BH Biglari Holdings Inc. Class B Common Stock
$398.24
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026
52W Range
$235–$484
66% of range
Analyst Rating
HOLD
6 analysts
Price Target
—
P/E (TTM)
-2.3
ROE
—
Net Profit Margin
—
About Biglari Holdings Inc. Class B Common Stock Company overview from Wikipedia
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
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Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
Steak n Shake
In August 2008, Biglari took over Steak n Shake, which had been “losing more than $100,000 a day in 2009 to making more than $100,000 a day in 2010, according to Biglari’s 2010 letter to shareholders.” By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari. However, for fiscal 2017 and 2018, the Steak n Shake division had returned to same-store sales contraction. The company is now selling “franchises” claiming they will split profits 50% / 50% with the investors who put in $10,000.
Maxim
On February 27, 2014, Maxim magazine was bought by Biglari who commented, "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership." In January 2016, Biglari officially took over as editor-in-chief of Maxim, though a Maxim staffer said that the new masthead title just formalizes what has always been clear: Biglari exercises full editorial control over Maxim. At one point last year, the staffer said, he decided to throw out a nearly complete version of the December issue in order to completely redesign the magazine. On January 13, 2016, Gilles Bensimon joined Biglari as a special creative director. "What drew me to Maxim was Sardar's vision for the brand," said Bensimon.
First Guard Insurance
On March 19, 2014, Biglari purchased Florida-based First Guard Insurance Company. First Guard Founder and CEO Ed Campbell said: "I couldn't imagine a better, more fitting owner of First Guard."
Southern Pioneer Property and Casualty Insurance
In 2020, Biglari acquired Southern Pioneer Property & Casualty Insurance Co. from the Hyneman family who will continue to operate the company. Since 1981, Southern Pioneer has grown from $500,000 in capital and surplus and zero premium to over $18,000,000 capital and surplus with written premium in excess of $24,000,000 in 2015.
Oil and gas operations
In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.
In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million.
Jack in the Box
Biglari Holdings owns 1.1 million shares of Jack in the Box as of 2023.
Ferrari
In 2022, Biglari acquired 360,000 shares of Ferrari. By 2023, the ownership had grown to 402,000 shares with a market value of $135 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$398.24
Market Cap
—
P/E (TTM)
-2.3
EPS (TTM)
$-143.86
Revenue (TTM)
$395M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$235 – $484
BH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$395M
2018-12-31
→
2025-12-31
EPS
$-143.86
2019-12-31
→
2025-12-31
Free Cash Flow
—
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BH
Peer Median
P/E (TTM)
-2.3
30.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BH
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BH
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BH
Peer Median
Revenue YoY
9.2%
—
Revenue CAGR 3Y
2.4%
—
Revenue CAGR 5Y
-1.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BH
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Nov. 28, 1990 | $17.6490 |
| Sept. 17, 1990 | $0.2076 |
| June 4, 1990 | $0.2076 |
| Feb. 26, 1990 | $0.2076 |
| Dec. 8, 1989 | $0.1661 |
| Aug. 28, 1989 | $0.1661 |
| May 26, 1989 | $0.1661 |
| Feb. 27, 1989 | $0.1661 |
| Dec. 15, 1988 | $0.1661 |
| Aug. 29, 1988 | $0.1246 |
| June 14, 1988 | $0.1246 |
| Feb. 29, 1988 | $0.2076 |
| Aug. 27, 1987 | $0.2076 |
| Feb. 25, 1987 | $0.1661 |
BH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2025 | $23.37 | — | — |
| Sept. 30, 2023 | $-195.55 | — | — |
| June 30, 2023 | $6.64 | — | — |
| March 31, 2023 | $222.28 | — | — |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BH | — | -2.3 | 9.2% | — | — | — |
| WING | $7.06B | 41.3 | 11.3% | 25.0% | -24.5% | — |
| SHAK | — | 74.5 | 15.4% | 3.2% | 9.2% | — |
| BJRI | $837M | 18.3 | 3.1% | 3.5% | 13.0% | — |
| WEN | $1.59B | 9.8 | -3.1% | 7.6% | 143.4% | — |
| CBRL | $1.31B | 28.7 | 0.37% | 1.3% | 10.1% | — |
| BLMN | $579M | 67.9 | 0.14% | 0.21% | 3.5% | — |
| FWRG | $966M | 51.3 | 20.3% | 1.6% | 3.2% | — |
| PZZA | $1.29B | 43.7 | -0.27% | 1.5% | -7.0% | — |
| SG | $826M | -6.1 | 0.39% | -19.7% | -34.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $395M | $362M | $365M | $368M | $366M | $434M | $669M | $810M | |
| Cost of Revenue | $161M | $143M | $138M | $140M | $167M | $247M | $501M | $636M | |
| SG&A Expense | $87M | $76M | $77M | $71M | $76M | $76M | $100M | $127M | |
| Operating Expenses | $376M | $330M | $322M | $332M | $341M | $444M | $692M | $834M | |
| Interest Expense | · | · | · | · | · | $16M | $20M | $20M | |
| Other Non-op | $-66M | $-41M | $22M | $-79M | $17M | $-39M | $78M | $40M | |
| Pretax Income | $-48M | $-8M | $65M | $-43M | $42M | $-50M | $55M | $17M | |
| Income Tax | $-10M | $-4M | $9M | $-11M | $7M | $-12M | $10M | $-3M | |
| Net Income | $-37M | $-4M | $55M | $-32M | $35M | $-38M | $45M | $19M | |
| EPS (Diluted) | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 | $-110.05 | $131.64 | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $269M | $31M | $28M | $37M | $42M | $25M | $68M | $49M | |
| Receivables | $23M | $25M | $22M | $29M | $29M | $19M | $22M | $16M | |
| Inventory | $4M | $4M | $3M | $4M | $4M | $3M | $5M | $8M | |
| Prepaid Expense | $9M | $5M | $6M | $4M | $4M | $3M | $3M | · | |
| Other Current Assets | $14M | $8M | $7M | $10M | $7M | $6M | $6M | $9M | |
| Current Assets | $379M | $171M | $153M | $151M | $165M | $148M | $145M | $115M | |
| PP&E (Net) | $367M | $376M | $380M | $401M | $349M | $316M | $351M | $275M | |
| PP&E (Gross) | $832M | $818M | $801M | $816M | $742M | $692M | $729M | $651M | |
| Accum. Depreciation | $466M | $442M | $420M | $415M | $393M | $376M | $378M | $376M | |
| Goodwill | $53M | $52M | $53M | $54M | $54M | $54M | $40M | $40M | |
| Intangibles | $24M | $23M | $23M | $23M | $23M | $24M | $27M | $28M | |
| Other Non-current Assets | $10M | $8M | $8M | $10M | $11M | $14M | $11M | $14M | |
| Total Assets | $1.03B | $866M | $849M | $828M | $895M | $1.02B | $1.14B | $1.03B | |
| Accounts Payable | $34M | $29M | $22M | $28M | $37M | $27M | $121M | $117M | |
| Short-term Debt | · | · | · | · | · | $152M | $2M | $2M | |
| Current Liabilities | $156M | $147M | $111M | $135M | $144M | $288M | $140M | $123M | |
| Capital Leases | $34M | $28M | $26M | $29M | $36M | $36M | $53M | $0 | |
| Deferred Tax | $18M | $29M | $38M | $31M | $47M | $41M | $54M | $87M | |
| Other Non-current Liabilities | $767.0K | $506.0K | $348.0K | $754.0K | $2M | $2M | $2M | $9M | |
| Total Liabilities | $502M | $293M | $250M | $273M | $307M | $453M | $523M | $459M | |
| Long-term Debt | · | · | · | · | $104M | $264M | $270M | $246M | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $386M | $386M | $386M | $382M | $382M | $382M | $382M | $382M | |
| Retained Earnings | $590M | $628M | $631M | $577M | $609M | $573M | $611M | $564M | |
| Treasury Stock | $452M | $439M | $416M | $410M | $402M | $390M | $375M | $374M | |
| AOCI | $-1M | $-3M | $-3M | $-3M | $-2M | $-2M | $-3M | $-3M | |
| Stockholders' Equity | $523M | $573M | $599M | $547M | $588M | $565M | $616M | $570M | |
| Liabilities + Equity | $1.03B | $866M | $849M | $828M | $895M | $1.02B | $1.14B | $1.03B |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $40M | $39M | $36M | $30M | $32M | $30M | $19M | |
| Deferred Tax | $-11M | $-8M | $7M | $-16M | $5M | $-12M | $-39M | $-2M | |
