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Biglari Holdings Inc (BH)



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Upturn Advisory Summary
10/15/2025: BH (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 38.58% | Avg. Invested days 33 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 891.00M USD | Price to earnings Ratio - | 1Y Target Price 500 |
Price to earnings Ratio - | 1Y Target Price 500 | ||
Volume (30-day avg) - | Beta 0.97 | 52 Weeks Range 159.69 - 296.40 | Updated Date 06/29/2025 |
52 Weeks Range 159.69 - 296.40 | Updated Date 06/29/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -43.87 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -16.21% | Operating Margin (TTM) 3.06% |
Management Effectiveness
Return on Assets (TTM) 1.41% | Return on Equity (TTM) -10.29% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 908505620 | Price to Sales(TTM) 2.42 |
Enterprise Value 908505620 | Price to Sales(TTM) 2.42 | ||
Enterprise Value to Revenue 2.47 | Enterprise Value to EBITDA 10.45 | Shares Outstanding 2068640 | Shares Floating 185402 |
Shares Outstanding 2068640 | Shares Floating 185402 | ||
Percent Insiders 0.43 | Percent Institutions 88.02 |
Upturn AI SWOT
Biglari Holdings Inc

Company Overview
History and Background
Biglari Holdings Inc. was formerly known as Steak n Shake Company and changed its name in 2008. Its history is rooted in the restaurant industry with the Steak n Shake chain as a primary asset. Over time, it has diversified into other businesses through acquisitions.
Core Business Areas
- Steak n Shake: Owns and operates Steak n Shake restaurants, a classic American casual dining chain.
- Western Sizzlin': Owns and operates Western Sizzlin' restaurants.
- Insurance: Engaged in property and casualty insurance through First Guard Insurance Company.
- Media: Owns Maxim magazine.
Leadership and Structure
Sardar Biglari is the Chairman and CEO. The company operates with a decentralized structure where subsidiary companies have considerable autonomy.
Top Products and Market Share
Key Offerings
- Steak n Shake Menu Items: Steakburgers, milkshakes, and fries are core products. Market share within the burger segment is relatively small compared to McDonald's, Burger King, and Wendy's. Competitors include McDonald's (MCD), Burger King (RBI), Wendy's (WEN).
- First Guard Insurance Policies: Offers various property and casualty insurance products. Market share is small in the competitive insurance industry. Competitors include Progressive (PGR), Allstate (ALL), Geico (BRK.A).
- Maxim Magazine: Men's lifestyle publication with content including articles, photos, and entertainment. Competitors include GQ (Condu00e9 Nast), Esquire (Hearst).
Market Dynamics
Industry Overview
The restaurant industry is highly competitive and subject to consumer trends and economic conditions. The insurance industry is regulated and faces challenges from rising claims costs. The media industry is shifting towards digital platforms.
Positioning
Biglari Holdings operates in diverse sectors, giving it a mixed competitive landscape. Steak n Shake competes on value and nostalgia. Insurance competes on niche coverage. Maxim competes in the men's lifestyle space.
Total Addressable Market (TAM)
The TAM for the restaurant industry is massive, worth hundreds of billions. The insurance and media segments are also multi-billion dollar industries. Biglari Holdings' position is relatively small within each of these TAMs.
Upturn SWOT Analysis
Strengths
- Diversified Business Model
- Strong Brand Recognition (Steak n Shake)
- Experienced Leadership
- Decentralized Operations
Weaknesses
- Inconsistent Performance Across Segments
- High Debt Levels
- Reliance on Steak n Shake Turnaround
- Limited Market Share in Key Segments
Opportunities
- Steak n Shake Franchise Expansion
- Digital Transformation of Maxim
- Strategic Acquisitions
- Insurance Product Innovation
Threats
- Economic Downturn Impacting Restaurants
- Rising Labor Costs
- Increased Competition
- Changes in Consumer Preferences
- Regulatory Changes in Insurance
Competitors and Market Share
Key Competitors
- MCD
- RBI
- WEN
- PGR
- ALL
- BRK.A
Competitive Landscape
Biglari Holdings competes in highly competitive industries. Its advantage lies in brand recognition of Steak n Shake and a value-oriented approach. Disadvantages include limited scale compared to larger competitors.
Major Acquisitions
Maxim
- Year: 2014
- Acquisition Price (USD millions): 12.5
- Strategic Rationale: Diversified holdings into media, expanding reach and brand portfolio. Allows for diverse revenue streams but introduces a cyclical media component.
Growth Trajectory and Initiatives
Historical Growth: Growth has been uneven, with Steak n Shake facing challenges in recent years. Acquisitions have contributed to growth but also increased debt.
Future Projections: Future growth depends on Steak n Shake's turnaround, insurance performance, and strategic acquisitions. Analyst estimates are difficult to aggregate given the diversified nature.
Recent Initiatives: Recent initiatives include efforts to improve Steak n Shake's operations and explore strategic alternatives for various business segments.
Summary
Biglari Holdings is a diversified holding company with varying levels of success across its segments. Steak n Shake, a core asset, requires operational improvements to drive overall performance. The company's decentralized structure allows for flexibility, but also creates inconsistency in performance. Investors should monitor Steak n Shake's turnaround and debt levels for a balanced perspective on the company's future.
Peer Comparison
Sources and Disclaimers
Data Sources:
- SEC Filings
- Company Website
- Industry Reports
- Market Research Reports
Disclaimers:
The data and analysis provided are for informational purposes only and should not be considered financial advice. Investment decisions should be made based on individual circumstances and consultation with a qualified financial advisor.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Biglari Holdings Inc
Exchange NYSE | Headquaters San Antonio, TX, United States | ||
IPO Launch date 1992-02-25 | Chairman & CEO Mr. Sardar Biglari C.F.A. | ||
Sector Consumer Cyclical | Industry Restaurants | Full time employees 2535 | Website https://www.biglariholdings.com |
Full time employees 2535 | Website https://www.biglariholdings.com |
Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. The company also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, it operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM and Maxim brand names. Further, it engages in the investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

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