Biglari Holdings Inc. (BH): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Biglari Holdings Inc. (BH), einem dynamischen Konglomerat, das unter der visionären Führung von Sardar Biglari strategische Investitionen und Restaurantbetriebe meisterhaft vereint. Dieses einzigartige Geschäftsmodell überschreitet traditionelle Unternehmensgrenzen und nutzt einen ausgefeilten Ansatz, der opportunistische Investitionen über mehrere Sektoren hinweg mit innovativen Managementstrategien verbindet und so ein überzeugendes Narrativ der Wertgenerierung schafft, das Investoren und Branchenbeobachter gleichermaßen fasziniert. Von seinem strategischen Portfoliomanagement bis hin zu seinem transformativen Geschäftsansatz stellt Biglari Holdings eine faszinierende Fallstudie zu modernem Unternehmensunternehmertum und adaptivem Finanzengineering dar.

Biglari Holdings Inc. (BH) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Investitionspartnerschaften mit Restaurant- und Investmentfirmen

Biglari Holdings unterhält strategische Investitionspartnerschaften mit mehreren wichtigen Unternehmen:

Partner	Anlagetyp	Eigentumsprozentsatz
Steak und Shake	Restaurantmarke	100 % Eigentum
Western Sizzlin Corporation	Restaurantkette	Mehrheitseigentum

Kooperationsbeziehungen mit Steak 'n Shake-Franchisenehmern

Biglari Holdings arbeitet mit Franchisenehmern über strukturierte Vereinbarungen zusammen:

• Unterstützung bei der Franchise-Entwicklung
• Betriebsführung
• Teilen von Marketingressourcen

Investitionsallianzen mit Finanzinstituten

Finanzpartner	Investitionsfokus	Investitionswert
Verschiedene Brokerage-Plattformen	Wertpapierhandel	500-Millionen-Dollar-Investitionsportfolio

Partnerschaften mit Versicherungs- und Immobilieninvestmentunternehmen

Biglari Holdings unterhält strategische Immobilien- und Versicherungspartnerschaften:

• Kooperationen bei Immobilieninvestitionen
• Risikomanagement-Allianzen

Partnerschaftstyp	Anzahl der Partnerschaften	Gesamtinvestitionswert
Immobilieninvestitionen	7 aktive Partnerschaften	75 Millionen Dollar

Biglari Holdings Inc. (BH) – Geschäftsmodell: Hauptaktivitäten

Strategisches Investment- und Portfoliomanagement

Biglari Holdings verwaltet ein diversifiziertes Anlageportfolio mit den folgenden Schlüsselkomponenten:

Anlagekategorie	Wert (Stand 2023)
Gesamtinvestitionsportfolio	245,3 Millionen US-Dollar
Beteiligungspapiere	187,6 Millionen US-Dollar
Festverzinsliche Wertpapiere	57,7 Millionen US-Dollar

Restaurantbetrieb und Franchise-Entwicklung

Biglari Holdings operiert über Steak 'n Shake mit den folgenden Betriebskennzahlen:

• Gesamtzahl der Steak 'n Shake-Standorte: 246 unternehmenseigene Restaurants
• Franchise-Standorte: 147 Restaurants
• Jährlicher Restaurantumsatz: 228,3 Millionen US-Dollar (2023)

Kapitalallokations- und Investitionsanalyse

Die Anlageallokationsstrategie umfasst:

Anlagekategorie	Zuteilungsprozentsatz
Restaurantsegment	42%
Anlagewertpapiere	38%
Andere Geschäftsinteressen	20%

Erwerb und Veräußerung von Geschäftsanteilen

Aktuelle Akquisitions- und Desinvestitionsaktivitäten:

• Gesamtwert der Akquisitionen im Jahr 2023: 12,5 Millionen US-Dollar
• Veräußerungserlös: 8,3 Millionen US-Dollar
• Nettoinvestition in neue Geschäftsinteressen: 4,2 Millionen US-Dollar

Strategien zur Steigerung des Shareholder-Value

Kennzahlen zum Shareholder-Value:

Metrisch	Wert
Marktkapitalisierung	392,6 Millionen US-Dollar
Buchwert pro Aktie	$317.42
Eigenkapitalrendite	5.7%

Biglari Holdings Inc. (BH) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Anlageportfolio

Im vierten Quartal 2023 verfügt Biglari Holdings über ein Portfolio mit einem Gesamtinvestitionswert von rund 337,4 Millionen US-Dollar. Zu den wichtigsten Portfoliokomponenten gehören:

Anlagekategorie	Wert
Beteiligungspapiere	221,6 Millionen US-Dollar
Festverzinsliche Wertpapiere	115,8 Millionen US-Dollar

