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Biglari Holdings (BH-A) Fair Value & Analysis

Consumer Cyclical · US · Market cap $1.2B

BH Biglari Holdings logo Biglari Holdings BH-A · US
Price$1,947
Fair Value$319.77
Upside-83.6%
Quality45/100
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Evidence: Medium Range $271.12 – $430.13 📤 Share as image

Fair value as of: Jul 18, 2026

From 13 valuation models · updated 4 days ago

Share price +13.2% over the past month.

Price vs Fair Value (12 months)

$2,463 $1,334 Fair Value $319.77 Jul 2025 Jul 2026

12‑month range $1,334 – $2,463 · fair‑value band $271.12 – $430.13 · the $1,947 price screens above the $319.77 fair value. As of Jul 18, 2026.

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Analysis

Biglari Holdings (BH-A) currently trades at $1,947, while our model-based Fair Value estimate is $319.77, implying the stock looks roughly 83.6% overvalued today. We read business quality at 45/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Biglari Holdings generated revenue of $398M at a net margin of -4.7%. Revenue grew 2.6% year over year. It earns a return on equity of -3.5%. Net debt stands at $89.9M. Fundamentals as of Jul 18, 2026

Our scenario range runs from $271.12 (bear case) to $430.13 (bull case); at $1,947, the current price sits above that range. The share trades about 23% below its 52-week high and 62% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at -84%, BH-A screens richer than that median.

Key figures & financial health

Revenue (TTM) $398M
Revenue growth (YoY) +2.6%
Net margin -4.7%
Return on equity -3.5%
Free cash flow $76.6M FY2025
Operating margin 2.9%
More key figures
EPS (TTM) $-73.27
EPS growth (YoY) -64.2%
Net debt $89.9M FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 18, 2026. TTM = trailing twelve months.

About the company

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, the company operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM brand names. Further, it involved investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Biglari Holdings reported revenue of $395M in FY2025 versus $366M in FY2021, a compound +1.9%/yr. Reported net income was −$37.5M in FY2025.

Revenue +1.9%/yr
FY21 $366M
FY22 $368M
FY23 $365M
FY24 $362M
FY25 $395M
Net income
FY21 $35.5M
FY22 −$32.0M
FY23 $54.9M
FY24 −$3.8M
FY25 −$37.5M

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Cite: Fair Value Calculator (2026). "Biglari Holdings Fair Value". https://www.fairvalue-calculator.com/stock/BH-A

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10 more Restaurants stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

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Frequently asked questions

Is Biglari Holdings (BH-A) undervalued?
As of Jul 18, 2026, our model estimates a fair value of $319.77 versus a price of $1,947, about −84% (overvalued). Model-based estimate, not financial advice.
What is the fair value of BH-A?
Our model-based fair value for Biglari Holdings is $319.77 (as of Jul 18, 2026), built from audited fundamentals. The current price is $1,947.
What is the quality score of BH-A?
Biglari Holdings has a Quality Score of 45/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Biglari Holdings (BH-A)?
Biglari Holdings reported trailing-twelve-month revenue of about $398M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of BH-A?
The net profit margin of Biglari Holdings is about -4.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.