BH screens as cheap with a perfect Piotroski F-Score, but a lack of moat and zero return on equity drag its composite quality below the engine's floor, while an overbought technical setup and small-cap institutional constraint add further nuance.
Thesis pillars
- Quality Below Floor Despite Strong F Score↑Improving
- Attractively Valued On Value Score↓Deteriorating
- Elevated Beta Risk↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Biglari Holdings Inc. (BH) Stock Analysis
Range Bound setup
Consumer Cyclical · Restaurants
Sell if holding. Engine safety override at $382.84: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Below-average business quality; Negative price momentum.
Biglari Holdings is a diversified holding company controlled by Chairman and CEO Sardar Biglari, who makes all major investment and capital allocation decisions across four segments: restaurants (Steak n Shake and Western Sizzlin, 435 combined units), property and casualty... Read more
Sell if holding. Engine safety override at $382.84: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Below-average business quality; Negative price momentum. Chart setup: RSI 56 mid-range, Bollinger mid-band. Score 4.3/10, moderate confidence.
Passes 5/7 gates (clean insider activity, no SEC red flags, earnings proximity 87d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum. Suitability: aggressive.
About Biglari Holdings Inc.
About Biglari Holdings Inc.
Biglari Holdings operates 435 combined Steak n Shake and Western Sizzlin restaurant units as its largest segment, alongside property and casualty insurance written through First Guard and Southern Pioneer, oil and gas production via Southern Oil and Abraxas Petroleum, and brand licensing through Maxim. Chairman and CEO Sardar Biglari, who beneficially owns more than 50% of outstanding shares, makes all major investment and capital allocation decisions for the company, which employed 2,359 people as of December 31, 2025.
Steak n Shake generates revenue from company-operated restaurants plus franchise partner units, where franchisees make a $10,000 upfront investment and Steak n Shake collects a fee of up to 15% of sales plus 50% of profits, alongside a traditional franchise program charging development and royalty fees. First Guard underwrites commercial truck physical damage and liability insurance through direct-response marketing via the internet and telephone, while Southern Pioneer writes garage liability, commercial property, and homeowners insurance through independent agents nationwide. Southern Oil operates offshore Louisiana state waters and Abraxas Petroleum operates in the Permian Basin, exposing results to crude oil and natural gas price swings. Beyond its operating subsidiaries, Biglari Holdings invests a substantial portion of capital through The Lion Fund, L.P. and The Lion Fund II, L.P., private investment partnerships subject to a rolling five-year lock-up period and controlled by Mr. Biglari.
Show full overview
Steak n Shake's franchise mix is shifting: of its 404 total units, 179 are franchise-partner-operated and 94 are traditional franchises, leaving just 131 as company-operated restaurants, so a growing share of restaurant economics flows through the 15%-of-sales-plus-50%-of-profits franchise partner fee structure rather than direct company operations. This transition reduces direct operating control while linking Biglari's restaurant earnings more tightly to franchisee execution. The 10-K separately notes that fees paid under a services agreement to Biglari Capital Corp. and Biglari Enterprises LLC — both owned by Mr. Biglari — may not be commensurate with the benefits received.
See also: Consumer Cyclical · Restaurants
From Biglari Holdings Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-08-12Recent Developments — Biglari Holdings Inc.
Latest news
- NEWS Biglari Holdings Q2 EPS $158.17 Down From $194.57 YoY, Sales $108.524M Up From $100.619M YoY — benzinga Aug 7, 2026 neutral
Generated 2026-08-14T11:47:19Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- MEDIUMCommoditybeef and dairy10-K Item 1A: 'A significant component of our restaurant business costs is related to food commodities, including beef and dairy products'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
4 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Cyclical trough — margins compressed or negative. Profitability typically recovers with the cycle, but floor fires on current data.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $382.84: Quality below floor (3.8 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Below-average business quality; Negative price momentum. Chart setup: RSI 56 mid-range, Bollinger mid-band. Prior stop was $356.04. Score 4.3/10, moderate confidence.
Take-profit target: $400.91 (+4.7% upside). Prior stop was $356.04. Stop-loss: $356.04.
Quality below floor (3.8 < 4.0).
Biglari Holdings Inc. trades at a P/E of N/A (forward -51.8). TrendMatrix value score: 5.9/10. Verdict: Sell.
6 analysts cover BH with a consensus score of 2.2/5.
What does Biglari Holdings Inc. do?Biglari Holdings is a diversified holding company controlled by Chairman and CEO Sardar Biglari, who makes all major...
Biglari Holdings is a diversified holding company controlled by Chairman and CEO Sardar Biglari, who makes all major investment and capital allocation decisions across four segments: restaurants (Steak n Shake and Western Sizzlin, 435 combined units), property and casualty insurance and reinsurance (First Guard, Southern Pioneer, and Biglari Reinsurance), oil and gas (Southern Oil and Abraxas Petroleum), and brand licensing (Maxim). The company also holds $772.6 million in The Lion Fund investment partnerships and employed 2,359 people as of December 31, 2025.