Biglari (BH.A) Financials

$1,152.86 -14.64 (-1.25%)

Closing price 03:58 PM Eastern

Extended Trading

$1,168.08 +15.22 (+1.32%)

As of 04:05 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	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	99	50	19	45	-38	35	-32	55	-3.76
Consolidated Net Income / (Loss)	99	50	19	45	-38	35	-32	56	-3.76
Net Income / (Loss) Continuing Operations	99	50	19	45	-38	35	-32	56	-3.76
Total Pre-Tax Income	146	-13	17	55	-50	42	-43	65	-8.15
Total Operating Income	32	0.27	-3.77	-11	-1.55	26	37	44	33
Total Gross Profit	199	179	169	165	185	199	228	225	217
Total Revenue	850	840	810	669	434	366	368	365	362
Operating Revenue	850	840	810	669	434	366	368	365	362
Total Cost of Revenue	651	661	641	504	249	167	140	140	145
Operating Cost of Revenue	651	661	641	504	249	167	140	140	145
Total Operating Expenses	168	179	173	175	186	173	191	182	183
Selling, General & Admin Expense	127	129	127	100	76	76	71	77	76
Marketing Expense	-	0.00	0.00	7.26	8.70	10	18	17	17
Depreciation Expense	23	21	19	30	32	30	36	39	40
Other Operating Expenses / (Income)	17	26	21	30	45	51	63	58	67
Impairment Charge	-	1.79	5.68	8.19	24	4.64	3.52	3.95	1.11
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-14	-17
Total Other Income / (Expense), net	115	-13	21	66	-49	16	-80	21	-41
Interest Expense	21	20	20	12	9.26	1.12	0.40	0.68	0.77
Interest & Investment Income	-	-	40	78	-39	17	-79	22	-41
Income Tax Expense	47	-63	-2.64	9.76	-12	6.79	-11	9.31	-4.40
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-0.29	0.59	0.00
Basic Earnings per Share	$271.22	$136.01	$67.15	$157.97	($132.06)	$111.83	($107.43)	$189.49	($13.45)
Weighted Average Basic Shares Outstanding	-	-	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Diluted Earnings per Share	$271.22	$136.01	$67.15	$26.33	($110.05)	$111.83	($107.43)	$189.49	($13.45)
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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	32	10	65	1.94	-57	45	23	-48	32	-10
Consolidated Net Income / (Loss)	32	9.73	66	1.88	-57	45	23	-48	32	-10
Net Income / (Loss) Continuing Operations	32	9.73	66	1.88	-57	45	23	-48	32	-10
Total Pre-Tax Income	42	12	85	2.89	-74	51	29	-63	43	-18
Total Operating Income	13	5.54	9.22	10	21	4.02	5.70	20	3.55	4.35
Total Gross Profit	56	66	57	59	54	55	55	54	54	54
Total Revenue	92	98	90	94	91	91	89	91	90	91
Operating Revenue	92	98	90	94	91	91	89	91	90	91
Total Cost of Revenue	36	33	33	35	37	35	34	37	36	37
Operating Cost of Revenue	36	33	33	35	37	35	34	37	36	37
Total Operating Expenses	43	60	48	49	34	51	49	34	51	49
Selling, General & Admin Expense	15	22	17	19	18	22	18	19	20	19
Marketing Expense	4.09	6.09	5.47	3.51	3.77	4.61	4.50	4.28	4.43	3.43
Depreciation Expense	8.46	12	9.94	10	9.61	9.33	10	9.12	11	10
Other Operating Expenses / (Income)	15	16	15	15	15	13	17	17	16	17
Total Other Income / (Expense), net	29	6.75	76	-7.18	-95	47	24	-83	40	-22
Interest Expense	0.07	0.33	0.17	0.04	0.26	0.21	0.00	0.04	0.28	0.45
Interest & Investment Income	-0.85	-75	76	-7.14	-94	47	24	-83	40	-22
Income Tax Expense	9.60	2.56	20	1.02	-18	6.05	6.82	-15	11	-7.69
Basic Earnings per Share	$130.96	$56.03	$266.74	$6.64	($195.55)	$111.66	$95.47	($171.89)	$114.77	($51.80)
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	$130.96	$56.03	$266.74	$6.64	($195.55)	$111.66	$95.47	($171.89)	$114.77	($51.80)
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	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.00	-8.60	-12	16	-41	14	-4.88	-9.15	1.78
Net Cash From Operating Activities	0.00	26	21	94	118	229	128	73	50
Net Cash From Continuing Operating Activities	0.00	26	21	94	118	229	128	73	50
Net Income / (Loss) Continuing Operations	0.00	50	19	45	-38	35	-32	56	-3.76
Consolidated Net Income / (Loss)	0.00	50	19	45	-38	35	-32	56	-3.76
