Is the business good?
How good a business is BH?
Biglari Holdings Inc. earns −3.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−3.8%
Return on invested capital · cost of capital 9.0% · 13 points below what the capital costs: growth destroys value
- Operating margin
- −8.5%
Operating margin · Restaurants median 8.6% · 12 months to Q2 2026
- Gross margin
- 60%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −2.5% |
| FY2021 | 6.8% |
| FY2022 | −28% |
| FY2023 | 12% |
| FY2024 | 9.0% |
| FY2025 | 4.8% |
Details›
- Gross margin12 months to Q2 2026
- 60%
- Operating margin12 months to Q2 2026
- −8.5%
- Net margin12 months to Q2 2026
- −7.3%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $406M
- Free cash flow, trailing twelve months
- $50M
- Net income, trailing twelve months
- −$30M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −3.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.