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Biglari Holdings Inc. BH Insurance Segment — Goodwill

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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:Goodwill.

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
Balance as of December 31, 2023RestaurantsInsuranceTotal
Goodwill$28,117$25,713$53,830
Accumulated impairment losses(1,300)(1,300)
$26,817$25,713$52,530
Change in foreign exchange rates during 2024(34)(34)
Balance as of December 31, 2024$26,783$25,713$52,496
Change in foreign exchange rates during 20257272
Balance as of December 31, 2025$26,855$25,713$52,568

Item 8. Financial Statements and Supplementary Data

FAQ

What is Biglari Holdings Inc.'s insurance segment — goodwill?
Biglari Holdings Inc. (BH) reported insurance segment — goodwill of $25.71M in Q4 2025.
How has Biglari Holdings Inc.'s insurance segment — goodwill changed year-over-year?
Biglari Holdings Inc.'s insurance segment — goodwill decreased by 0.0% year-over-year, from $25.71M to $25.71M.
What does insurance segment — goodwill mean?
This metric represents the intangible asset value recorded on the balance sheet for the insurance segment, typically resulting from past acquisitions. It reflects the premium paid over the fair value of net identifiable assets, indicating historical growth through M&A.

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