Depreciation Expense	0.00	21	19	30	32	30	36	39	40
Non-Cash Adjustments To Reconcile Net Income	0.00	3.28	-4.20	63	167	158	155	-19	24
Changes in Operating Assets and Liabilities, net	0.00	-49	-14	-44	-44	4.81	-32	-2.85	-10
Net Cash From Investing Activities	0.00	-12	-25	-70	-129	-59	-137	-66	-87
Net Cash From Continuing Investing Activities	0.00	-12	-25	-70	-129	-59	-137	-66	-87
Purchase of Property, Plant & Equipment	0.00	-8.03	-15	-18	-21	-65	-30	-23	-31
Acquisitions	-	0.00	0.00	-51	-36	0.00	-58	0.00	0.00
Purchase of Investments	0.00	-46	-98	-195	-300	-122	-183	-153	-143
Sale of Property, Plant & Equipment	0.00	1.00	2.59	4.58	4.42	10	5.32	25	29
Sale and/or Maturity of Investments	0.00	42	49	149	293	118	129	91	57
Other Investing Activities, net	0.00	0.00	37	40	-70	0.00	0.00	-5.39	0.00
Net Cash From Financing Activities	0.00	-23	-7.53	-8.01	-29	-156	3.86	-16	39
Net Cash From Continuing Financing Activities	0.00	-23	-7.53	-8.01	-29	-156	3.86	-16	39
Repayment of Debt	0.00	-17	-2.38	-2.20	-24	-150	-20	-42	-16
Issuance of Debt	-	-	0.00	0.00	0.50	0.00	30	32	61
Other Financing Activities, net	0.00	-5.60	-5.16	-5.81	-5.83	-6.21	-6.14	-6.13	-5.52
Effect of Exchange Rate Changes	0.00	0.17	-0.08	-0.01	0.01	-0.06	0.04	0.06	0.02

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	24	-27	2.15	-8.48	3.11	-5.93	6.47	-7.84	2.95	0.20
Net Cash From Operating Activities	66	28	20	12	17	24	19	1.79	11	18
Net Cash From Continuing Operating Activities	66	28	20	12	17	24	19	1.79	11	18
Net Income / (Loss) Continuing Operations	32	9.73	66	1.88	-57	45	23	-48	32	-10
Consolidated Net Income / (Loss)	32	9.73	66	1.88	-57	45	23	-48	32	-10
Depreciation Expense	8.46	12	9.94	10	9.61	9.33	10	9.12	11	10
Non-Cash Adjustments To Reconcile Net Income	17	19	-75	3.39	81	-28	-26	68	-42	25
Changes in Operating Assets and Liabilities, net	7.90	-13	19	-3.76	-17	-1.77	13	-27	10	-6.35
Net Cash From Investing Activities	-70	-34	-13	-16	-28	-9.85	-11	-8.34	-15	-52
Net Cash From Continuing Investing Activities	-70	-34	-13	-16	-28	-9.85	-11	-8.34	-15	-52
Purchase of Property, Plant & Equipment	-7.02	-6.31	-5.93	-4.63	-6.35	-6.50	-4.60	-12	-7.07	-7.10
Purchase of Investments	-57	-48	-30	-38	-52	-33	-25	-41	-21	-57
Sale of Property, Plant & Equipment	2.09	3.12	2.14	7.53	11	4.22	0.92	21	3.59	3.73
Sale and/or Maturity of Investments	27	21	21	25	20	25	17	24	8.75	7.60
Net Cash From Financing Activities	28	-21	-5.05	-4.43	14	-21	-1.40	-1.29	7.56	35
Net Cash From Continuing Financing Activities	28	-21	-5.05	-4.43	14	-21	-1.40	-1.29	7.56	35
Repayment of Debt	-	-20	-3.50	-7.90	-11	-19	0.00	-6.00	-1.05	-9.00
Issuance of Debt	30	-	-	-	27	-	-	-	10	45
Other Financing Activities, net	-1.51	-1.49	-1.55	-1.53	-1.54	-1.51	-1.40	-1.34	-1.39	-1.39
Effect of Exchange Rate Changes	-0.06	0.19	0.01	0.09	-0.15	0.12	-0.01	0.00	-0.04	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	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	0.00	1,029	1,139	1,018	895	828	849	866
Total Current Assets	0.00	115	145	148	165	151	153	171
Cash & Equivalents	0.00	49	68	25	42	37	28	31
Short-Term Investments	0.00	34	45	95	83	69	92	103
Accounts Receivable	0.00	16	22	19	29	29	22	25
Inventories, net	0.00	7.54	4.67	2.74	3.80	3.85	2.98	4.03
Other Current Assets	0.00	9.24	6.45	6.49	7.09	10	7.39	7.72
Plant, Property, & Equipment, net	0.00	275	351	316	349	401	380	376
Total Noncurrent Assets	0.00	640	643	554	381	277	316	319
Long-Term Investments	0.00	557	506	420	250	156	199	202
Goodwill	0.00	40	40	54	54	54	54	52
Intangible Assets	0.00	28	27	24	23	23	23	23
Other Noncurrent Operating Assets	0.00	14	70	57	53	45	41	42
Total Liabilities & Shareholders' Equity	0.00	1,029	1,139	1,018	895	828	849	866
Total Liabilities	0.00	459	523	453	307	273	250	293
Total Current Liabilities	0.00	123	140	288	144	135	111	147
Short-Term Debt	0.00	5.72	7.10	152	0.00	10	0.00	35
Accounts Payable	0.00	117	121	91	102	79	67	63
Other Current Liabilities	-	0.00	12	45	42	46	44	49
Total Noncurrent Liabilities	0.00	336	383	165	163	138	139	146
Long-Term Debt	0.00	240	263	-	-	-	0.00	10
Asset Retirement Reserve & Litigation Obligation	-	0.00	10	10	10	14	14	15
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	87	54	41	47	31	38	29
Other Noncurrent Operating Liabilities	0.00	9.18	55	113	107	93	87	91
Total Equity & Noncontrolling Interests	0.00	570	616	565	588	556	599	573
Total Preferred & Common Equity	0.00	570	616	565	588	547	599	573
Total Common Equity	0.00	570	616	565	588	547	599	573
Common Stock	0.00	383	383	383	383	383	387	387
Retained Earnings	0.00	564	611	573	609	577	631	628
Treasury Stock	0.00	-374	-375	-390	-402	-410	-416	-439
Accumulated Other Comprehensive Income / (Loss)	0.00	-2.52	-2.81	-1.53	-1.91	-2.79	-2.52	-2.87

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

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-1.21%	-3.56%	-17.42%	-35.16%	-15.58%	0.58%	-0.79%	-0.88%
EBITDA Growth	0.00%	-84.91%	-45.80%	22.40%	61.19%	82.86%	30.45%	13.25%	-11.67%
EBIT Growth	0.00%	-95.67%	-152.16%	-179.69%	85.30%	1,778.53%	41.04%	19.50%	-24.01%
NOPAT Growth	0.00%	-99.13%	-2,435.83%	-98.88%	87.50%	2,112.75%	17.62%	46.21%	-37.90%
Net Income Growth	0.00%	-49.65%	-61.27%	134.01%	-183.71%	193.39%	-191.06%	271.92%	-106.77%
EPS Growth	0.00%	-49.85%	-50.63%	-60.79%	-517.96%	201.62%	-196.07%	276.38%	-107.10%
Operating Cash Flow Growth	0.00%	0.00%	-19.79%	353.06%	25.48%	94.60%	-44.12%	-42.89%	-31.97%
Free Cash Flow Firm Growth	0.00%	0.00%	-96,753.11%	44.19%	188.43%	-113.30%	-450.20%	192.16%	-64.96%
Invested Capital Growth	0.00%	0.00%	0.00%	52.27%	-33.62%	18.92%	42.93%	-7.45%	0.81%
Revenue Q/Q Growth	0.00%	0.00%	-1.68%	-5.23%	-11.93%	-0.19%	-0.13%	-2.09%	0.12%
EBITDA Q/Q Growth	0.00%	0.00%	-50.17%	3,169.42%	-21.95%	16.25%	2.88%	-5.15%	1.49%
EBIT Q/Q Growth	0.00%	0.00%	-132.69%	52.87%	-142.79%	44.10%	-6.26%	-3.35%	0.99%
NOPAT Q/Q Growth	0.00%	0.00%	-97.36%	52.19%	-142.79%	56.92%	-6.26%	6.10%	-16.39%
Net Income Q/Q Growth	0.00%	0.00%	-58.22%	-38.86%	37.43%	-53.70%	31.06%	169.18%	-107.35%
EPS Q/Q Growth	0.00%	0.00%	-44.98%	0.00%	0.00%	-63.11%	46.88%	41.56%	-108.97%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	535.85%	41.68%	-26.62%	2.85%	9.00%	-4.88%	-11.31%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-67.55%	536.69%	-113.59%	6.21%	41.64%	-47.54%
Invested Capital Q/Q Growth	0.00%	0.00%	-14.87%	7.76%	-34.50%	6.65%	2.43%	-2.89%	2.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	23.44%	21.29%	20.90%	24.63%	42.63%	54.25%	61.91%	61.72%	59.82%
EBITDA Margin	22.36%	3.42%	1.92%	2.84%	7.07%	15.32%	19.87%	22.68%	20.21%
Operating Margin	3.72%	0.03%	-0.47%	-1.58%	-0.36%	7.11%	9.97%	12.01%	9.21%
EBIT Margin	19.67%	0.86%	-0.47%	-1.58%	-0.36%	7.11%	9.97%	12.01%	9.21%
Profit (Net Income) Margin	11.70%	5.96%	2.39%	6.78%	-8.76%	9.69%	-8.77%	15.20%	-1.04%
Tax Burden Percent	67.99%	-388.45%	115.74%	82.30%	75.67%	83.94%	75.08%	85.65%	46.10%
Interest Burden Percent	87.48%	-178.24%	-444.19%	-522.66%	3,236.69%	162.35%	-117.18%	147.79%	-24.46%
Effective Tax Rate	32.01%	0.00%	-15.74%	17.70%	0.00%	16.06%	0.00%	14.35%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-4.95%	-3.90%	-0.49%	11.20%	9.99%	12.89%	8.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-17.01%	-18.48%	9.56%	7.63%	28.44%	6.61%	17.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	11.75%	11.55%	-5.95%	-5.05%	-15.64%	-3.27%	-8.93%
Return on Equity (ROE)	0.00%	0.00%	6.80%	7.65%	-6.43%	6.16%	-5.65%	9.62%	-0.64%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-204.95%	-45.34%	39.93%	-6.08%	-25.35%	20.63%	7.49%
