Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.1
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-3.4%
ROE
$927M
Market cap
Biglari Holdings Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.1, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6%Return on invested capital.Return on invested capital is -6% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$1MGoodwill impairments.Took $1M of goodwill writedowns across 2 year(s) (FY2020 ($300,000), FY2024 ($1M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-9.5%
Debt / Equity0.47x
Free Cash Flow$76.6M
Latest Revenue$395.3M
Return on Equity-7.2%
Revenue Growth YoY+9.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Biglari Holdings Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown