Biglari (BH-A)
Market Price (12/28/2025): $1825.5 | Market Cap: $474.0 MilSector: Consumer Discretionary | Industry: Restaurants
Biglari (BH-A)
Market Price (12/28/2025): $1825.5Market Cap: $474.0 MilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% | Trading close to highsDist 52W High is -2.1%, Dist 3Y High is -2.1% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 70x, P/EPrice/Earnings or Price/(Net Income) is 228x |
| Attractive yieldFCF Yield is 17% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% | |
| Low stock price volatilityVol 12M is 41% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Attractive yieldFCF Yield is 17% |
| Low stock price volatilityVol 12M is 41% |
| Trading close to highsDist 52W High is -2.1%, Dist 3Y High is -2.1% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 70x, P/EPrice/Earnings or Price/(Net Income) is 228x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are the key points for the approximate 17.9% stock movement of Biglari (symbol: BH-A) from August 31, 2025, to December 28, 2025:
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<b>1. Strong Q2 2025 Performance.</b> Biglari Holdings reported robust second-quarter 2025 net earnings of $50.931 million, a significant improvement from a loss in the prior year, primarily driven by substantial investment gains. This positive financial result, announced in early August, likely set a favorable tone for the stock as the period began.
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<b>2. Dual Listing on NYSE Texas.</b> Effective August 15, 2025, Biglari Holdings expanded its market presence through a dual listing on the NYSE Texas, a new electronic equities exchange. This strategic move was intended to enhance liquidity and accessibility for shareholders.
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<b>3. Consistent Steak n Shake Sales Growth.</b> The company's restaurant segment, particularly Steak n Shake, demonstrated strong operational resilience. It reported a 10.7% increase in same-store sales for company and franchise-partner restaurants in Q2 2025, followed by a further 15.0% rise in Q3 2025.
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<b>4. Steak n Shake Secures Substantial Loan.</b> In October 2025, Steak n Shake obtained a $225 million loan. This access to significant capital could be viewed positively by investors, suggesting improved financial flexibility and potential for future operational investments within the key restaurant division.
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<b>5. Market Focus on Operating Businesses Despite Q3 Net Loss.</b> Although Biglari Holdings reported a net loss of $5.291 million in the third quarter of 2025, largely due to investment losses, the market's reaction was relatively measured, with the stock edging up slightly after the announcement. This suggests investors may have prioritized the continued strong performance of its operating businesses, particularly Steak n Shake's sales growth, over the volatile, non-operating investment results.
Show moreStock Movement Drivers
Fundamental Drivers
The 16.5% change in BH-A stock from 9/27/2025 to 12/27/2025 was primarily driven by a 2082.2% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 1580.41 | 1841.01 | 16.49% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 377.18 | 386.51 | 2.47% |
| Net Income Margin (%) | 10.47% | 0.54% | -94.83% |
| P/E Multiple | 10.47 | 228.49 | 2082.15% |
| Shares Outstanding (Mil) | 0.26 | 0.26 | 0.81% |
| Cumulative Contribution | 16.48% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BH-A | 16.5% | |
| Market (SPY) | 4.3% | 22.2% |
| Sector (XLY) | 1.8% | 12.8% |
Fundamental Drivers
The 32.2% change in BH-A stock from 6/28/2025 to 12/27/2025 was primarily driven by a 24.0% change in the company's P/S Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 1392.50 | 1841.01 | 32.21% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 367.70 | 386.51 | 5.12% |
| P/S Multiple | 1.00 | 1.24 | 24.05% |
| Shares Outstanding (Mil) | 0.26 | 0.26 | 1.37% |
| Cumulative Contribution | 32.18% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BH-A | 32.2% | |
| Market (SPY) | 12.6% | 20.9% |
| Sector (XLY) | 11.9% | 18.6% |
Fundamental Drivers
The 45.2% change in BH-A stock from 12/27/2024 to 12/27/2025 was primarily driven by a 3192.4% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 1268.32 | 1841.01 | 45.15% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 361.66 | 386.51 | 6.87% |
| Net Income Margin (%) | 14.14% | 0.54% | -96.17% |
| P/E Multiple | 6.94 | 228.49 | 3192.35% |
| Shares Outstanding (Mil) | 0.28 | 0.26 | 7.24% |
| Cumulative Contribution | 44.39% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BH-A | 45.2% | |
| Market (SPY) | 17.0% | 20.1% |
| Sector (XLY) | 7.0% | 21.8% |
Fundamental Drivers
The 167.8% change in BH-A stock from 12/28/2022 to 12/27/2025 was primarily driven by a 126.2% change in the company's P/S Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 687.50 | 1841.01 | 167.78% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 368.72 | 386.51 | 4.82% |
