Biglari (BH)
Market Price (10/17/2026): $434.4 | Market Cap: $1.4 BilSector: Consumer Discretionary | Industry: Restaurants
Biglari (BH)
Market Price (10/17/2026): $434.4Market Cap: $1.4 BilSector: 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 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141% 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 -7.5% Key risksBH key risks include [1] corporate governance concerns stemming from the CEO's concentrated control and incentive structure, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141% |
| 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 -7.5% |
| Key risksBH key risks include [1] corporate governance concerns stemming from the CEO's concentrated control and incentive structure, Show more. |
Qualitative Assessment
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Updated on 10/16/2026
Biglari (BH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Biglari Holdings released its fiscal Q2 2026 earnings on August 7, 2026. The company reported pre-tax operating earnings of $6.3 million, an increase from $3.7 million in fiscal Q2 2025. Additionally, Steak n Shake's domestic company-operated and franchise-partner-operated same-store sales saw a 13.8% increase. However, net earnings for the quarter decreased to $39.9 million, down from $50.9 million in the prior year, attributed to lower investment gains. The company also posted a negative net margin of 7.33%. These mixed results, combining operational improvements in certain segments with a decline in overall net earnings and profitability, contributed to a neutral-to-slightly-negative market reaction, with the stock experiencing a modest 0.2% decline the day following the announcement.
2. Lack of Compelling Long-Term Growth Drivers and Limited Forward Visibility. Analysis during fiscal Q3 and early Q4 2026 indicated that Biglari Holdings, despite some operational margin improvements, lacked strong top-line growth and exciting prospects in its various segments that would attract sustained long-term investor interest. While the company demonstrated an 8% year-over-year revenue growth, this was primarily driven by smaller segments such as Oil & Gas and Licensing & Media, whose overall contribution remains minor. Concerns were also raised that the observed sales revival in the Steak 'n Shake segment might be temporary and insufficient to sustain long-term growth for Biglari. The perceived weak management communication and lack of forward visibility, including an absence of investor conference calls, likely fostered investor uncertainty and limited the stock's potential for significant upward movement.
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Biglari (BH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Biglari Holdings released its fiscal Q2 2026 earnings on August 7, 2026. The company reported pre-tax operating earnings of $6.3 million, an increase from $3.7 million in fiscal Q2 2025. Additionally, Steak n Shake's domestic company-operated and franchise-partner-operated same-store sales saw a 13.8% increase. However, net earnings for the quarter decreased to $39.9 million, down from $50.9 million in the prior year, attributed to lower investment gains. The company also posted a negative net margin of 7.33%. These mixed results, combining operational improvements in certain segments with a decline in overall net earnings and profitability, contributed to a neutral-to-slightly-negative market reaction, with the stock experiencing a modest 0.2% decline the day following the announcement.
2. Lack of Compelling Long-Term Growth Drivers and Limited Forward Visibility. Analysis during fiscal Q3 and early Q4 2026 indicated that Biglari Holdings, despite some operational margin improvements, lacked strong top-line growth and exciting prospects in its various segments that would attract sustained long-term investor interest. While the company demonstrated an 8% year-over-year revenue growth, this was primarily driven by smaller segments such as Oil & Gas and Licensing & Media, whose overall contribution remains minor. Concerns were also raised that the observed sales revival in the Steak 'n Shake segment might be temporary and insufficient to sustain long-term growth for Biglari. The perceived weak management communication and lack of forward visibility, including an absence of investor conference calls, likely fostered investor uncertainty and limited the stock's potential for significant upward movement.
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Updated on 10/16/2026
Biglari (BH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Biglari Holdings released its fiscal Q2 2026 earnings on August 7, 2026. The company reported pre-tax operating earnings of $6.3 million, an increase from $3.7 million in fiscal Q2 2025. Additionally, Steak n Shake's domestic company-operated and franchise-partner-operated same-store sales saw a 13.8% increase. However, net earnings for the quarter decreased to $39.9 million, down from $50.9 million in the prior year, attributed to lower investment gains. The company also posted a negative net margin of 7.33%. These mixed results, combining operational improvements in certain segments with a decline in overall net earnings and profitability, contributed to a neutral-to-slightly-negative market reaction, with the stock experiencing a modest 0.2% decline the day following the announcement.
2. Lack of Compelling Long-Term Growth Drivers and Limited Forward Visibility. Analysis during fiscal Q3 and early Q4 2026 indicated that Biglari Holdings, despite some operational margin improvements, lacked strong top-line growth and exciting prospects in its various segments that would attract sustained long-term investor interest. While the company demonstrated an 8% year-over-year revenue growth, this was primarily driven by smaller segments such as Oil & Gas and Licensing & Media, whose overall contribution remains minor. Concerns were also raised that the observed sales revival in the Steak 'n Shake segment might be temporary and insufficient to sustain long-term growth for Biglari. The perceived weak management communication and lack of forward visibility, including an absence of investor conference calls, likely fostered investor uncertainty and limited the stock's potential for significant upward movement.
3. Broader Market and Sector Headwinds. During the specified period, the general market environment included elevated Treasury yields and oil prices, contributing to a choppy broader market. More specifically, the restaurant and consumer cyclical sector, a key operating area for Biglari Holdings, faced mixed signals. These included pressures from wage inflation and evolving consumer spending patterns. These sector-specific challenges likely tempered growth expectations and investor sentiment for companies within this space, including Biglari Holdings, thus contributing to the stock's trend of remaining largely at the same level rather than experiencing substantial gains.
Show less
Biglari (BH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Biglari Holdings released its fiscal Q2 2026 earnings on August 7, 2026. The company reported pre-tax operating earnings of $6.3 million, an increase from $3.7 million in fiscal Q2 2025. Additionally, Steak n Shake's domestic company-operated and franchise-partner-operated same-store sales saw a 13.8% increase. However, net earnings for the quarter decreased to $39.9 million, down from $50.9 million in the prior year, attributed to lower investment gains. The company also posted a negative net margin of 7.33%. These mixed results, combining operational improvements in certain segments with a decline in overall net earnings and profitability, contributed to a neutral-to-slightly-negative market reaction, with the stock experiencing a modest 0.2% decline the day following the announcement.
2. Lack of Compelling Long-Term Growth Drivers and Limited Forward Visibility. Analysis during fiscal Q3 and early Q4 2026 indicated that Biglari Holdings, despite some operational margin improvements, lacked strong top-line growth and exciting prospects in its various segments that would attract sustained long-term investor interest. While the company demonstrated an 8% year-over-year revenue growth, this was primarily driven by smaller segments such as Oil & Gas and Licensing & Media, whose overall contribution remains minor. Concerns were also raised that the observed sales revival in the Steak 'n Shake segment might be temporary and insufficient to sustain long-term growth for Biglari. The perceived weak management communication and lack of forward visibility, including an absence of investor conference calls, likely fostered investor uncertainty and limited the stock's potential for significant upward movement.
3. Broader Market and Sector Headwinds. During the specified period, the general market environment included elevated Treasury yields and oil prices, contributing to a choppy broader market. More specifically, the restaurant and consumer cyclical sector, a key operating area for Biglari Holdings, faced mixed signals. These included pressures from wage inflation and evolving consumer spending patterns. These sector-specific challenges likely tempered growth expectations and investor sentiment for companies within this space, including Biglari Holdings, thus contributing to the stock's trend of remaining largely at the same level rather than experiencing substantial gains.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 1.9% change in BH stock from 6/30/2026 to 10/16/2026 was primarily driven by a 140.9% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 426.03 | 434.04 | 1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 398 | 406 | 2.0% |
| P/S Multiple | 1.4 | 3.4 | 140.9% |
| Shares Outstanding (Mil) | 1 | 3 | -58.5% |
| Cumulative Contribution | 1.9% |
Market Drivers
6/30/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| BH | 1.9% | |
| Market (SPY) | 2.2% | 0.7% |
| Sector (XLY) | -4.1% | 1.7% |
Fundamental Drivers
The 31.7% change in BH stock from 3/31/2026 to 10/16/2026 was primarily driven by a 212.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 329.59 | 434.04 | 31.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 395 | 406 | 2.6% |
| P/S Multiple | 1.1 | 3.4 | 212.6% |
| Shares Outstanding (Mil) | 1 | 3 | -58.9% |
| Cumulative Contribution | 31.7% |
Market Drivers
3/31/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| BH | 31.7% | |
| Market (SPY) | 17.7% | 7.3% |
| Sector (XLY) | 3.4% | 11.0% |
Fundamental Drivers
The 34.1% change in BH stock from 9/30/2025 to 10/16/2026 was primarily driven by a 199.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 323.65 | 434.04 | 34.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 377 | 406 | 7.5% |
| P/S Multiple | 1.1 | 3.4 | 199.1% |
| Shares Outstanding (Mil) | 1 | 3 | -58.3% |
| Cumulative Contribution | 34.1% |
Market Drivers
9/30/2025 to 10/16/2026| Return | Correlation | |
|---|---|---|
| BH | 34.1% | |
| Market (SPY) | 15.5% | 21.1% |
| Sector (XLY) | -5.6% | 25.4% |
Fundamental Drivers
The 161.5% change in BH stock from 9/30/2023 to 10/16/2026 was primarily driven by a 419.2% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 166.00 | 434.04 | 161.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 374 | 406 | 8.4% |
| P/S Multiple | 0.6 | 3.4 | 419.2% |
| Shares Outstanding (Mil) | 1 | 3 | -53.5% |
| Cumulative Contribution | 161.5% |
Market Drivers
9/30/2023 to 10/16/2026| Return | Correlation | |
|---|---|---|
| BH | 161.5% | |
| Market (SPY) | 84.7% | 30.9% |
| Sector (XLY) | 42.9% | 32.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BH Return | 28% | -3% | 19% | 54% | 31% | 28% | 282% |
| Peers Return | 7% | -16% | 16% | -11% | -33% | 42% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BH Win Rate | 67% | 42% | 50% | 58% | 75% | 40% | |
| Peers Win Rate | 47% | 37% | 40% | 40% | 40% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BH Max Drawdown | -24% | -28% | -33% | -24% | -27% | -48% | |
| Peers Max Drawdown | -36% | -36% | -34% | -41% | -50% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SHAK, WEN, CBRL, DIN, BLMN.
