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Biglari Holdings Inc. BH Restaurant operations — Identifiable Assets

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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$1.22B+42.1%
Enterprise value$1.45B+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:Assets.

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 itemIdentifiable Assets / December 31, 2025Identifiable Assets / December 31, 2024
Restaurant Operations:
Steak n Shake$417,147$322,918
Western Sizzlin23,92720,534
Total Restaurant Operations441,074343,452
Insurance Operations:
First Guard55,58452,726
Southern Pioneer77,73967,808
Biglari Reinsurance11,0799,042

Item 8. Financial Statements and Supplementary Data

FAQ

What is Biglari Holdings Inc.'s restaurant operations — identifiable assets?
Biglari Holdings Inc. (BH) reported restaurant operations — identifiable assets of $441.07M in Q4 2025.
How has Biglari Holdings Inc.'s restaurant operations — identifiable assets changed year-over-year?
Biglari Holdings Inc.'s restaurant operations — identifiable assets increased by 28.4% year-over-year, from $343.45M to $441.07M.
What does restaurant operations — identifiable assets mean?
Represents the total value of assets specifically attributable to the restaurant operations segment, including property, plant, equipment, inventory, and intangible assets. This metric is used to evaluate the asset intensity of the restaurant business and to calculate return on assets for the segment. It provides a snapshot of the capital base required to support restaurant operations.

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