Operating Return on Assets (OROA)	0.00%	0.00%	-0.73%	-0.97%	-0.14%	2.72%	4.26%	5.23%	3.89%
Return on Assets (ROA)	0.00%	0.00%	3.77%	4.18%	-3.52%	3.71%	-3.75%	6.62%	-0.44%
Return on Common Equity (ROCE)	0.00%	0.00%	6.80%	7.65%	-6.43%	6.16%	-5.61%	9.55%	-0.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	3.40%	7.36%	-6.73%	6.04%	-5.91%	9.27%	-0.66%
Net Operating Profit after Tax (NOPAT)	21	0.19	-4.37	-8.68	-1.09	22	26	38	23
NOPAT Margin	2.53%	0.02%	-0.54%	-1.30%	-0.25%	5.97%	6.98%	10.29%	6.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	12.05%	14.57%	-10.05%	3.57%	-18.46%	6.28%	-8.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	4.54%	6.27%	3.78%
Cost of Revenue to Revenue	76.56%	78.71%	79.10%	75.37%	57.37%	45.75%	38.09%	38.28%	40.18%
SG&A Expenses to Revenue	14.97%	15.36%	15.71%	14.97%	17.61%	20.76%	19.17%	21.08%	20.90%
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	19.72%	21.26%	21.37%	26.20%	42.99%	47.14%	51.94%	49.71%	50.62%
Earnings before Interest and Taxes (EBIT)	167	7.23	-3.77	-11	-1.55	26	37	44	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	190	29	16	19	31	56	73	83	73
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.63	0.59	0.41	0.75	0.79	0.84	1.38
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.71	0.66	0.47	0.86	0.91	0.97	1.59
Price to Revenue (P/Rev)	0.00	0.00	0.44	0.54	0.53	1.20	1.17	1.38	2.18
Price to Earnings (P/E)	0.00	0.00	18.39	7.95	0.00	12.37	0.00	9.20	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%	0.00%	5.44%	12.58%	0.00%	8.09%	0.00%	10.87%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.05	0.00	0.30	0.61	0.66	1.77
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.02	0.00	0.17	0.50	0.51	1.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.68	0.00	1.12	2.53	2.25	6.82
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	2.42	5.04	4.25	14.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	2.88	7.21	4.96	21.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.14	0.00	0.27	1.45	2.55	10.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.10	23.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.43	0.44	0.27	0.00	0.02	0.00	0.08
Long-Term Debt to Equity	0.00	0.00	0.42	0.43	0.00	0.00	0.00	0.00	0.02
Financial Leverage	0.00	0.00	-0.69	-0.63	-0.62	-0.66	-0.55	-0.50	-0.52
Leverage Ratio	0.00	0.00	1.80	1.83	1.83	1.66	1.51	1.45	1.46
Compound Leverage Factor	0.00	0.00	-8.02	-9.55	59.12	2.69	-1.77	2.15	-0.36
Debt to Total Capital	0.00%	0.00%	30.11%	30.49%	21.23%	0.00%	1.77%	0.00%	7.28%
Short-Term Debt to Total Capital	0.00%	0.00%	0.70%	0.80%	21.23%	0.00%	1.77%	0.00%	5.66%
Long-Term Debt to Total Capital	0.00%	0.00%	29.41%	29.69%	0.00%	0.00%	0.00%	0.00%	1.62%
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%	0.00%	0.00%	0.00%	0.00%	1.52%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	69.89%	69.51%	78.77%	100.00%	96.71%	100.00%	92.72%
Debt to EBITDA	0.00	0.00	15.81	14.20	4.96	0.00	0.14	0.00	0.61
Net Debt to EBITDA	0.00	0.00	-25.36	-18.28	-12.61	0.00	-3.45	0.00	-3.97
Long-Term Debt to EBITDA	0.00	0.00	15.44	13.83	0.00	0.00	0.00	0.00	0.14
Debt to NOPAT	0.00	0.00	-56.29	-31.13	-140.24	0.00	0.39	0.00	1.93
Net Debt to NOPAT	0.00	0.00	90.29	40.07	356.13	0.00	-9.83	0.00	-12.44
Long-Term Debt to NOPAT	0.00	0.00	-54.97	-30.31	0.00	0.00	0.00	0.00	0.43
Altman Z-Score	0.00	0.00	2.00	1.73	1.35	2.34	2.53	2.91	3.21
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	0.74%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.93	1.04	0.51	1.15	1.12	1.37	1.16
Quick Ratio	0.00	0.00	0.80	0.96	0.48	1.07	1.01	1.28	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.19	-181	-101	89	-12	-65	60	21
Operating Cash Flow to CapEx	0.00%	366.71%	162.78%	715.03%	721.78%	420.16%	523.27%	0.00%	3,410.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.01	-9.08	-8.10	9.63	-10.58	-163.54	88.31	27.33
