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

Biglari Holdings Inc. (BH) reported diluted earnings per share of -$143.86 for fiscal year 2025. This represents a -969.6% 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.

Biglari Holdings Inc. (BH) Financials

Trailing 12 months to June 30, 2026

Revenue $405.6M +7.5% YoY

Net Income -$29.7M -175.3% YoY

EPS (Diluted) -$143.86 FY2025 annual

Free Cash Flow $50.3M -19.5% YoY

Market Cap $1.2B as of Oct 13, 2026

Price / Sales 2.9x on $405.6M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 2.1x on $543.8M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BH SEC filings page.

Biglari Holdings Inc. (BH) reported $405.6M in revenue over the twelve months to Jun 30, 2026, up 7.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Rhea AI BH FY2025 2026-10-03

Biglari’s growth produced cash, but rising costs and leverage pushed reported earnings deeper into loss.

The balance sheet changed more dramatically than the income statement: from FY2024 to FY2025, total liabilities rose to $502M while equity fell to $523M, alongside a major increase in long-term borrowing. The resulting 2.4x current ratio therefore reflects financing and asset buildup as much as improved short-term liquidity.

FY2025 revenue rose 9.1% from FY2024 while gross margin fell to 59.2%, indicating the rebound came with weaker unit economics. Selling, general and administrative costs reached $86.8M, while interest expense reached $8.2M, leaving growth unable to translate into net profit.

Despite a net loss of $37.5M, operating cash flow was $107M, so reported earnings understated cash generated in FY2025. After capital spending of roughly $30M, free cash flow remained $76.6M, but that cash conversion coexisted with substantially greater borrowing.

Financial Health Signals

Financial Health Score 42/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Biglari Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Biglari Holdings Inc., and counted as zero in the overall score.

Growth

Biglari Holdings Inc.'s revenue grew 9.2% year-over-year to $395.3M, a solid pace of expansion. This earns a growth score of 45/100.

Leverage

Biglari Holdings Inc. has a moderate D/E ratio of 0.41. This balance of debt and equity financing earns a leverage score of 64/100.

Liquidity

With a current ratio of 2.43, Biglari Holdings Inc. holds $2.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 69/100.

Cash Flow

Biglari Holdings Inc. converts 19.4% of revenue into free cash flow ($76.6M). This strong cash generation earns a score of 76/100.

Returns

Not available for Biglari Holdings Inc., and counted as zero in the overall score.

Piotroski F-Score Partial

3/8

Biglari Holdings Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

N/A

Biglari Holdings Inc. reported a net loss of $37.5M while generating $107.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$108.5M

YoY+7.9%

QoQ+11.3%

5Y CAGR+3.6%

Biglari Holdings Inc. generated $108.5M in revenue in Q2 2026. This represents an increase of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.

Net Income

$39.9M

YoY-21.6%

QoQ+374.8%

Biglari Holdings Inc. reported $39.9M in net income in Q2 2026. This represents a decrease of 21.6% from the same quarter a year earlier. Against the prior quarter it is up 374.8%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$8.3M

YoY-79.0%

QoQ-38.0%

5Y CAGR+26.9%

Biglari Holdings Inc. generated $8.3M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 79.0% from the same quarter a year earlier. Against the prior quarter it is down 38.0%.

Cash & Debt

$68.4M

YoY+108.7%

QoQ-65.8%

5Y CAGR+19.4%

Biglari Holdings Inc. held $68.4M in cash against $210.2M in long-term debt as of Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Gross Margin

62.1%

YoY+1.9pp

QoQ+0.5pp

5Y change+8.4pp

Biglari Holdings Inc.'s gross margin was 62.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Net Margin

36.8%

YoY-13.8pp

QoQ+51.7pp

5Y change+59.6pp

Biglari Holdings Inc.'s net profit margin was 36.8% in Q2 2026, showing the share of revenue converted to profit. This is down 13.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 51.7 percentage points.

