Biglari Holdings Inc (BH) — Working Capital to Net Assets Ratio
Biglari Holdings Inc (BH) has a Working Capital to Net Assets ratio of 40.8% as of March 2026. Working capital of $211.89 Million (current assets of $356.21 Million minus current liabilities of $144.32 Million) is measured against net assets of $519.16 Million. A higher ratio indicates strong short-term liquidity financed by the equity base. See Biglari Holdings Inc financial flexibility index to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Biglari Holdings Inc Working Capital to Net Assets (1986–2025)
This chart shows how Biglari Holdings Inc's Working Capital to Net Assets ratio has evolved across 40 annual periods from 1986 to 2025. As of March 2026, the ratio stands at 40.8%, reflecting working capital of $211.89 Million against net assets of $519.16 Million USD. See BH defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Biglari Holdings Inc (1986–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Biglari Holdings Inc from 1986 to 2025, covering 40 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Biglari Holdings Inc market capitalisation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 41.8% | $218.66 Million | $523.43 Million | $374.65 Million | $156.00 Million | ▲ +37.7 pp |
| 2024 | 4.1% | $23.30 Million | $572.96 Million | $170.62 Million | $147.32 Million | ▼ -2.8 pp |
| 2023 | 6.9% | $41.45 Million | $599.33 Million | $152.55 Million | $111.10 Million | ▲ +4.1 pp |
| 2022 | 2.8% | $15.76 Million | $555.57 Million | $150.65 Million | $134.90 Million | ▼ -0.8 pp |
| 2021 | 3.6% | $21.17 Million | $587.70 Million | $164.81 Million | $143.64 Million | ▲ +28.5 pp |
| 2020 | -24.9% | $-140.67 Million | $564.83 Million | $147.78 Million | $288.45 Million | ▼ -25.8 pp |
| 2019 | 0.9% | $5.57 Million | $616.30 Million | $145.39 Million | $139.82 Million | ▲ +2.3 pp |
| 2018 | -1.4% | $-8.05 Million | $570.46 Million | $114.93 Million | $122.98 Million | ▲ +2.6 pp |
| 2017 | -4.0% | $-22.85 Million | $571.33 Million | $112.64 Million | $135.49 Million | ▼ -5.5 pp |
| 2016 | 1.5% | $7.78 Million | $531.94 Million | $127.79 Million | $120.01 Million | ▼ -0.6 pp |
| 2015 | 2.0% | $9.23 Million | $451.37 Million | $126.79 Million | $117.56 Million | ▼ -9.4 pp |
| 2014 | 11.5% | $73.23 Million | $638.72 Million | $186.27 Million | $113.03 Million | ▼ -3.5 pp |
| 2013 | 15.0% | $84.47 Million | $564.59 Million | $197.49 Million | $113.01 Million | ▼ -41.0 pp |
| 2012 | 56.0% | $224.70 Million | $401.21 Million | $349.00 Million | $124.29 Million | ▲ +17.3 pp |
| 2011 | 38.7% | $125.72 Million | $324.93 Million | $240.58 Million | $114.87 Million | ▲ +32.6 pp |
| 2010 | 6.1% | $19.07 Million | $311.24 Million | $109.83 Million | $90.76 Million | ▲ +0.9 pp |
| 2009 | 5.2% | $15.18 Million | $292.05 Million | $90.72 Million | $75.53 Million | ▲ +10.6 pp |
| 2008 | -5.4% | $-15.38 Million | $283.58 Million | $60.94 Million | $76.32 Million | ▲ +8.7 pp |
| 2007 | -14.2% | $-42.94 Million | $303.07 Million | $49.14 Million | $92.08 Million | ▲ +4.0 pp |
| 2006 | -18.2% | $-52.16 Million | $287.04 Million | $30.92 Million | $83.08 Million | ▼ -1.3 pp |
| 2005 | -16.9% | $-43.61 Million | $258.51 Million | $24.16 Million | $67.77 Million | ▼ -10.0 pp |
| 2004 | -6.8% | $-15.45 Million | $225.49 Million | $50.31 Million | $65.75 Million | ▲ +1.5 pp |
| 2003 | -8.4% | $-16.24 Million | $193.89 Million | $41.98 Million | $58.21 Million | ▲ +10.6 pp |
| 2002 | -19.0% | $-31.66 Million | $167.05 Million | $18.63 Million | $50.29 Million | ▼ -16.0 pp |
| 2001 | -2.9% | $-4.84 Million | $165.80 Million | $34.17 Million | $39.01 Million | ▲ +11.9 pp |
| 2000 | -14.8% | $-22.48 Million | $152.11 Million | $18.62 Million | $41.10 Million | ▼ -2.7 pp |
| 1999 | -12.1% | $-16.40 Million | $135.50 Million | $25.10 Million | $41.50 Million | ▼ -10.9 pp |
| 1998 | -1.2% | $-1.50 Million | $120.40 Million | $35.00 Million | $36.50 Million | ▲ +18.6 pp |
| 1997 | -19.9% | $-18.50 Million | $93.00 Million | $20.00 Million | $38.50 Million | ▲ +18.5 pp |
| 1996 | -38.4% | $-22.20 Million | $57.80 Million | $15.10 Million | $37.30 Million | ▼ -4.4 pp |
| 1995 | -34.0% | $-14.50 Million | $42.60 Million | $14.50 Million | $29.00 Million | ▼ -8.1 pp |
| 1994 | -25.9% | $-5.10 Million | $19.70 Million | $19.40 Million | $24.50 Million | ▼ -6.1 pp |
| 1993 | -19.8% | $-2.20 Million | $11.10 Million | $16.30 Million | $18.50 Million | ▼ -14.3 pp |
| 1992 | -5.6% | $-100.00K | $1.80 Million | $19.40 Million | $19.50 Million | ▼ -98.7 pp |
| 1991 | 93.2% | $-4.10 Million | $-4.40 Million | $13.10 Million | $17.20 Million | ▲ +144.3 pp |
| 1990 | -51.1% | $-11.50 Million | $22.50 Million | $5.70 Million | $17.20 Million | ▼ -17.2 pp |
| 1989 | -33.9% | $-6.10 Million | $18.00 Million | $7.60 Million | $13.70 Million | ▼ -4.2 pp |
| 1988 | -29.7% | $-4.10 Million | $13.80 Million | $6.90 Million | $11.00 Million | ▲ +18.4 pp |
| 1987 | -48.1% | $-6.20 Million | $12.90 Million | $6.80 Million | $13.00 Million | ▲ +14.9 pp |
| 1986 | -63.0% | $-6.80 Million | $10.80 Million | $4.50 Million | $11.30 Million | — |