Biglari Holdings Inc (BH) — Tangible Net Worth Ratio
Biglari Holdings Inc (BH) has a Tangible Net Worth Ratio of 95.5% as of March 2026. This metric is calculated by deducting intangible assets ($23.52 Million) from net assets ($519.16 Million) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. Also explore net asset momentum of Biglari Holdings Inc to track the company's year-over-year net asset growth rate.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Biglari Holdings Inc Tangible Net Worth Ratio (1986–2025)
This chart shows how Biglari Holdings Inc's Tangible Net Worth Ratio has changed across 39 annual periods from 1986 to 2025. As of March 2026, the ratio stands at 95.5%, reflecting net assets of $519.16 Million with intangible assets of $23.52 Million USD. For live market cap and overall valuation, see BH stock market capitalisation.
Annual Tangible Net Worth Ratio for Biglari Holdings Inc (1986–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for Biglari Holdings Inc from 1986 to 2025, covering 39 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. Explore BH capex to operating cash flow ratio to see what proportion of operating cash flow is directed to capital expenditures.
| Year | Tangible NW Ratio | Net Assets (USD) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 95.5% | $523.43 Million | $23.67 Million | $1.05 Billion | ▼ -0.5 pp |
| 2024 | 96.0% | $572.96 Million | $22.82 Million | $866.13 Million | ▼ -0.1 pp |
| 2023 | 96.1% | $599.33 Million | $23.23 Million | $849.42 Million | ▲ +0.3 pp |
| 2022 | 95.9% | $555.57 Million | $23.04 Million | $828.47 Million | ▼ -0.2 pp |
| 2021 | 96.0% | $587.70 Million | $23.46 Million | $894.81 Million | ▲ +0.3 pp |
| 2020 | 95.7% | $564.83 Million | $24.07 Million | $1.02 Billion | ▲ +0.2 pp |
| 2019 | 95.6% | $616.30 Million | $27.35 Million | $1.14 Billion | ▲ +0.5 pp |
| 2018 | 95.1% | $570.46 Million | $28.11 Million | $1.03 Billion | ▼ -0.3 pp |
| 2017 | 95.4% | $571.33 Million | $26.56 Million | $1.06 Billion | ▲ +0.2 pp |
| 2016 | 95.1% | $531.94 Million | $26.05 Million | $1.10 Billion | ▼ -0.1 pp |
| 2015 | 95.2% | $451.37 Million | $21.67 Million | $1.00 Billion | ▼ -1.2 pp |
| 2014 | 96.4% | $638.72 Million | $22.91 Million | $1.17 Billion | ▼ -2.2 pp |
| 2013 | 98.6% | $564.59 Million | $7.72 Million | $988.54 Million | ▲ +0.2 pp |
| 2012 | 98.4% | $401.21 Million | $6.25 Million | $773.79 Million | ▲ +0.6 pp |
| 2011 | 97.9% | $324.93 Million | $6.95 Million | $672.86 Million | ▲ +0.4 pp |
| 2010 | 97.4% | $311.24 Million | $7.96 Million | $563.84 Million | ▼ -2.0 pp |
| 2009 | 99.5% | $292.05 Million | $1.57 Million | $514.50 Million | ▲ +2.8 pp |
| 2008 | 96.7% | $283.58 Million | $9.45 Million | $520.14 Million | ▼ -2.7 pp |
| 2007 | 99.4% | $303.07 Million | $1.91 Million | $562.76 Million | ▲ +0.1 pp |
| 2006 | 99.3% | $287.04 Million | $2.15 Million | $542.52 Million | ▲ +3.1 pp |
| 2005 | 96.2% | $258.51 Million | $9.84 Million | $491.34 Million | ▼ -3.3 pp |
| 2004 | 99.5% | $225.49 Million | $1.20 Million | $445.12 Million | ▲ +0.1 pp |
| 2003 | 99.3% | $193.89 Million | $1.29 Million | $415.66 Million | ▲ +0.2 pp |
| 2002 | 99.1% | $167.05 Million | $1.43 Million | $395.89 Million | ▼ -0.9 pp |
| 2001 | 100.0% | $165.80 Million | $0.00 | $245.07 Million | ▲ +0.0 pp |
| 2000 | 100.0% | $152.11 Million | $0.00 | $240.77 Million | ▲ +0.0 pp |
| 1999 | 100.0% | $135.50 Million | $0.00 | $210.50 Million | ▲ +0.0 pp |
| 1998 | 100.0% | $120.40 Million | $0.00 | $191.90 Million | ▲ +0.0 pp |
| 1997 | 100.0% | $93.00 Million | $0.00 | $167.30 Million | ▲ +0.0 pp |
| 1996 | 100.0% | $57.80 Million | $0.00 | $131.40 Million | ▲ +0.0 pp |
| 1995 | 100.0% | $42.60 Million | $0.00 | $99.80 Million | ▲ +0.0 pp |
| 1994 | 100.0% | $19.70 Million | $0.00 | $80.30 Million | ▲ +0.0 pp |
| 1993 | 100.0% | $11.10 Million | $0.00 | $70.60 Million | ▲ +0.0 pp |
| 1992 | 100.0% | $1.80 Million | $0.00 | $67.10 Million | ▲ +0.0 pp |
| 1990 | 100.0% | $22.50 Million | $0.00 | $55.80 Million | ▲ +0.0 pp |
| 1989 | 100.0% | $18.00 Million | $0.00 | $50.00 Million | ▲ +0.0 pp |
| 1988 | 100.0% | $13.80 Million | $0.00 | $46.80 Million | ▲ +0.0 pp |
| 1987 | 100.0% | $12.90 Million | $0.00 | $49.30 Million | ▲ +0.0 pp |
| 1986 | 100.0% | $10.80 Million | $0.00 | $47.90 Million | — |