Biglari Holdings vs Noodles &
Noodles & is the larger business, with $495m of revenue in fiscal 2025 against $395m for Biglari Holdings (1.3 times as much). Biglari Holdings grew faster (9.2% against 0.4%). Noodles & kept more of each dollar of sales as profit: a net margin of -8.6% against -9.5%.
| Latest fiscal year | Biglari HoldingsBH.A, 2025 | Noodles &NDLS, 2025 |
|---|---|---|
| Revenue | $395m | $495m |
| Revenue growth | 9.2% | 0.4% |
| Net income | −$37.5m | −$42.6m |
| Operating margin | — | -6.4% |
| Net margin | -9.5% | -8.6% |
| Return on equity | -6.8% | — |
| Free cash flow | $76.6m | −$5.1m |
| Cash | $269m | $1.3m |
| Total debt | $247m | $109m |
| Debt to equity | 47.2% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $0 |
| Employees | — | 6,500 |
| Market value | $388m | $89.6m |
| Price vs our value range | Below our value range | — |
| Moat score | 61 (Moderate) | 33 (Weak) |
| Insider trades, 12 months | 23 buys, 17 sales | 0 buys, 0 sales |