| Amort. of Intangibles | · | · | · | · | $0 | $150.0K | $549.0K | $562.0K | |
| Operating Cash Flow | $107M | $50M | $73M | $128M | $229M | $118M | $94M | $21M | |
| CapEx | $30M | $31M | $23M | $30M | $65M | $21M | $18M | $15M | |
| Investing Cash Flow | $-65M | $-87M | $-66M | $-137M | $-59M | $-129M | $-70M | $-25M | |
| Financing Cash Flow | $197M | $39M | $-16M | $4M | $-156M | $-29M | $-8M | $-8M | |
| Net Change in Cash | $238M | $2M | $-9M | $-5M | $14M | $-41M | $16M | $-12M | |
| Taxes Paid | $3M | $6M | $6M | $1M | $5M | $15M | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 9.2% | -0.88% | -0.79% | 0.58% | -15.6% | · | · | · | |
| Revenue CAGR 3Y | 2.4% | -0.36% | -5.6% | · | · | · | · | · | |
| Revenue CAGR 5Y | -1.8% | · | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $395M | $362M | $365M | $368M | $366M | $434M | $669M | $810M | |
| Net Income TTM | $-37M | $-4M | $55M | $-32M | $35M | $-38M | $45M | $19M | |
| P/E | -2.3 | -18.9 | 0.9 | -1.3 | 1.3 | -1.0 | 0.9 | · | |
| Earnings Yield | -43.3% | -5.3% | 114.9% | -77.4% | 78.4% | -99.0% | 115.1% | · |
Income Statement 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109M | $97M | $100M | $100M | $101M | $95M | $91M | $90M | $91M | $89M | $91M | $94M | $90M | $92M | $92M | $85M | |
| Cost of Revenue | $41M | $37M | $42M | $42M | $40M | $38M | $36M | $36M | $37M | $34M | $37M | $35M | $33M | $36M | $36M | $35M | |
| SG&A Expense | $26M | $25M | $22M | $20M | $23M | $21M | $19M | $20M | $19M | $18M | $18M | $19M | $17M | $15M | $17M | $16M | |
| Operating Expenses | $102M | $102M | $102M | $93M | $97M | $85M | $87M | $87M | $71M | $84M | $71M | $84M | $81M | $79M | $80M | $79M | |
| Other Non-op | $45M | $-15M | $-62M | $-14M | $61M | $-51M | $-22M | $40M | $-83M | $24M | $-94M | $-7M | $76M | $29M | $-109M | $-6M | |
| Pretax Income | $52M | $-19M | $-64M | $-8M | $65M | $-41M | $-18M | $43M | $-63M | $29M | $-74M | $3M | $85M | $42M | $-96M | $-469.0K | |
| Income Tax | $12M | $-4M | $-14M | $-2M | $14M | $-8M | $-8M | $11M | $-15M | $7M | · | · | · | · | · | · | |
| Net Income | $40M | $-15M | $-50M | $-5M | $51M | $-33M | $-10M | $32M | $-48M | $23M | $-57M | $2M | $65M | $32M | $-74M | $-298.0K | |
| EBITDA | $10M | · | · | $10M | $10M | $10M | · | $11M | $9M | $10M | $10M | $10M | $10M | $8M | $8M | $8M |
Balance Sheet 27
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $68M | $200M | $269M | $272M | $33M | $29M | $31M | $30M | $27M | $35M | $34M | $31M | $39M | $65M | $41M | $46M | |
| Receivables | $25M | $25M | $23M | $21M | $21M | $23M | $25M | $21M | $19M | $24M | $26M | $23M | $27M | $26M | $27M | $22M | |
| Inventory | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $4M | $4M | $4M | $3M | $4M | |
| Prepaid Expense | · | · | $9M | · | · | · | $5M | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $12M | $13M | $14M | $10M | $12M | $9M | $8M | $7M | $8M | $8M | $8M | $8M | $14M | $13M | $8M | $8M | |
| Current Assets | $384M | $356M | $379M | $404M | $174M | $172M | $171M | $165M | $151M | $168M | $155M | $153M | $163M | $178M | $150M | $168M | |
| PP&E (Net) | $366M | $368M | $367M | $368M | $365M | $370M | $376M | $381M | $381M | $377M | $384M | $389M | $393M | $414M | $344M | $348M | |
| PP&E (Gross) | $847M | $843M | $832M | $826M | $817M | $817M | $818M | $818M | $811M | $804M | $805M | $808M | $805M | $819M | $746M | $745M | |
| Accum. Depreciation | $481M | $475M | $466M | $458M | $451M | $447M | $442M | $437M | $430M | $426M | $421M | $419M | $412M | $405M | $402M | $398M | |
| Goodwill | $53M | $53M | $53M | $53M | $53M | $53M | $52M | $53M | $53M | $54M | $54M | $54M | $54M | $53M | $53M | $54M | |
| Intangibles | $23M | $24M | $24M | $24M | $24M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $22M | $23M | $23M | |
| Other Non-current Assets | $10M | $10M | $10M | $12M | $9M | $9M | $8M | $8M | $8M | $8M | $9M | $9M | $10M | $11M | $10M | $11M | |
