Biglari (BH.A) Financials

$1,255.21 +25.21 (+2.05%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$1,248.45 -6.76 (-0.54%)

As of 05/28/2025 04:04 PM Eastern

Annual Income Statements for Biglari

This table shows Biglari's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Net Income / (Loss) Attributable to Common Shareholders	-3.76	55	-32	35	-38	45	19	50	99
Consolidated Net Income / (Loss)	-3.76	56	-32	35	-38	45	19	50	99
Net Income / (Loss) Continuing Operations	-3.76	56	-32	35	-38	45	19	50	99
Total Pre-Tax Income	-8.15	65	-43	42	-50	55	17	-13	146
Total Operating Income	33	44	37	26	-1.55	-11	-3.77	0.27	32
Total Gross Profit	217	225	228	199	185	165	169	179	199
Total Revenue	362	365	368	366	434	669	810	840	850
Operating Revenue	362	365	368	366	434	669	810	840	850
Total Cost of Revenue	145	140	140	167	249	504	641	661	651
Operating Cost of Revenue	145	140	140	167	249	504	641	661	651
Total Operating Expenses	183	182	191	173	186	175	173	179	168
Selling, General & Admin Expense	76	77	71	76	76	100	127	129	127
Marketing Expense	17	17	18	10	8.70	7.26	0.00	0.00	-
Depreciation Expense	40	39	36	30	32	30	19	21	23
Other Operating Expenses / (Income)	67	58	63	51	45	30	21	26	17
Impairment Charge	1.11	3.95	3.52	4.64	24	8.19	5.68	1.79	-
Other Special Charges / (Income)	-17	-14	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-41	21	-80	16	-49	66	21	-13	115
Interest Expense	0.77	0.68	0.40	1.12	9.26	12	20	20	21
Interest & Investment Income	-41	22	-79	17	-39	78	40	-	-
Income Tax Expense	-4.40	9.31	-11	6.79	-12	9.76	-2.64	-63	47
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.59	-0.29	0.00	0.00	-	-	-	-
Basic Earnings per Share	($13.45)	$189.49	($107.43)	$111.83	($132.06)	$157.97	$67.15	$136.01	$271.22
Weighted Average Basic Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	-	-
Diluted Earnings per Share	($13.45)	$189.49	($107.43)	$111.83	($110.05)	$26.33	$67.15	$136.01	$271.22
Weighted Average Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	-	-
Weighted Average Basic & Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	-	-

This table shows Biglari's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-10	32	-48	23	45	-57	1.94	65	10	32
Consolidated Net Income / (Loss)	-10	32	-48	23	45	-57	1.88	66	9.73	32
Net Income / (Loss) Continuing Operations	-10	32	-48	23	45	-57	1.88	66	9.73	32
Total Pre-Tax Income	-18	43	-63	29	51	-74	2.89	85	12	42
Total Operating Income	4.35	3.55	20	5.70	4.02	21	10	9.22	5.54	13
Total Gross Profit	54	54	54	55	55	54	59	57	66	56
Total Revenue	91	90	91	89	91	91	94	90	98	92
Operating Revenue	91	90	91	89	91	91	94	90	98	92
Total Cost of Revenue	37	36	37	34	35	37	35	33	33	36
Operating Cost of Revenue	37	36	37	34	35	37	35	33	33	36
Total Operating Expenses	49	51	34	49	51	34	49	48	60	43
Selling, General & Admin Expense	19	20	19	18	22	18	19	17	22	15
Marketing Expense	3.43	4.43	4.28	4.50	4.61	3.77	3.51	5.47	6.09	4.09
Depreciation Expense	10	11	9.12	10	9.33	9.61	10	9.94	12	8.46
Other Operating Expenses / (Income)	17	16	17	17	13	15	15	15	16	15
Total Other Income / (Expense), net	-22	40	-83	24	47	-95	-7.18	76	6.75	29
Interest Expense	0.45	0.28	0.04	0.00	0.21	0.26	0.04	0.17	0.33	0.07
Interest & Investment Income	-22	40	-83	24	47	-94	-7.14	76	-75	-0.85
Income Tax Expense	-7.69	11	-15	6.82	6.05	-18	1.02	20	2.56	9.60
Basic Earnings per Share	($51.80)	$114.77	($171.89)	$95.47	$111.66	($195.55)	$6.64	$266.74	$56.03	$130.96
Weighted Average Basic Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Diluted Earnings per Share	($51.80)	$114.77	($171.89)	$95.47	$111.66	($195.55)	$6.64	$266.74	$56.03	$130.96
Weighted Average Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Weighted Average Basic & Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M