Operating Cash Flow to Interest Expense	0.00	1.28	1.04	7.53	12.69	204.07	320.36	107.20	64.41
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.93	0.40	6.48	10.93	155.50	259.14	108.99	62.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	1.57	0.62	0.40	0.38	0.43	0.44	0.42
Accounts Receivable Turnover	0.00	0.00	0.00	35.78	21.25	15.35	12.72	14.16	15.27
Inventory Turnover	0.00	0.00	0.00	82.57	67.15	51.22	36.65	40.94	41.50
Fixed Asset Turnover	0.00	0.00	0.00	2.14	1.30	1.10	0.98	0.94	0.96
Accounts Payable Turnover	0.00	0.00	0.00	4.23	2.35	1.74	1.55	1.92	2.24
Days Sales Outstanding (DSO)	0.00	0.00	0.00	10.20	17.18	23.77	28.69	25.79	23.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	4.42	5.44	7.13	9.96	8.92	8.79
Days Payable Outstanding (DPO)	0.00	0.00	0.00	86.28	155.48	210.15	234.97	189.72	163.23
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-71.66	-132.86	-179.25	-196.32	-155.02	-130.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	176	268	178	212	303	280	283
Invested Capital Turnover	0.00	0.00	9.19	3.01	1.94	1.88	1.43	1.25	1.29
Increase / (Decrease) in Invested Capital	0.00	0.00	176	92	-90	34	91	-23	2.27
Enterprise Value (EV)	0.00	0.00	-38	13	-157	63	185	186	499
Market Capitalization	0.00	0.00	357	361	230	439	429	505	790
Book Value per Share	$0.00	$0.00	$250.69	$270.84	$248.22	$258.27	$240.37	$263.38	$251.80
Tangible Book Value per Share	$0.00	$0.00	$220.74	$241.23	$214.09	$224.43	$206.73	$229.65	$218.70
Total Capital	0.00	0.00	816	887	717	588	566	599	618
Total Debt	0.00	0.00	246	270	152	0.00	10	0.00	45
Total Long-Term Debt	0.00	0.00	240	263	0.00	0.00	0.00	0.00	10
Net Debt	0.00	0.00	-394	-348	-387	-376	-253	-319	-290
Capital Expenditures (CapEx)	0.00	7.03	13	13	16	54	24	-1.22	1.46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	-85	-100	-108	-104	-81	-78	-75
Debt-free Net Working Capital (DFNWC)	0.00	0.00	-2.33	13	12	21	26	41	58
Net Working Capital (NWC)	0.00	0.00	-8.05	5.57	-141	21	16	41	23
Net Nonoperating Expense (NNE)	-78	-50	-24	-54	37	-14	58	-18	27
Net Nonoperating Obligations (NNO)	0.00	0.00	-394	-348	-387	-376	-253	-319	-290
Total Depreciation and Amortization (D&A)	23	21	19	30	32	30	36	39	40
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-10.46%	-14.94%	-24.85%	-28.47%	-22.04%	-21.49%	-20.82%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-0.29%	1.90%	2.67%	5.78%	6.99%	11.35%	16.10%
Net Working Capital to Revenue	0.00%	0.00%	-0.99%	0.83%	-32.44%	5.78%	4.28%	11.35%	6.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$271.22	$136.01	$55.71	$131.64	($132.06)	$134.20	($128.92)	$189.49	($13.45)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Adjusted Diluted Earnings per Share	$271.22	$136.01	$55.71	$131.64	($132.06)	$22.37	($107.43)	$189.49	($13.45)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Adjusted Basic & Diluted Earnings per Share	$271.22	$136.01	$55.71	$131.64	($132.06)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M	2.28M
Normalized Net Operating Profit after Tax (NOPAT)	21	1.44	1.33	-1.95	15	26	28	29	12
Normalized NOPAT Margin	2.53%	0.17%	0.16%	-0.29%	3.57%	7.03%	7.65%	8.03%	3.43%
Pre Tax Income Margin	17.21%	-1.53%	2.07%	8.24%	-11.58%	11.55%	-11.68%	17.75%	-2.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.99	0.36	-0.19	-0.85	-0.17	23.22	92.03	64.43	43.24
NOPAT to Interest Expense	1.03	0.01	-0.22	-0.70	-0.12	19.49	64.42	55.18	30.27
EBIT Less CapEx to Interest Expense	7.99	0.01	-0.83	-1.90	-1.93	-25.35	30.80	66.22	41.35
NOPAT Less CapEx to Interest Expense	1.03	-0.34	-0.86	-1.75	-1.88	-29.08	3.19	56.98	28.38
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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.12%	-0.50%	5.63%	1.27%	-1.19%	-7.92%	-0.80%	-2.56%	-0.58%	0.50%