| Total Assets | $1.06B | $1.02B | $1.03B | $1.08B | $864M | $829M | $866M | $865M | $809M | $885M | $827M | $890M | $907M | $862M | $773M | $886M | |
| Accounts Payable | $30M | $32M | $34M | $28M | $26M | $28M | $29M | $26M | $26M | $22M | $22M | $26M | $31M | $34M | $29M | $35M | |
| Current Liabilities | $157M | $144M | $156M | $143M | $126M | $150M | $147M | $112M | $106M | $118M | $142M | $121M | $131M | $146M | $138M | $143M | |
| Capital Leases | $37M | $36M | $34M | $33M | $29M | $27M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $32M | $34M | $34M | |
| Deferred Tax | $23M | $22M | $18M | $28M | $41M | $20M | $29M | $35M | $26M | $42M | $25M | $48M | $50M | $29M | $18M | $42M | |
| Other Non-current Liabilities | $772.0K | $769.0K | $767.0K | $506.0K | $505.0K | $505.0K | $506.0K | $348.0K | $348.0K | $348.0K | $99.0K | $99.0K | $1M | $2M | $2M | $2M | |
| Total Liabilities | $515M | $499M | $502M | $499M | $274M | $289M | $293M | $263M | $240M | $267M | $270M | $274M | $286M | $317M | $268M | $299M | |
| Total Debt | $210M | · | · | $215M | · | · | · | · | $50.0K | · | $19M | $4M | $6M | · | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $401M | $401M | $386M | $386M | $386M | $386M | $386M | $386M | $386M | $386M | $386M | $386M | $382M | $382M | $382M | $382M | |
| Retained Earnings | $616M | $576M | $590M | $640M | $645M | $594M | $628M | $638M | $606M | $654M | $587M | $643M | $641M | $566M | $534M | $608M | |
| Treasury Stock | $472M | $457M | $452M | $445M | $441M | $439M | $439M | $421M | $421M | $420M | $413M | $411M | $410M | $409M | $408M | $402M | |
| AOCI | $-2M | $-2M | $-1M | $-1M | $-1M | $-2M | $-3M | $-2M | $-3M | $-3M | $-3M | $-3M | $-2M | $-4M | $-3M | $-2M | |
| Stockholders' Equity | $544M | $519M | $523M | $580M | $589M | $540M | $573M | $602M | $569M | $619M | $557M | $616M | $612M | $536M | $506M | $587M | |
| Liabilities + Equity | $1.06B | $1.02B | $1.03B | $1.08B | $864M | $829M | $866M | $865M | $809M | $885M | $827M | $890M | $907M | $862M | $773M | $886M |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $11M | $11M | $10M | $10M | $10M | $10M | $11M | $9M | $10M | $10M | $10M | $10M | $8M | $8M | $8M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $-23M | $-2M | $18M | $6M | $-24M | $-5M | |
| Other Non-cash | · | · | · | · | · | $39M | · | · | · | $-14M | · | · | $-73M | · | · | $18M | |
| Operating Cash Flow | $15M | $20M | $18M | $31M | $42M | $16M | $18M | $11M | $2M | $19M | $17M | $12M | $20M | $66M | $13M | $21M | |
| CapEx | $7M | $7M | $11M | $9M | $3M | $7M | $7M | $7M | $12M | $5M | $6M | $5M | $6M | $7M | $7M | $9M | |
| Investing Cash Flow | $-143M | $-95M | $-29M | $-9M | $-7M | $-20M | $-52M | $-15M | $-8M | $-11M | $-28M | $-16M | $-13M | $-70M | $-17M | $-16M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $0 | · | · | $-4M | · | · | $0 | |
| Stock Issued | $0 | $15M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-3M | $6M | $8M | $218M | $-31M | $2M | $35M | $8M | $-1M | $-1M | $14M | $-4M | $-5M | $28M | $-2M | $-2M | |
| Net Change in Cash | $-132M | $-69M | $-4M | $240M | $4M | $-2M | $202.0K | $3M | $-8M | $6M | $3M | $-8M | $2M | $24M | $-5M | $3M | |
| Free Cash Flow | · | · | · | · | · | $8M | · | · | · | $15M | · | · | $14M | · | · | $12M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 36.8% | · | · | -5.3% | 50.6% | -35.0% | · | 35.5% | -52.9% | 25.2% | -62.2% | 2.1% | 72.0% | 34.8% | -79.9% | -0.35% | |
| Pretax Margin | 47.6% | · | · | -7.6% | 64.7% | -43.3% | · | 47.9% | -69.0% | 32.9% | -81.4% | 3.1% | 94.6% | 45.2% | -104.5% | -0.55% | |
| EBITDA Margin | 9.3% | · | · | 9.6% | 10.2% | 10.8% | · | 11.7% | 10.0% | 11.2% | 10.6% | 10.8% | 11.0% | 9.2% | 8.4% | 9.2% | |
| ROA | 4.2% | · | · | -0.54% | 6.1% | -3.9% | · | 3.8% | -5.7% | 2.5% | -6.7% | 0.23% | 7.2% | 3.6% | -8.6% | -0.03% | |
