Biglari BH-A

Restaurants, Consumer Cyclical

$1,909.27

−0.41%

Market cap: $4.4B
PE: n/m; a loss over the last year
Forward PE: n/m; not a meaningful number
Price to sales: 11.0×
EV/EBIT: n/m; a loss over the last year
Revenue, 12 months: $405.6M; +8% on a year ago
Net margin: −7.3%
Free cash flow yield: 1.1%

Biglari trades at 11.0× sales. Its trailing earnings are negative, so it has no PE. Revenue was $405.6M over the last twelve months, up 8% on a year earlier with a −7% net margin.

Charts

Financials

Income statement for BH-A, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$90.9M−1%	$90.7M−8%	$89.5M−1%	$91.1M−3%	$90.4M−1%	$91.1M+1%	$95M+6%	$100.6M+10%	$99.7M+10%	$99.9M+10%	$97.5M+3%	$108.5M+8%
Cost of revenue	$36.8M+2%	$33.5M+2%	$34.4M+5%	$36.9M+6%	$36.2M−2%	$35.9M+7%	$37.8M+10%	$40M+9%	$41.8M+16%	$41.7M+16%	$37.5M−1%	$41.1M+3%
Gross profit	$54.1M−3%	$57.1M−13%	$55M−4%	$54.3M−7%	$54.2M+0%	$55.2M−3%	$57.3M+4%	$60.6M+12%	$57.9M+7%	$58.2M+5%	$60M+5%	$67.4M+11%
SG&A	$18.3M+18%	$22.4M+0%	$18.3M+6%	$18.7M−2%	$19.5M+7%	$19.2M−14%	$21.4M+17%	$22.9M+23%	$20.4M+5%	$22.2M+15%	$24.9M+16%	$26.2M+15%
	$8.3M−81%	$5.3M−94%	$6.5M−38%	$4.9M−57%	$4.8M−41%	$5.7M+8%	$2.9M−56%	$5M+1%	$9.1M+88%	$3.6M−37%	$2.9M−1%	$8.4M+69%
Interest expense	$1.5M+6%	$1.5M−12%	$1.3M−11%	$1.4M+4%	$1.6M+7%	$1.8M+24%	$2.2M+70%	$2.1M+50%	$2.3M+44%	$7M+288%	$7M+214%	$6.9M+231%
Pre-tax income	−$74M	$50.7M+312%	$29.4M−66%	−$62.9M	$43.3M	−$18M	−$41.2M	$65.1M	−$7.6M	−$64.1M+257%	−$18.9M−54%	$51.6M−21%
	−$17.5M	$6.1M+137%	$6.8M−66%	−$14.7M	$11.2M	−$7.7M	−$7.9M	$14.2M	−$2.3M	−$14.2M+85%	−$4.4M−45%	$11.7M−18%
Net income	−$56.5M	$44.6M+344%	$22.6M−65%	−$48.2M	$32.1M	−$10.3M	−$33.3M	$50.9M	−$5.3M	−$49.9M+385%	−$14.5M−56%	$39.9M−22%
	−$195.55	$155.34	$79.56−64%	−$171.89	$114.77	n/a	−$126.40	$194.57	−$20.38	−$193.38	−$55.81−56%	$158.17−19%
	289K−2%	n/a	283.8K−3%	280.4K−4%	279.9K−3%	n/a	263.3K−7%	261.8K−7%	259.6K−7%	n/a	260.4K−1%	252.4K−4%

Gross profit: 37 periods, Q1 FY17 to Q2 FY26: not printed by the filing, worked out from its own lines.

Operating income: 27 periods, Q1 FY17 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: Q4 FY23 and Q4 FY25: quarter's net income to common over its shares, to the cent, the shares from counts implied by EPS, near the year's EPS less the nine months'.

Diluted shares: 20 periods, Q1 FY20 to Q2 FY26: not printed by the filing, worked out from its own lines.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Restaurants nearest Biglari's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
BH-ABiglari	$4.4B	n/m	6.5×	n/m	11.0×	+8%	−7.3%
CAKECheesecake Factory	$5.4B	29.4×	18.8×	n/m	1.4×	+6%	4.6%
WINGWingstop	$3.3B	28.4×	90.8×	n/m	4.5×	+8%	16.2%
CAVACava	$6.2B	97.2×	124×	n/m	4.5×	+27%	4.8%
SHAKShake Shack	$2.8B	69.3×	94.7×	n/m	1.8×	+17%	2.6%
BROSDutch Bros	$7.2B	57.6×	130×	n/m	3.9×	+30%	4.9%
EATBrinker International	$7.6B	16.8×	14.4×	n/m	1.3×	+8%	8.4%
TXRHTexas Roadhouse	$10.9B	26.5×	28.4×	23.2×	1.7×	+10%	6.6%
CBRLCracker Barrel Old Country Store	$1.5B	48.3×	18.9×	n/m	0.5×	−5%	1.0%
ARMKAramark	$13.9B	36.8×	22.5×	n/m	0.7×	+11%	1.9%
YUMCYum China	$15.3B	16.4×	24.7×	n/m	1.2×	+9%	7.8%
Peer median	$6.7B	33.1×	26.6×	23.2×	1.6×	+9%	4.9%