Biglari Holdings Stock Price, News & Analysis
Company Description
Biglari Holdings Inc. (NYSE: BH, BH.A) is a holding company that owns subsidiaries across several business lines, with a significant presence in the full-service restaurant industry. According to company disclosures, its reportable segments include Restaurant Operations, Insurance Operations, Oil and Gas Operations, and a segment reported as Maxim.
Within its Restaurant Operations segment, Biglari Holdings’ businesses include Steak n Shake and Western Sizzlin. Steak n Shake Inc. is described in SEC filings as a wholly owned subsidiary of Biglari Holdings. Company news releases and filings highlight same-store sales performance at Steak n Shake, noting growth for U.S. operations that include both company-operated and franchise-partner-operated restaurants. These disclosures indicate that restaurant performance and same-store sales trends are important components of the group’s operating results.
In addition to restaurants, Biglari Holdings reports Insurance Operations that include First Guard, Southern Pioneer, and Biglari Reinsurance, as stated in its business description. The company also reports Oil and Gas Operations through entities identified as Southern Oil and Abraxas Petroleum. Segment information is also reported for Maxim, which the company identifies as a distinct reporting segment. The company has stated that a majority of its revenue is derived from the Maxim segment.
Biglari Holdings is incorporated in Indiana, as indicated in multiple Form 8-K filings, and lists its principal location in San Antonio, Texas. Its Class A and Class B common stock trade on the New York Stock Exchange under the symbols BH.A and BH, and company news also notes a dual listing of its common stock on NYSE Texas, a fully electronic equities exchange headquartered in Dallas, Texas. The company has disclosed book value per Class A equivalent share and has noted that its stock has traded at a discount to book value in regulatory filings.
Management communications and news releases emphasize the distinction between operating earnings and investment gains or losses. The company repeatedly explains that its reported quarterly and annual earnings are affected by changes in the carrying value of investments, and that it views operating businesses as best analyzed before the impact of investment gains or losses. As a result, Biglari Holdings often presents pre-tax operating earnings separately from investment gains or losses in its summaries of financial results.
Within the restaurant segment, same-store sales performance at Steak n Shake has been highlighted in both news releases and SEC filings. For example, the company has reported same-store sales growth for domestic company-operated and franchise-partner-operated Steak n Shake restaurants over specific quarters, and has communicated that Steak n Shake achieved same-store sales growth in excess of 15% for certain U.S. operations during a fiscal quarter. These disclosures underscore the importance of comparable-store performance as a metric for the restaurant operations.
Biglari Holdings communicates with shareholders through periodic earnings releases, annual reports, and SEC filings such as Forms 10-K, 10-Q, and 8-K. News releases reference the availability of detailed financial information and shareholder letters in its annual report and quarterly reports. The company also announces the timing and location of its annual shareholders meetings, which have been held at the Majestic Theatre in San Antonio, Texas, according to recent news releases.
Because Biglari Holdings operates as a holding company with multiple segments, its financial results reflect contributions from restaurant operations, insurance activities, oil and gas interests, and the Maxim segment, as well as investment gains or losses. Investors and analysts reviewing BH stock often consider segment performance, same-store sales trends at Steak n Shake, and the relationship between book value per share and the market price of the company’s stock, all of which are discussed in the company’s public communications.
Stock Performance
Biglari Holdings (BH) stock last traded at $315.75, up 1.48% from the previous close. Over the past 12 months, the stock has gained 52.7%, ranking #373 in 52-week price change. At a market capitalization of $1.0B, BH is classified as a small-cap stock with approximately 2.3M shares outstanding.
Latest News
Biglari Holdings has 10 recent news articles. Of the recent coverage, 2 articles coincided with positive price movement and 7 with negative movement. View all BH news →
SEC Filings
Biglari Holdings has filed 5 recent SEC filings, including 3 Form 4, 1 Form ARS, 1 Form DEF 14A. The most recent filing was submitted on March 13, 2026. SEC filings provide transparency into a company's financial condition, material events, and regulatory compliance. View all BH SEC filings →
Insider Radar
Insider buying activity at Biglari Holdings over the past 90 days may reflect management confidence in the company's direction. Institutional investors and analysts often monitor insider purchases as a potential bullish indicator for the stock.
Financial Highlights
Biglari Holdings generated $395.3M in revenue over the trailing twelve months, retaining a 59.2% gross margin, and net income was -$37.5M, reflecting a -9.5% net profit margin. Diluted earnings per share stood at $-143.86. The company generated $107.0M in operating cash flow. With a current ratio of 2.43, the balance sheet reflects a strong liquidity position.
Upcoming Events
2026 Annual Shareholders Meeting
Biglari Holdings has 1 upcoming scheduled event. The next event, "2026 Annual Shareholders Meeting", is scheduled for April 8, 2026 (in 14 days). Investors can track these dates to stay informed about potential catalysts that may affect the BH stock price.
Short Interest History
Short interest in Biglari Holdings (BH) currently stands at 84.9 thousand shares, down 7.2% from the previous reporting period, representing 3.7% of the float. Over the past 12 months, short interest has increased by 201.5%. This relatively low short interest suggests limited bearish sentiment.
Days to Cover History
Days to cover for Biglari Holdings (BH) currently stands at 1.4 days, up 21.7% from the previous period. This low days-to-cover ratio indicates high liquidity, allowing short sellers to quickly exit positions if needed. The days to cover has decreased 68.7% over the past year, suggesting improved liquidity for short covering. The ratio has shown significant volatility over the period, ranging from 1.0 to 6.9 days.
BH Company Profile & Sector Positioning
Biglari Holdings (BH) operates in the Restaurants industry within the broader Retail-eating Places sector and is listed on the NYSE. In monthly performance, the stock ranks #915 among all tracked companies.
Investors comparing BH often look at related companies in the same sector, including Cannae Holdings (CNNE), Super Hi International Holding Ltd (HDL), First Watch Restaurant Group, Inc. (FWRG), Sweetgreen Inc (SG), and Kura Sushi Usa, Inc. (KRUS). Comparing financial metrics, valuation ratios, and stock performance across these peers can help investors evaluate BH's relative position within its industry.