| ROE | 7.0% | · | · | -0.90% | 8.8% | -5.7% | · | 5.5% | -8.1% | 3.7% | -10.3% | 0.35% | 10.8% | 5.6% | -13.2% | -0.05% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | · | · | 2.8 | 1.4 | 1.1 | · | 1.5 | 1.4 | 1.4 | 1.1 | 1.3 | 1.2 | 1.2 | 1.1 | 1.2 | |
| Quick Ratio | 0.6 | · | · | 2.1 | 0.4 | 0.3 | · | 0.5 | 0.4 | 0.5 | 0.4 | 0.4 | 0.5 | 0.6 | 0.5 | 0.5 | |
| Debt / Equity | 0.4 | · | · | 0.4 | · | · | · | · | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | |
| LT Debt / Equity | 0.4 | · | · | 0.4 | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Inventory Turnover | 10.0 | · | · | 10.7 | 10.1 | 9.7 | · | 9.9 | 10.3 | 9.4 | 10.3 | 9.9 | 8.1 | 10.6 | 10.3 | 10.1 | |
| Receivables Turnover | 4.7 | · | · | 4.7 | 5.0 | 4.1 | · | 3.8 | 4.4 | 3.5 | 3.5 | 3.8 | 3.6 | 3.7 | 4.1 | 4.4 |
Valuation (TTM) 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $406M | $393M | · | $386M | $377M | $366M | · | $362M | $365M | $364M | $367M | $368M | $360M | $352M | $351M | $353M | |
| Net Income TTM | $71M | $-2M | · | $44M | $2M | $-27M | · | $-50M | $-80M | $33M | $42M | $25M | $23M | $-53M | $-105M | $40M |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $395M | $362M | $365M | $368M | $366M |
| Net Income | $-37M | $-4M | $55M | $-32M | $35M |
| Diluted EPS | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 |
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Institutional owners (13F) 123 filers · $200.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 29 (+6 vs prior Q) | 21 (+7 vs prior Q) | 25 (0 vs prior Q) | 28 (-4 vs prior Q) | -29K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $43,283,796 | 101,598 | 21.60% | Shares |
| BIGLARI CAPITAL CORP. | $30,612,386 | 71,855 | 15.28% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,564,787 | 50,618 | 10.76% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,195,961 | 28,627 | 6.09% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $12,007,656 | 28,185 | 5.99% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,406,527 | 26,774 | 5.69% | Shares |
| Trexquant Investment LP | $6,202,571 | 14,559 | 3.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $5,522,774 | 12,960 | 2.76% | Shares |
| STATE STREET CORP | $5,455,740 | 12,806 | 2.72% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,201,400 | 12,209 | 2.60% | Shares |
| Qube Research & Technologies Ltd | $3,738,413 | 8,775 | 1.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,281,709 | 7,703 | 1.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,128,764 | 7,344 | 1.56% | Shares |
| JPMORGAN CHASE & CO | $3,117,288 | 7,128 | 1.56% | Shares |
| JANE STREET GROUP, LLC | $2,409,626 | 5,656 | 1.20% | Shares |
| XTX Topco Ltd | $1,915,005 | 4,495 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,843,006 | 4,326 | 0.92% | Shares |
| Point72 Asset Management, L.P. | $1,784,640 | 4,189 | 0.89% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,727,552 | 4,055 | 0.86% | Shares |
| VANGUARD GROUP INC | $1,421,471 | 4,276 | 0.71% | Shares |
| CITADEL ADVISORS LLC | $1,269,569 | 2,980 | 0.63% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,118,329 | 2,625 | 0.56% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $1,025,880 | 2,408 | 0.51% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $941,952 | 2,211 | 0.47% | Shares |
| Cubist Systematic Strategies, LLC | $870,540 | 2,690 | 0.43% | Shares |
| STRS OHIO | $852,060 | 2,000 | 0.43% | Shares |
| Engineers Gate Manager LP | $817,978 | 1,920 | 0.41% | Shares |
| Rathbones Group PLC | $724,251 | 1,700 | 0.36% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $712,322 | 1,672 | 0.36% | Shares |
| HSBC HOLDINGS PLC | $702,172 | 1,626 | 0.35% | Shares |
| Jump Financial, LLC | $698,689 | 1,640 | 0.35% | Shares |
| UBS Group AG | $688,891 | 1,617 | 0.34% | Shares |
| Centiva Capital, LP | $668,867 | 1,570 | 0.33% | Shares |
