Biglari Holdings Inc
Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. It also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insura… Read more
Biglari Holdings Inc (BH-A) - Net Assets
Latest net assets as of December 2025: $523.43 Million USD
Based on the latest financial reports, Biglari Holdings Inc (BH-A) has net assets worth $523.43 Million USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.05 Billion) and total liabilities ($525.71 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $523.43 Million |
| % of Total Assets | 49.89% |
| Annual Growth Rate | 10.46% |
| 5-Year Change | -10.94% |
| 10-Year Change | -1.6% |
| Growth Volatility | 87.23 |
Biglari Holdings Inc - Net Assets Trend (1986–2025)
This chart illustrates how Biglari Holdings Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Biglari Holdings Inc (1986–2025)
The table below shows the annual net assets of Biglari Holdings Inc from 1986 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $523.43 Million | -8.64% |
| 2024-12-31 | $572.96 Million | -4.40% |
| 2023-12-31 | $599.33 Million | +7.88% |
| 2022-12-31 | $555.57 Million | -5.47% |
| 2021-12-31 | $587.70 Million | +4.05% |
| 2020-12-31 | $564.83 Million | -8.35% |
| 2019-12-31 | $616.30 Million | +8.04% |
| 2018-12-31 | $570.46 Million | -0.15% |
| 2017-12-31 | $571.33 Million | +7.40% |
| 2016-12-31 | $531.94 Million | +17.85% |
| 2015-12-31 | $451.37 Million | -29.33% |
| 2014-12-31 | $638.72 Million | +13.13% |
| 2013-12-31 | $564.59 Million | +40.72% |
| 2012-12-31 | $401.21 Million | +23.48% |
| 2011-12-31 | $324.93 Million | +4.40% |
| 2010-12-31 | $311.24 Million | +6.57% |
| 2009-12-31 | $292.05 Million | +2.99% |
| 2008-12-31 | $283.58 Million | -6.43% |
| 2007-12-31 | $303.07 Million | +5.59% |
| 2006-12-31 | $287.04 Million | +11.04% |
| 2005-12-31 | $258.51 Million | +14.64% |
| 2004-12-31 | $225.49 Million | +16.30% |
| 2003-12-31 | $193.89 Million | +16.07% |
| 2002-12-31 | $167.05 Million | +0.76% |
| 2001-12-31 | $165.80 Million | +9.00% |
| 2000-12-31 | $152.11 Million | +12.26% |
| 1999-12-31 | $135.50 Million | +12.54% |
| 1998-12-31 | $120.40 Million | +29.46% |
| 1997-12-31 | $93.00 Million | +60.90% |
| 1996-12-31 | $57.80 Million | +35.68% |
| 1995-12-31 | $42.60 Million | +116.24% |
| 1994-12-31 | $19.70 Million | +77.48% |
| 1993-12-31 | $11.10 Million | +516.67% |
| 1992-12-31 | $1.80 Million | +140.91% |
| 1991-12-31 | $-4.40 Million | -119.56% |
| 1990-12-31 | $22.50 Million | +25.00% |
| 1989-12-31 | $18.00 Million | +30.43% |
| 1988-12-31 | $13.80 Million | +6.98% |
| 1987-12-31 | $12.90 Million | +19.44% |
| 1986-12-31 | $10.80 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Biglari Holdings Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 3998.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $590.21 Million | 112.76% |
| Common Stock | $1.14 Million | 0.22% |
| Other Comprehensive Income | $-1.35 Million | -0.26% |
| Total Equity | $523.43 Million | 100.00% |
Biglari Holdings Inc Competitors by Market Cap
The table below lists competitors of Biglari Holdings Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shanghai Trendzone Decor Grp
SHG:603030
|
$310.05 Million |
|
9ZX0
F:9ZX0
|
$310.05 Million |
|
Mrs. Bectors Food Specialities Limited
NSE:BECTORFOOD
|
$310.10 Million |
|
MICROVAST HOLD. DL-0001
F:2OZA
|
$310.20 Million |
|
KKR REAL EST.FIN.TR. -01
F:8KR
|
$310.02 Million |
|
Beijing Sanyuan Foods Co Ltd
SHG:600429
|
$310.01 Million |
|
Chahua Modern Housewares Co Ltd
SHG:603615
|
$309.92 Million |
|
Swancor Holding Co Ltd
TW:3708
|
$309.89 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Biglari Holdings Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 572,961,000 to 523,429,000, a change of -49,532,000 (-8.6%).
