Biglari Holdings Inc. BH-A
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company's largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.
Biglari Holdings' management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $395.3M | $362.1M | $365.3M | $368.2M | $366.1M | $433.7M | $668.8M | $775.7M | — | — |
| Cost of revenue | $161.3M | $143.4M | $138.0M | $140.3M | $167.5M | $246.7M | $500.9M | $636.5M | — | — |
| Gross profit | $233.9M | $218.7M | $227.3M | $228.0M | $198.6M | $187.0M | $167.9M | $139.2M | — | — |
| SG&A | $86.8M | $75.7M | $77.0M | $70.6M | $76.0M | $76.4M | $100.2M | $127.2M | — | — |
| Total operating expenses | $376.5M | $329.5M | $322.1M | $331.9M | $341.2M | $444.5M | $691.8M | $833.5M | — | — |
| Interest expense | — | — | — | — | — | $15.5M | $20.3M | $19.9M | — | — |
| Pre-tax income | -$47.7M | -$8.2M | $64.8M | -$43.0M | $42.3M | -$50.2M | $55.1M | $16.8M | — | — |
| Income tax | $10.2M | $4.4M | $9.3M | $10.7M | $6.8M | $12.2M | $9.8M | $2.6M | — | — |
| Net income | -$37.5M | -$3.8M | $54.9M | -$32.0M | $35.5M | -$38.0M | $45.4M | $19.4M | $50.1M | $99.5M |
| EPS, diluted | -143.86 | -13.45 | 189.49 | -107.43 | 111.83 | -110.05 | 131.64 | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $268.8M | $30.7M | $28.1M | $38.8M | $43.7M | $29.7M | $70.7M | $55.0M | $67.2M | — |
| Receivables | $23.3M | $25.2M | $22.2M | $29.4M | $28.5M | $19.2M | $21.6M | — | — | — |
| Inventory | $3.8M | $4.0M | $3.0M | $3.9M | $3.8M | $2.7M | $4.7M | — | — | — |
| Total current assets | $378.5M | $170.6M | $152.6M | $150.7M | $164.8M | $147.8M | $145.4M | — | — | — |
| Property, plant and equipment | $366.6M | $376.2M | $380.5M | $400.7M | $349.4M | $316.1M | $350.6M | — | — | — |
| Goodwill | $52.6M | $52.5M | $52.5M | $53.5M | $53.5M | $53.6M | $40.0M | $40.1M | $40.1M | — |
| Other intangibles | $23.7M | $22.8M | $23.2M | $23.0M | $23.5M | $24.1M | $27.2M | — | — | — |
| Total assets | $1.03B | $866.1M | $849.4M | $828.5M | $894.8M | $1.02B | $1.14B | — | — | — |
| Accounts payable | $34.2M | $28.5M | $22.4M | $28.4M | $36.7M | $26.5M | — | — | — | — |
| Short-term debt | $33.1M | $35.0M | $0 | $10.0M | $0 | $152.3M | $7.1M | — | — | — |
| Total current liabilities | $156.0M | $147.3M | $111.1M | $134.9M | $143.6M | $288.4M | $139.8M | — | — | — |
| Long-term debt | $213.9M | $10.0M | — | — | $104.5M | $111.6M | $263.2M | — | — | — |
| Total liabilities | $502.0M | $293.2M | $250.1M | $272.9M | $307.1M | $453.1M | $523.0M | — | — | — |
| Retained earnings | $590.2M | $627.7M | $631.5M | $576.5M | $608.5M | $573.0M | $611.0M | — | — | — |
| Total equity | $523.4M | $573.0M | $599.3M | $555.6M | $587.7M | $564.8M | $616.3M | $570.5M | $571.3M | $531.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $107.0M | $49.7M | $73.0M | $127.8M | $228.8M | $117.6M | $93.7M | $20.7M | — | — |
| Depreciation and amortisation | $40.8M | $39.8M | $39.0M | $36.4M | $30.1M | $32.2M | $29.6M | $19.3M | — | — |
| Capital expenditure | $30.4M | $30.6M | $23.4M | $29.7M | $64.5M | $20.7M | $17.7M | $15.3M | — | — |
| Investing cash flow | -$65.5M | -$87.4M | -$66.1M | -$136.6M | -$58.5M | -$129.5M | -$70.0M | -$25.3M | — | — |
| Financing cash flow | $196.5M | $39.5M | -$16.1M | $3.9M | -$156.2M | -$29.1M | -$8.0M | -$7.5M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-022422.
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