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Biglari Holdings Inc. (BH) Fundamental Analysis & AI Grade 2026

BH NYSE Retail-Eating Places IN CIK: 0001726173
Update Pending • Analysis: May 10, 2026 • SEC Data: 2026-03-31
Combined AI Grade
C
73% Confidence
AGREEMENT
C
75% Conf
B
71% Conf

📊 BH Key Takeaways

Revenue: $97.5M
Net Margin: -14.9%
Free Cash Flow: $13.4M
Current Ratio: 2.47x
Debt/Equity: 0.41x
EPS: $-143.86
AI Grade: C with 75% confidence
Biglari Holdings Inc. (BH) receives a C fundamental grade with 73% confidence from our AI analysis based on SEC 10-K filings. With revenue of $97.5M, net profit margin of -14.9%, and return on equity (ROE) of -2.8%, Biglari Holdings Inc. demonstrates mixed fundamentals in the Consumer sector. Below is our complete BH stock analysis for 2026.

Is Biglari Holdings Inc. (BH) a Good Investment?

Claude

Biglari Holdings exhibits fundamental operational distress with negative operating margins (-19.4%), negative net margins (-14.9%), and inability to cover interest from operations. Revenue growth of 9.2% is insufficient to offset deep operational losses, resulting in shareholder value destruction (negative ROE/ROA). The company's positive free cash flow provides near-term financial flexibility, but cannot mask the broken core business model requiring urgent cost restructuring.

ChatGPT

Biglari Holdings shows solid liquidity, manageable leverage, and strong free cash flow generation relative to revenue, which supports financial resilience despite reported losses. However, weak profitability, negative operating margin, and negative interest coverage indicate that underlying earnings quality remains strained and that cash generation is not yet translating into durable operating performance. The fundamentals support a neutral stance until margin recovery and earnings consistency become clearer.

Biglari Holdings Inc. Key Strengths (BH)

Claude
  • + Strong liquidity position with current ratio of 2.47x and quick ratio of 2.44x providing financial flexibility
  • + Positive free cash flow of $13.4M (13.7% FCF margin) demonstrates some cash generation despite accounting losses
  • + Substantial cash reserves of $200.1M provide runway and downside protection against liquidity crises
  • + Moderate leverage with debt-to-equity of 0.41x indicates manageable debt burden
ChatGPT
  • + Strong liquidity with a 2.43x current ratio and $268.78M in cash
  • + Positive operating cash flow of $106.96M and free cash flow of $76.61M, indicating good cash conversion
  • + Moderate balance sheet leverage with debt-to-equity of 0.41x and equity exceeding liabilities

BH Stock Risks: Biglari Holdings Inc. Investment Risks

Claude
  • ! Deeply unprofitable operations with operating margin of -19.4% and net margin of -14.9% destroying shareholder value
  • ! Negative interest coverage ratio of -3.3x indicates company cannot service debt obligations from operating income
  • ! Negative ROE (-2.8%) and ROA (-1.4%) confirm systematic shareholder value destruction across the business
  • ! Revenue growth of 9.2% insufficient to achieve profitability, suggesting structural cost issues in the business model
ChatGPT
  • ! Negative operating income and a -12.1% operating margin point to weak core profitability
  • ! Negative interest coverage of -5.8x suggests earnings do not currently support debt servicing comfortably
  • ! Low gross margin of 8.7% leaves limited cushion against cost inflation or execution missteps

Key Metrics to Watch

Claude
  • * Operating margin trajectory toward profitability - current -19.4% is unsustainable
  • * Cash burn rate and cash runway given continued net losses despite positive FCF
  • * Gross margin stability at 35.5% and cost structure improvement in COGS and operating expenses
  • * Operating cash flow sustainability and working capital management trends
ChatGPT
  • * Operating margin and net income trend
  • * Operating cash flow and free cash flow sustainability

Biglari Holdings Inc. (BH) Financial Metrics & Key Ratios

Revenue
$97.5M
Net Income
$-14.5M
EPS (Diluted)
$-143.86
Free Cash Flow
$13.4M
Total Assets
$1.0B
Cash Position
$200.1M

💡 AI Analyst Insight

Strong liquidity with a 2.47x current ratio provides a solid financial cushion.

BH Profit Margin, ROE & Profitability Analysis

Gross Margin 35.5%
Operating Margin -19.4%
Net Margin -14.9%
ROE -2.8%
ROA -1.4%
FCF Margin 13.7%

BH vs Consumer Sector: How Biglari Holdings Inc. Compares

How Biglari Holdings Inc. compares to Consumer sector averages

Net Margin
BH -14.9%
vs
Sector Avg 8.0%
BH Sector
ROE
BH -2.8%
vs
Sector Avg 18.0%
BH Sector
Current Ratio
BH 2.5x
vs
Sector Avg 1.5x
BH Sector
Debt/Equity
BH 0.4x
vs
Sector Avg 0.8x
BH Sector

Sector benchmarks are approximate industry averages. Actual sector performance may vary.

Is Biglari Holdings Inc. Stock Overvalued? BH Valuation Analysis 2026

Based on fundamental analysis, Biglari Holdings Inc. has mixed fundamental signals relative to the Consumer sector in 2026.

Return on Equity
-2.8%
Sector avg: 18%
Net Profit Margin
-14.9%
Sector avg: 8%
Revenue Growth
N/A
Year-over-year
Debt/Equity
0.41x
Sector avg: 0.8x

Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.