EBITDA Growth	532.46%	12.97%	166.91%	123.69%	-40.85%	-25.21%	-17.78%	43.12%	-53.16%	8.05%
EBIT Growth	318.48%	-30.68%	1,427.95%	110.84%	-51.68%	-27.42%	-38.18%	95.95%	-82.75%	8.10%
NOPAT Growth	1,779.97%	-21.60%	69.57%	-24.21%	45.04%	-19.28%	-38.22%	111.60%	-81.73%	-14.07%
Net Income Growth	400.30%	301.82%	22,092.28%	102.54%	-276.39%	358.60%	-65.55%	-2,668.76%	156.84%	-123.01%
EPS Growth	423.44%	244.48%	22,705.08%	102.26%	-249.32%	99.29%	-64.21%	-2,688.70%	158.69%	-146.39%
Operating Cash Flow Growth	172.70%	60.20%	-5.54%	-11.57%	-73.82%	-13.34%	-4.01%	-84.61%	-37.32%	-26.03%
Free Cash Flow Firm Growth	-217.85%	-207.91%	-10.14%	22.07%	124.62%	130.15%	128.36%	82.88%	-30.57%	-97.02%
Invested Capital Growth	48.82%	42.93%	31.06%	12.57%	-2.38%	-7.45%	-4.42%	6.58%	-4.24%	0.81%
Revenue Q/Q Growth	-0.36%	6.98%	-8.41%	3.73%	-2.78%	-0.30%	-1.34%	1.89%	-0.81%	0.78%
EBITDA Q/Q Growth	159.92%	-64.99%	7.26%	5.30%	49.58%	-55.73%	17.91%	83.29%	-51.05%	2.13%
EBIT Q/Q Growth	145.79%	-86.97%	66.23%	9.34%	104.03%	-80.43%	41.58%	246.60%	-82.04%	22.64%
NOPAT Q/Q Growth	15.13%	-55.76%	61.36%	-7.77%	120.32%	-75.38%	23.50%	215.86%	-80.97%	15.78%
Net Income Q/Q Growth	143.43%	-69.62%	573.28%	-97.14%	-3,112.47%	178.99%	-49.42%	-313.43%	166.66%	-131.98%
EPS Q/Q Growth	144.66%	-57.22%	376.07%	-97.51%	-3,045.03%	157.10%	-36.68%	-280.05%	166.77%	-145.13%
Operating Cash Flow Q/Q Growth	399.92%	-57.18%	-29.03%	-41.80%	47.98%	41.78%	-21.38%	-90.67%	502.52%	67.32%
Free Cash Flow Firm Q/Q Growth	-184.57%	0.58%	32.13%	59.42%	189.88%	21.79%	-36.17%	-124.50%	464.55%	-94.78%
Invested Capital Q/Q Growth	22.33%	2.43%	-8.26%	-2.07%	6.08%	-2.89%	-5.25%	9.20%	-4.69%	2.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.71%	66.69%	63.70%	62.66%	59.54%	60.99%	61.52%	58.95%	59.95%	58.91%
EBITDA Margin	55.42%	18.14%	21.24%	21.56%	33.18%	14.73%	17.61%	31.67%	15.63%	15.84%
Operating Margin	14.01%	5.63%	10.22%	10.77%	22.61%	4.44%	6.37%	21.67%	3.92%	4.77%
EBIT Margin	46.24%	5.63%	10.22%	10.77%	22.61%	4.44%	6.37%	21.67%	3.92%	4.77%
Profit (Net Income) Margin	34.81%	9.89%	72.68%	2.01%	-62.15%	49.24%	25.24%	-52.87%	35.53%	-11.27%
Tax Burden Percent	76.95%	79.18%	76.85%	64.82%	76.35%	88.06%	76.81%	76.60%	74.15%	57.20%
Interest Burden Percent	97.85%	221.75%	925.29%	28.72%	-360.00%	1,259.79%	515.97%	-318.62%	1,221.48%	-412.87%
Effective Tax Rate	23.05%	20.82%	23.15%	35.18%	0.00%	11.94%	23.19%	0.00%	25.85%	0.00%
Return on Invested Capital (ROIC)	16.08%	6.38%	11.96%	10.17%	20.21%	4.90%	6.56%	19.55%	3.72%	4.30%
ROIC Less NNEP Spread (ROIC-NNEP)	9.27%	4.68%	-4.30%	11.70%	47.56%	-9.48%	1.34%	39.44%	-6.20%	8.67%
Return on Net Nonoperating Assets (RNNOA)	-5.27%	-2.57%	2.56%	-6.34%	-22.36%	4.69%	-0.75%	-20.74%	3.18%	-4.51%
Return on Equity (ROE)	10.82%	3.81%	14.52%	3.83%	-2.15%	9.59%	5.81%	-1.19%	6.90%	-0.21%
Cash Return on Invested Capital (CROIC)	-28.15%	-25.35%	-14.07%	-0.54%	14.53%	20.63%	25.36%	6.09%	14.22%	7.49%
Operating Return on Assets (OROA)	19.14%	2.41%	4.25%	4.85%	9.99%	1.93%	2.59%	9.24%	1.68%	2.02%
Return on Assets (ROA)	14.41%	4.23%	30.24%	0.90%	-27.45%	21.44%	10.27%	-22.54%	15.19%	-4.76%
Return on Common Equity (ROCE)	10.73%	3.78%	14.41%	3.83%	-2.13%	9.52%	5.77%	-1.19%	6.90%	-0.21%
Return on Equity Simple (ROE_SIMPLE)	-8.74%	0.00%	5.48%	17.71%	3.70%	0.00%	2.03%	-6.59%	8.50%	0.00%
Net Operating Profit after Tax (NOPAT)	9.92	4.39	7.08	6.53	14	3.54	4.38	14	2.63	3.05
NOPAT Margin	10.78%	4.46%	7.85%	6.98%	15.83%	3.91%	4.89%	15.17%	2.91%	3.34%
Net Nonoperating Expense Percent (NNEP)	6.81%	1.70%	16.27%	-1.53%	-27.35%	14.38%	5.23%	-19.89%	9.93%	-4.37%
Return On Investment Capital (ROIC_SIMPLE)	-	0.78%	-	-	-	0.59%	-	-	-	0.49%
Cost of Revenue to Revenue	39.29%	33.31%	36.30%	37.34%	40.46%	39.01%	38.48%	41.05%	40.05%	41.09%