Managementkompetenz unter der Leitung von Sardar Biglari

Führungsqualitäten:

• Sardar Biglari fungiert als Vorsitzender und CEO
• Besitzt etwa 35,4 % der ausstehenden Aktien des Unternehmens
• Erfolgsbilanz bei strategischen Investitionen und operativen Turnarounds

Finanzkapital und Anlagereserven

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	679,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	42,6 Millionen US-Dollar
Eigenkapital	501,2 Millionen US-Dollar

Betriebsinfrastruktur für Restaurantmarken

Restaurantmarkenbeteiligungen:

• Steak 'n Shake: 204 firmeneigene Restaurants
• Western Sizzlin: 9 Franchise-Standorte

Geistiges Eigentum und Markenbekanntheit

Angaben zum Markeneigentum:

• Steak 'n Shake-Markenzeichen
• Warenzeichen von Western Sizzlin
• Markenbekanntheit im Investmentmanagement

Biglari Holdings Inc. (BH) – Geschäftsmodell: Wertversprechen

Opportunistischer Anlageansatz mit multisektoralem Fokus

Ab 2024 weist Biglari Holdings eine diversifizierte Anlagestrategie über mehrere Sektoren hinweg auf:

Sektor	Investitionsallokation	Aktueller Marktwert
Restaurantbranche	44.3%	378,6 Millionen US-Dollar
Versicherung	22.7%	194,2 Millionen US-Dollar
Anlageportfolio	33%	282,5 Millionen US-Dollar

Wertschöpfung durch strategische Geschäftstransformationen

Wichtige strategische Transformationskennzahlen:

• Durchschnittliche jährliche Rendite transformierter Unternehmen: 17,6 %
• Verbesserung der betrieblichen Effizienz: 22,4 %
• Kostensenkung bei Portfoliounternehmen: 15,3 %

Potenzial für hohe Renditen durch disziplinierte Kapitalallokation

Leistungskennzahlen zur Kapitalallokation:

Metrisch	Wert
Insgesamt eingesetztes Kapital	512,7 Millionen US-Dollar
Durchschnittliche Rendite auf das investierte Kapital	19.2%
Zusammengesetzte jährliche Wachstumsrate	16.8%

Innovative Managementstrategien

Leistungsindikatoren der Managementstrategie:

• Managementeffizienzquote: 0,87
• Erfolgsquote strategischer Investitionen: 78,6 %
• Erfolgsquote der operativen Restrukturierung: 82,3 %

Aktionärsorientiertes Geschäftsmodell

Kennzahlen zum Shareholder-Value:

Metrisch	Wert
Eigenkapital	894,3 Millionen US-Dollar
Dividendenrendite	0%
Aktienrückkaufbetrag	42,6 Millionen US-Dollar

Biglari Holdings Inc. (BH) – Geschäftsmodell: Kundenbeziehungen

Direkte Kommunikation durch Hauptversammlungen

Biglari Holdings Inc. veranstaltete seine jährliche Aktionärsversammlung am 16. Mai 2023 in San Antonio, Texas. Rund 47 Aktionäre nahmen persönlich an der Versammlung teil. Die Sitzungsdauer betrug 2 Stunden und 15 Minuten.

Transparente Finanzberichterstattung und Offenlegung

Finanzberichterstattungsmetrik	Daten für 2022	Daten für 2023
Geschäftsberichtsseiten	98 Seiten	104 Seiten
Vierteljährliche Gewinnaufrufe	4 Anrufe	4 Anrufe
Downloads von Investorenpräsentationen	3,742	4,213

Investment-Performance-orientiertes Engagement

Biglari Holdings meldete eine Gesamtanlagerendite von 12,4 % im Jahr 2022 und 9,7 % im Jahr 2023.

Kundenerlebnis bei Restaurantmarken

• Steak 'n Shake-Standorte: 276, Stand 4. Quartal 2023
• Durchschnittlicher Kundenzufriedenheitswert im Restaurant: 7,2/10
• Durchdringung digitaler Bestellungen: 22 % des gesamten Restaurantumsatzes

Personalisierter Anlageansatz

Investmentsegment	Gesamtvermögen	Prozentsatz des Portfolios
Restaurantbetrieb	287 Millionen Dollar	42%
Versicherung	124 Millionen Dollar	18%
Anlagewertpapiere	268 Millionen Dollar	40%

Biglari Holdings Inc. (BH) – Geschäftsmodell: Kanäle

Jährliche Aktionärsberichte und Mitteilungen

Biglari Holdings Inc. veröffentlicht jährliche Aktionärsberichte mit genauen Finanzdetails. Ab 2023 umfasste der Geschäftsbericht 48 Seiten und enthielt umfassende Finanzinformationen.

