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Holding company controlled by Sardar Biglari, owning Steak n Shake and Western Sizzlin restaurants plus insurance and investments.
Holding company controlled by Sardar Biglari, owning Steak n Shake and Western Sizzlin restaurants plus insurance and investments.
Restaurants carry the business: Steak n Shake earns from burger sales at company-run units and, increasingly, from fees and royalties paid by franchisees. Insurance premiums and swings in the value of an investment portfolio add volatility. Sardar Biglari is chairman and chief executive and controls the company through its dual share-class structure.
In one line: A small, restaurant-anchored Berkshire Hathaway-style holding company.
Moat: none. Diversified conglomerate with no unifying operating moat; results depend on capital-allocation decisions.
Headquarters: San Antonio, Texas, US · Founded: 1934 · Employees: 2,359
Size Biglari (BH) is a United States Consumer Discretionary company (Restaurants) with a market value of $1.01B, the 2237th largest of 3,117 United States companies the cockpit tracks. Shares closed at $322.43 on 6 Nov 2026.
Performance Over six months the shares gained 5.1%, against +12.9% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +6.5%); the operating margin is 5.2% (peer median 5.8%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 1.3× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.5 points below its cost of capital (7.5% WACC).
Short interest Short interest is 8.4% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $406M | $395M | $362M | $365M | $368M |
| Revenue growth | — | +9% | -1% | -1% | — |
| Gross profit | $118M | $109M | $98.8M | $116M | $116M |
| EBITDA | $62.0M | $58.9M | $63.0M | $78.4M | $82.2M |
| Net income | -$29.7M | -$37.5M | -$3.76M | $54.9M | -$32.0M |
| Free cash flow | $49.9M | $76.6M | $19.1M | $49.6M | $98.1M |
| Capital expenditure | $34.0M | $30.4M | $30.6M | $23.4M | $29.7M |
| Total debt | $358M | $359M | $150M | $101M | $119M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Biglari BH | $1.01B | +5% | +8% | 5% | 2.5× | 22.1% |
| Berkshire Hathaway BRK-B | $1.22T | +20% | +4% | 16% | n/a | n/a |
| Loews L | $22.2B | +5% | +3% | 12% | n/a | n/a |
| Shake Shack SHAK | $3.08B | +2% | +17% | 5% | 2.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | +9.0% | 2nd lowest of 21 |
| 6-month return | +5.1% | +12.9% | 7th lowest of 21 |
| Distance from 52-week high | -33.3% | -12.9% | 2nd lowest of 21 |
| Revenue growth (TTM) | +7.5% | +6.5% | 10th highest of 21 |
| Operating margin | 5.2% | 5.8% | 9th lowest of 21 |
| EV / Sales | 2.5× | 1.3× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 4.2% | 3rd most demanding of 18 |
| Growth delivered (Del g) | -1.8% | +12.4% | lowest of 18 |
| Hurdle (Req g minus delivered) | +23.9 pp | -7.0 pp | 2nd most demanding of 18 |
| ROIC minus cost of capital | -4.5 pp | +1.5 pp | 5th lowest of 20 |
| EV / EBITDA | 16.6× | 10.5× | 3rd most expensive of 18 |
| Net debt / EBITDA | 0.2× | 2.0× | 7th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Biglari BH | United States | $1.01B | +5% | +8% | 5% | 2.5× | 22.1% | -1.8% |
| Doutor Nichires 3087.T | Japan | $1.03B | +33% | +8% | 7% | 0.8× | -4.7% | +10.6% |
| Ichibanya 7630.T | Japan | $1.06B | +21% | +8% | 6% | 2.3× | 12.2% | +8.2% |
| Westlife Foodworld WESTLIFE.NS | India | $1.08B | +31% | +10% | 5% | 4.3× | 49.0% | +21.7% |
| Ohsho Food Service 9936.T | Japan | $1.11B | -1% | 0% | 7% | 1.5× | 4.2% | +7.7% |
| Royal 8179.T | Japan | $887M | +5% | +7% | 5% | 1.0× | 5.7% | +14.4% |
| Xiaocaiyuan International 0999.HK | Hong Kong | $1.17B | +16% | +3% | 15% | 1.4× | -9.6% | +15.8% |
| BJ's Restaurants BJRI | United States | $1.18B | +30% | +4% | 3% | 1.1× | 26.8% | +12.4% |
| Domino's Pizza DOM.L | United Kingdom | $1.19B | +24% | +6% | 15% | 2.0× | 9.5% | +6.3% |
| KOMEDA 3543.T | Japan | $859M | -4% | +13% | 17% | 2.8× | -0.7% | +14.7% |
| Kura Sushi 2695.T | Japan | $848M | -2% | +4% | 1% | 0.7× | 21.5% | +12.5% |
| Mos Food Services 8153.T | Japan | $845M | +10% | +6% | 5% | 1.1× | 2.2% | +7.4% |
| Bloomin' Brands BLMN | United States | $835M | +23% | -2% | 3% | 0.7× | 10.6% | +4.5% |
| First Watch Restaurant FWRG | United States | $794M | +6% | +16% | 3% | 1.4× | n/a | n/a |
| Auntea Jenny (Shanghai) Industrial 2589.HK | Hong Kong | $784M | -61% | +36% | 15% | 0.7× | -7.1% | +23.7% |
| Guangzhou Restaurant 603043.SS | China | $1.31B | 0% | +9% | 11% | 1.6× | -3.5% | +10.4% |
| J D Wetherspoon JDW.L | United Kingdom | $1.33B | +69% | +5% | 5% | 0.9× | 7.7% | +23.7% |
| Collins Foods CKF.AX | Australia | $762M | +15% | +5% | 8% | 1.2× | 1.4% | +8.4% |
| Hiday Hidaka 7611.T | Japan | $760M | +11% | +10% | 11% | 1.6× | -3.3% | +16.1% |
| Matsuya Foods 9887.T | Japan | $733M | +7% | +18% | 4% | 0.8× | n/a | n/a |
| Sweetgreen SG | United States | $1.43B | +72% | -1% | -18% | 2.4× | n/a | n/a |