BHBiglari Holdings Inc.
Is it safe?
Strong, no red flags: clean books and comfortable debt (AA).
Reported earnings show no manipulation flags Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
Rock-solid balance sheet, low leverage. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -87% · now 24% below its 52-week high.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can BH take a bad year?
Biglari Holdings Inc. carries $170M of net debt at 25.7× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 25.7×
Net debt / EBITDA
- Interest cover
- none
Interest cover · no operating profit to pay the interest bill from
- Annualised volatility
- 45%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ2 2026
- $239M
- Cash and short-term investments
- $68M
- Net debt
- $170M
- EBITDA, trailing twelve months
- $6.6M
- Operating profit, trailing twelve months
- −$34M
- Debt / equity
- 0.44×
- Total debt / EBITDA
- 36.0×
- Annualised volatilitytwo years of daily moves
- 45%
- Worst drawdown on file
- −87%
- Below its 52-week high
- 24%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.