[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] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | BH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.8% | -18.8% |
| % Gain to Breakeven | 24.7% | 23.1% |
| Time to Breakeven | 51 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.4% | -9.5% |
| % Gain to Breakeven | 43.6% | 10.5% |
| Time to Breakeven | 165 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.6% | -24.5% |
| % Gain to Breakeven | 26.0% | 32.4% |
| Time to Breakeven | 6 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.4% | -33.7% |
| % Gain to Breakeven | 173.5% | 50.9% |
| Time to Breakeven | 257 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.2% | -19.2% |
| % Gain to Breakeven | 56.6% | 23.8% |
| Time to Breakeven | 870 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.4% | -3.7% |
| % Gain to Breakeven | 15.5% | 3.9% |
| Time to Breakeven | 299 days | 6 days |
In The Past
Biglari's stock fell -19.8% during the 2025 US Tariff Shock. Such a loss loss requires a 24.7% gain to breakeven.
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| Event | BH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.4% | -9.5% |
| % Gain to Breakeven | 43.6% | 10.5% |
| Time to Breakeven | 165 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.6% | -24.5% |
| % Gain to Breakeven | 26.0% | 32.4% |
| Time to Breakeven | 6 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.4% | -33.7% |
| % Gain to Breakeven | 173.5% | 50.9% |
| Time to Breakeven | 257 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.2% | -19.2% |
| % Gain to Breakeven | 56.6% | 23.8% |
| Time to Breakeven | 870 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 220 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.2% | -17.9% |
| % Gain to Breakeven | 35.6% | 21.8% |
| Time to Breakeven | 79 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -34.8% | -15.4% |
| % Gain to Breakeven | 53.4% | 18.2% |
| Time to Breakeven | 154 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.9% | -53.4% |
| % Gain to Breakeven | 283.6% | 114.4% |
| Time to Breakeven | 158 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.2% | -8.6% |
| % Gain to Breakeven | 26.9% | 9.5% |
| Time to Breakeven | 912 days | 47 days |
In The Past
Biglari's stock fell -19.8% during the 2025 US Tariff Shock. Such a loss loss requires a 24.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Biglari (BH)
Biglari Holdings Inc. (BH) is a diversified holding company primarily known for its extensive operations in the restaurant sector. The company owns, operates, and franchises two well-known restaurant chains: Steak n Shake, offering classic American diner food, and Western Sizzlin, a steakhouse concept. These restaurants primarily serve the general public across the United States, providing meals through both company-owned establishments and a significant network of franchised units.
Beyond its core restaurant business, Biglari Holdings maintains a diverse portfolio of other ventures. This includes an insurance segment that underwrites commercial trucking insurance, offering physical damage and non-trucking liability coverage to truckers, along with broader property and casualty insurance. The company also has interests in the energy sector, operating oil and natural gas properties in the Gulf of Mexico, contributing to the energy market. Furthermore, Biglari Holdings publishes and licenses media products under the MAXIM brand, targeting readers and advertisers, and actively engages in various investment activities.
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A mini-Berkshire Hathaway, operating a diverse group of businesses including Steak 'n Shake restaurants, insurance, and oil & gas.
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- Restaurant Operations and Franchising: Biglari Holdings operates and franchises quick-service and casual dining restaurants, primarily under the Steak n Shake and Western Sizzlin names.
- Commercial Trucking Insurance: The company underwrites commercial trucking insurance policies.
- Specialty Trucker Insurance: It sells physical damage and non-trucking liability insurance tailored for truckers.
- Property and Casualty Insurance: Biglari Holdings provides various forms of property and casualty insurance.
- Oil and Natural Gas Exploration: The company operates oil and natural gas properties located in the Gulf of Mexico.
- Magazine Publishing: It publishes and sells magazines and related products under the MAXIM brand name.