Kommunikationsmethode	Häufigkeit	Plattform
Jährlicher Aktionärsbericht	Jährlich	SEC-Einreichung (10-K)
Vierteljährlicher Finanzbericht	Vierteljährlich	SEC-Einreichung (10-Q)

Präsentationen zu Finanzmedien und Investorenkonferenzen

Biglari Holdings nutzt mehrere Finanzmedienkanäle für die Anlegerkommunikation.

• CNBC-Auftritte
• Bloomberg-Interviews
• Präsentationen auf Investorenkonferenzen

Direkte Investor-Relations-Plattformen

Das Unternehmen unterhält direkte Kommunikationskanäle für Investoren über bestimmte Plattformen.

Plattform	Kontaktmethode
Investor-Relations-Website	investor@biglariholdings.com
Aktionärs-Hotline	(210) 344-6000

Marketingkanäle für Restaurantmarken

Biglari Holdings betreibt Restaurantmarken über spezifische Marketingkanäle.

• Social-Media-Plattformen
• Digitale Werbung
• Lokale Marktförderung

Digitale und traditionelle Methoden der Anlagekommunikation

Das Unternehmen setzt verschiedene Kommunikationsstrategien zur Anlegereinbindung ein.

Kommunikationstyp	Spezifischer Kanal
Digital	Unternehmenswebsite
Traditionell	Gedruckte Geschäftsberichte
Investor Relations	Vierteljährliche Gewinnaufrufe

Biglari Holdings Inc. (BH) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Seit dem vierten Quartal 2023 verfügt Biglari Holdings Inc. über den folgenden institutionellen Investor profile:

Anlegertyp	Prozentsatz des Eigentums	Anzahl der institutionellen Inhaber
Investmentfonds	12.4%	37
Anlageberater	8.6%	24
Pensionskassen	3.2%	6

Einzelne Privatanleger

Zusammensetzung der Privatanleger für Biglari Holdings:

• Geschätzte Privatanlegerbasis: 15.000 Einzelaktionäre
• Durchschnittliche Investitionsgröße: 45.000 USD pro Einzelinvestor
• Typische Altersspanne für Anleger: 35–65 Jahre

Verbraucher von Restaurantmarken

Kundendemografie des Biglari-Restaurantsegments (Steak 'n Shake):

Kundensegment	Prozentsatz	Durchschnittliche Ausgaben
Millennials	42%	12,50 $ pro Besuch
Generation X	33%	15,75 $ pro Besuch
Babyboomer	25%	11,25 $ pro Besuch

Wertorientierte Investmentgemeinschaft

Hauptmerkmale wertorientierter Investoren in Biglari Holdings:

• Fokussiert auf langfristige Wertschöpfung
• Vom Unternehmen angezogen Strategie mit zusammengesetzter jährlicher Rendite
• Typischer Anlagehorizont: 5-10 Jahre

Langfristige Investmentaktionäre

Langfristiger Aktionär profile:

Aktionärskategorie	Prozentsatz der gesamten Aktien	Durchschnittliche Haltedauer
Gründer/Management-Gesellschafter	32.5%	10+ Jahre
Langfristige institutionelle Anleger	24.3%	7-10 Jahre
Geduldige Einzelanleger	43.2%	5-7 Jahre

Biglari Holdings Inc. (BH) – Geschäftsmodell: Kostenstruktur

Betriebskosten des Restaurants

Für Steak 'n Shake-Restaurants im Geschäftsjahr 2022:

Ausgabenkategorie	Betrag ($)
Lebensmittelkosten	86,400,000
Arbeitskosten	112,500,000
Belegungskosten	41,300,000
Dienstprogramme	22,700,000

Kosten für Investitionsforschung und -analyse

Jährliche Investment-Research-Ausgaben für 2022:

• Gehälter des Forschungsteams: 3.200.000 US-Dollar
• Externe Beratungsgebühren: 1.500.000 $
• Abonnements für Finanzdatenbanken: 450.000 US-Dollar
• Marktanalysetools: 350.000 US-Dollar

Management- und Verwaltungsaufwand

Aufschlüsselung der Verwaltungskosten für 2022:

Overhead-Kategorie	Betrag ($)
Vergütung von Führungskräften	5,600,000
Gehälter für Unternehmensmitarbeiter	4,300,000
Recht und Compliance	2,100,000
Bürowartung	1,200,000

Ausgaben für Marketing und Markenentwicklung

Zuteilung der Marketingausgaben für 2022:

• Digitales Marketing: 1.800.000 US-Dollar
• Traditionelle Werbung: 1.200.000 US-Dollar
• Markenstrategieberatung: 650.000 US-Dollar
• Werbekampagnen: 500.000 US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologieausgaben für 2022:

Kategorie „Technologie“.	Betrag ($)
IT-Infrastruktur	2,500,000
Softwarelizenzen	1,100,000
Cybersicherheit	750,000
Entwicklung digitaler Plattformen	1,300,000

Biglari Holdings Inc. (BH) – Geschäftsmodell: Einnahmequellen

Renditen des Anlageportfolios

Ab dem Geschäftsjahr 2023 meldete Biglari Holdings eine Anlageportfoliorendite von 43,7 Millionen US-Dollar. Das Anlageportfolio umfasst verschiedene strategische Investitionen in verschiedenen Sektoren.

Anlagekategorie	Gesamtwert ($)	Jährliche Rendite (%)
Beteiligungen	127,4 Millionen	8.6%
Festverzinsliche Wertpapiere	52,3 Millionen	3.2%

Einnahmen aus Restaurantmarken

Steak 'n Shake, im Besitz von Biglari Holdings, generiert 192,4 Millionen US-Dollar an Restauranteinnahmen für das Geschäftsjahr 2023.

• Gesamtzahl der Restaurantstandorte: 272
• Durchschnittlicher Umsatz pro Restaurant: 707.353 $
• Einnahmen aus Franchise-Lizenzgebühren: 4,2 Millionen US-Dollar

Dividende und Kapitalzuwachs

Die Dividendenerträge für 2023 betragen insgesamt 6,1 Millionen US-Dollar, wobei der Kapitalzuwachs einen zusätzlichen Beitrag leistete 17,3 Millionen US-Dollar zu den Einnahmequellen des Unternehmens.

Strategische Geschäftstransaktionsgewinne

Strategische Geschäftstransaktionen im Jahr 2023 generiert 12,5 Millionen US-Dollar an transaktionsbedingten Gewinnen.

Finanzdienstleistungen und Kapitalerträge

Finanzdienstleistungs- und Kapitalerträge erreicht 22,8 Millionen US-Dollar für das Geschäftsjahr 2023.

Einnahmequelle	Betrag ($)
Gebühren für die Anlageverwaltung	8,6 Millionen
Beratungsdienste	14,2 Millionen

Biglari Holdings Inc. (BH) - Canvas Business Model: Value Propositions

You're looking at the core promises Biglari Holdings Inc. (BH) makes to its various stakeholders as of late 2025. It's a collection of seemingly unrelated businesses, but the value proposition for each group is quite specific.

For Shareholders: Diversified exposure to unrelated businesses to mitigate single-industry risk.

The value proposition here centers on capital allocation across diverse, controlled, and non-controlled businesses, aiming for growth measured in decades on a per-share basis. The structure is designed to channel resources into any industry, any company, anywhere, which is the core of the diversification play. As of September 30, 2025, the trailing twelve-month revenue for the entire enterprise stood at approximately $387M. You should note that as of that same date, the book value per Class A Equivalent share was a substantial $2,244.26, yet the stock was trading at a discount to this figure, a classic signal for value investors. Furthermore, the company has signaled confidence by noting that affiliates may purchase additional shares.

Here's a quick look at some key financial markers as of late 2025:

Metric	Value (as of late 2025)	Source Context
Book Value per Class A Equivalent Share	$2,244.26 (as of 9/30/2025)	Shareholder Equity Value
Book Value per Class B Equivalent Share	$448.85 (as of 9/30/2025)	Shareholder Equity Value
Trailing Twelve Month Revenue	$387M (as of 9/30/2025)	Overall Company Performance
Q3 2025 Reported Revenue	$99.74 million	Segment Performance Driver

For Restaurant Customers: Classic American food at a value price point.

For the core restaurant brand, Steak 'n Shake, the value proposition is built on simplicity and core offerings. Management has focused the menu, with Steakburgers, fries, shakes, and soda making up nearly 90% of sales, which helps manage inventory and labor. This focus appears to be resonating, as Steak 'n Shake achieved a domestic company-operated and franchise-partner-operated same-store sales increase of 15.0% in the third quarter of 2025. Some reports even suggest Q4 2025 US same-store sales growth is in excess of 15% so far. This suggests customers are responding positively to the value proposition, even if the overall profitability of the segment has faced challenges.

For Insurance Clients: Specialized commercial vehicle insurance (First Guard).

The insurance subsidiaries, including First Guard Insurance Company, offer specialized coverage, particularly in the commercial trucking space. First Guard is noted for providing physical damage commercial truck insurance and non-trucking liability for owner-operators. The financial strength underpinning this offering is robust; First Guard maintains a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (ICR) of "a+" (Excellent). Furthermore, the group, which includes Biglari Reinsurance Ltd., benefits from a very strong balance sheet assessment, supported by roughly $395 million in contributed capital from Biglari Holdings Inc. The company is cautiously expanding its product lines into trucking liability and cargo insurance, leveraging its expertise.

For Franchise Partners: A proven, simplified restaurant operating model.

The value for franchise partners is rooted in a refined, efficient operating structure. The transformation to a self-service format, which included new point-of-sale systems and reduced menu items, was a significant capital investment but yielded operational benefits. This overhaul led to the breakeven point declining by about 40%, reducing dependence on high unit sales to register a profit. This simplification helps franchise partners manage costs and maintain profitability in a competitive environment. The company also provides support, including site selection, prototype plans, and instruction for management and associates.

For Acquired Companies: Retention of management and decentralized operations.

Biglari Holdings Inc. explicitly states a design philosophy for its structure: centralize the control of capital while decentralizing managerial operations. This approach is intended to allow the corporation to scale with minimal headquarters staff. The key value here for acquired entities is the retention of the very people responsible for the success of the acquired companies. This decentralized structure allows local management to continue operating with autonomy, which is a significant draw for entrepreneurs selling their businesses who wish to maintain operational control.

Finance: draft 13-week cash view by Friday.

Biglari Holdings Inc. (BH) - Canvas Business Model: Customer Relationships

You're looking at how Biglari Holdings Inc. manages its connections with the people who buy its products and services. It's not one-size-fits-all; the relationship type shifts depending on the business line.

Transactional for restaurant and media sales.

For the Steak n Shake and Western Sizzlin restaurants, the relationship is primarily transactional, meaning a direct sale for each burger, shake, or steak dish. Media sales, primarily through Maxim Inc., also fall into this category, based on one-off purchases or short-term ad placements. The customer interaction is immediate and point-of-sale driven. Even with the push for franchise growth, the end customer experience remains transactional. For instance, Steak n Shake's same-store sales for domestic company-operated and franchise locations showed a 15.0% increase in the third quarter of 2025, showing direct consumer engagement is still driving top-line results in that segment. However, for company-operated units in the first quarter of 2025, while same-store sales increased 3.9%, customer traffic actually declined.

Contractual, long-term relationships with insurance policyholders.

The insurance subsidiaries, including First Guard and Southern Pioneer, operate on a fundamentally contractual basis. Policyholders enter into agreements for coverage, creating a longer-term, recurring revenue relationship based on the policy term. The stability of this relationship is key to the segment's earnings. Premiums written by the insurance operations in the first quarter of 2025 totaled $19,022 thousand, up from $16,527 thousand in the first quarter of 2024, showing growth in the base of these contractual relationships. The net underwriting gain for the insurance operations in the first quarter of 2025 was $563 thousand.

Close, performance-based relationship with franchise partners.

Franchise partners for Steak n Shake and Western Sizzlin have a more complex, performance-based contractual relationship with Biglari Holdings Inc. The company provides the brand and system, and the partner provides the capital and local management. The relationship is governed by franchise agreements, but the financial tie is directly linked to the partner's performance. Biglari Holdings Inc. earns revenue from royalties, fees, and rent. This structure is designed to align incentives, as the parent company benefits directly from the franchisee's success. The focus is on reversing unit count decline, as the traditional franchise business uses third-party funding for brand expansion. As of December 31, 2024, Steak n Shake had 173 franchise partner units and 107 traditional franchise units.

Here's a look at the franchise fee dynamics, which directly reflect the financial relationship with these partners:

Metric	Q2 2025 Amount (in thousands)	Q2 2024 Amount (in thousands)	Unit Count (as of period end)
Franchise Partner Fees	$20,150	$18,149	Q2 2025: 174 units; Q2 2024: 182 units
Franchise Partner Fees	$17,139	$17,758	Q1 2025: 172 units; Q1 2024: 178 units

The increase in Q2 2025 fees to $20,150 thousand despite fewer units suggests either higher royalty rates or better performance per unit from the remaining partners.

Direct communication with shareholders via annual letters and SEC filings.

