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Stocks · Consumer discretionary · Retail-Eating Places

Biglari Holdings Inc.

BH Clue Score45
United States Fiscal year ends December CIK 0001726173
$363.81 -1.06% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $363.81 +113.75% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Net income99.5Fiscal year 2017Net income50.1 −49.7%Fiscal year 2018Revenue775.7Net income19.4 −61.3%Fiscal year 2019Revenue668.8 −13.8%Net income45.4 +134.0%EPS, diluted131.64Fiscal year 2020Revenue433.7 −35.2%Net income−38.0 −183.7%EPS, diluted−110.05 −183.6%Fiscal year 2021Revenue366.1 −15.6%Net income35.5EPS, diluted111.83Fiscal year 2022Revenue368.2 +0.6%Net income−32.0 −190.2%EPS, diluted−107.43 −196.1%Fiscal year 2023Revenue365.3 −0.8%Net income54.9EPS, diluted189.49Fiscal year 2024Revenue362.1 −0.9%Net income−3.8 −106.8%EPS, diluted−13.45 −107.1%Fiscal year 2025Revenue395.3 +9.2%Net income−37.5EPS, diluted−143.86
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a 775.7 668.8 433.7 366.1 368.2 365.3 362.1 395.3
Growth −13.8% −35.2% −15.6% +0.6% −0.8% −0.9% +9.2%
Net income 99.5 50.1 19.4 45.4 −38.0 35.5 −32.0 54.9 −3.8 −37.5
Growth −49.7% −61.3% +134.0% −183.7% −190.2% −106.8%
EPS, diluted n/a n/a n/a 131.64 −110.05 111.83 −107.43 189.49 −13.45 −143.86
Growth −183.6% −196.1% −107.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Fiscal year 2017Fiscal year 2018Net margin2.5%Free cash flow margin0.7%Fiscal year 2019Net margin6.8%Free cash flow margin11.4%Fiscal year 2020Net margin−8.8%Free cash flow margin22.3%Fiscal year 2021Net margin9.7%Free cash flow margin44.9%Fiscal year 2022Net margin−8.7%Free cash flow margin26.6%Fiscal year 2023Net margin15.0%Free cash flow margin13.6%Fiscal year 2024Net margin−1.0%Free cash flow margin5.3%Fiscal year 2025Net margin−9.5%Free cash flow margin19.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin n/a n/a 2.5% 6.8% −8.8% 9.7% −8.7% 15.0% −1.0% −9.5%
Free cash flow margin n/a n/a 0.7% 11.4% 22.3% 44.9% 26.6% 13.6% 5.3% 19.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Fiscal year 2017Fiscal year 2018Operating cash flow20.7Capital expenditure−15.3Free cash flow5.4Fiscal year 2019Operating cash flow93.7Capital expenditure−17.7Free cash flow76.0 +1,311.4%Fiscal year 2020Operating cash flow117.6Capital expenditure−20.7Free cash flow96.9 +27.4%Fiscal year 2021Operating cash flow228.8Capital expenditure−64.5Free cash flow164.2 +69.6%Fiscal year 2022Operating cash flow127.8Capital expenditure−29.7Free cash flow98.1 −40.3%Fiscal year 2023Operating cash flow73.0Capital expenditure−23.4Free cash flow49.6 −49.4%Fiscal year 2024Operating cash flow49.7Capital expenditure−30.6Free cash flow19.1 −61.6%Fiscal year 2025Operating cash flow107.0Capital expenditure−30.4Free cash flow76.6 +301.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow n/a n/a 20.7 93.7 117.6 228.8 127.8 73.0 49.7 107.0
Capital expenditure n/a n/a −15.3 −17.7 −20.7 −64.5 −29.7 −23.4 −30.6 −30.4
Free cash flow n/a n/a 5.4 76.0 96.9 164.2 98.1 49.6 19.1 76.6
Growth +1,311.4% +27.4% +69.6% −40.3% −49.4% −61.6% +301.8%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash75.8Shareholders’ equity531.9Fiscal year 2017Cash58.6Total debt263.7Net cash (debt)−205.2Shareholders’ equity571.3Debt to equity0.46Fiscal year 2018Cash48.6Total debt245.7Net cash (debt)−197.2Shareholders’ equity570.5Debt to equity0.43Fiscal year 2019Cash67.8Total debt270.3Net cash (debt)−202.5Shareholders’ equity616.3Debt to equity0.44Fiscal year 2020Cash24.5Total debt263.9Net cash (debt)−239.4Shareholders’ equity564.8Debt to equity0.47Fiscal year 2021Cash42.3Total debt104.5Net cash (debt)−62.1Shareholders’ equity587.7Debt to equity0.18Fiscal year 2022Cash37.5Total debt10.0Net cash (debt)27.5Shareholders’ equity547.0Debt to equity0.02Fiscal year 2023Cash28.1Total debt0.0Net cash (debt)28.1Shareholders’ equity599.3Debt to equity0.00Fiscal year 2024Cash30.7Total debt10.0Net cash (debt)20.7Shareholders’ equity573.0Debt to equity0.02Fiscal year 2025Cash268.8Total debt213.9Net cash (debt)54.9Shareholders’ equity523.4Debt to equity0.41
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 75.8 58.6 48.6 67.8 24.5 42.3 37.5 28.1 30.7 268.8
Total debt n/a 263.7 245.7 270.3 263.9 104.5 10.0 0.0 10.0 213.9
Net cash (debt) n/a −205.2 −197.2 −202.5 −239.4 −62.1 27.5 28.1 20.7 54.9
Shareholders’ equity 531.9 571.3 570.5 616.3 564.8 587.7 547.0 599.3 573.0 523.4
Debt to equity n/a 0.46 0.43 0.44 0.47 0.18 0.02 0.00 0.02 0.41

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
n/a n/a 20.7 93.7 117.6 228.8 127.8 73.0 49.7 107.0
Growth +353.1% +25.5% +94.6% −44.1% −42.9% −32.0% +115.4%
n/a n/a 19.3 29.6 32.2 30.1 36.4 39.0 39.8 40.8
Investment
n/a n/a −15.3 −17.7 −20.7 −64.5 −29.7 −23.4 −30.6 −30.4
calc n/a n/a 5.4 76.0 96.9 164.2 98.1 49.6 19.1 76.6
Growth +1,311.4% +27.4% +69.6% −40.3% −49.4% −61.6% +301.8%
n/a n/a −25.3 −70.0 −129.5 −58.5 −136.6 −66.1 −87.4 −65.5
Financing
n/a n/a −7.5 −8.0 −29.1 −156.2 3.9 −16.1 39.5 196.5

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.