Return on Equity

7.3%

YoY-1.3pp

QoQ+10.1pp

5Y change+10.7pp

Biglari Holdings Inc.'s ROE was 7.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.1 percentage points.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$6.7M

YoY+146.5%

QoQ-4.3%

5Y CAGR-19.2%

Biglari Holdings Inc. invested $6.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 146.5% from the same quarter a year earlier. Against the prior quarter it is down 4.3%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

BH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	$405.6M	$395.3M+9.2%	$362.1M-0.9%	$365.3M-0.8%	$368.2M+0.6%	$366.1M-15.6%	$433.7M-35.2%	$668.8M-17.4%	$809.9M	N/A	N/A
Cost of Revenue	$162.1M	$161.3M+12.5%	$143.4M+4.0%	$138.0M-1.6%	$140.3M-16.3%	$167.5M-32.1%	$246.7M-50.8%	$500.9M-21.3%	$636.5M	N/A	N/A
Gross Profit	$243.5M	$233.9M+7.0%	$218.7M-3.8%	$227.3M-0.3%	$228.0M+14.8%	$198.6M+6.2%	$187.0M+11.4%	$167.9M-3.2%	$173.4M	N/A	N/A
SG&A Expenses	$93.7M	$86.8M+14.8%	$75.7M-1.7%	$77.0M+9.1%	$70.6M-7.1%	$76.0M-0.4%	$76.4M-23.8%	$100.2M-21.3%	$127.2M	N/A	N/A
Interest Expense	$17.7M	$8.2M+966.3%	$771K+13.2%	$681K+70.7%	$399K-64.4%	$1.1M-92.8%	$15.5M-23.3%	$20.3M+1.9%	$19.9M	N/A	N/A
Income Tax	-$9.1M	-$10.2M-132.2%	-$4.4M-147.2%	$9.3M+186.8%	-$10.7M-257.9%	$6.8M+155.6%	-$12.2M-225.1%	$9.8M+470.2%	-$2.6M	N/A	N/A
Net Income	-$29.7M	-$37.5M-897.3%	-$3.8M-106.8%	$54.9M+271.6%	-$32.0M-190.2%	$35.5M+193.4%	-$38.0M-183.7%	$45.4M+134.0%	$19.4M-61.3%	$50.1M-49.7%	$99.5M
EPS (Diluted)	—	-$143.86-969.6%	-$13.45-107.1%	$189.49+276.4%	-$107.43-196.1%	$111.83+201.6%	-$110.05-183.6%	$131.64	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$108.5M+7.9%	$97.5M+2.6%	$99.9M+9.6%	$99.7M+10.3%	$100.6M+10.4%	$95.0M+6.2%	$91.1M+0.5%	$90.4M-0.6%
Cost of Revenue	$41.1M+2.7%	$37.5M-0.8%	$41.7M+16.0%	$41.8M+15.5%	$40.0M+8.5%	$37.8M+9.7%	$35.9M+7.2%	$36.2M-1.6%
Gross Profit	$67.4M+11.3%	$60.0M+4.8%	$58.2M+5.4%	$57.9M+6.8%	$60.6M+11.7%	$57.3M+4.1%	$55.2M-3.4%	$54.2M+0.1%
SG&A Expenses	$26.2M+14.8%	$24.9M+16.4%	$22.2M+15.4%	$20.4M+4.7%	$22.9M+22.5%	$21.4M+16.9%	$19.2M-14.2%	$19.5M+6.5%
Interest Expense	$5.5M+549.3%	$5.7M+527.9%	$5.6M+1142.3%	$829K+201.5%	$852K+1928.6%	$900K	$454K+114.2%	$275K+5.0%
Income Tax	$11.7M-17.5%	-$4.4M+45.0%	-$14.2M-84.8%	-$2.3M-120.2%	$14.2M+196.2%	-$7.9M-216.0%	-$7.7M	$11.2M
Net Income	$39.9M-21.6%	-$14.5M+56.3%	-$49.9M-385.3%	-$5.3M-116.5%	$50.9M+205.7%	-$33.3M-247.4%	-$10.3M-123.0%	$32.1M+156.8%

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BH Balance Sheet

BH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Total Assets	$1.0B+18.4%	$866.1M+2.0%	$849.4M+2.5%	$828.5M-7.4%	$894.8M-12.1%	$1.0B-10.7%	$1.1B+10.7%	$1.0B-3.2%	$1.1B	N/A
Current Assets	$378.5M+121.9%	$170.6M+11.8%	$152.6M+1.3%	$150.7M-8.6%	$164.8M+11.5%	$147.8M+1.6%	$145.4M+26.5%	$114.9M+2.0%	$112.6M	N/A
Cash & Equivalents	$268.8M+775.3%	$30.7M+9.4%	$28.1M-25.1%	$37.5M-11.5%	$42.3M+72.8%	$24.5M-63.8%	$67.8M+39.6%	$48.6M-17.1%	$58.6M-22.8%	$75.8M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$3.8M-6.5%	$4.0M+35.3%	$3.0M-22.6%	$3.9M+1.3%	$3.8M+38.9%	$2.7M-41.4%	$4.7M-38.0%	$7.5M+3.7%	$7.3M	N/A
Accounts Receivable	$23.3M-7.5%	$25.2M+13.2%	$22.2M-24.3%	$29.4M+3.0%	$28.5M+48.6%	$19.2M-11.3%	$21.6M+37.5%	$15.7M-3.3%	$16.3M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$52.6M+0.1%	$52.5M-0.1%	$52.5M-1.8%	$53.5M-0.1%	$53.5M-0.1%	$53.6M+33.9%	$40.0M0.0%	$40.1M-0.1%	$40.1M	N/A
Total Liabilities	$502.0M+71.2%	$293.2M+17.2%	$250.1M-8.4%	$272.9M-11.1%	$307.1M-32.2%	$453.1M-13.4%	$523.0M+13.9%	$459.0M-6.7%	$492.3M	N/A
Current Liabilities	$156.0M+5.9%	$147.3M+32.6%	$111.1M-17.6%	$134.9M-6.1%	$143.6M-50.2%	$288.4M+106.3%	$139.8M+13.7%	$123.0M-9.2%	$135.5M	N/A
Non-Current Liabilities	$346.0M+137.2%	$145.9M+4.9%	$139.0M+0.7%	$138.0M-15.6%	$163.5M-0.7%	$164.7M-57.0%	$383.2M+14.0%	$336.1M-5.8%	$356.8M	N/A
Long-Term Debt	$213.9M+2039.2%	$10.0M	N/A	N/A	$104.5M-6.4%	$111.6M-57.6%	$263.2M+9.7%	$240.0M-6.6%	$257.0M	N/A
Total Equity	$523.4M-8.6%	$573.0M-4.4%	$599.3M+9.6%	$547.0M-6.9%	$587.7M+4.0%	$564.8M-8.4%	$616.3M+8.0%	$570.5M-0.2%	$571.3M+7.4%	$531.9M
Retained Earnings	$590.2M-6.0%	$627.7M-0.6%	$631.5M+9.5%	$576.5M-5.3%	$608.5M+6.2%	$573.0M-6.2%	$611.0M+8.3%	$564.2M-0.2%	$565.5M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.1B+22.6%	$1.0B+22.8%	$1.0B+18.4%	$1.1B+24.8%	$863.6M+6.7%	$829.1M-6.4%	$866.1M+2.0%	$865.1M+4.6%
Current Assets	$383.9M+120.3%	$356.2M+107.7%	$378.5M+121.9%	$404.1M+144.6%	$174.3M+15.3%	$171.5M+1.8%	$170.6M+11.8%	$165.2M+6.4%
Cash & Equivalents	$68.4M+108.7%	$200.1M+598.0%	$268.8M+775.3%	$272.5M+811.6%	$32.8M+21.8%	$28.7M-17.0%	$30.7M+9.4%	$29.9M-12.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$3.9M-11.1%	$3.5M-16.8%	$3.8M-6.5%	$3.9M+1.9%	$4.4M+21.9%	$4.2M+18.7%	$4.0M+35.3%	$3.9M+11.6%
Accounts Receivable	$25.0M+18.6%	$24.9M+10.8%	$23.3M-7.5%	$21.2M-0.7%	$21.1M+10.0%	$22.5M-7.0%	$25.2M+13.2%	$21.4M-17.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$52.5M0.0%	$52.6M+0.1%	$52.6M+0.1%	$52.6M+0.1%	$52.6M+0.1%	$52.5M-1.9%	$52.5M-0.1%	$52.5M-1.8%
Total Liabilities	$514.8M+87.7%	$499.1M+72.6%	$502.0M+71.2%	$499.2M+89.6%	$274.3M+14.3%	$289.2M+8.4%	$293.2M+17.2%	$263.4M-2.4%
Current Liabilities	$156.9M+24.4%	$144.3M-4.0%	$156.0M+5.9%	$143.0M+27.6%	$126.1M+19.2%	$150.3M+27.1%	$147.3M+32.6%	$112.0M-20.9%
Non-Current Liabilities	$357.9M+141.5%	$354.8M+155.4%	$346.0M+137.2%	$356.3M+135.5%	$148.2M+10.5%	$138.9M-6.4%	$145.9M+4.9%	$151.3M+18.1%
Long-Term Debt	$210.2M	$211.7M	$213.9M+2039.2%	$214.9M	N/A	N/A	$10.0M	N/A
Total Equity	$543.8M-7.7%	$519.2M-3.8%	$523.4M-8.6%	$580.3M-3.6%	$589.3M+3.5%	$539.8M-12.7%	$573.0M-4.4%	$601.8M+8.0%
Retained Earnings	$615.6M-4.6%	$575.7M-3.2%	$590.2M-6.0%	$640.1M+0.3%	$645.4M+6.5%	$594.4M-9.1%	$627.7M-0.6%	$638.0M+8.7%

