What is Biglari Holdings Inc.'s net debt?

Biglari Holdings Inc. (BH) reported net debt of $90.27M in Q1 2026.

How has Biglari Holdings Inc.'s net debt changed year-over-year?

Biglari Holdings Inc.'s net debt increased by 700.5% year-over-year, from $11.28M to $90.27M.

What is the long-term trend for Biglari Holdings Inc.'s net debt?

Over 5 years (2020 to 2025), Biglari Holdings Inc.'s net debt has grown at a -36.1% compound annual growth rate (CAGR), from $258.95M to $27.49M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Biglari Holdings Inc. BH Net debt

Discontinued — last reported Q1 '26

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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

Calculated from Biglari Holdings Inc.’s reported figures.

$290.3Mtotal debt−$200.1Mcash and equivalents=$90.27M

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 net debt?: Biglari Holdings Inc. (BH) reported net debt of $90.27M in Q1 2026.
How has Biglari Holdings Inc.'s net debt changed year-over-year?: Biglari Holdings Inc.'s net debt increased by 700.5% year-over-year, from $11.28M to $90.27M.
What is the long-term trend for Biglari Holdings Inc.'s net debt?: Over 5 years (2020 to 2025), Biglari Holdings Inc.'s net debt has grown at a -36.1% compound annual growth rate (CAGR), from $258.95M to $27.49M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.