Biglari Holdings Inc. Balance Sheet: BH Debt, Cash & Liquidity

Current Ratio
2.47x
Quick Ratio
2.44x
Debt/Equity
0.41x
Debt/Assets
49.0%
Interest Coverage
-3.34x
Long-term Debt
$211.7M

BH Revenue & Earnings Growth: 5-Year Financial Trend

BH 5-year financial data: Year 2021: Revenue $668.8M, Net Income $45.4M, EPS $131.64. Year 2022: Revenue $433.7M, Net Income -$38.0M, EPS $-110.05. Year 2023: Revenue $368.2M, Net Income $35.5M, EPS $111.83. Year 2024: Revenue $368.2M, Net Income -$32.0M, EPS $-107.43. Year 2025: Revenue $395.3M, Net Income $54.9M, EPS $189.49.
Revenue
Net Income
EPS (right axis)

5-Year Trend Summary: Biglari Holdings Inc.'s revenue has declined by 41% over the 5-year period, indicating business contraction. The most recent EPS of $189.49 reflects profitable operations.

BH Revenue Growth, EPS Growth & YoY Performance

Revenue Growth
N/A
Year-over-year
Net Income Growth
N/A
Year-over-year
EPS Growth
N/A
Earnings per share
FCF Margin
13.7%
Free cash flow / Revenue

BH Quarterly Earnings & Performance

Quarterly financial performance data for Biglari Holdings Inc. including revenue, net income, and earnings per share.
Quarter Revenue Net Income EPS
Q1 2026 $95.0M -$14.5M N/A
Q3 2025 $90.4M -$5.3M N/A
Q2 2025 $91.1M $17.7M N/A
Q1 2025 $89.5M $22.6M N/A
Q3 2024 $90.4M $6.5M N/A
Q2 2024 $91.1M $1.9M N/A
Q1 2024 $89.5M $22.6M N/A
Q3 2023 $90.9M $10.3M N/A

Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.

Biglari Holdings Inc. Dividends, Buybacks & Capital Allocation

Operating Cash Flow
$20.3M
Cash generated from operations
Capital Expenditures
$7.0M
Investment in assets
Dividends
None
No dividend program

BH SEC Filings: Latest 10-K & 10-Q Analysis

Access official SEC EDGAR filings for Biglari Holdings Inc. (CIK: 0001726173)

📋 Recent SEC Filings

Date Form Document Action
Jun 5, 2026 4 xslF345X06/form408106003_06052026.xml View →
May 14, 2026 4 xslF345X06/form408106003_05142026.xml View →
May 8, 2026 8-K bh-20260508.htm View →
May 8, 2026 10-Q bh-20260331.htm View →
Apr 10, 2026 8-K bh-20260408.htm View →

Frequently Asked Questions about BH

What is the AI rating for BH?

Biglari Holdings Inc. (BH) has a Combined AI Grade of C from Claude (C) and ChatGPT (B) with 73% combined confidence, based on fundamental analysis of SEC EDGAR filings.

What are BH's key strengths?

Claude: Strong liquidity position with current ratio of 2.47x and quick ratio of 2.44x providing financial flexibility. Positive free cash flow of $13.4M (13.7% FCF margin) demonstrates some cash generation despite accounting losses. ChatGPT: Strong liquidity with a 2.43x current ratio and $268.78M in cash. Positive operating cash flow of $106.96M and free cash flow of $76.61M, indicating good cash conversion.

What are the risks of investing in BH?

Claude: Deeply unprofitable operations with operating margin of -19.4% and net margin of -14.9% destroying shareholder value. Negative interest coverage ratio of -3.3x indicates company cannot service debt obligations from operating income. ChatGPT: Negative operating income and a -12.1% operating margin point to weak core profitability. Negative interest coverage of -5.8x suggests earnings do not currently support debt servicing comfortably.

What is BH's revenue and growth?

Biglari Holdings Inc. reported revenue of $97.5M.

Does BH pay dividends?

Biglari Holdings Inc. does not currently pay dividends.

Where can I find BH SEC filings?

Official SEC filings for Biglari Holdings Inc. (CIK: 0001726173) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.

What is BH's EPS?

Biglari Holdings Inc. has a diluted EPS of $-143.86.

How is the AI analysis conducted?

Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.

What is BH's fundamental grade?

Based on our AI fundamental analysis in June 2026, Biglari Holdings Inc. has a C grade with 73% confidence. Review the strengths and risks sections above for full context. This is not investment advice.

Is BH stock overvalued or undervalued?

Valuation metrics for BH: ROE of -2.8% (sector avg: 18%), net margin of -14.9% (sector avg: 8%). Compare these metrics with sector averages to assess valuation.

What is BH's AI grade for 2026?

Our dual AI analysis gives Biglari Holdings Inc. a combined C grade for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.

What is BH's free cash flow?

Biglari Holdings Inc.'s operating cash flow is $20.3M, with capital expenditures of $7.0M. FCF margin is 13.7%.

How does BH compare to other Consumer stocks?

Vs Consumer sector averages: Net margin -14.9% (avg: 8%), ROE -2.8% (avg: 18%), current ratio 2.47 (avg: 1.5).

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Disclaimer: This analysis is generated by Claude AI (Anthropic) and ChatGPT (OpenAI) based on publicly available SEC EDGAR filings. It does not include stock price data and should not be considered financial advice. All fundamental data is sourced from SEC public domain filings. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.
Data Source: SEC EDGAR | Analysis Date: May 10, 2026 | Data as of: 2026-03-31 | Powered by Claude AI