This table details how cash moves in and out of Biglari's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Net Change in Cash & Equivalents	1.78	-9.15	-4.88	14	-41	16	-12	-8.60	0.00
Net Cash From Operating Activities	50	73	128	229	118	94	21	26	0.00
Net Cash From Continuing Operating Activities	50	73	128	229	118	94	21	26	0.00
Net Income / (Loss) Continuing Operations	-3.76	56	-32	35	-38	45	19	50	0.00
Consolidated Net Income / (Loss)	-3.76	56	-32	35	-38	45	19	50	0.00
Depreciation Expense	40	39	36	30	32	30	19	21	0.00
Non-Cash Adjustments To Reconcile Net Income	24	-19	155	158	167	63	-4.20	3.28	0.00
Changes in Operating Assets and Liabilities, net	-10	-2.85	-32	4.81	-44	-44	-14	-49	0.00
Net Cash From Investing Activities	-87	-66	-137	-59	-129	-70	-25	-12	0.00
Net Cash From Continuing Investing Activities	-87	-66	-137	-59	-129	-70	-25	-12	0.00
Purchase of Property, Plant & Equipment	-31	-23	-30	-65	-21	-18	-15	-8.03	0.00
Acquisitions	0.00	0.00	-58	0.00	-36	-51	0.00	0.00	-
Purchase of Investments	-143	-153	-183	-122	-300	-195	-98	-46	0.00
Sale of Property, Plant & Equipment	29	25	5.32	10	4.42	4.58	2.59	1.00	0.00
Sale and/or Maturity of Investments	57	91	129	118	293	149	49	42	0.00
Other Investing Activities, net	0.00	-5.39	0.00	0.00	-70	40	37	0.00	0.00
Net Cash From Financing Activities	39	-16	3.86	-156	-29	-8.01	-7.53	-23	0.00
Net Cash From Continuing Financing Activities	39	-16	3.86	-156	-29	-8.01	-7.53	-23	0.00
Repayment of Debt	-16	-42	-20	-150	-24	-2.20	-2.38	-17	0.00
Issuance of Debt	61	32	30	0.00	0.50	0.00	0.00	-	-
Other Financing Activities, net	-5.52	-6.13	-6.14	-6.21	-5.83	-5.81	-5.16	-5.60	0.00
Effect of Exchange Rate Changes	0.02	0.06	0.04	-0.06	0.01	-0.01	-0.08	0.17	0.00

This table details how cash moves in and out of Biglari's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	0.20	2.95	-7.84	6.47	-5.93	3.11	-8.48	2.15	-27	24
Net Cash From Operating Activities	18	11	1.79	19	24	17	12	20	28	66
Net Cash From Continuing Operating Activities	18	11	1.79	19	24	17	12	20	28	66
Net Income / (Loss) Continuing Operations	-10	32	-48	23	45	-57	1.88	66	9.73	32
Consolidated Net Income / (Loss)	-10	32	-48	23	45	-57	1.88	66	9.73	32
Depreciation Expense	10	11	9.12	10	9.33	9.61	10	9.94	12	8.46
Non-Cash Adjustments To Reconcile Net Income	25	-42	68	-26	-28	81	3.39	-75	19	17
Changes in Operating Assets and Liabilities, net	-6.35	10	-27	13	-1.77	-17	-3.76	19	-13	7.90
Net Cash From Investing Activities	-52	-15	-8.34	-11	-9.85	-28	-16	-13	-34	-70
Net Cash From Continuing Investing Activities	-52	-15	-8.34	-11	-9.85	-28	-16	-13	-34	-70
Purchase of Property, Plant & Equipment	-7.10	-7.07	-12	-4.60	-6.50	-6.35	-4.63	-5.93	-6.31	-7.02
Purchase of Investments	-57	-21	-41	-25	-33	-52	-38	-30	-48	-57
Sale of Property, Plant & Equipment	3.73	3.59	21	0.92	4.22	11	7.53	2.14	3.12	2.09
Sale and/or Maturity of Investments	7.60	8.75	24	17	25	20	25	21	21	27
Net Cash From Financing Activities	35	7.56	-1.29	-1.40	-21	14	-4.43	-5.05	-21	28
Net Cash From Continuing Financing Activities	35	7.56	-1.29	-1.40	-21	14	-4.43	-5.05	-21	28
Repayment of Debt	-9.00	-1.05	-6.00	0.00	-19	-11	-7.90	-3.50	-20	-
Issuance of Debt	45	10	-	-	-	27	-	-	-	30
Other Financing Activities, net	-1.39	-1.39	-1.34	-1.40	-1.51	-1.54	-1.53	-1.55	-1.49	-1.51
Effect of Exchange Rate Changes	0.06	-0.04	0.00	-0.01	0.12	-0.15	0.09	0.01	0.19	-0.06

This table presents Biglari's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Total Assets	866	849	828	895	1,018	1,139	1,029	0.00
Total Current Assets	171	153	151	165	148	145	115	0.00
Cash & Equivalents	31	28	37	42	25	68	49	0.00
Short-Term Investments	103	92	69	83	95	45	34	0.00
Accounts Receivable	25	22	29	29	19	22	16	0.00
Inventories, net	4.03	2.98	3.85	3.80	2.74	4.67	7.54	0.00
Other Current Assets	7.72	7.39	10	7.09	6.49	6.45	9.24	0.00
Plant, Property, & Equipment, net	376	380	401	349	316	351	275	0.00
Total Noncurrent Assets	319	316	277	381	554	643	640	0.00
Long-Term Investments	202	199	156	250	420	506	557	0.00
Goodwill	52	54	54	54	54	40	40	0.00
Intangible Assets	23	23	23	23	24	27	28	0.00
Other Noncurrent Operating Assets	42	41	45	53	57	70	14	0.00
Total Liabilities & Shareholders' Equity	866	849	828	895	1,018	1,139	1,029	0.00
Total Liabilities	293	250	273	307	453	523	459	0.00
Total Current Liabilities	147	111	135	144	288	140	123	0.00
Short-Term Debt	35	0.00	10	0.00	152	7.10	5.72	0.00
Accounts Payable	63	67	79	102	91	121	117	0.00
Other Current Liabilities	49	44	46	42	45	12	0.00	-
Total Noncurrent Liabilities	146	139	138	163	165	383	336	0.00
Long-Term Debt	10	0.00	-	-	-	263	240	0.00
Asset Retirement Reserve & Litigation Obligation	15	14	14	10	10	10	0.00	-
Noncurrent Deferred & Payable Income Tax Liabilities	29	38	31	47	41	54	87	0.00
Other Noncurrent Operating Liabilities	91	87	93	107	113	55	9.18	0.00
Total Equity & Noncontrolling Interests	573	599	556	588	565	616	570	0.00
Total Preferred & Common Equity	573	599	547	588	565	616	570	0.00
Total Common Equity	573	599	547	588	565	616	570	0.00
Common Stock	387	387	383	383	383	383	383	0.00
Retained Earnings	628	631	577	609	573	611	564	0.00
Treasury Stock	-439	-416	-410	-402	-390	-375	-374	0.00
Accumulated Other Comprehensive Income / (Loss)	-2.87	-2.52	-2.79	-1.91	-1.53	-2.81	-2.52	0.00

