Biglari Holdings Inc. (BH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Biglari Holdings Inc. (BH), un conglomerado dinámico que combina magistralmente inversiones estratégicas y operaciones de restaurantes bajo el liderazgo visionario de Sardar Biglari. Este modelo comercial único trasciende los límites corporativos tradicionales, aprovechando un enfoque sofisticado que sintetiza inversiones oportunistas en múltiples sectores con estrategias de gestión innovadores, creando una narrativa convincente de generación de valor que intriga a los inversores y observadores de la industria por igual. Desde su gestión estratégica de cartera hasta su enfoque comercial transformador, Biglari Holdings representa un estudio de caso fascinante en el emprendimiento corporativo moderno y la ingeniería financiera adaptativa.

Biglari Holdings Inc. (BH) - Modelo de negocio: asociaciones clave

Asociaciones de inversión estratégica con empresas de restaurantes y inversiones

Biglari Holdings mantiene asociaciones estratégicas de inversión con varias entidades clave:

Pareja	Tipo de inversión	Porcentaje de propiedad
Filete 'n batido	Marca de restaurantes	100% de propiedad
Western Sizzlin Corporation	Cadena de restaurantes	Propiedad mayoritaria

Relaciones colaborativas con los franquiciados de Steak 'n Shake

Biglari Holdings colabora con franquiciados a través de acuerdos estructurados:

• Soporte de desarrollo de franquicias
• Guía operacional
• Compartir recursos de marketing

Alianzas de inversión con instituciones financieras

Socio financiero	Enfoque de inversión	Valor de inversión
Varias plataformas de corretaje	Negociación de valores	Cartera de inversiones de $ 500 millones

Asociaciones con entidades de inversión inmobiliaria y seguros

Biglari Holdings mantiene asociaciones estratégicas de bienes raíces y seguros:

• Colaboraciones de inversión inmobiliaria
• Alianzas de gestión de riesgos

Tipo de asociación	Número de asociaciones	Valor de inversión total
Inversiones inmobiliarias	7 asociaciones activas	$ 75 millones

Biglari Holdings Inc. (BH) - Modelo de negocio: actividades clave

Inversión estratégica y gestión de cartera

Biglari Holdings administra una cartera de inversiones diversificada con los siguientes componentes clave:

Categoría de inversión	Valor (a partir de 2023)
Cartera de inversiones totales	$ 245.3 millones
Valores de renta variable	$ 187.6 millones
Valores de renta fija	$ 57.7 millones

Operaciones de restaurantes y desarrollo de franquicias

Biglari Holdings funciona a través de Steak 'N Shake con las siguientes métricas operativas:

• Total Steak 'n Shake Ubations: 246 Restaurantes propiedad de la empresa
• Ubicaciones de franquicias: 147 restaurantes
• Ingresos anuales del restaurante: $ 228.3 millones (2023)

Asignación de capital y análisis de inversiones

La estrategia de asignación de inversiones incluye:

Categoría de inversión	Porcentaje de asignación
Segmento de restaurantes	42%
Valores de inversión	38%
Otros intereses comerciales	20%

Adquisición y desinversión de intereses comerciales

Actividades recientes de adquisición y desinversión:

• Valor de adquisiciones totales en 2023: $ 12.5 millones
• Activos de desinversión: $ 8.3 millones
• Inversión neta en nuevos intereses comerciales: $ 4.2 millones

Estrategias de mejora del valor de los accionistas

Métricas de valor de los accionistas:

Métrico	Valor
Capitalización de mercado	$ 392.6 millones
Valor en libros por acción	$317.42
Retorno sobre la equidad	5.7%

Biglari Holdings Inc. (BH) - Modelo de negocio: recursos clave

Cartera de inversiones diversificada

A partir del cuarto trimestre de 2023, Biglari Holdings mantiene una cartera valorada en aproximadamente $ 337.4 millones en inversiones totales. Los componentes de la cartera de clave incluyen:

Categoría de inversión	Valor
Valores de renta variable	$ 221.6 millones
Valores de renta fija	$ 115.8 millones

Experiencia de gestión dirigida por Sardar Biglari

Credenciales de liderazgo:

• Sardar Biglari sirve como presidente y CEO
• Posee aproximadamente el 35.4% de las acciones en circulación de la compañía
• Huella de inversiones estratégicas y cambios operativos

Reservas de capital financiero y inversión

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 679.3 millones
Equivalentes de efectivo y efectivo	$ 42.6 millones
Patrimonio de los accionistas	$ 501.2 millones

Infraestructura operativa para marcas de restaurantes

Partes de la marca de restaurantes:

• Steak 'N Shake: 204 restaurantes propiedad de la compañía
• Western Sizzlin: 9 ubicaciones franquiciadas