| Lotus Technology Management, LP | $653,530 | 1,534 | 0.33% | Shares |
| ALLIANCEBERNSTEIN L.P. | $636,438 | 1,931 | 0.32% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $633,507 | 1,487 | 0.32% | Shares |
| BlackRock, Inc. | $628,394 | 1,475 | 0.31% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $618,170 | 1,451 | 0.31% | Shares |
| LPL Financial LLC | $481,414 | 1,130 | 0.24% | Shares |
| AMERICAN CENTURY COMPANIES INC | $475,449 | 1,116 | 0.24% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $469,060 | 1,101 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $466,503 | 1,095 | 0.23% | Shares |
| INCEPTIONR LLC | $446,479 | 1,048 | 0.22% | Shares |
| D. E. Shaw & Co., Inc. | $434,125 | 1,019 | 0.22% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $431,994 | 1,014 | 0.22% | Shares |
| Dynamic Technology Lab Private Ltd | $392,000 | 921 | 0.20% | Shares |
| BARCLAYS PLC | $367,237 | 862 | 0.18% | Shares |
| Susquehanna Portfolio Strategies, LLC | $363,404 | 853 | 0.18% | Shares |
| RHUMBLINE ADVISERS | $363,398 | 853 | 0.18% | Shares |
| AlphaQuest LLC | $319,465 | 961 | 0.16% | Shares |
| Bank of New York Mellon Corp | $287,996 | 676 | 0.14% | Shares |
| DEUTSCHE BANK AG\ | $286,292 | 672 | 0.14% | Shares |
| Squarepoint Ops LLC | $282,458 | 663 | 0.14% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $238,577 | 560 | 0.12% | Shares |
| MARSHALL WACE, LLP | $233,038 | 547 | 0.12% | Shares |
| Skopos Labs, Inc. | $230,713 | 700 | 0.12% | Shares |
| MetLife Investment Management, LLC | $187,879 | 441 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $181,489 | 426 | 0.09% | Shares |
| BARTLETT & CO. WEALTH MANAGEMENT LLC | $167,004 | 392 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $134,199 | 315 | 0.07% | Shares |
| Invesco Ltd. | $116,732 | 274 | 0.06% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $96,283 | 226 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $72,851 | 171 | 0.04% | Shares |
| FMR LLC | $56,236 | 132 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $52,402 | 123 | 0.03% | Shares |
| CWM, LLC | $50,757 | 154 | 0.03% | Shares |
| NORTHERN TRUST CORP | $46,011 | 108 | 0.02% | Shares |
| Vanguard Global Advisers, LLC | $46,011 | 108 | 0.02% | Shares |
| Legal & General Group Plc | $33,732 | 79 | 0.02% | Shares |
| SIGNATUREFD, LLC | $31,526 | 74 | 0.02% | Shares |
| FIFTH THIRD BANCORP | $29,822 | 70 | 0.01% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $27,067 | 67 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $23,858 | 56 | 0.01% | Shares |
| MORGAN STANLEY | $23,858 | 56 | 0.01% | Shares |
| COMERICA BANK | $23,270 | 70 | 0.01% | Shares |
| Larson Financial Group LLC | $21,302 | 50 | 0.01% | Shares |
| SIMS INVESTMENT MANAGEMENT, LLC | $21,302 | 50 | 0.01% | Shares |
| Integrated Wealth Concepts LLC | $20,450 | 48 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $19,597 | 46 | 0.01% | Shares |
| CITIGROUP INC | $19,171 | 45 | 0.01% | Shares |
| HOEY INVESTMENTS, INC | $16,616 | 39 | 0.01% | Shares |
| Nuveen Asset Management, LLC | $15,766 | 62 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $14,911 | 35 | 0.01% | Shares |
| Global Retirement Partners, LLC | $13,207 | 31 | 0.01% | Shares |
| Parallel Advisors, LLC | $13,207 | 31 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $12,195 | 37 | 0.01% | Shares |
| Farther Finance Advisors, LLC | $11,559 | 27 | 0.01% | Shares |
| North Star Investment Management Corp. | $11,077 | 26 | 0.01% | Shares |
| Sterling Capital Management LLC | $10,225 | 24 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $9,000 | 20 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $8,521 | 20 | 0.00% | Shares |
| Nuveen, LLC | $8,521 | 20 | 0.00% | Shares |
| MPWM ADVISORY SOLUTIONS, LLC | $8,521 | 20 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $7,243 | 17 | 0.00% | Shares |