This table presents Biglari's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	865	809	885	827	890	907	862
Total Current Assets	165	151	168	155	153	163	178
Cash & Equivalents	30	27	35	34	31	39	65
Short-Term Investments	103	94	98	84	88	80	70
Accounts Receivable	21	19	24	26	23	27	26
Inventories, net	3.86	3.59	3.57	3.46	3.60	3.76	3.70
Other Current Assets	7.18	7.88	8.41	7.72	7.76	14	13
Plant, Property, & Equipment, net	381	381	377	384	389	393	414
Total Noncurrent Assets	319	277	340	288	348	351	270
Long-Term Investments	202	159	221	169	229	231	145
Goodwill	76	76	77	76	77	77	76
Other Noncurrent Operating Assets	42	43	42	42	43	43	49
Total Liabilities & Shareholders' Equity	865	809	885	827	890	907	862
Total Liabilities	263	240	267	270	274	286	317
Total Current Liabilities	112	106	118	142	121	131	146
Accounts Payable	67	60	73	79	73	79	102
Other Current Liabilities	45	46	45	44	44	45	44
Total Noncurrent Liabilities	151	134	148	128	152	155	171
Long-Term Debt	9.00	-	-	-	-	-	30
Asset Retirement Reserve & Litigation Obligation	15	15	14	14	14	14	15
Noncurrent Deferred & Payable Income Tax Liabilities	35	26	42	25	48	50	29
Other Noncurrent Operating Liabilities	92	93	92	89	90	91	98
Total Equity & Noncontrolling Interests	602	569	619	557	616	621	545
Total Preferred & Common Equity	602	569	619	557	616	612	536
Total Common Equity	602	569	619	557	616	612	536
Common Stock	387	387	387	387	387	383	383
Retained Earnings	638	606	654	587	643	641	566
Treasury Stock	-421	-421	-420	-413	-411	-410	-409
Accumulated Other Comprehensive Income / (Loss)	-2.18	-2.67	-2.55	-3.07	-2.78	-2.46	-3.78

