Biglari Holdings Inc. Class B Common Stock (BH)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look first for a durable business and a margin of safety. Biglari Holdings is a small, eclectic holding company: restaurant operations under Steak n Shake and Western Sizzlin, commercial truck insurance, and oil and gas interests. The restaurant industry is fiercely competitive, and the insurance and energy pieces add complexity, so I see no obvious wide moat. The financial record is uneven. In fiscal 2025, the year ended 2025-12-31, revenue was $395.3 million and net income was a loss of $37.5 million, or diluted EPS of -$143.86. Fiscal 2024 also produced a loss of $3.8 million on $362.1 million of revenue, while fiscal 2023 earned $54.9 million on $365.3 million. The latest quarter, fiscal Q2 2026 ended 2026-06-30, showed $108.5 million of revenue and $39.9 million of net income, a big swing, though fiscal Q1 2026 had a $14.5 million loss. That volatility makes normalized earnings hard to trust. FairStock's calculations at the 2026-10-13 close show a P/B of 0.45, a negative P/E of -17.42, an EV/EBITDA of 49.10, ROCE of 1.56%, and a 5.2% free cash flow yield. The Piotroski score of 7/9 and Altman Z-Score of 2.32 suggest some balance-sheet resilience, and the low beta may mean less market volatility. But the high EV/EBITDA and negative earnings keep me cautious; cheapness on book value is only useful if assets are productive and earnings normalize. FairStock's 44/100 score and TURNAROUND category, based on a loss in the latest year after earlier profits, fit that picture. I would want evidence of sustainable profit, not one strong quarter.

In plain English: Biglari Holdings runs restaurants such as Steak n Shake and Western Sizzlin, sells truck insurance, and has oil and gas interests. Its profits have been up and down, with losses in fiscal 2025 and fiscal 2024 but a profit in the latest quarter. The stock price looks low compared with the company's accounting net worth, but the business has not shown steady earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer