BH

Consumer Cyclical

Biglari Holdings Inc. · Restaurants · $870M

UQS Score — Balanced Preset
41.6
Below Average

Biglari Holdings Inc. scores 41.6/100 using the Balanced preset.

UQS vs Consumer Cyclical Sector
BH
41.6
Sector avg
37.7
Quality
Weak
Moat
Weak
Growth
Neutral
Risk
Neutral
Valuation
Attractive

What is Biglari Holdings Inc.?

Biglari Holdings is a San Antonio-based holding company best known for operating and franchising the Steak n Shake restaurant chain. Beyond restaurants, it has diversified into insurance, oil and gas, media publishing, and investment activities.

Biglari Holdings generates revenue through several distinct business lines. Its core segment operates and franchises Steak n Shake and Western Sizzlin restaurants across the United States, using both company-operated and franchise-partner models. Outside restaurants, the company underwrites commercial trucking insurance, operates oil and natural gas properties in the Gulf of Mexico, and publishes the MAXIM magazine brand. Investment activities round out the portfolio, making BH an unusual hybrid of restaurant operator and diversified holding company.

The company traces its roots to 1934 and is headquartered in San Antonio, Texas.

  • Steak n Shake restaurant operations and franchising
  • Western Sizzlin restaurant franchise network
  • Commercial trucking and property-casualty insurance
  • Oil and natural gas production in the Gulf of Mexico
  • MAXIM magazine publishing and media licensing

Is BH a Good Stock to Buy?

UQS Score rates BH as Below Average overall, reflecting meaningful challenges across several key quality dimensions.

The most constructive signals come from the Valuation pillar, which registers as Attractive — suggesting the market may already be pricing in much of the uncertainty surrounding this business. The Growth and Risk pillars both land at Neutral, indicating neither a dramatic deterioration nor a clear upward catalyst in the near term.

The Quality and Moat pillars are both rated Weak, pointing to limited competitive durability and below-average business fundamentals relative to sector peers — a meaningful concern for investors focused on long-term compounding.

See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →

Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.

Does BH pay dividends?

No — Biglari Holdings Inc. does not currently pay a dividend.

Biglari Holdings does not currently pay a dividend. As a holding company actively managing a diverse mix of operating businesses and investment positions, capital tends to be retained and redeployed across its subsidiaries rather than distributed to shareholders. Investors seeking income will need to look elsewhere in the Consumer Cyclical sector.

When does BH report earnings?

Biglari Holdings reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.

Given its diversified structure, quarterly results can vary meaningfully depending on restaurant traffic trends, insurance underwriting outcomes, and investment portfolio performance. The interplay between these segments makes earnings somewhat harder to model than a pure-play restaurant operator.

For the most recent quarter's results and management commentary, visit Biglari Holdings' investor relations page directly.

BH Price History

+86.7% over 5Y

Monthly close, adjusted for stock splits and dividend reinvestment.

Return Calculator

What if I invested in Biglari Holdings Inc.?

$
Today it would be worth
$22,206
That's a +122% total return, or +17.3% annualized.

Based on Biglari Holdings Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.

BH Long-term Outlook

With Growth rated Neutral and Risk also Neutral, BH does not present a clear near-term acceleration story, nor does it signal acute financial distress. The Attractive Valuation label suggests the stock may offer a margin of safety, but the Weak Quality and Moat ratings temper enthusiasm about the durability of any recovery. The holding company structure adds complexity — outcomes depend heavily on execution across restaurants, insurance, and capital allocation rather than a single growth engine.

Growth drivers

  • Franchise partner model expansion reducing capital intensity in Steak n Shake
  • Potential upside from investment portfolio and diversified asset base
  • Insurance segment providing non-restaurant revenue diversification

Key risks

  • Weak competitive moat leaves restaurant brands vulnerable to casual dining headwinds
  • Conglomerate complexity makes consistent earnings quality difficult to assess
  • Attractive valuation may reflect structural challenges rather than a temporary discount

BH vs Peers

Biglari Holdings operates in a fragmented restaurant and franchising landscape alongside several other multi-brand or franchise-focused operators.

AW.TOSimilar UQS
A & W Food Services of Canada Inc.

A focused quick-service burger brand with a strong franchise model concentrated in the Canadian market, offering a simpler business structure than BH's conglomerate approach.

MTY.TOBH scores lower
MTY Food Group Inc.

A Canadian multi-brand franchisor with a large and diversified portfolio of restaurant concepts, generating revenue almost entirely through franchise royalties and fees.

HDLBH scores lower
SUPER HI INTERNATIONAL HOLDING Ltd.

An international casual dining operator focused on the Haidilao hot pot brand outside mainland China, competing in a distinct cuisine category with a global growth mandate.

Frequently Asked Questions

What does Biglari Holdings do?

Biglari Holdings is a diversified holding company that operates and franchises Steak n Shake and Western Sizzlin restaurants, underwrites commercial trucking insurance, produces oil and natural gas in the Gulf of Mexico, and publishes the MAXIM magazine brand. It also manages an investment portfolio, making it more of a conglomerate than a traditional restaurant company.

Does BH pay dividends?

No, Biglari Holdings does not currently pay a dividend. The company retains capital to manage and invest across its various operating subsidiaries. Investors seeking regular income distributions will not find that here.

When does BH report earnings?

Biglari Holdings follows a standard quarterly reporting cadence for US-listed companies. Because its results span restaurants, insurance, energy, and investments, each quarter can look quite different. Check the company's investor relations page for the most current schedule and filings.

Is BH a good stock to buy?