This table displays calculated financial ratios and metrics derived from Biglari's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.88%	-0.79%	0.58%	-15.58%	-35.16%	-17.42%	-3.56%	-1.21%	0.00%
EBITDA Growth	-11.67%	13.25%	30.45%	82.86%	61.19%	22.40%	-45.80%	-84.91%	0.00%
EBIT Growth	-24.01%	19.50%	41.04%	1,778.53%	85.30%	-179.69%	-152.16%	-95.67%	0.00%
NOPAT Growth	-37.90%	46.21%	17.62%	2,112.75%	87.50%	-98.88%	-2,435.83%	-99.13%	0.00%
Net Income Growth	-106.77%	271.92%	-191.06%	193.39%	-183.71%	134.01%	-61.27%	-49.65%	0.00%
EPS Growth	-107.10%	276.38%	-196.07%	201.62%	-517.96%	-60.79%	-50.63%	-49.85%	0.00%
Operating Cash Flow Growth	-31.97%	-42.89%	-44.12%	94.60%	25.48%	353.06%	-19.79%	0.00%	0.00%
Free Cash Flow Firm Growth	-64.96%	192.16%	-450.20%	-113.30%	188.43%	44.19%	-96,753.11%	0.00%	0.00%
Invested Capital Growth	0.81%	-7.45%	42.93%	18.92%	-33.62%	52.27%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	0.12%	-2.09%	-0.13%	-0.19%	-11.93%	-5.23%	-1.68%	0.00%	0.00%
EBITDA Q/Q Growth	1.49%	-5.15%	2.88%	16.25%	-21.95%	3,169.42%	-50.17%	0.00%	0.00%
EBIT Q/Q Growth	0.99%	-3.35%	-6.26%	44.10%	-142.79%	52.87%	-132.69%	0.00%	0.00%
NOPAT Q/Q Growth	-16.39%	6.10%	-6.26%	56.92%	-142.79%	52.19%	-97.36%	0.00%	0.00%
Net Income Q/Q Growth	-107.35%	169.18%	31.06%	-53.70%	37.43%	-38.86%	-58.22%	0.00%	0.00%
EPS Q/Q Growth	-108.97%	41.56%	46.88%	-63.11%	0.00%	0.00%	-44.98%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-11.31%	-4.88%	9.00%	2.85%	-26.62%	41.68%	535.85%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-47.54%	41.64%	6.21%	-113.59%	536.69%	-67.55%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	2.23%	-2.89%	2.43%	6.65%	-34.50%	7.76%	-14.87%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	59.82%	61.72%	61.91%	54.25%	42.63%	24.63%	20.90%	21.29%	23.44%
EBITDA Margin	20.21%	22.68%	19.87%	15.32%	7.07%	2.84%	1.92%	3.42%	22.36%
Operating Margin	9.21%	12.01%	9.97%	7.11%	-0.36%	-1.58%	-0.47%	0.03%	3.72%
EBIT Margin	9.21%	12.01%	9.97%	7.11%	-0.36%	-1.58%	-0.47%	0.86%	19.67%
Profit (Net Income) Margin	-1.04%	15.20%	-8.77%	9.69%	-8.76%	6.78%	2.39%	5.96%	11.70%
Tax Burden Percent	46.10%	85.65%	75.08%	83.94%	75.67%	82.30%	115.74%	-388.45%	67.99%
Interest Burden Percent	-24.46%	147.79%	-117.18%	162.35%	3,236.69%	-522.66%	-444.19%	-178.24%	87.48%
Effective Tax Rate	0.00%	14.35%	0.00%	16.06%	0.00%	17.70%	-15.74%	0.00%	32.01%
Return on Invested Capital (ROIC)	8.29%	12.89%	9.99%	11.20%	-0.49%	-3.90%	-4.95%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	17.19%	6.61%	28.44%	7.63%	9.56%	-18.48%	-17.01%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-8.93%	-3.27%	-15.64%	-5.05%	-5.95%	11.55%	11.75%	0.00%	0.00%
Return on Equity (ROE)	-0.64%	9.62%	-5.65%	6.16%	-6.43%	7.65%	6.80%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	7.49%	20.63%	-25.35%	-6.08%	39.93%	-45.34%	-204.95%	0.00%	0.00%
Operating Return on Assets (OROA)	3.89%	5.23%	4.26%	2.72%	-0.14%	-0.97%	-0.73%	0.00%	0.00%
Return on Assets (ROA)	-0.44%	6.62%	-3.75%	3.71%	-3.52%	4.18%	3.77%	0.00%	0.00%
Return on Common Equity (ROCE)	-0.64%	9.55%	-5.61%	6.16%	-6.43%	7.65%	6.80%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-0.66%	9.27%	-5.91%	6.04%	-6.73%	7.36%	3.40%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	23	38	26	22	-1.09	-8.68	-4.37	0.19	21
NOPAT Margin	6.44%	10.29%	6.98%	5.97%	-0.25%	-1.30%	-0.54%	0.02%	2.53%
Net Nonoperating Expense Percent (NNEP)	-8.89%	6.28%	-18.46%	3.57%	-10.05%	14.57%	12.05%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	3.78%	6.27%	4.54%	-	-	-	-	-	-
Cost of Revenue to Revenue	40.18%	38.28%	38.09%	45.75%	57.37%	75.37%	79.10%	78.71%	76.56%
SG&A Expenses to Revenue	20.90%	21.08%	19.17%	20.76%	17.61%	14.97%	15.71%	15.36%	14.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.62%	49.71%	51.94%	47.14%	42.99%	26.20%	21.37%	21.26%	19.72%
Earnings before Interest and Taxes (EBIT)	33	44	37	26	-1.55	-11	-3.77	7.23	167
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	83	73	56	31	19	16	29	190
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	0.84	0.79	0.75	0.41	0.59	0.63	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.59	0.97	0.91	0.86	0.47	0.66	0.71	0.00	0.00
Price to Revenue (P/Rev)	2.18	1.38	1.17	1.20	0.53	0.54	0.44	0.00	0.00
Price to Earnings (P/E)	0.00	9.20	0.00	12.37	0.00	7.95	18.39	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	10.87%	0.00%	8.09%	0.00%	12.58%	5.44%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.77	0.66	0.61	0.30	0.00	0.05	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.38	0.51	0.50	0.17	0.00	0.02	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	6.82	2.25	2.53	1.12	0.00	0.68	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	14.98	4.25	5.04	2.42	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	21.40	4.96	7.21	2.88	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.06	2.55	1.45	0.27	0.00	0.14	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	23.70	3.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.00	0.02	0.00	0.27	0.44	0.43	0.00	0.00
Long-Term Debt to Equity	0.02	0.00	0.00	0.00	0.00	0.43	0.42	0.00	0.00
Financial Leverage	-0.52	-0.50	-0.55	-0.66	-0.62	-0.63	-0.69	0.00	0.00
Leverage Ratio	1.46	1.45	1.51	1.66	1.83	1.83	1.80	0.00	0.00
Compound Leverage Factor	-0.36	2.15	-1.77	2.69	59.12	-9.55	-8.02	0.00	0.00
Debt to Total Capital	7.28%	0.00%	1.77%	0.00%	21.23%	30.49%	30.11%	0.00%	0.00%
Short-Term Debt to Total Capital	5.66%	0.00%	1.77%	0.00%	21.23%	0.80%	0.70%	0.00%	0.00%
Long-Term Debt to Total Capital	1.62%	0.00%	0.00%	0.00%	0.00%	29.69%	29.41%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.72%	100.00%	96.71%	100.00%	78.77%	69.51%	69.89%	0.00%	0.00%
Debt to EBITDA	0.61	0.00	0.14	0.00	4.96	14.20	15.81	0.00	0.00
Net Debt to EBITDA	-3.97	0.00	-3.45	0.00	-12.61	-18.28	-25.36	0.00	0.00
Long-Term Debt to EBITDA	0.14	0.00	0.00	0.00	0.00	13.83	15.44	0.00	0.00
Debt to NOPAT	1.93	0.00	0.39	0.00	-140.24	-31.13	-56.29	0.00	0.00
Net Debt to NOPAT	-12.44	0.00	-9.83	0.00	356.13	40.07	90.29	0.00	0.00
Long-Term Debt to NOPAT	0.43	0.00	0.00	0.00	0.00	-30.31	-54.97	0.00	0.00
Altman Z-Score	3.21	2.91	2.53	2.34	1.35	1.73	2.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.74%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	1.37	1.12	1.15	0.51	1.04	0.93	0.00	0.00
Quick Ratio	1.08	1.28	1.01	1.07	0.48	0.96	0.80	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	21	60	-65	-12	89	-101	-181	0.19	0.00
Operating Cash Flow to CapEx	3,410.71%	0.00%	523.27%	420.16%	721.78%	715.03%	162.78%	366.71%	0.00%
Free Cash Flow to Firm to Interest Expense	27.33	88.31	-163.54	-10.58	9.63	-8.10	-9.08	0.01	0.00
Operating Cash Flow to Interest Expense	64.41	107.20	320.36	204.07	12.69	7.53	1.04	1.28	0.00
Operating Cash Flow Less CapEx to Interest Expense	62.52	108.99	259.14	155.50	10.93	6.48	0.40	0.93	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.44	0.43	0.38	0.40	0.62	1.57	0.00	0.00
Accounts Receivable Turnover	15.27	14.16	12.72	15.35	21.25	35.78	0.00	0.00	0.00
Inventory Turnover	41.50	40.94	36.65	51.22	67.15	82.57	0.00	0.00	0.00
Fixed Asset Turnover	0.96	0.94	0.98	1.10	1.30	2.14	0.00	0.00	0.00
Accounts Payable Turnover	2.24	1.92	1.55	1.74	2.35	4.23	0.00	0.00	0.00
Days Sales Outstanding (DSO)	23.90	25.79	28.69	23.77	17.18	10.20	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	8.79	8.92	9.96	7.13	5.44	4.42	0.00	0.00	0.00
Days Payable Outstanding (DPO)	163.23	189.72	234.97	210.15	155.48	86.28	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-130.53	-155.02	-196.32	-179.25	-132.86	-71.66	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	283	280	303	212	178	268	176	0.00	0.00
Invested Capital Turnover	1.29	1.25	1.43	1.88	1.94	3.01	9.19	0.00	0.00
Increase / (Decrease) in Invested Capital	2.27	-23	91	34	-90	92	176	0.00	0.00
Enterprise Value (EV)	499	186	185	63	-157	13	-38	0.00	0.00
Market Capitalization	790	505	429	439	230	361	357	0.00	0.00
Book Value per Share	$251.80	$263.38	$240.37	$258.27	$248.22	$270.84	$250.69	$0.00	$0.00
Tangible Book Value per Share	$218.70	$229.65	$206.73	$224.43	$214.09	$241.23	$220.74	$0.00	$0.00
Total Capital	618	599	566	588	717	887	816	0.00	0.00
Total Debt	45	0.00	10	0.00	152	270	246	0.00	0.00
Total Long-Term Debt	10	0.00	0.00	0.00	0.00	263	240	0.00	0.00
Net Debt	-290	-319	-253	-376	-387	-348	-394	0.00	0.00
Capital Expenditures (CapEx)	1.46	-1.22	24	54	16	13	13	7.03	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-75	-78	-81	-104	-108	-100	-85	0.00	0.00
Debt-free Net Working Capital (DFNWC)	58	41	26	21	12	13	-2.33	0.00	0.00
Net Working Capital (NWC)	23	41	16	21	-141	5.57	-8.05	0.00	0.00
Net Nonoperating Expense (NNE)	27	-18	58	-14	37	-54	-24	-50	-78
Net Nonoperating Obligations (NNO)	-290	-319	-253	-376	-387	-348	-394	0.00	0.00
Total Depreciation and Amortization (D&A)	40	39	36	30	32	30	19	21	23
Debt-free, Cash-free Net Working Capital to Revenue	-20.82%	-21.49%	-22.04%	-28.47%	-24.85%	-14.94%	-10.46%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	16.10%	11.35%	6.99%	5.78%	2.67%	1.90%	-0.29%	0.00%	0.00%
Net Working Capital to Revenue	6.43%	11.35%	4.28%	5.78%	-32.44%	0.83%	-0.99%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($13.45)	$189.49	($128.92)	$134.20	($132.06)	$131.64	$55.71	$136.01	$271.22
Adjusted Weighted Average Basic Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	0.00	0.00
Adjusted Diluted Earnings per Share	($13.45)	$189.49	($107.43)	$22.37	($132.06)	$131.64	$55.71	$136.01	$271.22
Adjusted Weighted Average Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($132.06)	$131.64	$55.71	$136.01	$271.22
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	12	29	28	26	15	-1.95	1.33	1.44	21
Normalized NOPAT Margin	3.43%	8.03%	7.65%	7.03%	3.57%	-0.29%	0.16%	0.17%	2.53%
Pre Tax Income Margin	-2.25%	17.75%	-11.68%	11.55%	-11.58%	8.24%	2.07%	-1.53%	17.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	43.24	64.43	92.03	23.22	-0.17	-0.85	-0.19	0.36	7.99
NOPAT to Interest Expense	30.27	55.18	64.42	19.49	-0.12	-0.70	-0.22	0.01	1.03
EBIT Less CapEx to Interest Expense	41.35	66.22	30.80	-25.35	-1.93	-1.90	-0.83	0.01	7.99
NOPAT Less CapEx to Interest Expense	28.38	56.98	3.19	-29.08	-1.88	-1.75	-0.86	-0.34	1.03
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Biglari's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.50%	-0.58%	-2.56%	-0.80%	-7.92%	-1.19%	1.27%	5.63%	-0.50%	12.12%
EBITDA Growth	8.05%	-53.16%	43.12%	-17.78%	-25.21%	-40.85%	123.69%	166.91%	12.97%	532.46%
EBIT Growth	8.10%	-82.75%	95.95%	-38.18%	-27.42%	-51.68%	110.84%	1,427.95%	-30.68%	318.48%
NOPAT Growth	-14.07%	-81.73%	111.60%	-38.22%	-19.28%	45.04%	-24.21%	69.57%	-21.60%	1,779.97%