- Net loss of 37,488,000 reduced equity.
- Other comprehensive income increased equity by 1,522,000.
- Other factors decreased equity by 13,566,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-37.49 Million | -7.16% |
| Other Comprehensive Income | $1.52 Million | +0.29% |
| Other Changes | $-13.57 Million | -2.59% |
| Total Change | $- | -8.64% |
Book Value vs Market Value Analysis
This analysis compares Biglari Holdings Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 9.72x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 153.28x to 9.72x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1986-12-31 | $10.69 | $1638.81 | x |
| 1987-12-31 | $17.56 | $1638.81 | x |
| 1988-12-31 | $17.08 | $1638.81 | x |
| 1989-12-31 | $19.68 | $1638.81 | x |
| 1990-12-31 | $21.16 | $1638.81 | x |
| 1991-12-31 | $-3.46 | $1638.81 | x |
| 1992-12-31 | $1.54 | $1638.81 | x |
| 1993-12-31 | $8.72 | $1638.81 | x |
| 1994-12-31 | $15.24 | $1638.81 | x |
| 1995-12-31 | $20.00 | $1638.81 | x |
| 1996-12-31 | $26.96 | $1638.81 | x |
| 1997-12-31 | $33.68 | $1638.81 | x |
| 1998-12-31 | $46.34 | $1638.81 | x |
| 1999-12-31 | $56.69 | $1638.81 | x |
| 2000-12-31 | $64.16 | $1638.81 | x |
| 2001-12-31 | $71.47 | $1638.81 | x |
| 2002-12-31 | $73.87 | $1638.81 | x |
| 2003-12-31 | $88.51 | $1638.81 | x |
| 2004-12-31 | $100.70 | $1638.81 | x |
| 2005-12-31 | $114.01 | $1638.81 | x |
| 2006-12-31 | $126.68 | $1638.81 | x |
| 2007-12-31 | $132.92 | $1638.81 | x |
| 2008-12-31 | $124.20 | $1638.81 | x |
| 2009-12-31 | $126.32 | $1638.81 | x |
| 2010-12-31 | $109.62 | $1638.81 | x |
| 2011-12-31 | $129.46 | $1638.81 | x |
| 2012-12-31 | $149.64 | $1638.81 | x |
| 2013-12-31 | $243.36 | $1638.81 | x |
| 2014-12-31 | $363.55 | $1638.81 | x |
| 2015-12-31 | $193.39 | $1638.81 | x |
| 2016-12-31 | $290.14 | $1638.81 | x |
| 2017-12-31 | $310.38 | $1638.81 | x |
| 2018-12-31 | $2757.63 | $1638.81 | x |
| 2019-12-31 | $2979.24 | $1638.81 | x |
| 2020-12-31 | $2730.43 | $1638.81 | x |
| 2021-12-31 | $2840.98 | $1638.81 | x |
| 2022-12-31 | $367.05 | $1638.81 | x |
| 2023-12-31 | $1931.48 | $1638.81 | x |
| 2024-12-31 | $409.39 | $1638.81 | x |
| 2025-12-31 | $168.69 | $1638.81 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Biglari Holdings Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -7.16%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -9.48%
- • Asset Turnover: 0.38x
- • Equity Multiplier: 2.00x
- Recent ROE (-7.16%) is below the historical average (17.12%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1986 | 4.63% | 0.59% | 1.77x | 4.44x | $-580.00K |
| 1987 | 15.50% | 2.24% | 1.81x | 3.82x | $710.00K |
| 1988 | 25.36% | 3.78% | 1.98x | 3.39x | $2.12 Million |
| 1989 | 23.89% | 4.35% | 1.98x | 2.78x | $2.50 Million |
| 1990 | 22.22% | 4.73% | 1.90x | 2.48x | $2.75 Million |
| 1991 | 0.00% | 2.86% | 1.80x | 0.00x | $3.74 Million |
| 1992 | 233.33% | 3.33% | 1.88x | 37.28x | $4.02 Million |
| 1993 | 46.85% | 3.92% | 1.88x | 6.36x | $4.09 Million |
| 1994 | 36.55% | 4.54% | 1.98x | 4.08x | $5.23 Million |
