Biglari Holdings Inc.
BH-ANYSEConsumer Discretionary · Retail-Eating Places · IN · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $395.3M | $362.1M | $365.3M | $368.2M | $366.1M | $433.7M |
| Operating income | — | — | — | — | — | — |
| Net income | −$37.5M | −$3.8M | $54.9M | −$32.0M | $35.5M | −$38.0M |
| Total assets | $1.03B | $866.1M | $849.4M | $828.5M | $894.8M | $1.02B |
| Total liabilities | $502.0M | $293.2M | $250.1M | $272.9M | $307.1M | $453.1M |
| Equity | $523.4M | $573.0M | $599.3M | $547.0M | $587.7M | $564.8M |
| EPS (diluted) | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 | $-110.05 |
| Shares out. | — | — | — | — | — | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- −9.5%
- Return on equity
- −7.2%
- Return on assets
- −3.7%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 49.0%
- Debt / equity
- 0.96×
- Book value / share
- —
- Revenue growth (YoY)
- 9.2%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −14.1%clean
- Beneish M-Score
- -3.45normal
- Piotroski F-Score
- 3/7weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 warning● 4 good- Reported a net loss
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Gamco Investors, Inc. Et AlActivist (13D)Oct 21, 2025
- Lion Fund, L.P.Activist (13D)Dec 20, 2024
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Material events
SEC Form 8-K · most recent- Results of operationsMay 8, 2026
- Shareholder voteApr 10, 2026
- Results of operations · Regulation FD disclosureMar 2, 2026
- Regulation FD disclosureNov 21, 2025
- Results of operationsNov 7, 2025
- Entered a material agreement · New financial obligationOct 6, 2025
- Regulation FD disclosureOct 1, 2025
- Results of operationsAug 8, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 4OWNERSHIP DOCUMENTMay 14, 2026
- 8-KMay 8, 2026
- 10-QMay 8, 2026
- 8-KApr 10, 2026
- 10-K/AMar 31, 2026
- 4OWNERSHIP DOCUMENTMar 13, 2026
- ARSMar 11, 2026
- DEF 14AMar 11, 2026
- 4OWNERSHIP DOCUMENTMar 9, 2026
- 4OWNERSHIP DOCUMENTMar 6, 2026
- 4OWNERSHIP DOCUMENTMar 3, 2026
- 8-KMar 2, 2026
- 10-KMar 2, 2026
- EFFECTJan 26, 2026
- S-3Jan 16, 2026