Net Income Growth	-123.01%	156.84%	-2,668.76%	-65.55%	358.60%	-276.39%	102.54%	22,092.28%	301.82%	400.30%
EPS Growth	-146.39%	158.69%	-2,688.70%	-64.21%	99.29%	-249.32%	102.26%	22,705.08%	244.48%	423.44%
Operating Cash Flow Growth	-26.03%	-37.32%	-84.61%	-4.01%	-13.34%	-73.82%	-11.57%	-5.54%	60.20%	172.70%
Free Cash Flow Firm Growth	-97.02%	-30.57%	82.88%	128.36%	130.15%	124.62%	22.07%	-10.14%	-207.91%	-217.85%
Invested Capital Growth	0.81%	-4.24%	6.58%	-4.42%	-7.45%	-2.38%	12.57%	31.06%	42.93%	48.82%
Revenue Q/Q Growth	0.78%	-0.81%	1.89%	-1.34%	-0.30%	-2.78%	3.73%	-8.41%	6.98%	-0.36%
EBITDA Q/Q Growth	2.13%	-51.05%	83.29%	17.91%	-55.73%	49.58%	5.30%	7.26%	-64.99%	159.92%
EBIT Q/Q Growth	22.64%	-82.04%	246.60%	41.58%	-80.43%	104.03%	9.34%	66.23%	-86.97%	145.79%
NOPAT Q/Q Growth	15.78%	-80.97%	215.86%	23.50%	-75.38%	120.32%	-7.77%	61.36%	-55.76%	15.13%
Net Income Q/Q Growth	-131.98%	166.66%	-313.43%	-49.42%	178.99%	-3,112.47%	-97.14%	573.28%	-69.62%	143.43%
EPS Q/Q Growth	-145.13%	166.77%	-280.05%	-36.68%	157.10%	-3,045.03%	-97.51%	376.07%	-57.22%	144.66%
Operating Cash Flow Q/Q Growth	67.32%	502.52%	-90.67%	-21.38%	41.78%	47.98%	-41.80%	-29.03%	-57.18%	399.92%
Free Cash Flow Firm Q/Q Growth	-94.78%	464.55%	-124.50%	-36.17%	21.79%	189.88%	59.42%	32.13%	0.58%	-184.57%
Invested Capital Q/Q Growth	2.23%	-4.69%	9.20%	-5.25%	-2.89%	6.08%	-2.07%	-8.26%	2.43%	22.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.91%	59.95%	58.95%	61.52%	60.99%	59.54%	62.66%	63.70%	66.69%	60.71%
EBITDA Margin	15.84%	15.63%	31.67%	17.61%	14.73%	33.18%	21.56%	21.24%	18.14%	55.42%
Operating Margin	4.77%	3.92%	21.67%	6.37%	4.44%	22.61%	10.77%	10.22%	5.63%	14.01%
EBIT Margin	4.77%	3.92%	21.67%	6.37%	4.44%	22.61%	10.77%	10.22%	5.63%	46.24%
Profit (Net Income) Margin	-11.27%	35.53%	-52.87%	25.24%	49.24%	-62.15%	2.01%	72.68%	9.89%	34.81%
Tax Burden Percent	57.20%	74.15%	76.60%	76.81%	88.06%	76.35%	64.82%	76.85%	79.18%	76.95%
Interest Burden Percent	-412.87%	1,221.48%	-318.62%	515.97%	1,259.79%	-360.00%	28.72%	925.29%	221.75%	97.85%
Effective Tax Rate	0.00%	25.85%	0.00%	23.19%	11.94%	0.00%	35.18%	23.15%	20.82%	23.05%
Return on Invested Capital (ROIC)	4.30%	3.72%	19.55%	6.56%	4.90%	20.21%	10.17%	11.96%	6.38%	16.08%
ROIC Less NNEP Spread (ROIC-NNEP)	8.67%	-6.20%	39.44%	1.34%	-9.48%	47.56%	11.70%	-4.30%	4.68%	9.27%
Return on Net Nonoperating Assets (RNNOA)	-4.51%	3.18%	-20.74%	-0.75%	4.69%	-22.36%	-6.34%	2.56%	-2.57%	-5.27%
Return on Equity (ROE)	-0.21%	6.90%	-1.19%	5.81%	9.59%	-2.15%	3.83%	14.52%	3.81%	10.82%
Cash Return on Invested Capital (CROIC)	7.49%	14.22%	6.09%	25.36%	20.63%	14.53%	-0.54%	-14.07%	-25.35%	-28.15%
Operating Return on Assets (OROA)	2.02%	1.68%	9.24%	2.59%	1.93%	9.99%	4.85%	4.25%	2.41%	19.14%
Return on Assets (ROA)	-4.76%	15.19%	-22.54%	10.27%	21.44%	-27.45%	0.90%	30.24%	4.23%	14.41%
Return on Common Equity (ROCE)	-0.21%	6.90%	-1.19%	5.77%	9.52%	-2.13%	3.83%	14.41%	3.78%	10.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.50%	-6.59%	2.03%	0.00%	3.70%	17.71%	5.48%	0.00%	-8.74%
Net Operating Profit after Tax (NOPAT)	3.05	2.63	14	4.38	3.54	14	6.53	7.08	4.39	9.92
NOPAT Margin	3.34%	2.91%	15.17%	4.89%	3.91%	15.83%	6.98%	7.85%	4.46%	10.78%
Net Nonoperating Expense Percent (NNEP)	-4.37%	9.93%	-19.89%	5.23%	14.38%	-27.35%	-1.53%	16.27%	1.70%	6.81%
Return On Investment Capital (ROIC_SIMPLE)	0.49%	-	-	-	0.59%	-	-	-	0.78%	-
Cost of Revenue to Revenue	41.09%	40.05%	41.05%	38.48%	39.01%	40.46%	37.34%	36.30%	33.31%	39.29%
SG&A Expenses to Revenue	21.11%	21.58%	20.47%	20.43%	24.72%	20.14%	20.32%	19.14%	22.68%	16.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	54.13%	56.02%	37.29%	55.15%	56.55%	36.94%	51.89%	53.48%	61.06%	46.70%
Earnings before Interest and Taxes (EBIT)	4.35	3.55	20	5.70	4.02	21	10	9.22	5.54	43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	14	29	16	13	30	20	19	18	51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	0.88	1.03	0.96	0.84	0.93	0.98	0.85	0.79	0.68
Price to Tangible Book Value (P/TBV)	1.59	1.00	1.19	1.09	0.97	1.07	1.12	0.98	0.91	0.80
Price to Revenue (P/Rev)	2.18	1.46	1.63	1.63	1.38	1.38	1.62	1.40	1.17	0.99
Price to Earnings (P/E)	0.00	10.32	0.00	46.89	9.20	25.37	5.55	15.75	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	9.69%	0.00%	2.13%	10.87%	3.94%	18.02%	6.35%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.77	0.73	1.07	0.90	0.66	0.86	0.96	0.68	0.61	0.43
Enterprise Value to Revenue (EV/Rev)	1.38	0.56	0.85	0.66	0.51	0.66	0.70	0.50	0.50	0.34
Enterprise Value to EBITDA (EV/EBITDA)	6.82	2.81	3.51	3.02	2.25	2.84	3.31	2.40	2.53	1.77
Enterprise Value to EBIT (EV/EBIT)	14.98	6.14	6.19	5.94	4.25	5.46	6.89	4.71	5.04	3.22
Enterprise Value to NOPAT (EV/NOPAT)	21.40	7.26	8.84	4.23	4.96	7.00	8.97	6.00	7.21	4.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.06	3.62	4.96	3.32	2.55	3.23	2.08	1.49	1.45	1.07
Enterprise Value to Free Cash Flow (EV/FCFF)	23.70	5.05	18.09	3.48	3.10	5.84	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.02	0.00	0.00	0.00	0.03	0.01	0.01	0.02	0.06
Long-Term Debt to Equity	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06
Financial Leverage	-0.52	-0.51	-0.53	-0.56	-0.50	-0.47	-0.54	-0.59	-0.55	-0.57
Leverage Ratio	1.46	1.46	1.43	1.45	1.45	1.53	1.48	1.48	1.51	1.56
Compound Leverage Factor	-6.04	17.83	-4.57	7.46	18.30	-5.51	0.43	13.73	3.34	1.52