Propiedad intelectual y reconocimiento de marca

Detalles de la propiedad de la marca:

• Marcas de filete y marcar marca registrada
• Marca registrada de Western Sizzlin
• Reconocimiento de marca de gestión de inversiones

Biglari Holdings Inc. (BH) - Modelo de negocio: propuestas de valor

Enfoque de inversión oportunista con enfoque multisectorial

A partir de 2024, Biglari Holdings demuestra una estrategia de inversión diversificada en múltiples sectores:

Sector	Asignación de inversión	Valor de mercado actual
Industria de restaurantes	44.3%	$ 378.6 millones
Seguro	22.7%	$ 194.2 millones
Cartera de inversiones	33%	$ 282.5 millones

Creación de valor a través de transformaciones comerciales estratégicas

Métricas de transformación estratégica clave:

• Retorno anual promedio de las empresas transformadas: 17.6%
• Mejora de la eficiencia operativa: 22.4%
• Reducción de costos en compañías de cartera: 15.3%

Potencial para altos rendimientos a través de la asignación de capital disciplinado

Métricas de rendimiento de asignación de capital:

Métrico	Valor
Capital total desplegado	$ 512.7 millones
Rendimiento promedio de capital invertido	19.2%
Tasa de crecimiento anual compuesta	16.8%

Estrategias de gestión innovadora

Indicadores de rendimiento de la estrategia de gestión:

• Relación de eficiencia de gestión: 0.87
• Tasa de éxito de la inversión estratégica: 78.6%
• Tasa de éxito de reestructuración operacional: 82.3%

Modelo de negocio centrado en los accionistas

Métricas de valor de los accionistas:

Métrico	Valor
Patrimonio de los accionistas	$ 894.3 millones
Rendimiento de dividendos	0%
Cantidad de recompra de acciones	$ 42.6 millones

Biglari Holdings Inc. (BH) - Modelo de negocios: relaciones con los clientes

Comunicación directa a través de reuniones anuales de accionistas

Biglari Holdings Inc. organizó su reunión anual de accionistas el 16 de mayo de 2023 en San Antonio, Texas. Aproximadamente 47 accionistas asistieron a la reunión en persona. La duración de la reunión fue de 2 horas y 15 minutos.

Información financiera transparente y divulgación

Métrica de informes financieros	Datos 2022	2023 datos
Páginas de informes anuales	98 páginas	104 páginas
Llamadas de ganancias trimestrales	4 llamadas	4 llamadas
Descargas de presentación de inversores	3,742	4,213

Compromiso basado en el rendimiento de la inversión

Biglari Holdings reportó rendimientos de inversión totales de 12.4% en 2022 y 9.7% en 2023.

Experiencia del cliente en marcas de restaurantes

• Lugar de bistec 'n Shake: 276 a partir del cuarto trimestre 2023
• Puntaje promedio de satisfacción del cliente del restaurante: 7.2/10
• Penetración de pedidos digitales: 22% de las ventas totales de restaurantes

Enfoque de inversión personalizado

Segmento de inversión	Activos totales	Porcentaje de cartera
Operaciones de restaurantes	$ 287 millones	42%
Seguro	$ 124 millones	18%
Valores de inversión	$ 268 millones	40%

Biglari Holdings Inc. (BH) - Modelo de negocios: canales

Informes y comunicaciones de accionistas anuales

Biglari Holdings Inc. publica informes anuales de accionistas con detalles financieros precisos. A partir de 2023, el informe anual tenía 48 páginas, que contenía divulgaciones financieras integrales.

Método de comunicación	Frecuencia	Plataforma
Informe anual de accionistas	Anualmente	SEC Presentación (10-K)
Informe financiero trimestral	Trimestral	SEC Presentación (10-Q)

Presentaciones de la conferencia de medios financieros y de inversores

Biglari Holdings utiliza múltiples canales de medios financieros para la comunicación de los inversores.

• Apariciones de CNBC
• Entrevistas de Bloomberg
• Presentaciones de la conferencia de inversores

Plataformas directas de relaciones con los inversores

La empresa mantiene canales de comunicación de inversores directos a través de plataformas específicas.

Plataforma	Método de contacto
Sitio web de relaciones con los inversores	investor@biglariholdings.com
Línea directa de accionistas	(210) 344-6000

Canales de marketing de marca de restaurantes

Biglari Holdings opera marcas de restaurantes a través de canales de comercialización específicos.

• Plataformas de redes sociales
• Publicidad digital
• Promociones del mercado local

Métodos de comunicación de inversión digital y tradicional

La compañía emplea diversas estrategias de comunicación para la participación de los inversores.

