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Biglari Holdings Inc. (BH.A)

NYSE: BH.A · Retail-Eating Places · San Antonio, TX · filing with the SEC since 2017
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Grade4.9
◀ Past 3.9● Present 4.8▶ Future 5.8
2 est.
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The grade of Biglari Holdings Inc.

Nine metrics read from its own filings, by tense
Headline grade
4.9/10
◀ Past3.925% of the headline
● Present4.845% of the headline
▶ Future5.830% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.9/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
7.6/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 76th percentile among 43 sector filers · read for itself

From the record

Biglari Holdings Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
0.8/10

What has it actually done, year after year?

-9.2% a year over 8 filed years; profitable in 4 of 8.

weight 33% of this tense · 8th percentile among 42 sector filers · read for its customers

From the record

Biglari Holdings Inc.'s 8 filed years say what it did: revenue went from $776 million in fiscal 2018 to $395 million in fiscal 2025, down 9.2% a year; it rose in 2 of 7 years; the deepest fall was 53% from fiscal 2018 to fiscal 2024; net income was positive in 4 of 8 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span-9.2%bottom 2% of its family
  • the share of years revenue rosebottom 2% of its family
  • the share of filed years with a profitbottom 24% of its family
  • the deepest fall from a revenue peak53.3%bottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
1.1/10

How has it treated the people who own it?

SI estimate 1.1/10, confidence 35 of 100 (one part).

weight 22% of this tense · 12th percentile among 42 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the cash returned against operating cash flow, which ranks in the bottom 12% of 42 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: cash returned against operating cash flow, the one part on file, ranked among 42 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Biglari Holdings Inc.'s shareholder treatment is put at 1.1 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the bottom 12% of 42 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.8/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
4.6/10

Is it financially healthy right now?

ROE -7%: lost 7¢ per shareholder dollar. Leverage 49%: owes 49¢ per asset dollar.

weight 45% of this tense · 46th percentile among 41 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Biglari Holdings Inc. lost about 7 cents for every dollar of shareholders' money, and gross profitability: its products earned about 23 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 49 cents per dollar of assets (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 12% of its family
  • return on equitybottom 24% of its family
  • gross profit against assetsbottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
2.7/10

How strong is its position in its industry?

bottom 27% of 43 in its family; net margin -9.5%.

weight 33% of this tense · 27th percentile among 43 sector filers · read for its customers

From the record

Biglari Holdings Inc.'s standing among 43 graded names in its industry family: revenue of $395 million in fiscal 2025 ranks in the bottom 29% by size; a net margin of -9.5% ranks in the bottom 19%; revenue growth of 2.4% a year over the last 3 filed years ranks in the bottom 33% (its annual reports).

What it rests on

  • revenue against the family$395Mbottom 29% of its family
  • net margin-9.5%bottom 19% of its family
  • three-year revenue growth2.4%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
8.2/10

What are the people in charge doing?

SI estimate 8.2/10, confidence 35 of 100 (one part).

weight 22% of this tense · 82nd percentile among 37 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the chief executive's years under the title, which ranks in the top 18% of 37 in its family; fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
What the record cannot read
Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
How it was reasoned
one part: the chief executive's years on the record, the one part on file, ranked among 37 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Biglari Holdings Inc.'s leadership is put at 8.2 of 10 with a confidence of 35 of 100, because read from one part only, the chief executive's years under the title, which ranks in the top 18% of 37 in its family; fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.8/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
7.0/10

How much room does it have to grow?

top 30% of 41 in its family for room to expand.

weight 22% of this tense · 70th percentile among 41 sector filers · read for itself

From the record

Biglari Holdings Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $269 million against debt of $214 million leaves 5.4% of its assets as net cash, top 22% of its family; cash from operations less capital spending is 19.4% of revenue (top 7%); a gross margin of 59.2% (bottom 40%) (its annual report).

What it rests on

  • cash less debt against assets5.4%top 22% of its family
  • cash from operations less capital spending against revenue19.4%top 7% of its family
  • gross margin59.2%bottom 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.8/10

What could actually drive growth from here?

top 32% of 42 in its family for growth drivers.

weight 45% of this tense · 68th percentile among 42 sector filers · read for its customers

From the record

Biglari Holdings Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 2.4% a year over the last three filed years against -9.2% over all 8, speeding up (top 2% of its family); the newest year grew 9.2% (top 31%); capital spending grew 0.7% a year (bottom 38%) (its annual reports). Biglari Holdings Inc. reported 6 product lines in fiscal 2025: Restaurant Operations at $281 million (71%), Insurance Operations at $76 million (19%), Oil and Gas at $30 million (8%), and 3 more; 4 of 6 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+11.6 points a yeartop 2% of its family
  • the newest year's revenue growth9.2%top 31% of its family
  • three-year growth of capital spending0.7%bottom 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
3.7/10

Did its newest year beat what its own record pointed to?

bottom 37% of 39 in its family for expectations against reality.

weight 33% of this tense · 37th percentile among 39 sector filers · read for its shareholders

From the record

Biglari Holdings Inc.'s newest year against its own record: revenue of $395 million in fiscal 2025 came in 10.1% above the $359 million its prior three years' pace pointed to (top 5% of its family); net income of $37 million against a prior three-year average of $6 million (bottom 5%); a net margin of -9.5% against 1.8% before (bottom 10%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace10.1%top 5% of its family
  • net income against the prior three years' averagefive times below its prior average or morebottom 5% of its family
  • net margin against its prior average-11.3 pointsbottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BH.A · research, not advice