Debt to Total Capital	7.28%	1.47%	0.01%	0.00%	0.00%	3.30%	0.58%	1.04%	1.77%	5.21%
Short-Term Debt to Total Capital	5.66%	0.00%	0.01%	0.00%	0.00%	3.30%	0.58%	1.04%	1.77%	0.00%
Long-Term Debt to Total Capital	1.62%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.47%	1.52%	1.55%
Common Equity to Total Capital	92.72%	98.53%	99.99%	100.00%	100.00%	96.70%	99.42%	97.49%	96.71%	93.24%
Debt to EBITDA	0.61	0.12	0.00	0.00	0.00	0.22	0.05	0.08	0.14	0.42
Net Debt to EBITDA	-3.97	-4.51	-3.17	0.00	0.00	-3.08	-4.38	-4.38	-3.45	-3.51
Long-Term Debt to EBITDA	0.14	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.42
Debt to NOPAT	1.93	0.32	0.00	0.00	0.00	0.54	0.12	0.21	0.39	1.09
Net Debt to NOPAT	-12.44	-11.66	-7.97	0.00	0.00	-7.59	-11.87	-10.94	-9.83	-9.11
Long-Term Debt to NOPAT	0.43	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.09
Altman Z-Score	3.10	2.74	3.12	2.87	2.76	2.70	2.84	2.57	2.41	2.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.75%	0.74%	0.81%	0.00%	0.77%	0.75%	0.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	1.47	1.43	1.42	1.37	1.10	1.26	1.25	1.12	1.22
Quick Ratio	1.08	1.38	1.32	1.32	1.28	1.02	1.17	1.12	1.01	1.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.78	15	-4.08	17	26	21	-24	-59	-87	-87
Operating Cash Flow to CapEx	533.82%	309.41%	0.00%	520.27%	1,071.16%	0.00%	0.00%	525.81%	879.42%	1,329.08%
Free Cash Flow to Firm to Interest Expense	1.71	54.11	-97.19	0.00	123.12	81.81	-596.14	-351.83	-260.74	-1,299.57
Operating Cash Flow to Interest Expense	39.64	39.11	42.50	0.00	114.75	65.49	289.88	119.30	84.55	978.36
Operating Cash Flow Less CapEx to Interest Expense	32.21	26.47	258.38	0.00	104.03	82.21	362.43	96.61	74.94	904.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.43	0.43	0.41	0.44	0.44	0.45	0.42	0.43	0.41
Accounts Receivable Turnover	15.27	15.34	17.35	14.23	14.16	14.46	15.11	15.08	12.72	14.83
Inventory Turnover	41.50	38.70	39.57	38.16	40.94	38.33	38.73	33.86	36.65	42.55
Fixed Asset Turnover	0.96	0.95	0.94	0.95	0.94	0.93	1.02	1.01	0.98	0.96
Accounts Payable Turnover	2.24	1.94	2.13	1.84	1.92	1.52	1.63	1.54	1.55	1.43
Days Sales Outstanding (DSO)	23.90	23.80	21.04	25.65	25.79	25.24	24.15	24.20	28.69	24.60
Days Inventory Outstanding (DIO)	8.79	9.43	9.22	9.56	8.92	9.52	9.42	10.78	9.96	8.58
Days Payable Outstanding (DPO)	163.23	187.81	171.40	198.68	189.72	240.01	223.81	237.33	234.97	255.11
Cash Conversion Cycle (CCC)	-130.53	-154.58	-141.14	-163.47	-155.02	-205.24	-190.24	-202.35	-196.32	-221.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	283	276	290	266	280	289	272	278	303	296
Invested Capital Turnover	1.29	1.28	1.29	1.34	1.25	1.28	1.46	1.52	1.43	1.49
Increase / (Decrease) in Invested Capital	2.27	-12	18	-12	-23	-7.04	30	66	91	97
Enterprise Value (EV)	499	203	310	240	186	248	260	188	185	126
Market Capitalization	790	528	589	593	505	517	604	522	429	367
Book Value per Share	$251.80	$264.45	$250.13	$271.84	$263.38	$244.96	$270.86	$268.93	$240.37	$235.77
Tangible Book Value per Share	$218.70	$231.12	$216.94	$238.16	$229.65	$211.36	$237.18	$235.23	$206.73	$202.40
Total Capital	618	611	569	619	599	576	620	628	566	575
Total Debt	45	9.00	0.05	0.00	0.00	19	3.60	6.50	10	30
Total Long-Term Debt	10	9.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30
Net Debt	-290	-325	-279	-353	-319	-269	-344	-343	-253	-250
Capital Expenditures (CapEx)	3.37	3.48	-9.07	3.68	2.27	-4.38	-2.90	3.79	3.19	4.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-75	-80	-75	-82	-78	-86	-84	-80	-81	-103
Debt-free Net Working Capital (DFNWC)	58	53	45	50	41	33	35	39	26	32
Net Working Capital (NWC)	23	53	45	50	41	14	32	33	16	32
Net Nonoperating Expense (NNE)	13	-29	62	-18	-41	71	4.66	-58	-5.34	-22
Net Nonoperating Obligations (NNO)	-290	-325	-279	-353	-319	-269	-344	-343	-253	-250
Total Depreciation and Amortization (D&A)	10	11	9.12	10	9.33	9.61	10	9.94	12	8.46
Debt-free, Cash-free Net Working Capital to Revenue	-20.82%	-22.01%	-20.73%	-22.52%	-21.49%	-22.95%	-22.42%	-21.44%	-22.04%	-27.94%
Debt-free Net Working Capital to Revenue	16.10%	14.70%	12.54%	13.76%	11.35%	8.77%	9.41%	10.47%	6.99%	8.64%
Net Working Capital to Revenue	6.43%	14.70%	12.53%	13.76%	11.35%	3.68%	8.45%	8.72%	4.28%	8.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($51.80)	$114.77	($171.89)	$95.47	$111.66	($234.66)	$7.97	$266.74	$56.03	$130.96
Adjusted Weighted Average Basic Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Adjusted Diluted Earnings per Share	($51.80)	$114.77	($171.89)	$95.47	$111.66	($234.66)	$7.97	$266.74	$56.03	$130.96
Adjusted Weighted Average Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Normalized Net Operating Profit after Tax (NOPAT)	3.05	2.59	3.21	4.09	4.92	5.42	7.09	7.68	7.16	9.92
Normalized NOPAT Margin	3.34%	2.86%	3.52%	4.57%	5.43%	5.96%	7.57%	8.52%	7.27%	10.78%
Pre Tax Income Margin	-19.71%	47.92%	-69.03%	32.86%	55.91%	-81.39%	3.09%	94.57%	12.49%	45.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.58	12.90	470.14	0.00	18.98	78.47	251.93	55.19	16.70	635.12
NOPAT to Interest Expense	6.71	9.56	329.10	0.00	16.71	54.93	163.31	42.41	13.22	148.10
EBIT Less CapEx to Interest Expense	2.16	0.26	686.02	0.00	8.27	95.19	324.48	32.50	7.08	561.51
NOPAT Less CapEx to Interest Expense	-0.72	-3.08	544.98	0.00	6.00	71.65	235.86	19.72	3.61	74.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Biglari's Financials