| P/S Multiple | 0.55 | 1.24 | 126.17% |
| Shares Outstanding (Mil) | 0.29 | 0.26 | 11.47% |
| Cumulative Contribution | 164.26% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BH-A | 124.8% | |
| Market (SPY) | 48.0% | 20.1% |
| Sector (XLY) | 37.7% | 20.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BH-A Return | -3% | 19% | -1% | 15% | 61% | 47% | 213% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| BH-A Win Rate | 58% | 58% | 50% | 58% | 58% | 67% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BH-A Max Drawdown | -56% | -10% | -22% | 0% | -6% | -22% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | BH-A | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -43.1% | -25.4% |
| % Gain to Breakeven | 75.6% | 34.1% |
| Time to Breakeven | 337 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.5% | -33.9% |
| % Gain to Breakeven | 153.0% | 51.3% |
| Time to Breakeven | 290 days | 148 days |
| 2018 Correction | ||
| % Loss | -65.2% | -19.8% |
| % Gain to Breakeven | 187.3% | 24.7% |
| Time to Breakeven | 1,889 days | 120 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Biglari's stock fell -43.1% during the 2022 Inflation Shock from a high on 6/10/2021. A -43.1% loss requires a 75.6% gain to breakeven.
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Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units. The company also engages in underwriting commercial trucking insurance; selling physical damage and non-trucking liability insurance to truckers; and providing property and casualty insurance. In addition, it operates oil and natural gas properties in the Gulf of Mexico; and publishes and sells magazines and related publishing products under the MAXIM brand name. Further, it licenses media products and services; and engages in the investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.
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Analogy 1: A mini-Berkshire Hathaway, with a strong emphasis on casual dining chains.
Analogy 2: Like Berkshire Hathaway, but with an activist-investor CEO who focuses heavily on restaurant brands.
AI Analysis | Feedback
Here are the major products and services of Biglari Holdings:- Casual Dining Restaurant Services: Operates and franchises casual dining restaurants offering American cuisine, primarily under the Steak 'n Shake and Western Sizzlin brands.
- Commercial & Property/Casualty Insurance: Provides underwriting and sales of commercial automobile and property & casualty insurance policies through its insurance subsidiaries.
- Capital Allocation & Investment Management: Manages a portfolio of publicly traded equity securities and allocates capital across diverse businesses for long-term growth and shareholder value.
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Biglari Holdings (BH-A) operates a diverse portfolio of businesses, with its largest revenue segment being company-owned Steak n Shake restaurants. These restaurants primarily serve individual consumers.
The up to three categories of individual customers that Biglari serves through its Steak n Shake restaurant operations include:
- Families and Casual Diners: Individuals seeking affordable, family-friendly American comfort food, often looking for a meal out with classic diner fare.
- Young Adults and Students: Customers attracted to the classic diner experience, burgers, and hand-dipped milkshakes, including those looking for late-night dining options.
- Travelers and Commuters: Individuals seeking quick, familiar, and reasonably priced meals while on the road, often utilizing locations situated conveniently near highways.
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Sardar Biglari, Chairman and Chief Executive Officer
Sardar Biglari is the founder, Chairman, and Chief Executive Officer of Biglari Holdings Inc., a position he has held since 2008, with the company being renamed in 2010. He also serves as the Chairman and CEO of Steak 'n Shake. Mr. Biglari founded Biglari Capital Corp. in 2000, where he serves as Chairman and CEO, overseeing The Lion Fund, L.P., and The Lion Fund II, L.P., which are private investment partnerships. At the age of 18, he founded INTX.net, an Internet service provider, and subsequently sold it to Internet America in 1999. Utilizing the proceeds, he initiated an investment partnership at 22, acquiring stakes in restaurant companies like Western Sizzlin Corp., where he became Chairman and CEO in 2006. He was an activist investor in Friendly Ice Cream, which was later acquired by a private equity firm.
Philip L. Cooley, Vice Chairman
Philip L. Cooley has served as a director of Biglari Holdings Inc. since 2008 and as Vice Chairman of the Board of Directors since 2009. From 1985 until his retirement in 2012, he was the Prassel Distinguished Professor of Business at Trinity University. Mr. Cooley has also been an advisory director of Biglari Capital since 2000, connecting him to the private investment partnerships managed by Sardar Biglari. He possesses extensive business and investment experience and previously served as a director for CCA Industries, Inc. and Insignia Systems, Inc.
