Biglari Holdings Inc. (BH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.6%

$83.02

vs $388.26 price

Levered DCF

$485.08

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.84

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-27.52×	-94.53×	4.28×	-6.46×	6.37×	-5.05×	4.35×	10.2×
P/B	1.97×	0.62×	0.39×	0.38×	0.38×	0.34×	0.32×	0.35×
P/S	2.61×	0.98×	0.64×	0.56×	0.62×	0.44×	0.29×	0.24×
EV / EBITDA	-752.09×	12.57×	2.81×	3.51×	4.57×	7.41×	13.76×	7.06×
Gross margin	27.5%	38.3%	31.9%	41.5%	39.0%	31.6%	20.2%	18.3%
Operating margin	4.6%	6.4%	10.8%	22.3%	18.2%	14.0%	5.2%	4.5%
Net margin	-9.5%	-1.0%	15.0%	-8.7%	9.7%	-8.8%	6.8%	2.4%
Current ratio	2.4×	1.16×	1.37×	1.12×	1.15×	0.51×	1.04×	0.93×
Debt / equity	0.69×	0.26×	0.17×	0.22×	0.21×	0.5×	0.57×	0.43×
Interest coverage	3.34×	3.77×	6.79×	13.95×	9.32×	3.9×	1.73×	1.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.2%	-0.7%	9.2%	-5.9%	6.0%	-6.7%	7.4%	3.4%
Return on invested capital	1.5%	1.4%	4.5%	8.6%	7.3%	5.1%	2.8%	4.0%
Return on assets	-3.6%	-0.4%	6.5%	-3.9%	4.0%	-3.7%	4.0%	1.9%
Free cash flow yield	7.4%	5.4%	21.1%	47.4%	72.6%	50.5%	38.5%	1.5%
Earnings yield	-3.6%	-1.1%	23.4%	-15.5%	15.7%	-19.8%	23.0%	9.8%
Enterprise value	$1.1B	$475.4M	$308.3M	$288.2M	$305.2M	$448.7M	$482.2M	$394.9M
Net debt / EBITDA	-60.26×	3.16×	0.67×	0.99×	1.18×	4.24×	8.13×	3.52×
Cash conversion cycle (days)	-17	-15	-6	-13	-25	-13	13	-12