When does Biglari's financial year end?

According to the most recent income statement we have on file, Biglari's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Biglari's net income changed over the last 8 years?

Biglari's net income appears to be on a downward trend, with a most recent value of -$3.76 million in 2024, falling from $99.45 million in 2016. The previous period was $55.54 million in 2023.

What is Biglari's operating income?

Biglari's total operating income in 2024 was $33.34 million, based on the following breakdown:

Total Gross Profit: $216.63 million
Total Operating Expenses: $183.29 million

How has Biglari revenue changed over the last 8 years?

Over the last 8 years, Biglari's total revenue changed from $850.08 million in 2016 to $362.11 million in 2024, a change of -57.4%.

How much debt does Biglari have?

Biglari's total liabilities were at $293.17 million at the end of 2024, a 17.2% increase from 2023, and a 29,317,200,000.0% increase since 2017.

How much cash does Biglari have?

In the past 7 years, Biglari's cash and equivalents has ranged from $0.00 in 2017 to $67.77 million in 2019, and is currently $30.71 million as of their latest financial filing in 2024.

How has Biglari's book value per share changed over the last 8 years?

Over the last 8 years, Biglari's book value per share changed from 0.00 in 2016 to 251.80 in 2024, a change of 25,179.5%.

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This page (NYSE:BH.A) was last updated on 5/29/2025 by MarketBeat.com Staff

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Biglari (BH.A) Financials

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Biglari (BH.A) Financials

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