- Media Licensing: Biglari Holdings engages in licensing media products and services.
- Investment Activities: The company actively engages in diverse investment activities.
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Biglari Holdings Inc. (BH) primarily serves individual customers across several of its diverse business segments. Based on the provided company description, its major customer categories are:
- Restaurant Patrons: Individuals who frequent and purchase meals and beverages from Biglari's company-operated and franchised Steak n Shake and Western Sizzlin restaurants.
- Magazine Readers: Individuals who purchase or subscribe to MAXIM brand magazines and related publishing products.
- Insurance Policyholders: Individuals, such as independent truckers purchasing physical damage and non-trucking liability insurance, and other individuals securing property and casualty insurance.
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Sardar Biglari, Chairman and Chief Executive Officer
Born in Iran in 1977, Sardar Biglari immigrated to the United States in 1984. At 18, he founded INTX.net, an internet service provider, which he later sold to Internet America in 1999. Subsequently, he established an investment partnership that evolved into Biglari Capital, serving as the general partner for The Lion Fund. Biglari became Chairman and CEO of Western Sizzlin Corp. in 2006. In 2008, he took control of Steak 'n Shake, successfully transforming the restaurant chain from significant daily losses to profitability by 2011, which formed the foundation for Biglari Holdings Inc. He also profitably sold Friendly Ice Cream to a private equity firm in 2008. Biglari maintains control of Biglari Holdings Inc. through his beneficial ownership of a majority of the company's outstanding shares.
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 since 2009. He was the Prassel Distinguished Professor of Business at Trinity University in San Antonio, Texas, from 1985 until his retirement in May 2012. Cooley also served as an advisory director of Biglari Capital Corp. since 2000. Notably, he was Sardar Biglari's professor at Trinity University, where Biglari assisted in managing a portion of the university's endowment under Cooley's guidance, later becoming Biglari's business partner. Before his current role, Cooley was the Vice Chairman of Western Sizzlin Corp. until its acquisition by Biglari Holdings in 2010.
Bruce Lewis, Controller, Principal Accounting Officer and Principal Financial Officer
Bruce Lewis joined Biglari Holdings Inc. in January 2012 as Controller. He also holds the titles of Principal Accounting Officer and Principal Financial Officer for the company. In his role, Lewis is responsible for signing SEC filings and SOX certifications, underscoring his accountability for the company's financial reporting and internal controls. Prior to joining Biglari Holdings, he served as CEO, CFO, CAO, Senior Vice President & Controller at Blockbuster, Inc. from 2001 to 2011, and as Chief Accounting Officer & Controller at OBH, Inc. in 2012.
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Key Risks for Biglari Holdings Inc. (BH)
Challenges and Competitive Pressures in the Restaurant Industry: As Biglari Holdings Inc. primarily operates and franchises restaurants under the Steak n Shake and Western Sizzlin names, the company is highly susceptible to intense competition, changing consumer preferences, operational difficulties, and fluctuating food and labor costs. Maintaining brand relevance, managing franchise relationships, and executing successful turnaround strategies for its key restaurant brands, particularly Steak n Shake, are critical for its financial performance.
Volatility in Oil and Natural Gas Prices: The company's operation of oil and natural gas properties in the Gulf of Mexico exposes it to significant risks associated with the highly volatile prices of these commodities. Fluctuations in oil and natural gas prices can directly impact the revenue and profitability generated from this segment of the business.
Underwriting and Catastrophic Risk in the Insurance Business: Biglari Holdings Inc. engages in underwriting commercial trucking insurance, selling physical damage and non-trucking liability insurance, and providing property and casualty insurance. This segment faces inherent risks from potential underwriting losses due to inaccurate risk assessment and the possibility of significant payouts resulting from large-scale accidents or catastrophic events.
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- The rapid proliferation and increasing consumer adoption of "ghost kitchens" and virtual restaurant brands, which operate with significantly lower overhead costs by focusing solely on delivery, pose a direct threat to the traditional dine-in and takeout restaurant models of Steak n Shake and Western Sizzlin.
- The emergence and growth of "Insurtech" companies leveraging advanced data analytics, artificial intelligence, and telematics to offer more personalized, efficient, and potentially lower-cost commercial trucking and property and casualty insurance policies. These technologically advanced competitors can disrupt traditional underwriting and sales processes.
- The accelerating global transition to renewable energy sources and electric vehicles, driven by technological advancements, decreasing costs, and increasing regulatory pressure, poses a clear threat to the long-term demand and profitability of oil and natural gas properties.
- The continued and accelerating shift of audience engagement and advertising revenue to digital-first platforms, including social media, video streaming services, and the "creator economy," drawing away readership and advertising dollars from traditional magazine brands like MAXIM.