Tipo de comunicación	Canal específico
Digital	Sitio web de la empresa
Tradicional	Informes anuales impresos
Relaciones con inversores	Llamadas de ganancias trimestrales

Biglari Holdings Inc. (BH) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Biglari Holdings Inc. tiene el siguiente inversor institucional profile:

Tipo de inversor	Porcentaje de propiedad	Número de titulares institucionales
Fondos mutuos	12.4%	37
Asesores de inversiones	8.6%	24
Fondos de pensiones	3.2%	6

Inversores minoristas individuales

Composición de inversores minoristas para Biglari Holdings:

• Base de inversores minoristas estimados: 15,000 accionistas individuales
• Tamaño promedio de la inversión: $ 45,000 por inversor individual
• Rango típico de la edad del inversor: 35-65 años

Consumidores de marca de restaurantes

Biglari's Restaurant Segment (Steak 'n Shake) Demografía de clientes:

Segmento de clientes	Porcentaje	Gasto promedio
Millennials	42%	$ 12.50 por visita
Generación X	33%	$ 15.75 por visita
Baby boomers	25%	$ 11.25 por visita

Comunidad de inversión orientada al valor

Características clave de los inversores orientados al valor en las tenencias de Biglari:

• Centrado en la creación de valor a largo plazo
• Atraído por la empresa Estrategia de retorno anual compuesta
• Horizonte de inversión típico: 5-10 años

Accionistas de inversión a largo plazo

Accionista a largo plazo profile:

Categoría de accionistas	Porcentaje de acciones totales	Período promedio de tenencia
Fundadores/accionistas de gestión	32.5%	Más de 10 años
Inversores institucionales a largo plazo	24.3%	7-10 años
Pacientes inversores individuales	43.2%	5-7 años

Biglari Holdings Inc. (BH) - Modelo de negocio: Estructura de costos

Gastos operativos del restaurante

Para los restaurantes de Steak 'n Shake en el año fiscal 2022:

Categoría de gastos	Monto ($)
Costos de alimentos	86,400,000
Costos laborales	112,500,000
Gastos de ocupación	41,300,000
Utilidades	22,700,000

Costos de investigación y análisis de inversiones

Gastos anuales de investigación de inversiones para 2022:

• Salarios del equipo de investigación: $ 3,200,000
• Tarifas de consultoría externa: $ 1,500,000
• Suscripciones de bases de datos financieras: $ 450,000
• Herramientas de análisis de mercado: $ 350,000

Gestión y gastos generales administrativos

Desglose de costos administrativos para 2022:

Categoría de gastos generales	Monto ($)
Compensación ejecutiva	5,600,000
Salarios del personal corporativo	4,300,000
Legal y cumplimiento	2,100,000
Mantenimiento de la oficina	1,200,000

Gastos de marketing y desarrollo de la marca

Asignación de gastos de marketing para 2022:

• Marketing digital: $ 1,800,000
• Publicidad tradicional: $ 1,200,000
• Consultoría de estrategia de marca: $ 650,000
• Campañas promocionales: $ 500,000

Inversiones de tecnología e infraestructura

Gasto tecnológico para 2022:

Categoría de tecnología	Monto ($)
Infraestructura	2,500,000
Licencias de software	1,100,000
Ciberseguridad	750,000
Desarrollo de plataforma digital	1,300,000

Biglari Holdings Inc. (BH) - Modelo de negocios: flujos de ingresos

Rendimientos de la cartera de inversiones

A partir del año fiscal 2023, Biglari Holdings informó rendimientos de la cartera de inversiones de $ 43.7 millones. La cartera de inversiones incluye varias inversiones estratégicas en diferentes sectores.

Categoría de inversión	Valor total ($)	Retorno anual (%)
Inversiones de renta variable	127.4 millones	8.6%
Valores de renta fija	52.3 millones	3.2%

Ingresos de la marca de restaurantes

Steak 'n Shake, propiedad de Biglari Holdings, generado $ 192.4 millones en ingresos de restaurantes para el año fiscal 2023.

• Ubicaciones totales de restaurantes: 272
• Ingresos promedio por restaurante: $ 707,353
• Ingresos de regalías de franquicia: $ 4.2 millones

Dividendo y apreciación de capital

Los ingresos por dividendos para 2023 totalizaron $ 6.1 millones, con apreciación de capital contribuyendo con un adicional $ 17.3 millones a las fuentes de ingresos de la compañía.

Ganancias estratégicas de transacción comercial

Transacciones comerciales estratégicas en 2023 generadas $ 12.5 millones en ganancias relacionadas con la transacción.

Servicio financiero e ingresos por inversiones

Servicio financiero e ingresos de inversión alcanzados $ 22.8 millones para el año fiscal 2023.

Fuente de ingresos	Monto ($)
Tarifas de gestión de inversiones	8.6 millones
Servicios de asesoramiento	14.2 millones

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.