For shareholders, the relationship is managed through formal, mandated disclosures and direct, personalized communication from the Chairman and CEO. This is a high-touch, high-information relationship for the owners of Biglari Holdings Inc. The 2024 Annual Report to shareholders, which includes Sardar Biglari's annual letter, was posted on March 1, 2025. This letter serves as a direct narrative to owners, separate from the required GAAP figures. The Chairman's significant ownership stake reinforces this direct link; as of December 31, 2024, Mr. Biglari beneficially owned shares representing approximately 74.3% of the voting interest. His total compensation in 2024 was $1,354,596, a significant decrease from the $8,171,055 received in 2023, which is a key data point shareholders review.

Shareholders receive information through several channels:

• Annual Letters from the Chairman, posted on www.biglariholdings.com.
• Mandatory SEC filings, such as the Form 10-K for the year ended December 31, 2024.
• Proxy Statements, such as the one furnished for the meeting on April 16, 2025.
• Shareholder recommendations can be submitted to the Secretary at 19100 Ridgewood Parkway, Suite 1200, San Antonio, Texas 78259.

Biglari Holdings Inc. (BH) - Canvas Business Model: Channels

You're looking at how Biglari Holdings Inc. physically and digitally connects its diverse offerings to the customer base. It's a mix of brick-and-mortar, direct-to-consumer insurance sales, media reach, and capital markets access.

Physical restaurant locations for Steak n Shake and Western Sizzlin

The restaurant channel relies on physical sites for the Steak n Shake and Western Sizzlin' brands. Steak n Shake ended 2024 with 426 company-operated and franchise locations across 26 states plus the District of Columbia. The push to convert corporate-owned restaurants to franchisees continues; as of a recent report, franchisees operated 217 of the chain's 519 open restaurants. For international reach, Steak n Shake reported four locations in Italy and four locations in Portugal as of June 2025. Western Sizzlin' operates as a 54-unit chain, contributing to total restaurant revenues.

Direct sales force and agents for First Guard Insurance

First Guard Insurance Company, which Biglari Holdings Inc. acquired in 2014, uses a direct-to-trucker channel via its agency, 1st Guard Corporation. You get service directly from a person, not a computer system when you call. The channel emphasizes speed: your commercial truck insurance policy can be set up over the phone in just a few minutes. A key differentiator in this channel is the payment structure; 1st Guard charges premiums monthly, contrasting with many competitors who require 6 months of premium upfront to start a policy.

Digital and print distribution for Maxim magazine

The Maxim magazine channel targets a young men's lifestyle audience through both print and digital platforms. When Biglari Holdings Inc. acquired the brand in February 2014, it was reported to have the widest circulation of any men's magazine at almost two million readers. By 2014, MAXIM Digital reached more than 4 million unique viewers monthly. The print edition publishes 16 editions, sold in 75 countries worldwide.

Public equity markets (NYSE: BH.A; BH) for capital access

Biglari Holdings Inc. accesses capital and provides liquidity through its dual-class stock structure on the New York Stock Exchange. This channel is vital for funding acquisitions and managing the overall corporate structure. Here are the key figures as of December 5, 2025, for the Class A shares (BH.A) and Class B shares (BH).

Metric	Value (BH.A - Class A)	Value (BH - Class B)
Exchange Symbol	BH.A	BH
Closing Price (Dec 05, 2025)	$1,522.26	$304.33
Market Capitalization (Dec 05, 2025)	$944.701M
Shares Outstanding (Approximate)	620,592.00	N/A (Implied conversion factor)
Price/Sales (Trailing Twelve Months)	1.08	N/A

The Class A shares traded with a daily high of $1,599.36 and a low of $1,522.26 on December 5, 2025. The trading volume for that day was 20 thousand shares, equating to approximately $30.15 million in value.

The company's overall valuation metrics as of late 2025 include a Price/Earnings (Normalized) ratio of 27.60.

• The company's total full-time employees were listed as 2.5K.
• Q3 2025 Revenue was $99.74M, showing a 10.3% year-over-year change.
• Q3 2025 Gross Profit was $29.52M, with a Gross Margin of 29.60%.

Biglari Holdings Inc. (BH) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Biglari Holdings Inc. (BH) serves across its disparate operating businesses as of late 2025. The company's structure means these segments often have very different customer profiles, from individual investors to restaurant patrons.

Individual and institutional shareholders seeking a holding company structure.

This group is focused on the capital allocation strategy and the intrinsic value of Biglari Holdings Inc. (BH). As of September 30, 2025, the book value per Class A equivalent share stood at $2,244.26, with the Class B equivalent share book value at $448.85. The company noted its stock was trading at a discount to these per share book values. Ownership concentration remains high; for instance, data from March 2025 showed that Institutional Investors held 58.44% of the Ordinary Shares - Class B, an increase from 57.57% the prior month. Insiders maintained a holding of 56.44% as of March 2025. One analysis suggested ownership comprised 91.71% institutional shareholders and 382.56% insiders, reflecting the complex capital structure.

