Forensic Analysis · Restaurants · as of Nov 9, 2026

Biglari Holdings Inc. (BH)

A forensic read on Biglari Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

4.1

Distress distance

Clean

Earnings quality

Forensic signals

-6.8%

ROE

9.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Biglari Holdings Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-4.6%

FY2025

Return on invested capital. Return on invested capital is -4.6% in the latest fiscal year and slipping across FY2023–FY2025 from 7.9%. After-tax operating profit was $56M in FY2023 and ($31M) in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2024's operating profit carried a $1M asset write-down and a $1M goodwill write-off that alone took about 0.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$1M

FY2024

Goodwill impairments. Took $1M of goodwill writedowns across 1 year (FY2024 ($1M)). Writedowns mean past acquisitions underperformed what was paid for them.

-31%

FY2023→FY2024

Dividend — cut. The payout was CUT ~31% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$395.3M

Revenue Growth YoY+9.2%

Revenue CAGR (2yr)+4.0%

Net Margin-9.5%

Free Cash Flow$76.6M

Return on Equity-6.8%

Debt / Equity0.47x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Biglari Holdings Inc.'s actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.