BH Cash Flow Statement

BH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Operating Cash Flow	$84.3M	$107.0M+115.4%	$49.7M-32.0%	$73.0M-42.9%	$127.8M-44.1%	$228.8M+94.6%	$117.6M+25.5%	$93.7M+353.1%	$20.7M	N/A	N/A
Depreciation & Amortization	N/A	$40.8M+2.3%	$39.8M+2.2%	$39.0M+7.0%	$36.4M+21.3%	$30.1M-6.7%	$32.2M+8.9%	$29.6M+53.1%	$19.3M	N/A	N/A
Capital Expenditures	$34.0M	$30.4M-0.8%	$30.6M+30.7%	$23.4M-21.3%	$29.7M-53.9%	$64.5M+211.8%	$20.7M+17.1%	$17.7M+15.6%	$15.3M	N/A	N/A
Free Cash Flow	$50.3M	$76.6M+301.8%	$19.1M-61.6%	$49.6M-49.4%	$98.1M-40.3%	$164.2M+69.6%	$96.9M+27.4%	$76.0M+1311.4%	$5.4M	N/A	N/A
Investing Cash Flow	-$276.7M	-$65.5M+25.1%	-$87.4M-32.2%	-$66.1M+51.6%	-$136.6M-133.4%	-$58.5M+54.8%	-$129.5M-85.0%	-$70.0M-176.7%	-$25.3M	N/A	N/A
Financing Cash Flow	$228.0M	$196.5M+397.8%	$39.5M+344.8%	-$16.1M-517.9%	$3.9M+102.5%	-$156.2M-436.5%	-$29.1M-263.4%	-$8.0M-6.4%	-$7.5M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$14.9M-64.5%	$20.3M+28.7%	$17.8M-1.2%	$31.2M+190.5%	$42.1M+2261.2%	$15.8M-17.4%	$18.0M-26.0%	$10.8M-37.3%
Depreciation & Amortization	$10.1M-1.2%	$10.7M+3.9%	$10.7M+6.2%	$9.5M-9.8%	$10.3M+12.6%	$10.3M+2.0%	$10.1M+8.0%	$10.6M+10.1%
Capital Expenditures	$6.7M+146.5%	$7.0M-4.6%	$11.4M+60.7%	$8.9M+26.6%	$2.7M-77.1%	$7.3M+58.8%	$7.1M+9.3%	$7.1M+11.3%
Free Cash Flow	$8.3M-79.0%	$13.4M+57.3%	$6.4M-41.6%	$22.3M+504.8%	$39.4M+492.5%	$8.5M-41.5%	$10.9M-38.9%	$3.7M-65.9%
Investing Cash Flow	-$143.2M-1870.9%	-$95.1M-378.2%	-$29.3M+44.2%	-$9.0M+41.0%	-$7.3M+12.9%	-$19.9M-77.0%	-$52.5M-432.5%	-$15.3M+44.8%
Financing Cash Flow	-$3.3M+89.1%	$6.1M+202.5%	$7.8M-77.4%	$217.5M+2777.0%	-$30.8M-2289.8%	$2.0M+242.7%	$34.6M+268.7%	$7.6M-45.5%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