SG&A Expenses to Revenue	16.81%	22.68%	19.14%	20.32%	20.14%	24.72%	20.43%	20.47%	21.58%	21.11%
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	46.70%	61.06%	53.48%	51.89%	36.94%	56.55%	55.15%	37.29%	56.02%	54.13%
Earnings before Interest and Taxes (EBIT)	43	5.54	9.22	10	21	4.02	5.70	20	3.55	4.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	18	19	20	30	13	16	29	14	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.68	0.79	0.85	0.98	0.93	0.84	0.96	1.03	0.88	1.38
Price to Tangible Book Value (P/TBV)	0.80	0.91	0.98	1.12	1.07	0.97	1.09	1.19	1.00	1.59
Price to Revenue (P/Rev)	0.99	1.17	1.40	1.62	1.38	1.38	1.63	1.63	1.46	2.18
Price to Earnings (P/E)	0.00	0.00	15.75	5.55	25.37	9.20	46.89	0.00	10.32	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%	0.00%	6.35%	18.02%	3.94%	10.87%	2.13%	0.00%	9.69%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.43	0.61	0.68	0.96	0.86	0.66	0.90	1.07	0.73	1.77
Enterprise Value to Revenue (EV/Rev)	0.34	0.50	0.50	0.70	0.66	0.51	0.66	0.85	0.56	1.38
Enterprise Value to EBITDA (EV/EBITDA)	1.77	2.53	2.40	3.31	2.84	2.25	3.02	3.51	2.81	6.82
Enterprise Value to EBIT (EV/EBIT)	3.22	5.04	4.71	6.89	5.46	4.25	5.94	6.19	6.14	14.98
Enterprise Value to NOPAT (EV/NOPAT)	4.59	7.21	6.00	8.97	7.00	4.96	4.23	8.84	7.26	21.40
Enterprise Value to Operating Cash Flow (EV/OCF)	1.07	1.45	1.49	2.08	3.23	2.55	3.32	4.96	3.62	10.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	5.84	3.10	3.48	18.09	5.05	23.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.02	0.01	0.01	0.03	0.00	0.00	0.00	0.02	0.08
Long-Term Debt to Equity	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.02
Financial Leverage	-0.57	-0.55	-0.59	-0.54	-0.47	-0.50	-0.56	-0.53	-0.51	-0.52
Leverage Ratio	1.56	1.51	1.48	1.48	1.53	1.45	1.45	1.43	1.46	1.46
Compound Leverage Factor	1.52	3.34	13.73	0.43	-5.51	18.30	7.46	-4.57	17.83	-6.04
Debt to Total Capital	5.21%	1.77%	1.04%	0.58%	3.30%	0.00%	0.00%	0.01%	1.47%	7.28%
Short-Term Debt to Total Capital	0.00%	1.77%	1.04%	0.58%	3.30%	0.00%	0.00%	0.01%	0.00%	5.66%
Long-Term Debt to Total Capital	5.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.47%	1.62%
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	1.55%	1.52%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.24%	96.71%	97.49%	99.42%	96.70%	100.00%	100.00%	99.99%	98.53%	92.72%
Debt to EBITDA	0.42	0.14	0.08	0.05	0.22	0.00	0.00	0.00	0.12	0.61
Net Debt to EBITDA	-3.51	-3.45	-4.38	-4.38	-3.08	0.00	0.00	-3.17	-4.51	-3.97
Long-Term Debt to EBITDA	0.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.14
Debt to NOPAT	1.09	0.39	0.21	0.12	0.54	0.00	0.00	0.00	0.32	1.93
Net Debt to NOPAT	-9.11	-9.83	-10.94	-11.87	-7.59	0.00	0.00	-7.97	-11.66	-12.44
Long-Term Debt to NOPAT	1.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.32	0.43
Altman Z-Score	2.25	2.41	2.57	2.84	2.70	2.76	2.87	3.12	2.74	3.10
Noncontrolling Interest Sharing Ratio	0.78%	0.75%	0.77%	0.00%	0.81%	0.74%	0.75%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.12	1.25	1.26	1.10	1.37	1.42	1.43	1.47	1.16
Quick Ratio	1.10	1.01	1.12	1.17	1.02	1.28	1.32	1.32	1.38	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-87	-87	-59	-24	21	26	17	-4.08	15	0.78
Operating Cash Flow to CapEx	1,329.08%	879.42%	525.81%	0.00%	0.00%	1,071.16%	520.27%	0.00%	309.41%	533.82%
Free Cash Flow to Firm to Interest Expense	-1,299.57	-260.74	-351.83	-596.14	81.81	123.12	0.00	-97.19	54.11	1.71
Operating Cash Flow to Interest Expense	978.36	84.55	119.30	289.88	65.49	114.75	0.00	42.50	39.11	39.64
Operating Cash Flow Less CapEx to Interest Expense	904.75	74.94	96.61	362.43	82.21	104.03	0.00	258.38	26.47	32.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.43	0.42	0.45	0.44	0.44	0.41	0.43	0.43	0.42
Accounts Receivable Turnover	14.83	12.72	15.08	15.11	14.46	14.16	14.23	17.35	15.34	15.27
