Biglari Holdings
BH on NYSE. Biglari Holdings sells food to diners and insurance to policyholders. Market value $268m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.34 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$364.40 a share, 55% above its 1-year low
Over the past year the price has ranged from $234.92 to $483.60.
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $50 million in the past 12 months, $77 million in the year to December 2025.
| Revenue | |||||
| Revenue | $366m | $368m | $365m | $362m | $395m |
| Operating margin | |||||
| Operating margin | 11.9% | -11.6% | 17.9% | -2.0% | -10.0% |
| Debt to equity | |||||
| Debt to equity | 0.19 | n/a | n/a | 0.09 | 0.49 |
| Shares outstanding | |||||
| Shares outstanding | n/a | n/a | n/a | n/a | n/a |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.49× equity
- Revenue growth, five yearsShrinking, 1.8% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $109 million last quarter, up 8% on a year ago.
- Profit: $40 million, down 22% on a year ago.
- Spare cash over the past 12 months: $50 million, down from $63 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $90m |
| December 2024 | $91m |
| March 2025 | $95m |
| June 2025 | $101m |
| September 2025 | $100m |
| December 2025 | $100m |
| March 2026 | $97m |
| June 2026 | $109m |
| Quarter to | Amount |
|---|---|
| September 2024 | $32m |
| December 2024 | -$10m |
| March 2025 | -$33m |
| June 2025 | $51m |
| September 2025 | -$5m |
| December 2025 | -$50m |
| March 2026 | -$15m |
| June 2026 | $40m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 114 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Biglari CapitalSardar Biglari | $627m | 52.5% | Added |
Largest holders overall
- Biglari Capital$627mAdded
- Dimensional Fund Advisors LP$45mAdded
- TWO Sigma Investments, LP$22mAdded
- BlackRock$20mAdded
- Marshall Wace, LLP$13mCut
- Renaissance Technologies$12mAdded
- Vanguard Capital Management$12mCut
- Millennium Management$11mAdded
- Geode Capital Management$6mAdded
- Trexquant Investment LP$6mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BIGLARI, SARDARInsider or founderat least 74.3%(filed with 2 related holders)Since 17 December 2024
- GAMCO Asset Management Inc.Passive investorat least 5.7%(filed with 5 related holders)Since 20 October 2025
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
BIGLARI, SARDAR Insider or founder | at least 74.3% (filed with 2 related holders) | 17 December 2024 | |
GAMCO Asset Management Inc. Passive investor | at least 5.7% (filed with 5 related holders) | 20 October 2025 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $22m of shares on the open market.
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 5 June 2026
- Shares
- 535
- Price
- $297.14
- Value
- $158,970
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 4 June 2026
- Shares
- 1,743
- Price
- $286.76
- Value
- $499,823
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 14 May 2026
- Shares
- 14,351
- Price
- $258.06
- Value
- $4m
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 13 May 2026
- Shares
- 15,358
- Price
- $260.36
- Value
- $4m
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 12 May 2026
- Shares
- 22,965
- Price
- $249.84
- Value
- $6m
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 13 March 2026
- Shares
- 2,810
- Price
- $302.20
- Value
- $849,182
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 9 March 2026
- Shares
- 3,320
- Price
- $301.06
- Value
- $999,519
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 6 March 2026
- Shares
- 2,441
- Price
- $307.20
- Value
- $749,875
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 3 March 2026
- Shares
- 1,146
- Price
- $331.15
- Value
- $379,498
- BIGLARI, SARDARChairman and CEO, DirectorBought
- Date
- 17 December 2025
- Shares
- 3,452
- Price
- $463.34
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 June 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 535 | $297.14 | $158,970 |
| 4 June 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 1,743 | $286.76 | $499,823 |
| 14 May 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 14,351 | $258.06 | $4m |
| 13 May 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 15,358 | $260.36 | $4m |
| 12 May 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 22,965 | $249.84 | $6m |
| 13 March 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 2,810 | $302.20 | $849,182 |
| 9 March 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 3,320 | $301.06 | $999,519 |
| 6 March 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 2,441 | $307.20 | $749,875 |
| 3 March 2026 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 1,146 | $331.15 | $379,498 |
| 17 December 2025 | BIGLARI, SARDAR Chairman and CEO, Director | Bought | 3,452 | $463.34 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Biglari Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 3 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Our Chief Executive Officer and Principal Financial Officer have concluded that, as of June 30, 2026 our disclosure controls and procedures were not effective, due to a material weakness in our internal control over financial reporting previously identified in Part II, Item 9A “Controls and Procedures” of our Annual Report on Form 10-K for the year ended December 31, 2025.”
Show the full paragraph
Our management, with the participation of our Chief Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our Chief Executive Officer and Principal Financial Officer have concluded that, as of June 30, 2026 our disclosure controls and procedures were not effective, due to a material weakness in our internal control over financial reporting previously identified in Part II, Item 9A “Controls and Procedures” of our Annual Report on Form 10-K for the year ended December 31, 2025.
From the 10-Q filed 7 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 1.8% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.