Biglari Holdings Inc. key statistics and ratios

In fiscal 2025, Biglari Holdings Inc. had return on equity of -6.8%, a net margin of -9.5%, debt equal to 47.2% of equity and a current ratio of 2.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Biglari Holdings Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	21.4%	25.1%	43.1%	54.3%	61.9%	62.2%	60.4%	59.2%	60.0%
Net margin	2.4%	6.8%	−8.8%	9.7%	−8.7%	15.0%	−1.0%	−9.5%	−7.3%
Free-cash-flow margin	0.7%	11.4%	22.3%	44.9%	26.6%	13.6%	5.3%	19.4%	12.4%
Return on equity	3.4%	7.6%	−6.4%	6.2%	−5.6%	9.6%	−0.6%	−6.8%	−5.6%
Return on assets	1.9%	4.2%	−3.5%	3.7%	−3.7%	6.5%	−0.4%	−4.0%	−2.9%
Asset turnover	0.79	0.62	0.40	0.38	0.43	0.44	0.42	0.42	0.39
Current ratio	0.93	1.04	0.51	1.15	1.12	1.37	1.16	2.43	2.45
Debt to equity	43.5%	44.2%	73.7%	17.8%	7.3%	0.0%	7.9%	47.2%	43.9%
Effective tax rate	−15.7%	17.7%	—	16.1%	—	14.4%	—	—	—
SG&A as % of revenue	—	15.0%	17.6%	20.8%	19.2%	21.1%	20.9%	22.0%	23.1%
Capital spending as % of revenue	1.9%	2.6%	4.8%	17.6%	8.1%	6.4%	8.4%	7.7%	8.4%
Free cash flow ÷ net income	27.8%	167.5%	—	462.9%	—	90.3%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Biglari Holdings Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	59.9%	60.6%	60.3%	60.2%	58.1%	58.3%	61.6%	62.1%
Net margin	35.5%	−11.3%	−35.0%	50.6%	−5.3%	−49.9%	−14.9%	36.8%
Free-cash-flow margin	4.1%	12.0%	8.9%	39.2%	22.4%	6.4%	13.7%	7.6%
Current ratio	1.47	1.16	1.14	1.38	2.83	2.43	2.47	2.45
Debt to equity	—	7.9%	—	—	40.6%	47.2%	46.2%	43.9%
SG&A as % of revenue	21.6%	21.1%	22.5%	22.7%	20.5%	22.2%	25.5%	24.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 30, 2026

What it owns · $1.1bn

Short-term assets $384mLonger-term assets $675m

What it owes, and who funded it · $1.1bn

Short-term liabilities $157mLonger-term liabilities $358mShareholders' equity $544m

Short-term assets cover short-term liabilities $384m of assets due within a year against $157m of liabilities due within a year.
Short-term assets cover long-term liabilities $384m short-term assets against $358m of longer-dated liabilities.
More cash than debt $68m of cash against $239m of debt.
Debt below 40% of shareholders' equity Debt is 44% of equity.
Debt burden no higher than five years ago Debt to equity moved from 18% to 44% over five years.
A year's operating cash flow covers at least 20% of debt $84m of operating cash flow against $239m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Biglari Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

61 /100

Moderate moat

How hard Biglari's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 16.0% of total assets over 5 years.
Pricing power 11 / 20

Gross margin has been a median 57.9%, moving by 18.5 percentage points (standard deviation) across 9 years.
Durability 0 / 20

Net margin has been a median 4.2%; its worst year was -25.0%.
Cash conversion 17 / 20

Free cash flow was positive in 8 of 8 years, at a median 14.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Biglari Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Biglari Holdings Inc.