What is Biglari Holdings Inc.'s free cash flow margin?

Biglari Holdings Inc. (BH) reported free cash flow margin of 20.5% in Q1 2026.

What is the long-term trend for Biglari Holdings Inc.'s free cash flow margin?

Over 4 years (2020 to 2025), Biglari Holdings Inc.'s free cash flow margin has grown at a -3.5% compound annual growth rate (CAGR), from 22.3% to 19.4%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Biglari Holdings Inc. BH Free cash flow margin

Free cash flow margin at other companies

Wendy'sWEN

10.1%-0.9pp

McDonald'sMCD

25.6%-0.4pp

Darden RestaurantsDRI

8%-1.0pp

Berkshire HathawayBRK.B

6.4%—

BJ's RestaurantsBJRI

5.7%+4.8pp

Shake ShackSHAK

1.1%-2.0pp

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

Returns & leverage

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Return on equity-3.5%-1.4pp

Debt / equity0.6×+0.5×

Current ratio2.5×+1.3×

Where this comes from

Calculated from Biglari Holdings Inc.’s reported figures.

free cash flow/total revenue=20.5%

Based on trailing twelve months.

The official record: Biglari Holdings Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Biglari Holdings Inc.'s free cash flow margin?: Biglari Holdings Inc. (BH) reported free cash flow margin of 20.5% in Q1 2026.
What is the long-term trend for Biglari Holdings Inc.'s free cash flow margin?: Over 4 years (2020 to 2025), Biglari Holdings Inc.'s free cash flow margin has grown at a -3.5% compound annual growth rate (CAGR), from 22.3% to 19.4%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.