UQS Score rates BH as Below Average, driven by Weak Quality and Moat pillar ratings. The Valuation pillar is Attractive, which may interest contrarian investors, but the underlying business fundamentals present real challenges. The complete pillar breakdown is available to UQS Pro members.

Is BH overvalued?

Based on the UQS Valuation pillar, BH is rated Attractive — meaning the stock does not appear expensive relative to its fundamentals at current levels. However, an attractive price does not automatically offset concerns about business quality and competitive durability.

How does BH compare to its competitors?

Unlike pure-play restaurant franchisors such as MTY Food Group or A & W Food Services, Biglari Holdings carries significant non-restaurant exposure through insurance, energy, and media. This diversification adds complexity and makes direct peer comparisons difficult. View the full competitor analysis on the UQS platform.

What is BH's market cap bracket?

Biglari Holdings is classified as a small-cap company. This places it well below the scale of major restaurant chains and means it may carry higher liquidity risk and less analyst coverage than larger peers in the Consumer Cyclical sector.

Who founded Biglari Holdings?

The company was originally founded in 1934 as The Steak n Shake Company and later renamed Biglari Holdings in April 2010. Sardar Biglari is the chairman and chief executive who has shaped the holding company structure. Full historical context is publicly available through the company's filings.

Is BH a long-term quality investment?

As a long-term quality indicator, BH scores Below Average on the UQS composite. The Weak Moat rating suggests limited durable competitive advantages, which is a key consideration for investors with a long time horizon. The Attractive Valuation may offer some cushion, but quality concerns are real.

What is the main competitive advantage of Biglari Holdings?

Biglari Holdings' primary differentiator is its holding company structure, which allows capital to be allocated across restaurants, insurance, energy, and investments. However, the UQS Moat pillar rates this advantage as Weak, suggesting the individual business units lack strong standalone competitive barriers.

What sector does BH belong to?

BH is classified under the Consumer Cyclical sector, primarily because of its restaurant operations. However, its insurance, energy, and media segments mean it behaves differently from a typical consumer discretionary company and may not track sector trends closely.

Is BH a growth stock or value stock?

With a Neutral Growth pillar and an Attractive Valuation pillar, BH leans toward the value end of the spectrum rather than growth. It does not exhibit the accelerating revenue or earnings profile associated with growth stocks, but the market appears to be pricing in a discount relative to its asset base.

Unlock Full BH Analysis

Sign in to unlock the detailed analysis behind the UQS Score.

  • View the exact UQS Score and all five pillar ratings
  • Access detailed financial metrics and trend data
  • Compare BH against peers on quality and valuation
  • See the complete risk and moat assessment
  • Track score changes as new earnings are reported
  • Filter small-cap value ideas across the full UQS universe
Analyze BH in Detail →

Pro Analysis

BH — Score History

3035404550Apr 2Apr 12Apr 22May 2May 12May 22May 24v5
Score changes· 30/32 most recent
DateUQSQualityMoatGrowthRiskValueChange
May 22, 202641.527.215.046.054.490.50.0
May 21, 202641.527.215.046.054.490.70.0
May 19, 202641.527.215.046.054.490.50.0
May 16, 202641.527.215.046.054.490.7-0.1
May 15, 202641.627.215.046.054.491.30.0
May 14, 202641.627.215.046.054.491.4-2.4
May 12, 202644.027.315.046.070.990.9+0.3
May 11, 202643.727.315.046.070.988.7+2.7
May 10, 202641.027.015.046.074.467.7+1.6
May 8, 202639.427.115.046.058.372.8-0.9

BH — Pillar Breakdown

Quality

27.2/100 (25%)

Biglari Holdings Inc. currently shows below-average quality metrics, suggesting challenges with profitability.

Capital Efficiency (ROIC)Weak

How effectively capital is deployed to generate returns.

Return on EquityWeak

Profitability relative to shareholders' equity.

Operating ProfitabilityWeak

Ability to convert revenue into operating profit.

Net ProfitabilityWeak

Bottom-line profit as a share of revenue.

Gross Profit / AssetsWeak

Asset productivity — how much gross profit each dollar of assets generates.

Cash GenerationStrong

Free cash flow relative to market value.

Growth

46.0/100 (20%)

Biglari Holdings Inc. shows steady but unspectacular growth, typical for mature companies.

Recent Revenue TrendWeak

Revenue trajectory over the last twelve months.

3Y Revenue CAGRWeak

Compound annual revenue growth rate over 3 years.

EPS GrowthWeak

Year-over-year earnings per share growth.

Forward Revenue OutlookStrong

Analyst consensus for future revenue growth.

Risk

54.4/100 (15%)

Biglari Holdings Inc. has some risk factors including moderate leverage or solvency concerns.

Financial LeverageModerate

Debt levels relative to earnings capacity.

Debt/EquityStrong

Total debt relative to shareholder equity.

Current RatioStrong

Short-term liquidity — ability to pay near-term obligations.

Interest CoverageWeak

Earnings capacity relative to interest payments.

Valuation

91.0/100 (15%)

Biglari Holdings Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.

Price to Free Cash FlowStrong

How many years of FCF the market cap represents.

EV/EBITDA vs SectorStrong

Enterprise value multiple relative to sector median.

Moat

15/100 (25%)

Biglari Holdings Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for BH.

Score Composition

Quality
27.2×25%6.8
Growth
46.0×20%9.2
Risk
54.4×15%8.2
Valuation
91.0×15%13.7
Moat
15.0×25%3.8
Total
41.6Below Average

Financial Data

More Stock Analysis

How is the BH UQS Score Calculated?

The UQS (Unified Quality Score) for Biglari Holdings Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.

Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.

Moat (25%) assesses Biglari Holdings Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.

Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.

Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.

Valuation (15%) measures whether Biglari Holdings Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.

Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.