Biglari Holdings/$BH.A

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About Biglari Holdings

Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, Oil and Gas Operations. Company's restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. The majority of revenue is derived from the Maxim Segment.

Ticker

$BH.A

Primary listing

NYSE

Employees

2,535

Biglari Holdings Metrics

BasicAdvanced
$957M
10.46
$146.55
0.86
-

Bulls say / Bears say

Steak n Shake’s same-store sales increased by 10.7% in Q2 2025, signaling stronger consumer demand and the positive effects of brand revitalization efforts.
Biglari’s diversified business lines boosted Q2 2025 revenue to $100.62 million: $72.01 million from restaurants, $18.82 million from insurance premiums, $7.50 million from oil & gas, and $2.29 million from licensing/media, reflecting operational resilience.
Net cash from operating activities was $57.942 million in the first half of 2025, including a $35.0 million distribution from investment partnerships, which reinforced the company’s balance sheet.
Pre-tax operating earnings fell 81.4% to $3.7 million in Q2 2025 from $19.7 million in Q2 2024, showing substantial margin pressure in core business.
Net income volatility tied to a $61.4 million gain on investments versus an $82.6 million investment loss in Q2 2024 highlights ongoing reliance on unpredictable non-operating income.
Deloitte & Touche LLP delivered an adverse opinion on Biglari’s internal controls over financial reporting, citing material weaknesses and leading to serious governance and audit quality concerns.
Data summarised monthly by Lightyear AI. Last updated on 6 Sept 2025.
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Real-time US market data is sourced from the IEX order book provided by Polygon. After-hours US market data is 15 minutes delayed and may differ significantly from the actual tradable price at market open.

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