If You Invested in Biglari Holdings (BH)
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Choose your own date and amount for BH$1,000 Investment Over Time
BH vs S&P 500Year-by-Year Returns
BH annual performance| Year | Start Price | End Price | Annual Return | Cumulative |
|---|---|---|---|---|
| 2017 | $319.33 | $276.27 | -13.5% | -13.5% |
| 2018 | $279.99 | $113.58 | -59.4% | -64.4% |
| 2019 | $116.87 | $114.42 | -2.1% | -64.2% |
| 2020 | $114.60 | $111.20 | -3.0% | -65.2% |
| 2021 | $109.51 | $142.57 | +30.2% | -55.4% |
| 2022 | $141.17 | $138.80 | -1.7% | -56.5% |
| 2023 | $138.35 | $164.93 | +19.2% | -48.4% |
| 2024 | $159.13 | $254.29 | +59.8% | -20.4% |
| 2025 | $249.96 | $332.43 | +33.0% | +4.1% |
| 2026 | $343.66 | $340.93 | -0.8% | +6.8% |
About Biglari Holdings
Retail-eating Places · NYSE
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.
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Frequently Asked Questions
Biglari Holdings investment returns
How much would $1,000 invested in Biglari Holdings be worth today?
If you invested $1,000 in Biglari Holdings (BH) 10 years ago on 2016-04-11, your investment would be worth $1,393 today, representing a +39.3% total return, growing at a compounded rate of 3.4% per year (CAGR).
Has Biglari Holdings outperformed the S&P 500?
Over the past 10 years, BH returned +39.3% compared to +231.3% for the S&P 500, underperforming the benchmark by 192.0 percentage points.
What is Biglari Holdings's average annual return?
The compound annual growth rate (CAGR) of BH over the past 10 years is 3.4%, growing at a compounded rate each year. Individual years vary significantly — BH's best recent year was 2024 (+59.8%) and worst was 2018 (-59.4%).
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