MeritValue

Biglari Holdings Inc.

BH-Adata completeness 88%10 fiscal years on file

Data notes: no data for concept 'dilutedShares'

The thesis, from the filings

Biglari Holdings Inc. earns about 0% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$366.1M1$368.2M2$365.3M3$362.1M3$395.3M3
Net income$35.5M4−$32M5$54.9M6−$3.76M6−$37.5M6
Operating cash flow$228.8M7$127.8M8$73M9$49.7M9$107M9
Capital expenditure$64.5M10$29.7M11$23.4M12$30.6M12$30.4M12
Free cash flow (derived)$164.2M7$98.1M8$49.6M9$19.1M9$76.6M9
Total debt$104.5M13$10M14$014$45M15$247M15
Cash & equivalents$42.3M16$37.5M17$28.1M18$30.7M18$268.8M18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 6%FY22 -6%FY23 10%FY24 -1%FY25 -6%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 136% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001726173-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001726173-25-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012987 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001726173-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001726173-25-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012987 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001726173-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001726173-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012987 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001726173-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001726173-25-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-012987 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001726173-22-000004 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001726173-24-000004 (LongTermDebtCurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-012987 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001726173-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001726173-25-000003 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-26-012987 (CashAndCashEquivalentsAtCarryingValue)