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Biglari Holdings Inc. (BH) operates in diverse sectors, each with its own addressable market. The addressable markets for Biglari's main products and services are detailed below:
Restaurant Operations and Franchising (Steak n Shake and Western Sizzlin)
- The U.S. fast-casual restaurant market is a significant addressable market for Biglari's restaurant brands. This market was valued at $191 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 6.6–13.7% through 2029. Another estimate for the U.S. fast-casual restaurant market projected it to reach a value of USD 115.5 billion by 2026. The U.S. fast-casual restaurant market size is also expected to hit $121.3 billion by 2032. The U.S. fast-casual restaurant industry was valued at $47 billion in 2021.
- More broadly, the United States restaurant industry was projected at $899 billion in sales for 2020. For full-service restaurants in the United States, the market size was valued at USD 362.15 billion in 2025 and is estimated to grow to USD 685.11 billion by 2031, at a CAGR of 11.07% during the forecast period (2026-2031).
Commercial Trucking Insurance
- The commercial truck insurance market, where Biglari underwrites and sells physical damage and non-trucking liability insurance, is substantial. The global commercial truck insurance market size is forecasted to reach USD 341.03 billion by 2035 from USD 166.99 billion in 2026, with a CAGR of 8.26%.
- Specifically for the U.S., the commercial truck insurance market was valued at USD 43.85 billion in 2024 and is projected to reach USD 78.87 billion by 2031, growing at a CAGR of 8.40%. The broader commercial auto insurance market in the U.S. was valued at USD 52.8 billion in 2023 and is estimated to grow at a CAGR of over 6% between 2024 and 2032. The overall United States commercial insurance market reached USD 294.6 billion in 2024 and is expected to reach USD 489.1 billion by 2033.
Oil and Natural Gas Properties (Gulf of Mexico)
- Biglari's operations in oil and natural gas properties are concentrated in the Gulf of Mexico. The Gulf of Mexico Oil and Natural Gas Market size was valued at USD 52.20 billion in 2024 and is projected to reach USD 73.67 billion by 2032, growing at a CAGR of 4.4% from 2026 to 2032.
- Crude oil production in the Federal Offshore Gulf of Mexico is forecast to average 1.80 million barrels per day (bpd) in 2025 and 1.81 million bpd in 2026. Combined Gulf of Mexico Outer Continental Shelf (OCS) oil and natural gas production is projected to average around 2.5 million barrels of oil equivalent per day over the 2020 to 2040 forecast period.
Publishing and Selling Magazines (MAXIM brand name)
- For its MAXIM brand, Biglari participates in the magazine publishing market. The U.S. magazine publishing industry comprises approximately 5,300 establishments with a combined annual revenue of about $27 billion.
- Globally, the magazine publishing market size was valued at USD 88.6 billion in 2025 and is projected to reach USD 106.3 billion by 2033, growing at a CAGR of 2.3%. Another source projects the global market to grow from USD 81.5 billion in 2024 to USD 144.5 billion by 2035, at a CAGR of 5.34%. The United States remains the single largest national market, with over 7,000 active magazine titles published annually.
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Here are 3-5 expected drivers of future revenue growth for Biglari Holdings Inc. (BH) over the next 2-3 years:
- Continued same-store sales growth at Steak n Shake: The company has been focusing on enhancing its menu with premium ingredients, such as grass-fed Steakburgers and fries cooked in beef tallow, alongside a shift to a more efficient counter-service model and targeted marketing. This strategy has resulted in strong same-store sales increases, with 10.2% growth in 2025 and 6.4% in 2024 for company-operated units, and 10.1% for franchise partner same-store sales in 2025.
- Expansion of the Steak n Shake franchise partner model: Biglari Holdings is actively converting company-operated Steak n Shake restaurants to a franchise partner model. This program, which requires a relatively low initial investment from operators, aims to increase franchise fee income and streamline operations. As of December 31, 2025, there were 179 franchise partner units, an increase from the previous year.
- Technological and convenience innovations at Steak n Shake: The company is exploring new ways to attract customers and modernize its brand. Initiatives include testing a "retro-futuristic aesthetic" in some restaurants that features Tesla Supercharger stations, exploring robotics and robotaxis, and being one of the first national restaurants to accept Bitcoin payments. These innovations are designed to enhance the customer experience and cater to evolving consumer preferences.
- Growth and improved underwriting performance in insurance operations: Biglari Holdings' insurance segment, comprising First Guard and Southern Pioneer, has been positioned for growth with improving scale and underwriting gains. Insurance premiums earned increased to $70.147 million in 2025, accompanied by an underwriting profit of $7.210 million and an improved combined ratio. The segment also received an AM Best A (excellent) rating in 2025, indicating strengthened capitalization and safety.
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Outbound Investments
- Biglari Holdings Inc. makes significant outbound investments through its private investment funds, The Lion Fund, L.P., and The Lion Fund II, L.P.
- As of December 31, 2025, the fair value of these investment partnerships was $772.6 million. Total investments (cash, marketable securities, and investments in The Lion Fund) reached $1.1 billion at fair value, representing a 52.1% increase over the previous year.
- The Lion Fund's equity positions as of year-end 2025 included a $202.3 million holding in Ferrari.
Capital Expenditures
- Biglari Holdings Inc. reported capital expenditures of $16 million in 2021, $13 million in 2022, and $13 million in 2023.
- In 2024, capital expenditures for the company were $7.03 million.
- For the first nine months of 2025, the company reported net cash used in investing activities of $36.2 million, which includes capital expenditures.
Peer Outperformance in Restaurants
BH has outperformed 94% of its 35 Restaurants peers over 5Y. Among the peers that beat it is CAKE. Restaurants ranks 11th of 23 industries in Consumer Discretionary by median 5Y return.
Share of Restaurants constituents that BH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
75%
of 44 industry peers · 21.9% return
3Y
93%
of 42 industry peers · 178.4% return
5Y
94%
of 35 industry peers · 159.4% return
Restaurants peers with revenue growth within 4pp of BH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BH | Biglari | 2.8% | -45.8x | 21.9% | 178.4% | 159.4% | — |
| CAKE | Cheesecake Factory | 4.4% | 30.0x | 115.6% | 292.3% | 200.1% | +41pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Restaurants is BH's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -18.3% | 78.7% | 87.5% | CVSA 248% · PRDO 232% · LRN 140% |
| Homebuilding | 18 | -7.8% | 31.8% | 44.6% | GRBK 187% · PHM 146% · TOL 140% |
| Specialty Stores | 7 | 12.5% | 39.3% | 17.2% | ASO 51% · DKS 36% · FIVE 17% |
| Hotels, Resorts & Cruise Lines | 21 | 11.3% | 40.4% | 11.2% | RCL 233% · MAR 153% · HLT 142% |
| Home Furnishings | 3 | -5.3% | 45.2% | 1.7% | SGI 50% · MHK -35% |
| Home Improvement Retail | 5 | -17.8% | 5.8% | -0.8% | HD 0% · LOW -1% · FND -63% |
| Automotive Retail | 17 | -14.7% | 6.1% | -8.2% | MUSA 239% · PAG 132% · ORLY 113% |
| Footwear | 9 | 72.7% | 44.4% | -10.2% | DECK 44% · SHOO 19% · CROX -10% |
| Specialized Consumer Services | 10 | -13.6% | 22.1% | -12.1% | HRB 132% · FTDR 85% · SCI 42% |
| Distributors | 4 | -9.2% | -25.1% | -16.0% | ARMK 123% · GPC 22% · LKQ -54% |
| Restaurants ← | 36 | -5.8% | -7.5% | -18.4% | EAT 329% · CAKE 200% · TXRH 107% |
| Household Appliances | 17 | -4.2% | 20.4% | -36.6% | |
| Apparel Retail | 26 | 4.6% | 5.1% | -37.5% | ANF 291% · TJX 146% · ROST 130% |
| Leisure Facilities | 12 | 9.7% | -8.3% | -41.2% | LTH 139% · OSW 119% · PLNT -37% |
| Computer & Electronics Retail | 3 | 16.8% | 50.9% | -41.5% | BBY 3% · GME -41% |
| Leisure Products | 14 | -17.9% | -19.6% | -44.3% | GOLF 80% · HAS 31% · MAT -13% |
| Automotive Parts & Equipment | 39 | -13.1% | -19.5% | -47.1% | MOD 1130% · GTX 253% · BWA 51% |
| Apparel, Accessories & Luxury Goods | 29 | 0.2% | 12.1% | -47.4% | RL 258% · TPR 248% · KTB 77% |
| Broadline Retail | 13 | 9.6% | 28.0% | -48.3% | EBAY 75% · AMZN 47% · OLLI 41% |
| Casinos & Gaming | 20 | -12.3% | -27.5% | -50.5% | MCRI 87% · BYD 11% · RRR 9% |
| Automobile Manufacturers | 8 | -74.5% | -54.7% | -77.1% | GM 51% · TSLA 26% · F 8% |
| Other Specialty Retail | 17 | -35.1% | -36.3% | -77.3% | ULTA 46% · TSCO -8% · BBWI -65% |
| Consumer Electronics | 11 | -31.6% | -34.4% | -78.5% | GRMN 102% · SONO -45% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Biglari Earnings Notes | 12/16/2025 | |
| Can Biglari Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.50 |
| Mkt Cap | 1.3 |
| Rev LTM | 1,878 |
| Op Inc LTM | 105 |
| FCF LTM | 69 |
| FCF 3Y Avg | 68 |
| CFO LTM | 199 |
| CFO 3Y Avg | 187 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -14.4% |
| Op Inc Chg 3Y Avg | -12.7% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 5.4% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 10.2% |
