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.

Biglari Holdings Inc. BH Brand licensing — CapEx

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DOWCorporate Segment — CapEx

$0—

IRCapEx

$36.3M+7.7%

WTWCapEx

$55M+7.8%

Other financials

Income statement

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Revenue$97.5M+2.6%

Gross profit$60.0M+4.8%

Net income-$14.5M+56.3%

EPS (diluted)-$11.16+55.9%

Balance sheet

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Cash & equivalents$200.1M+598%

Total debt$290.3M+627%

Total equity$519.2M-3.8%

Total assets$1.0B+22.8%

Cash flow

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Operating cash flow$20.3M+28.7%

CapEx$7.0M-4.6%

Free cash flow$13.4M+57.3%

Valuation

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Market cap$1.13B+28.7%

Enterprise value$1.22B+37.2%

P/S2.8×+0.5×

Profitability

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Gross margin59.5%-0.6pp

Net margin-4.7%-2.0pp

FCF margin20.5%—

Returns & leverage

See full

Return on equity-3.5%-1.4pp

Debt / equity0.6×+0.5×

Current ratio2.5×+1.3×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The official record: Biglari Holdings Inc.’s 10-K, filed March 2, 2026, on SEC EDGAR. View the filing →

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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.