Bruce Lewis, Controller
Bruce Lewis has held the position of Controller for Biglari Holdings Inc. since 2012. He is listed as a key officer of the company.
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The key risks to Biglari Holdings (symbol: BH-A) are:- Dependence on Chairman and CEO Sardar Biglari, Corporate Governance, and Capital Allocation: The success of Biglari Holdings is highly dependent on the services of Sardar Biglari, who, as Chairman and CEO, makes all major investment and capital allocation decisions for the company and its subsidiaries. He also beneficially owns over 50% of the outstanding shares, allowing him to exert significant control over matters requiring shareholder approval. There are concerns expressed by analysts regarding corporate governance, particularly his incentive fee structure for Biglari Capital, which is his investment vehicle holding BH's stakes in other companies, and overall capital allocation strategies.
- Material Weaknesses in Internal Controls over Financial Reporting: Biglari Holdings has received an adverse audit opinion due to "material weaknesses" in its internal controls over financial reporting. This issue was identified by Deloitte & Touche LLP, specifically pointing to insufficient controls within the company's insurance and oil and gas subsidiaries, as well as a lack of controls related to internal communication of information, including with its board of directors. These weaknesses pose a risk to the accuracy and reliability of the company's financial statements and its compliance with regulatory requirements.
- Declining Return on Capital Employed (ROCE) and Operational Performance of Restaurant Businesses: The company faces a risk of shrinking, indicated by a declining return on capital employed (ROCE) over the past five years, while capital employed in the business has remained relatively flat. This trend suggests a mature business with diminishing returns on capital, potentially due to increased competition or narrower margins. Historically, Biglari Holdings' restaurant operations, such as Steak n Shake, have been characterized by low returns on capital, which have at times hampered overall returns.
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Biglari (BH-A) faces several clear emerging threats across its operating segments:
- Restaurants (Steak 'n Shake, Western Sizzlin): The proliferation and increasing sophistication of ghost kitchens and virtual restaurant brands. These models leverage shared kitchen spaces and delivery platforms to offer a wide variety of food options with significantly lower overhead costs than traditional brick-and-mortar restaurants. This allows them to quickly adapt to trends, offer competitive pricing, and capture a growing share of the delivery market, directly challenging the existing restaurant operational model and potentially siphoning off customer demand.
- Insurance (First Guard): The rapid adoption and advancement of telematics and artificial intelligence (AI) in commercial auto insurance underwriting and claims management. Competitors leveraging these technologies can achieve more precise risk assessment, dynamic pricing, and efficient claims processing. This allows them to offer more competitive rates, attract lower-risk clients, and improve profitability, potentially creating a significant disadvantage for insurers relying on more traditional underwriting methods.
- Media (Maxim): The accelerating dominance of short-form, algorithm-driven video content platforms (e.g., TikTok, Instagram Reels, YouTube Shorts). These platforms fundamentally alter consumer attention spans and content consumption habits, particularly among younger demographics. They directly compete for advertising dollars and audience engagement, eroding the relevance and monetization potential of traditional magazine formats (both print and digital) that rely heavily on articles and static imagery. The rise of the creator economy also empowers individuals to directly compete for audience attention and advertising revenue without traditional media infrastructure.
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Biglari Holdings Inc. (BH-A) operates across several diverse business segments, primarily restaurants, and property and casualty insurance. The addressable markets for these main products and services are outlined below:Restaurant Operations (Steak 'n Shake, Western Sizzlin')
Biglari Holdings' restaurant segment includes Steak 'n Shake, a chain known for burgers and milkshakes, and Western Sizzlin', which offers buffet-style and steakhouse dining. Steak 'n Shake has been shifting its model toward drive-thru and kiosk service. These operations fall under the broader categories of Quick Service Restaurants (QSR) and Casual Dining/Full-Service Restaurants.- Quick Service Restaurants (QSR) Market: The U.S. quick service restaurant industry was valued at approximately USD 447.2 billion in 2025 and is projected to reach USD 731.6 billion by 2030. Globally, the QSR market was estimated at USD 322.72 billion in 2025 and is expected to reach around USD 510.15 billion by 2034. Another source indicates the global QSR market was valued at USD 289.68 billion in 2024 and is projected to grow to USD 468.98 billion by 2034. North America holds the largest global market share for QSR due to high consumer preference for quick dining and digital innovations. The U.S. alone is projected to reach USD 599.87 billion by 2032 within the QSR market.