| CFO/Rev 3Y Avg | 12.6% |
| FCF/Rev LTM | 3.3% |
| FCF/Rev 3Y Avg | 5.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steak n Shake | 271 | 241 | 240 | 232 | 263 |
| First Guard | 37 | 38 | 37 | 36 | 34 |
| Southern Pioneer | 33 | 28 | 24 | 24 | 22 |
| Abraxas Petroleum | 17 | 23 | 28 | 11 | 0 |
| Southern Oil | 13 | 14 | 17 | 46 | 33 |
| Western Sizzlin | 10 | 11 | 11 | 10 | 8 |
| Maxim | 8 | 1 | 2 | 5 | 3 |
| Investment income | 3 | 4 | 3 | 1 | 3 |
| Other | 3 | 3 | 3 | 3 | |
| Total | 395 | 362 | 365 | 368 | 366 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steak n Shake | 417 | 323 | 325 | 341 | 378 |
| Corporate and other | 169 | 66 | 35 | 31 | 33 |
| Investment partnerships | 154 | 202 | 199 | 156 | 250 |
| Southern Pioneer | 78 | 68 | 76 | 75 | 72 |
| First Guard | 56 | 53 | 67 | 59 | 75 |
| Abraxas Petroleum | 55 | 59 | 66 | 81 | |
| Southern Oil | 43 | 49 | 44 | 49 | 53 |
| Western Sizzlin | 24 | 21 | 20 | 19 | 17 |
| Maxim | 18 | 17 | 16 | 16 | 17 |
| Biglari Reinsurance | 11 | 9 | |||
| Total | 1,025 | 866 | 849 | 828 | 895 |
Price Behavior
Price Behavior
| Market Price | $434.04 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 05/01/2018 | |
| Distance from 52W High | -9.0% | |
| 50 Days | 200 Days | |
| DMA Price | $373.05 | $356.83 |
| DMA Trend | down | up |
| Distance from DMA | 16.3% | 21.6% |
| 3M | 1YR | |
| Volatility | 36.4% | 51.8% |
| Downside Capture | 91.08 | 55.11 |
| Upside Capture | 41.18 | 46.57 |
| Correlation (S&P 500) | 7.6% | 21.5% |
BH Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.20 | 0.14 | 0.11 | 0.37 | 0.87 | 0.89 |
| Up Beta | -1.28 | -1.09 | 0.48 | 1.83 | 1.90 | 1.01 |
| Down Beta | 1.96 | 0.95 | -1.46 | -0.85 | 0.88 | 1.06 |
| Up Capture | -24% | -4% | -16% | 12% | 38% | 50% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 18 | 28 | 66 | 130 | 388 |
| Down Capture | 121% | 139% | 111% | 10% | 59% | 85% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 24 | 36 | 60 | 122 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH | |
|---|---|---|---|---|
| BH | 20.7% | 51.8% | 0.55 | - |
| Sector ETF (XLY) | -3.6% | 19.2% | -0.32 | 25.3% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 20.4% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | -0.6% |
| Commodities (DBC) | 50.4% | 20.7% | 1.86 | -19.4% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 14.2% |
| Bitcoin (BTCUSD) | -25.9% | 43.6% | -0.57 | 12.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH | |
|---|---|---|---|---|
| BH | 21.3% | 39.3% | 0.59 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 30.5% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 31.4% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 1.9% |
| Commodities (DBC) | 9.6% | 19.5% | 0.37 | 2.3% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 24.1% |
| Bitcoin (BTCUSD) | 8.8% | 51.8% | 0.35 | 16.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH | |
|---|---|---|---|---|
| BH | 0.1% | 46.5% | 0.18 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 33.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 35.6% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 1.6% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 13.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 31.4% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.2% | -0.4% | -7.2% |
| 5/8/2026 | -19.2% | -12.8% | -0.8% |
| 3/2/2026 | -13.2% | -21.5% | -19.7% |
| 11/7/2025 | -7.6% | -12.0% | -10.6% |
| 8/8/2025 | 3.3% | 13.7% | 13.3% |
| 5/9/2025 | -1.1% | 0.9% | 11.2% |
| 3/3/2025 | -6.7% | -11.1% | -11.7% |
| 11/8/2024 | -3.4% | 16.3% | 26.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 10 | 9 |
| # Negative | 16 | 12 | 13 |
| Median Positive | 5.0% | 4.6% | 13.3% |
| Median Negative | -3.2% | -7.1% | -7.9% |
| Max Positive | 15.9% | 16.3% | 38.0% |
| Max Negative | -19.2% | -21.5% | -19.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.2% | -0.4% | -7.2% |
| 5/8/2026 | -19.2% | -12.8% | -0.8% |
| 3/2/2026 | -13.2% | -21.5% | -19.7% |
| 11/7/2025 | -7.6% | -12.0% | -10.6% |
| 8/8/2025 | 3.3% | 13.7% | 13.3% |
| 5/9/2025 | -1.1% | 0.9% | 11.2% |