| 1995 | 23.47% | 5.36% | 1.87x | 2.34x | $5.74 Million |
| 1996 | 22.49% | 5.80% | 1.71x | 2.27x | $7.22 Million |
| 1997 | 17.31% | 6.13% | 1.57x | 1.80x | $6.80 Million |
| 1998 | 16.36% | 6.42% | 1.60x | 1.59x | $7.66 Million |
| 1999 | 15.13% | 5.68% | 1.71x | 1.55x | $6.95 Million |
| 2000 | 12.22% | 4.55% | 1.70x | 1.58x | $3.38 Million |
| 2001 | 13.15% | 4.87% | 1.83x | 1.48x | $5.22 Million |
| 2002 | 13.82% | 5.01% | 1.16x | 2.37x | $6.38 Million |
| 2003 | 10.80% | 4.20% | 1.20x | 2.14x | $1.55 Million |
| 2004 | 12.27% | 5.00% | 1.24x | 1.97x | $5.11 Million |
| 2005 | 11.69% | 4.98% | 1.24x | 1.90x | $4.37 Million |
| 2006 | 9.76% | 4.38% | 1.18x | 1.89x | $-702.50K |
| 2007 | 3.90% | 1.81% | 1.16x | 1.86x | $-18.50 Million |
| 2008 | -8.10% | -3.77% | 1.17x | 1.83x | $-51.34 Million |
| 2009 | 2.06% | 0.96% | 1.22x | 1.76x | $-23.19 Million |
| 2010 | 11.28% | 4.17% | 1.19x | 2.26x | $3.19 Million |
| 2011 | 12.36% | 4.87% | 1.05x | 2.41x | $6.60 Million |
| 2012 | 6.18% | 2.94% | 0.95x | 2.22x | $-13.32 Million |
| 2013 | 24.84% | 18.56% | 0.76x | 1.75x | $83.81 Million |
| 2014 | 15.79% | 12.18% | 0.70x | 1.84x | $36.96 Million |
| 2015 | -3.51% | -1.84% | 0.86x | 2.22x | $-60.98 Million |
| 2016 | 18.70% | 11.70% | 0.77x | 2.06x | $46.26 Million |
| 2017 | 8.76% | 5.96% | 0.79x | 1.86x | $-7.06 Million |
| 2018 | 3.40% | 2.39% | 0.79x | 1.80x | $-37.65 Million |
| 2019 | 7.36% | 6.78% | 0.59x | 1.85x | $-16.25 Million |
| 2020 | -6.73% | -8.76% | 0.43x | 1.80x | $-94.47 Million |
| 2021 | 6.04% | 9.69% | 0.41x | 1.52x | $-23.29 Million |
| 2022 | -5.85% | -8.70% | 0.44x | 1.51x | $-86.71 Million |
| 2023 | 9.17% | 15.04% | 0.43x | 1.43x | $-4.99 Million |
| 2024 | -0.66% | -1.04% | 0.42x | 1.51x | $-61.06 Million |
| 2025 | -7.16% | -9.48% | 0.38x | 2.00x | $-89.83 Million |
Industry Comparison
This section compares Biglari Holdings Inc's net assets metrics with peer companies in the Restaurants industry.
Industry Context
- Industry: Restaurants
- Average net assets among peers: $1,222,782,097
- Average return on equity (ROE) among peers: -36.46%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Biglari Holdings Inc (BH-A) | $523.43 Million | 4.63% | 1.00x | $310.04 Million |
| Alsea S.A.B. de C.V (ALSSF) | $9.60 Billion | 31.08% | 7.07x | $902.51 Million |
| Arcos Dorados Holdings Inc (ARCO) | $695.30 Million | 7.75% | 2.14x | $952.86 Million |
| AmRest Holdings SE (ARHOF) | $264.70 Million | -68.76% | 6.99x | $477.90 Million |
| Ark Restaurants Corp (ARKR) | $7.80 Million | -3.85% | 0.72x | $10.36 Million |
| Big Buck Brewery & Steakhouse Inc (BBUCQ) | $5.62 Million | -39.20% | 3.43x | $1.94 |
| Flanigans Enterprises Inc (BDL) | $7.67 Million | 17.79% | 0.46x | $18.25 Million |
| Bagger Dave's Burger Tavern Inc (BDVB) | $2.41 Million | -143.08% | 1.53x | $654.12K |
| BurgerFi International, Inc. (BFICQ) | $78.95 Million | -131.01% | 2.51x | $1.57K |
| BJs Restaurants Inc (BJRI) | $345.51 Million | 1.18% | 2.51x | $663.68 Million |