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Biglari Holdings Inc. BH Brand licensing — CapEx

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Other financials

Income statement

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Revenue$108.5M+7.9%
Gross profit$67.4M+11.3%
Net income$39.9M-21.6%
EPS (diluted)$31.63-18.7%

Balance sheet

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Cash & equivalents$68.4M+109%
Total debt$289.3M+577%
Total equity$543.8M-7.7%
Total assets$1.1B+22.6%

Cash flow

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Operating cash flow$14.9M-64.5%
CapEx$6.7M+146%
Free cash flow$8.3M-79.0%

Valuation

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Market cap$1.21B+42.1%
Enterprise value$1.43B+66.0%
P/S+0.7×

Profitability

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Gross margin60%-0.2pp
Net margin-7.3%-17.8pp
FCF margin12.4%-4.2pp

Returns & leverage

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Return on equity-5.3%-12.1pp
Debt / equity0.5×+0.5×
Current ratio2.4×+1.1×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The source filing: Biglari Holdings Inc.’s 10-K, filed March 2, 2026.

Filed
Mar 2, 2026, 6:32 AM EST
Fiscal year
FY2025
Accession
0001628280-26-012987
Line itemCapital Expenditures / 2025Capital Expenditures / 2024Capital Expenditures / 2023
Operating Businesses:
Restaurant$26,690$21,812$21,294
Insurance257152309
Oil and gas1,26111,783544
Brand licensing1,776
Operating businesses29,98433,74722,147
Corporate and other313361,258
$30,297$33,783$23,405

Item 8. Financial Statements and Supplementary Data

FAQ

What is Biglari Holdings Inc.'s brand licensing — capex?
Biglari Holdings Inc. (BH) reported brand licensing — capex of $444K in Q4 2025.
What does brand licensing — capex mean?
This metric represents the cash outflows used by the brand licensing segment to acquire, upgrade, or maintain physical and intangible assets. It reflects the level of investment required to support the segment's operational infrastructure and long-term growth initiatives. Monitoring these expenditures helps investors assess the capital intensity and reinvestment strategy of the licensing business.

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