BH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Gross Margin	59.2%-1.2pp	60.4%-1.8pp	62.2%+0.3pp	61.9%+7.7pp	54.3%+11.1pp	43.1%+18.0pp	25.1%+3.7pp	21.4%	N/A	N/A
Net Margin	-9.5%-8.4pp	-1.0%-16.1pp	15.0%+23.7pp	-8.7%-18.4pp	9.7%+18.4pp	-8.8%-15.5pp	6.8%+4.4pp	2.4%	N/A	N/A
Return on Equity	-7.2%-6.5pp	-0.7%-9.8pp	9.2%+15.0pp	-5.9%-11.9pp	6.0%+12.8pp	-6.7%-14.1pp	7.4%+4.0pp	3.4%-5.4pp	8.8%-9.9pp	18.7%
Return on Assets	-3.7%-3.2pp	-0.4%-6.9pp	6.5%+10.3pp	-3.9%-7.8pp	4.0%+7.7pp	-3.7%-7.7pp	4.0%+2.1pp	1.9%-2.8pp	4.7%	N/A
Current Ratio	2.43+1.3x	1.16-0.2x	1.37+0.3x	1.120.0x	1.15+0.6x	0.51-0.5x	1.04+0.1x	0.93+0.1x	0.83	N/A
Debt-to-Equity	0.41+0.4x	0.02-0.4x	0.42-0.1x	0.50+0.3x	0.180.0x	0.20-0.2x	0.430.0x	0.420.0x	0.45	N/A
Asset Turnover	0.390.0x	0.420.0x	0.430.0x	0.440.0x	0.410.0x	0.43-0.2x	0.59-0.2x	0.79	N/A	N/A
FCF Margin	19.4%+14.1pp	5.3%-8.3pp	13.6%-13.1pp	26.6%-18.2pp	44.9%+22.5pp	22.3%+11.0pp	11.4%+10.7pp	0.7%	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	62.1%+1.9pp	61.6%+1.3pp	58.3%-2.3pp	58.1%-1.9pp	60.2%+0.7pp	60.3%-1.2pp	60.6%-2.4pp	60.0%+0.4pp
Net Margin	36.8%-13.8pp	-14.9%+20.1pp	-49.9%-38.6pp	-5.3%-40.8pp	50.6%+103.5pp	-35.0%-60.3pp	-11.3%-60.5pp	35.5%+97.7pp
Return on Equity	7.3%-1.3pp	-2.8%+3.4pp	-9.5%-7.7pp	-0.9%-6.3pp	8.6%+17.1pp	-6.2%-9.8pp	-1.8%-9.2pp	5.3%+15.5pp
Return on Assets	3.8%-2.1pp	-1.4%+2.6pp	-4.9%-3.7pp	-0.5%-4.2pp	5.9%+11.9pp	-4.0%-6.6pp	-1.2%-6.5pp	3.7%+10.5pp
Current Ratio	2.45+1.1x	2.47+1.3x	2.43+1.3x	2.83+1.4x	1.380.0x	1.14-0.3x	1.16-0.2x	1.47+0.4x
Debt-to-Equity	0.39-0.1x	0.41-0.1x	0.41+0.4x	0.37-0.1x	0.470.0x	0.54+0.1x	0.02-0.4x	0.440.0x
Asset Turnover	0.100.0x	0.100.0x	0.100.0x	0.090.0x	0.120.0x	0.110.0x	0.110.0x	0.100.0x
FCF Margin	7.6%-31.6pp	13.7%+4.8pp	6.4%-5.6pp	22.4%+18.3pp	39.2%+50.2pp	8.9%-7.3pp	12.0%-7.7pp	4.1%-7.8pp

