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Biglari Holdings/$BH

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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, and Oil and Gas Operations. Its 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 Restaurant Operations Segment.
Ticker
$BH
Sector
Consumer Discretionary
Primary listing
NYSE
Employees
2,359
Headquarters
San Antonio, United States
Website
www.biglariholdings.com

Biglari Holdings Metrics

BasicAdvanced
$1B
-
-$115.94
0.51
-

Bulls say / Bears say

Steak n Shake’s turnaround is showing up in demand and earnings: domestic same-store sales rose 13.8% in Q2, while restaurant pre-tax earnings increased to $8.3 million from $6.4 million. This gives the group a stronger operating base if the sales momentum lasts. (SEC, QSR Magazine)
The shift towards franchise partners is lifting partner fees: they rose to $43.7 million in the first half from $37.3 million a year earlier, and partner same-store sales grew 14.5% in Q2. A larger partner base could provide a less capital-intensive way to grow the restaurant business. (SEC)
Insurance underwriting improved, with first-half pre-tax gains rising to $5.5 million from $1.9 million. Southern Pioneer swung from an underwriting loss to a gain, adding a stronger earnings contributor beyond restaurants. (SEC)
Reported earnings remain heavily exposed to investment swings: first-half pre-tax operating earnings fell to $2.1 million from $13.7 million, while investment gains were $30.6 million. The company warns that investment partnership gains and losses will continue to make periodic earnings volatile. (SEC)
Higher food costs and a shrinking store base are weighing on the restaurant recovery: first-half food costs rose to 32.4% of company-operated sales from 30.1%, while restaurant net sales fell 2.8% and the total footprint declined by seven locations. Strong same-store sales have not yet translated into broad-based growth in the owned restaurant base. (SEC, The Wall Street Journal)
Minority shareholders have limited influence: Sardar Biglari holds about 73.1% of voting power and is both chairman and CEO, with no lead independent director. The company also reported that disclosure controls remained ineffective because a material weakness had not yet been fully remedied. (Quartr, SEC)
Data summarised monthly by Lightyear AI. Last updated on 3 Nov 2026.

Biglari Holdings Financial Performance

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Q3 24
QoQ growth
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Funds containing Biglari Holdings

Funds
Fund name
Fund size
$BH weighting
SPDR Russell 2000 US Small Cap€R2US
$5.3B0.02%
SPDR Russell 2000 US Small Cap£R2SC
$5.3B0.02%
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