari Holdings's current ratio?

Biglari Holdings (BH) had a current ratio of 1.16 as of fiscal year 2024, which is considered adequate.

What is Biglari Holdings's debt-to-equity ratio?

Biglari Holdings (BH) had a debt-to-equity ratio of 0.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Biglari Holdings's return on assets (ROA)?

Biglari Holdings (BH) had a return on assets of -0.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Biglari Holdings's Piotroski F-Score?

Biglari Holdings (BH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biglari Holdings's earnings high quality?

Biglari Holdings (BH) has an earnings quality ratio of -13.21x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Biglari Holdings?

Biglari Holdings (BH) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.