- Casual Dining Market: The global casual dining market was valued at USD 333.02 billion in 2025 and is expected to reach USD 575.5 billion by 2035. North America contributes 28% of the global casual dining market share.
- Full-Service Restaurants Market: The United States full-service restaurant market size is projected to be USD 360.91 billion in 2025 and is forecast to climb to USD 617.47 billion by 2030.
Insurance Operations (First Guard Insurance Company, Southern Pioneer Property & Casualty Insurance)
Biglari Holdings' insurance operations include First Guard Insurance Company, which provides commercial trucking insurance, and Southern Pioneer Property & Casualty Insurance, which offers niche property and casualty coverage.- Property and Casualty (P&C) Insurance Market: The global property and casualty insurance market was valued at USD 4.30 trillion in 2025 and is projected to grow to USD 8.81 trillion by 2034. Another estimate puts the global market at USD 1.92 trillion in 2025, reaching USD 2.57 trillion by 2032. For the U.S. specifically, the property and casualty insurance market was valued at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030. Other sources estimate the U.S. property and casualty insurance market at USD 890 billion in 2024, projected to reach USD 2.02 trillion by 2034, and USD 1.0 trillion in 2025. North America, as a region, held the largest revenue share in the global property and casualty insurance market, valued at USD 826.4 billion in 2024.
Other Segments (Investment Management, Media and Publishing (Maxim Inc.))
Biglari Holdings also engages in investment management and owns Maxim Inc., a lifestyle and entertainment magazine. While these are operational segments, readily quantifiable addressable market sizes similar to the restaurant and insurance industries are not available in the provided search results for a specific magazine or investment management as a broad category. Therefore, for the investment management and media/publishing segments, the addressable market sizes are null due to the lack of specific, quantifiable data in the search results.AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Biglari Holdings (BH-A)
- Steak n Shake Same-Store Sales Growth: Biglari Holdings has reported significant same-store sales growth for its Steak n Shake restaurant operations. In the third quarter of 2025, Steak n Shake's same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 15.0%. This continued momentum in same-store sales is a key driver for revenue expansion in its restaurant segment.
- Expansion of Restaurant Operations: The company's diversified business model, particularly within its restaurant segment, indicates growth opportunities through both company-operated and franchise partner units. Efforts to sustain franchise revenues through improved performance and the growth of company-operated stores are expected to contribute to overall revenue.
- Growth in the Insurance Business: Biglari Holdings anticipates revenue augmentation through the expansion of its insurance business. This segment has shown impressive growth in pre-tax underwriting gains due to lower underwriting expenses at Southern Pioneer, coupled with solid premium growth across its insurance businesses, which naturally boosts investment holdings.
- Strategic Acquisitions: As a holding company, Biglari Holdings has a history of growth through acquisitions. Management continues to seek "sensible acquisitions that will advance operating earnings over time," indicating that strategic purchases of other businesses will be a method to increase the company's overall revenue base.
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Share Repurchases
- Biglari Holdings has consistently engaged in share repurchases over the last five years, with the value of treasury stock increasing.
- The company's treasury stock increased by approximately $22.3 million in 2024, $6.6 million in 2023, $7.8 million in 2022, $12.3 million in 2021, and $12.3 million in 2020.
- Management views share repurchases as a way to increase per-share intrinsic value when the stock trades at a discount to book value.
Share Issuance
No significant share issuances were identified over the last 3-5 years.
Inbound Investments
No significant inbound investments by third-parties into Biglari Holdings were identified over the last 3-5 years.
Outbound Investments
- Biglari Holdings made acquisitions of $75.9 million in 2024, $50.4 million in 2023, $106.8 million in 2022, $12.3 million in 2021, and $106.3 million in 2020.
- The company also made significant investment purchases through its investment partnerships (The Lion Fund), totaling $67.4 million in 2024, $107.9 million in 2023, $134.5 million in 2022, $110.2 million in 2021, and $300.0 million in 2020.
- As of year-end 2024, total investments (cash, marketable securities, and investments in The Lion Fund) amounted to $790.0 million at fair value.
Capital Expenditures
- Capital expenditures were $29.1 million in 2024, $24.6 million in 2023, $5.3 million in 2022, $10.1 million in 2021, and $4.4 million in 2020.
- The company anticipates further capital investments, particularly in its oil and gas segment, including drilling activities.
- Biglari Holdings is also transitioning company-operated Steak n Shake restaurants to a franchise partner program, which impacts capital allocation in its restaurant segment.