| 3/3/2025 | -6.7% | -11.1% | -11.7% |
| 11/8/2024 | -3.4% | 16.3% | 26.6% |
| 8/9/2024 | -7.9% | -4.3% | -11.0% |
| 5/10/2024 | -4.3% | -5.7% | -11.2% |
| 2/26/2024 | 7.0% | 3.4% | 22.8% |
| 11/3/2023 | -5.8% | -9.8% | -6.1% |
| 8/4/2023 | -1.9% | -2.1% | -7.9% |
| 5/5/2023 | -2.6% | -4.0% | 10.3% |
| 2/27/2023 | 4.6% | 3.9% | -5.6% |
| 11/4/2022 | 1.4% | 3.2% | 1.3% |
| 8/5/2022 | -2.4% | 1.6% | -7.5% |
| 5/6/2022 | -1.3% | -5.5% | -6.9% |
| 11/5/2021 | -3.0% | -8.5% | -13.3% |
| 8/6/2021 | -2.3% | 6.8% | 1.4% |
| 5/7/2021 | 5.4% | 5.4% | 22.6% |
| 11/6/2020 | 15.9% | 14.7% | 38.0% |
| SUMMARY STATS | |||
| # Positive | 6 | 10 | 9 |
| # Negative | 16 | 12 | 13 |
| Median Positive | 5.0% | 4.6% | 13.3% |
| Median Negative | -3.2% | -7.1% | -7.9% |
| Max Positive | 15.9% | 16.3% | 38.0% |
| Max Negative | -19.2% | -21.5% | -19.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 297.14 | 535 | 158,970 | 416,109,507 | Form |
| 2 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 286.76 | 1,743 | 499,823 | 401,420,126 | Form |
| 3 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 258.06 | 14,351 | 3,703,419 | 360,794,718 | Form |
| 4 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 260.36 | 15,358 | 3,998,609 | 360,273,931 | Form |
| 5 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 249.84 | 22,965 | 5,737,576 | 341,879,807 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 297.14 | 535 | 158,970 | 416,109,507 | Form |
| 2 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 286.76 | 1,743 | 499,823 | 401,420,126 | Form |
| 3 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 258.06 | 14,351 | 3,703,419 | 360,794,718 | Form |
| 4 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 260.36 | 15,358 | 3,998,609 | 360,273,931 | Form |
| 5 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 249.84 | 22,965 | 5,737,576 | 341,879,807 | Form |
| 6 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3132026 | 302.20 | 2,810 | 849,182 | 406,588,946 | Form |
| 7 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3092026 | 301.06 | 3,320 | 999,519 | 404,209,177 | Form |
| 8 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3062026 | 307.20 | 2,441 | 749,875 | 411,432,960 | Form |
| 9 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3032026 | 331.15 | 1,146 | 379,498 | 442,700,858 | Form |
| 10 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12172025 | 323.71 | 3,084 | 998,322 | 432,383,655 | Form |
| 11 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12172025 | 1633.52 | 368 | 601,135 | 210,416,488 | Form |
| 12 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 1599.87 | 156 | 249,580 | 205,493,222 | Form |
| 13 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 328.00 | 152 | 49,856 | 437,102,312 | Form |
| 14 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 1635.37 | 60 | 98,122 | 209,797,856 | Form |
| 15 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 333.14 | 449 | 149,580 | 443,901,388 | Form |
| 16 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 321.94 | 310 | 99,801 | 428,833,094 | Form |
| 17 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 319.08 | 938 | 299,297 | 424,924,579 | Form |
| 18 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 315.08 | 973 | 306,573 | 419,302,162 | Form |
| 19 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 306.90 | 1,465 | 449,608 | 408,117,768 | Form |
| 20 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 306.05 | 1,139 | 348,591 | 406,539,069 | Form |
| 21 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 303.32 | 2,802 | 849,903 | 402,567,214 | Form |
| 22 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 11242025 | 1406.27 | 213 | 299,536 | 180,322,768 | Form |
| 23 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 11242025 | 274.74 | 1,819 | 499,752 | 363,865,931 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Restaurants Resources |
| Nation's Restaurant News |
| Restaurant Business |
| QSR Magazine |
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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Core Cache Last Updated: 10/16/2026