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Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company s largest operating subsidiaries are involved in the franchising and operating of restaurants.
Operating margin is thin at 4.75%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 9.2%, steady but not accelerating. Margins contracted 4.2pp, which offsets some of the top-line progress.
Operating margin contracted 4.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$398M
▲ +9.2% YoY
Net Income (TTM)
-$19M
▼ -897.3% YoY
Op. Margin
1.17%
▼ -4.2pp YoY
ROIC
0.47%
▼ -2.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$81M
▲ +301.8% YoY
Op. Cash Flow (TTM)
$111M
▲ +115.4% YoY
Net Debt
$90M
Cash & Equiv.
$200M
5Y CAGR: -1.8%
5Y CAGR: -4.6%
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