Trade Ideas
Select ideas related to BH-A. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 13.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.0% | 6.0% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.8% | 3.8% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.7% | 19.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.3% | 2.3% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Biglari
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 175.78 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 21.3% |
| FCF/Rev LTM | 19.6% |
| FCF/Rev 3Y Avg | 16.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Steak n Shake | 240 | 232 | 263 | 344 | 595 |
| First Guard | 37 | 36 | 34 | 30 | 30 |
| Abraxas Petroleum | 28 | 11 | |||
| Southern Pioneer | 24 | 24 | 22 | 19 | |
| Southern Oil | 17 | 46 | 33 | 26 | 24 |
| Western Sizzlin | 11 | 10 | 8 | 6 | 15 |
| Investment income | 3 | 5 | 3 | 3 | |
| Other | 3 | ||||
| Maxim | 2 | 5 | 3 | 4 | 4 |
| Total | 365 | 368 | 366 | 434 | 669 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Steak n Shake | 325 | 341 | 378 | 341 | 385 |
| Investment partnerships | 199 | 156 | 250 | 420 | 506 |
| Southern Pioneer | 76 | 75 | 72 | 74 | |
| First Guard | 67 | 59 | 75 | 65 | 59 |
| Abraxas Petroleum | 66 | 81 | |||
| Southern Oil | 44 | 49 | 53 | 61 | 82 |
| Corporate | 35 | 31 | 33 | 24 | 73 |
| Western Sizzlin | 20 | 19 | 17 | 17 | 18 |
| Maxim | 16 | 16 | 17 | 16 | 17 |
| Biglari Reinsurance | 0 | ||||
| Total | 849 | 828 | 895 | 1,018 | 1,139 |
Price Behavior
Price Behavior
| Market Price | $1,841.01 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 05/01/2018 | |
| Distance from 52W High | -2.1% | |
| 50 Days | 200 Days | |
| DMA Price | $1,501.86 | $1,198.12 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 22.6% | 53.7% |
| 3M | 1YR | |
| Volatility | 43.6% | 41.0% |
| Downside Capture | 49.30 | 58.59 |
| Upside Capture | 112.67 | 86.78 |
| Correlation (SPY) | 22.3% | 20.3% |
BH-A Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.11 | 0.75 | 0.87 | 0.84 | 0.48 | 0.44 |
| Up Beta | -0.39 | 0.53 | 0.88 | 0.41 | 0.12 | 0.29 |
| Down Beta | 0.05 | 0.81 | 0.55 | 0.93 | 0.54 | 0.55 |
| Up Capture | -134% | 58% | 72% | 109% | 89% | 27% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 8 | 20 | 31 | 67 | 130 | 306 |
| Down Capture | 74% | 91% | 121% | 84% | 77% | 66% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 11 | 21 | 31 | 57 | 111 | 271 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BH-A With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BH-A | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 41.8% | 7.5% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 41.1% | 24.3% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.97 | 0.24 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 22.5% | 20.5% | -4.1% | -2.9% | 21.2% | 17.8% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of BH-A With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BH-A | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 23.9% | 9.6% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 45.6% | 23.8% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.74 | 0.36 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 16.7% | 18.1% | 1.2% | 7.7% | 13.2% | 11.5% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of BH-A With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BH-A | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 6.1% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 50.6% | 21.9% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.33 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 22.3% | 24.2% | 2.8% | 15.2% | 21.3% | 8.4% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2025 | -8.2% | -13.2% | -5.7% |
| 8/8/2025 | 3.2% | 15.9% | 13.1% |
| 3/3/2025 | -7.9% | -10.8% | -7.1% |
| 11/8/2024 | 0.0% | 19.5% | 25.6% |
| 8/9/2024 | -4.7% | -4.8% | -13.6% |
| 5/10/2024 | -3.9% | -6.0% | -9.2% |
| 2/26/2024 | 17.7% | 19.7% | 30.7% |
| 11/3/2023 | 2.0% | -2.8% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 10 |
| # Negative | 7 | 9 | 9 |
| Median Positive | 2.0% | 10.3% | 25.7% |
| Median Negative | -4.7% | -4.8% | -6.9% |
| Max Positive | 17.7% | 19.7% | 30.7% |
| Max Negative | -8.2% | -20.2% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5092025 | 10-Q 3/31/2025 |
| 12312024 | 3032025 | 10-K 12/31/2024 |
| 9302024 | 11082024 | 10-Q 9/30/2024 |
| 6302024 | 8092024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2262024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2282022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | BIGLARI, SARDAR | Chairman and CEO | 11242025 | Buy | 1406.27 | 213 | 299,536 | 180,322,768 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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