Not reported in any period shown, so not listed: Operating Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Biglari Holdings Inc. BH	FY2025	$395.3M	-$37.5M	-9.5%	$1.2B	42/100
Cannae Holdings, Inc. CNNE	FY2025	$423.6M	-$525.0M	N/A	$672.3M	38/100
SUPER HI INTERNATIONAL HOLDING LTD. HDL	FY2025	$686.4M	$25.3M	3.7%	$700.2M	39/100
First Watch Restaurant Group, Inc. FWRG	FY2025	$1.2B	$19.4M	1.6%	$677.6M	39/100
Sweetgreen, Inc. SG	FY2025	$679.5M	-$134.1M	-19.7%	$1.1B	33/100
Kura Sushi USA, Inc. KRUS	FY2025	$282.8M	-$1.9M	-0.7%	$492.4M	43/100

Where Biglari Holdings Inc. Ranks

Frequently Asked Questions

What is Biglari Holdings Inc.'s annual revenue?

Biglari Holdings Inc. (BH) reported $395.3M in total revenue for fiscal year 2025. This represents a 9.2% 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 Inc.'s revenue growing?

Biglari Holdings Inc. (BH) revenue grew by 9.2% year-over-year, from $362.1M to $395.3M in fiscal year 2025.

Is Biglari Holdings Inc. profitable?

No, Biglari Holdings Inc. (BH) reported a net income of -$37.5M in fiscal year 2025, with a net profit margin of -9.5%.

How much debt does Biglari Holdings Inc. have?

As of fiscal year 2025, Biglari Holdings Inc. (BH) had $268.8M in cash and equivalents against $213.9M in long-term debt.

What is Biglari Holdings Inc.'s gross margin?

Biglari Holdings Inc. (BH) had a gross margin of 59.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Biglari Holdings Inc.'s net profit margin?

Biglari Holdings Inc. (BH) had a net profit margin of -9.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Biglari Holdings Inc.'s return on equity (ROE)?

Biglari Holdings Inc. (BH) has a return on equity of -7.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Biglari Holdings Inc.'s free cash flow?

Biglari Holdings Inc. (BH) generated $76.6M in free cash flow during fiscal year 2025. This represents a 301.8% 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 Inc.'s operating cash flow?

Biglari Holdings Inc. (BH) generated $107.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Biglari Holdings Inc.'s total assets?

Biglari Holdings Inc. (BH) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Biglari Holdings Inc.'s capital expenditures?

Biglari Holdings Inc. (BH) invested $30.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Biglari Holdings Inc.'s current ratio?

Biglari Holdings Inc. (BH) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.

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

Biglari Holdings Inc. (BH) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Biglari Holdings Inc. (BH) had a return on assets of -3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Biglari Holdings Inc.'s P/E ratio?

Biglari Holdings Inc. (BH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.2B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Biglari Holdings Inc.'s price-to-sales ratio?

Biglari Holdings Inc. (BH) trades at 2.9x sales, its market capitalization divided by revenue of $405.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.2B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Biglari Holdings Inc.'s Piotroski F-Score?

Biglari Holdings Inc. (BH) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biglari Holdings Inc.'s earnings high quality?

Biglari Holdings Inc. (BH) reported a net loss of $37.5M while generating $107.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Inc.?

Biglari Holdings Inc. (BH) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.