BH.ANYSERetail-Eating PlacesFiscal year ends December 31Also trades as BH
Biglari Holdings Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$2182.34+77.02 (+3.66%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
59.2%+16.1 pts over 5 years
Net margin
-9.5%−0.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.2% | +2.4% | -1.8% | – | |
| Gross profit | +7.0% | +0.9% | +4.6% | – | |
| Free cash flow | +301.8% | -7.9% | -4.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 20.2% | -6.4% | -6.8% | |
| Return on assets | – | -3.5% | -4.0% | |
| Current ratio | – | 0.51 | 2.43 | |
| Debt to equity | – | 0.47 | 0.47 | |
| Inventory turnover | – | 66.6× | 41.4× | |
| Capex to revenue | – | 4.8% | 7.7% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Biglari generated $586.21M from operations and spent $178.65M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$586.21M
Used
$178.65M
Capital expenditure$178.65M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-9.5%
×Asset turnover0.42×
×Equity multiplier1.73×
=Return on equity, FY2025-6.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -9.5% | 0.42× | 1.73× | -6.8% |
| FY2024 | -1.0% | 0.42× | 1.46× | -0.6% |
| FY2023 | 15.0% | 0.44× | 1.46× | 9.6% |
| FY2022 | -8.7% | 0.43× | 1.52× | -5.6% |
| FY2021 | 9.7% | 0.38× | 1.66× | 6.2% |
| FY2020 | -8.8% | 0.40× | 1.83× | -6.4% |
| FY2019 | 6.8% | 0.62× | 1.83× | 7.6% |
| FY2018 | 2.4% | 0.77× | 1.83× | 3.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$37.49M
- Cash generatingOperating cash flow above zero$106.96M
- Return on assets improvedROA up on the prior year-0.4% → -4.3%
- Earnings backed by cashOperating cash flow above net income$106.96M vs -$37.49M
- Less leverageLong-term debt to assets fell1.2% → 20.9%
- Better liquidityCurrent ratio rose1.16 → 2.43
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year60.39% → 59.19%
- More efficientAsset turnover rose0.43 → 0.46