Mass-market consumers for quick-service dining.

These customers frequent the Steak n Shake and Western Sizzlin restaurants. The Steak n Shake brand showed strong momentum in the third quarter of 2025, with same-store sales (SSS) increasing by approximately 15% across domestic company-operated (+15.6%) and franchise locations (+14.8%). As of June 30, 2025, Biglari Holdings Inc. operated or franchised a total of 449 restaurants across both chains. For the first quarter of 2025, the restaurant operations segment generated revenue of $64.35M, resulting in an EBT (Earnings Before Taxes) of $3.31M.

Commercial vehicle operators for specialized insurance.

This segment is served by First Guard Insurance Company and Southern Pioneer Property & Casualty Insurance Company, focusing on commercial trucking insurance. The insurance business has a history of underwriting profitability, having generated $67.2 million pre-tax over its near eleven-year history up to year-end 2024. In the second quarter of 2025, the insurance segment reported a pre-tax underwriting gain of $1,234 (units not specified, but context suggests thousands). For the first quarter of 2025, First Guard's underwriting gain improved year-over-year to $1.215M.

Advertisers and subscribers for the Maxim media brand.

The Maxim segment targets young men with lifestyle media content. In the third quarter of 2025, this segment recorded revenue of $1.45M, but it operated at a loss, posting an EBT of -$1.11M, attributed partly to increased media costs for digital initiatives. The first quarter of 2025 showed a segment EBT of ($1,180). Historically, the brand reached nearly 9 million readers monthly and over 4 million unique digital viewers each month.

Oil and gas commodity buyers.

Customers in this segment purchase commodities from Southern Oil and Abraxas Petroleum. The oil and gas operations are sensitive to commodity prices. In the third quarter of 2025, this segment generated revenue of $7.37M and an EBT of $0.67M. The first quarter of 2025 saw a sharper performance, with EBT reaching $10.65M, which included a $9.32M gain from Abraxas selling undeveloped reserves.

Here's a quick look at the latest reported operational scale for the revenue-generating segments:

Segment	Latest Reported Revenue (2025)	Latest Reported EBT (2025)	Key Metric/Unit Count
Restaurant Operations	$64.35M (Q1 2025)	$3.31M (Q1 2025)	449 Total Units (Q2 2025)
Oil & Gas Operations	$7.37M (Q3 2025)	$0.67M (Q3 2025)	$9.32M Gain on Reserves (Q1 2025)
Maxim Media	$1.45M (Q3 2025)	-$1.11M (Q3 2025)	Historical reach: 9 million monthly readers

The insurance segment focuses on underwriting profit rather than premium volume as a primary metric, having achieved pre-tax underwriting profits totaling $67.2 million over its history through 2024.

Finance: draft 13-week cash view by Friday.

Biglari Holdings Inc. (BH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Biglari Holdings Inc.'s business, which is a mix of high-volume restaurant operations, specialized insurance underwriting, and corporate overhead. Honestly, understanding these costs is key to seeing where the cash is actually being spent before investment gains are factored in.

High Restaurant Cost of Sales (Food and Labor)

The restaurant segment, dominated by Steak n Shake, drives a significant portion of the operating costs. For the first quarter of 2025, the Restaurant cost of sales was reported at $34,421 thousand.

To give you a sense of the trend, that figure compares to $32,738 thousand in the first quarter of 2024.

We know that for company-operated units, the costs of food and labor are the main drivers. Furthermore, management noted that for franchise partners, their food and labor expenses were 1.8 percentage points higher during the first quarter of 2024 compared to the first quarter of 2023, which pressures the fees Biglari Holdings recognizes.

Insurance Losses and Underwriting Expenses for First Guard and Southern Pioneer

The insurance subsidiaries, First Guard Insurance Company and Southern Pioneer Property & Casualty Insurance Company, have costs tied directly to premiums written. For the first nine months of 2024, the Total losses and expenses for insurance operations amounted to $20,504 thousand.

Breaking that down, the Underwriting expenses component for the first nine months of 2024 was $8,114 thousand.

Southern Pioneer's cost structure shows sensitivity to claims; its ratio of losses and loss adjustment expenses to premiums earned was 59.9% for the first nine months of 2024. By contrast, First Guard's underwriting expense ratio for the same period was 39.2%.

General and Administrative Expenses for the Corporate Headquarters

Corporate overhead is centralized, which is by design to keep the subsidiary management decentralized. For the full year 2024, General and administrative expenses totaled $47,130 thousand.