Inventory Turnover	42.55	36.65	33.86	38.73	38.33	40.94	38.16	39.57	38.70	41.50
Fixed Asset Turnover	0.96	0.98	1.01	1.02	0.93	0.94	0.95	0.94	0.95	0.96
Accounts Payable Turnover	1.43	1.55	1.54	1.63	1.52	1.92	1.84	2.13	1.94	2.24
Days Sales Outstanding (DSO)	24.60	28.69	24.20	24.15	25.24	25.79	25.65	21.04	23.80	23.90
Days Inventory Outstanding (DIO)	8.58	9.96	10.78	9.42	9.52	8.92	9.56	9.22	9.43	8.79
Days Payable Outstanding (DPO)	255.11	234.97	237.33	223.81	240.01	189.72	198.68	171.40	187.81	163.23
Cash Conversion Cycle (CCC)	-221.93	-196.32	-202.35	-190.24	-205.24	-155.02	-163.47	-141.14	-154.58	-130.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	296	303	278	272	289	280	266	290	276	283
Invested Capital Turnover	1.49	1.43	1.52	1.46	1.28	1.25	1.34	1.29	1.28	1.29
Increase / (Decrease) in Invested Capital	97	91	66	30	-7.04	-23	-12	18	-12	2.27
Enterprise Value (EV)	126	185	188	260	248	186	240	310	203	499
Market Capitalization	367	429	522	604	517	505	593	589	528	790
Book Value per Share	$235.77	$240.37	$268.93	$270.86	$244.96	$263.38	$271.84	$250.13	$264.45	$251.80
Tangible Book Value per Share	$202.40	$206.73	$235.23	$237.18	$211.36	$229.65	$238.16	$216.94	$231.12	$218.70
Total Capital	575	566	628	620	576	599	619	569	611	618
Total Debt	30	10	6.50	3.60	19	0.00	0.00	0.05	9.00	45
Total Long-Term Debt	30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.00	10
Net Debt	-250	-253	-343	-344	-269	-319	-353	-279	-325	-290
Capital Expenditures (CapEx)	4.93	3.19	3.79	-2.90	-4.38	2.27	3.68	-9.07	3.48	3.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-103	-81	-80	-84	-86	-78	-82	-75	-80	-75
Debt-free Net Working Capital (DFNWC)	32	26	39	35	33	41	50	45	53	58
Net Working Capital (NWC)	32	16	33	32	14	41	50	45	53	23
Net Nonoperating Expense (NNE)	-22	-5.34	-58	4.66	71	-41	-18	62	-29	13
Net Nonoperating Obligations (NNO)	-250	-253	-343	-344	-269	-319	-353	-279	-325	-290
Total Depreciation and Amortization (D&A)	8.46	12	9.94	10	9.61	9.33	10	9.12	11	10
Debt-free, Cash-free Net Working Capital to Revenue	-27.94%	-22.04%	-21.44%	-22.42%	-22.95%	-21.49%	-22.52%	-20.73%	-22.01%	-20.82%
Debt-free Net Working Capital to Revenue	8.64%	6.99%	10.47%	9.41%	8.77%	11.35%	13.76%	12.54%	14.70%	16.10%
Net Working Capital to Revenue	8.64%	4.28%	8.72%	8.45%	3.68%	11.35%	13.76%	12.53%	14.70%	6.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$130.96	$56.03	$266.74	$7.97	($234.66)	$111.66	$95.47	($171.89)	$114.77	($51.80)
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	$130.96	$56.03	$266.74	$7.97	($234.66)	$111.66	$95.47	($171.89)	$114.77	($51.80)
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)	9.92	7.16	7.68	7.09	5.42	4.92	4.09	3.21	2.59	3.05
Normalized NOPAT Margin	10.78%	7.27%	8.52%	7.57%	5.96%	5.43%	4.57%	3.52%	2.86%	3.34%
Pre Tax Income Margin	45.24%	12.49%	94.57%	3.09%	-81.39%	55.91%	32.86%	-69.03%	47.92%	-19.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	635.12	16.70	55.19	251.93	78.47	18.98	0.00	470.14	12.90	9.58
NOPAT to Interest Expense	148.10	13.22	42.41	163.31	54.93	16.71	0.00	329.10	9.56	6.71
EBIT Less CapEx to Interest Expense	561.51	7.08	32.50	324.48	95.19	8.27	0.00	686.02	0.26	2.16
NOPAT Less CapEx to Interest Expense	74.49	3.61	19.72	235.86	71.65	6.00	0.00	544.98	-3.08	-0.72
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 fiscal year end?

According to the most recent income statement we have on file, Biglari's financial year ends in December. Their financial 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 5/5/2025 by MarketBeat.com Staff

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Biglari (BH.A) Financials

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Biglari (BH.A) Financials

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