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STOCK COMPARISON

Biglari Holdings vs McDonald’s: Fair Value & Quality

Both stocks run through our valuation models. Here is how Biglari Holdings (BH-A) and McDonald’s (MCD) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees McDonald’s as the less overvalued of the two: Biglari Holdings trades at $1,928 versus a fair value of $319 (-83%), while McDonald’s trades at $256 versus $149 (-42%).
Biglari Holdings
BH-A · USD · Consumer Discretionary
-83%
upside to fair value
overvalued
Price$1,928
Fair Value$319
Quality41/100
McDonald’s
MCD · USD · Consumer Discretionary
-42%
upside to fair value
overvalued
Price$256
Fair Value$149
Quality69/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Biglari HoldingsMcDonald’s
Valuation
—P/E (TTM)21.2×
3.09×P/S (TTM)7.11×
2.35×P/B—
18.7×EV/EBITDA15.8×
—PEG2.56×
−83.5%Fair value upside−41.7%
—Dividend yield2.8%
—Dividend per share$7.26
Profitability
3%Operating margin44%
0.33×EBIT margin trend (5Y)1.21×
-4%Return on equity—
1%Return on assets14%
Growth
3%Revenue growth (YoY)9%
2.4%Avg. growth/yr (3Y)5.1%
-1.8%Avg. growth/yr (5Y)7.0%
—Value creation/yr+11.5%
Balance & size
3.3×Interest coverage (EBIT/interest)7.8×
0.41×Debt / equity—
$1BMarket cap$195B
weakGrowth qualityhealthy

McDonald’s leads: 1 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Biglari Holdingsof which business quality 46 · market factors 61 McDonald’sof which business quality 65 · market factors 41
ProfitabilityMargins and returns on capital today
9
64
Quality GrowthAre margins and returns improving?
38
46
CashflowEarnings quality: real cash, not paper profit
78
76
Fin. StrengthBalance sheet, leverage, solvency risk
70
53
InvestmentDisciplined investing over empire-building
76
57
Low VolatilityCalm price path (market factor)
60
96
MomentumPrice trend over the last 3–12 months (market factor)
65
24
52W MomentumDistance to the 52-week high (market factor)
58
7
Net IssuanceBuybacks instead of dilution
0
91

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyBiglari HoldingsPrice $1,928McDonald’sPrice $256
DCF Models-36%below the price$1,238-54%below the price$117
Earnings-Based-83%below the price$318-60%below the price$102
Dividend Discountn/a-62%below the price$98.39
Multiples-69%below the price$597-12%close to the price$225
Asset-Based-71%below the price$550n/a
Growth DCF-43%below the price$1,090-77%below the price$58.72
Economic Profit-83%below the price$318-56%below the price$113
Growth Earningsn/a-18%below the price$209
Minimum-83%below the price$318-77%below the price$58.72
Maximum-36%below the price$1,238-12%close to the price$225
Median-70%below the price$574-56%below the price$113
Geometric mean-69%below the price$596-53%below the price$121

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Biglari Holdings: 13 of 13 models see the stock below the current price.

McDonald’s: 19 of 21 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Biglari Holdings
Bear $267Fair Value $319Bull $429
$1,928 = current price (white tick)
McDonald’s
Bear $98.03Fair Value $149Bull $233
$256 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Biglari Holdings · Consumer Discretionary

Quality score41 · bottom 25%
Fair value upside-83% · bottom 25%

McDonald’s · Consumer Discretionary

Quality score69 · Top 25%
Fair value upside-42% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees McDonald’s as the less overvalued of the two: Biglari Holdings trades at $1,928 versus a fair value of $319 (-83%), while McDonald’s trades at $256 versus $149 (-42%).

McDonald’s has the higher quality score (69/100).

See the full analysis →
Biglari Holdings · McDonald’s

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.