| Allworth Financial LP | $6,391 | 15 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $5,538 | 13 | 0.00% | Shares |
| US BANCORP \DE\ | $4,686 | 11 | 0.00% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $4,686 | 11 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $4,285 | 13 | 0.00% | Shares |
| Arax Advisory Partners | $3,408 | 8 | 0.00% | Shares |
Company insiders 1 insider · 0 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Garrett Cardwell | Director | Aug. 12, 2021 P | 700 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Biglari Holdings Inc., LION FUND, L.P., LION FUND II, L.P., Southern Pioneer Property & Casualty Insurance Company, First Guard Insurance Company, Biglari Reinsurance Ltd., Biglari Insurance Group Inc., Western Sizzlin Corporation, BIGLARI CAPITAL CORP., BIGLARI, SARDAR ×6 filings | Jan. 14, 2026 | 9.98% | Amendment | — | SEC |
| GAMCO INVESTORS, INC. ET AL, GABELLI FUNDS LLC, GAMCO Asset Management Inc., GGCP, INC., Associated Capital Group, Inc., GABELLI MARIO J | Oct. 21, 2025 | 5.70% | Amendment | — | SEC |
| BIGLARI, SARDAR, LION FUND, L.P., BIGLARI CAPITAL CORP. | Dec. 20, 2024 | 74.30% | Amendment | — | SEC |
| Sardar Biglari, The Lion Fund, L.P. (the “Lion Fund”), Biglari Capital Corp. (“BCC”) ×13 filings | Nov. 15, 2024 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×4 filings | April 5, 2022 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Teton Advisors, Inc. I.D. No., MJG Associates, Inc. I.D. No., Gabelli Foundation, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×6 filings | May 11, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 36 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.06% | 2,316 SH | Aug. 8, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.05% | 5,304 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.04% | 8,939 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.03% | 11,830 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 783 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 624 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.02% | 2,646 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 1,472 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 6,461 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 7,281 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.01% | 277 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 1,041 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 4,014 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 18,493 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.01% | 122 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 315 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 4,427 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 31 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.00% | 30 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 5,543 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 25 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 236 NS | April 30, 2026 | N-PORT |
| FDIS · FIDELITY COVINGTON TRUST | 0.00% | 122 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 22 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 1 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 472 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 26 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 2,285 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.00% | 21 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 4 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 400 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 160 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 7,329 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 20,257 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 60 SH | Aug. 8, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.00% | 8 NS | April 30, 2026 | N-PORT |