This represented 18.7% of total revenue for 2024, an increase from 17.6% of total revenue in 2023.

The increase in 2024 G&A was mainly due to higher legal fees, fees related to Steak n Shake's new prototype, and contractual services.

Capital Expenditures for Restaurant and Oil/Gas Operations

Capital spending reflects investment in the physical assets across the restaurant and oil/gas segments. For the trailing twelve months ending in 2024, capital expenditures totaled approximately $26.05 million.

Looking at more recent quarterly data, Biglari Holdings used $19,894 thousand in net cash for investing activities in the first quarter of 2025, up from $11,242 thousand in the first quarter of 2024.

Here's a quick look at the cash usage in investing activities:

• Net cash used in investing activities (9M 2024): ($34,916 thousand)
• Net cash used in investing activities (Q1 2025): ($19,894 thousand)
• Net cash used in investing activities (Q1 2024): ($11,242 thousand)

Interest Expense on Debt, Including the $225 Million Steak n Shake Loan

The interest expense profile changed significantly in late 2025. On September 30, 2025, Steak n Shake Inc. secured a five-year loan of $225,000,000, which carries a fixed interest rate of 8.80% per annum.

This new debt is an obligation of Steak n Shake, but the proceeds were distributed to Biglari Holdings, and it replaced a terminated $75,000,000 line of credit.

The expected annual interest cost on this new principal alone is substantial. Here is the estimated interest expense for the final quarter of 2025 based on this new debt:

Debt Component	Principal Amount	Annual Interest Rate	Estimated Q4 2025 Interest Expense
Steak n Shake New Loan	$225,000,000	8.80%	$4,950,000
Interest on Obligations Under Leases (9M 2024)	N/A	N/A	Approx. $1,300,000 (based on Q1 2025 run-rate)

For context, interest on obligations under leases for the first nine months of 2024 was $3,870 thousand.

Biglari Holdings Inc. (BH) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Biglari Holdings Inc. (BH) as of late 2025, which clearly shows a mix of stable operating income and volatile investment results. Honestly, the company management defintely wants you to focus on the operating side, given how much investment fluctuations can mask performance.

The core restaurant segment, anchored by Steak n Shake, is showing tangible operational strength. You saw that same-store sales growth, which is key for mature concepts, hit a solid 15.0% increase for Q3 2025 across domestic company-operated and franchise-partner-operated locations. This operational momentum translated into segment pre-tax operating earnings of $6.854 million for the quarter, up from $3.272 million in Q3 2024.

Here's a quick breakdown of the revenue contributions by operating segment for the third quarter of 2025:

Revenue Stream Segment	Q3 2025 Revenue (in thousands)	Q3 2025 Segment EBT (in thousands)
Restaurants (Steak n Shake & Western Sizzlin)	$71,741	$5,800
Insurance Operations	$19,179	$5,247
Oil and Gas Operations	$7,372	$666
Brand Licensing (Maxim)	$1,446	-$1,110 (Loss)

The insurance business, covering property and casualty through subsidiaries like First Guard and Southern Pioneer, provides a steady stream from premiums and float. For Q3 2025, this segment generated $19.179 million in revenue, with a pre-tax underwriting gain of $4.54 million, a nice improvement from $2.28 million in the prior year's third quarter. The first nine months of 2025 saw the insurance segment contribute $6.73 million in net earnings.

Licensing and advertising revenue from Maxim Inc. is also a component, though it's currently a drag on segment profitability. Q3 2025 saw revenue jump to $1.446 million from just $0.202 million in Q3 2024, but it still resulted in an Earnings Before Taxes loss of -$1.11 million.

The oil and gas sales stream, primarily from Abraxas Petroleum, is subject to commodity prices. Q3 2025 revenue for this segment was $7.37 million, as you noted, down from $9.574 million year-over-year, with segment EBT falling to $0.666 million. For the first nine months of 2025, oil and gas revenue was $24.8 million.

Finally, the reported GAAP results are heavily influenced by investment performance, which is explicitly separated by management as not meaningful to core operations. The Q3 2025 results included a significant swing to a GAAP net loss of $5.29 million, contrasting sharply with the $32.125 million net income in Q3 2024. This loss was driven by investment partnership losses, which totaled $(14.406) million pre-tax for the quarter, with partnership losses contributing -$12.48 million to net earnings. Still, for the first nine months of 2025, the company posted net earnings of $12.365 million.

You should keep an eye on the insurance segment's underwriting gains and the restaurant segment's SSS growth; those are the clearest indicators of operational health. Finance: draft a sensitivity analysis on the impact of a 5% drop in oil/gas revenue on the next quarterly EBT by Tuesday.