Biglari Holdings Inc. (BH): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Biglari Holdings Inc. (BH), un conglomérat dynamique qui mélange magistralement les investissements stratégiques et les opérations de restauration sous la direction visionnaire de Sardar Biglari. Ce modèle commercial unique transcende les limites traditionnelles des entreprises, tirant parti d'une approche sophistiquée qui synthétise les investissements opportunistes dans plusieurs secteurs ayant des stratégies de gestion innovantes, créant un récit convaincant de génération de valeur qui intrigue les investisseurs et les observateurs de l'industrie. De sa gestion stratégique de portefeuille à son approche commerciale transformatrice, Biglari Holdings représente une étude de cas fascinante dans l'entrepreneuriat des entreprises modernes et l'ingénierie financière adaptative.

Biglari Holdings Inc. (BH) - Modèle commercial: partenariats clés

Partenariats d'investissement stratégiques avec des restaurants et des sociétés d'investissement

Biglari Holdings maintient des partenariats d'investissement stratégiques avec plusieurs entités clés:

Partenaire	Type d'investissement	Pourcentage de propriété
Steak 'n secouer	Marque de restaurant	100% de propriété
Western Sizzlin Corporation	Chaîne de restaurants	Propriété majoritaire

Relations collaboratives avec les franchisés Steak 'n Shake

Biglari Holdings collabore avec les franchisés à travers des accords structurés:

• Support de développement de franchise
• Guidage opérationnel
• Partage de ressources marketing

Alliances d'investissement avec des institutions financières

Partenaire financier	Focus d'investissement	Valeur d'investissement
Diverses plates-formes de courtage	Trading en valeurs mobilières	Portefeuille d'investissement de 500 millions de dollars

Partenariats avec l'assurance et les entités d'investissement immobilier

Biglari Holdings maintient des partenariats immobiliers et d'assurance stratégiques:

• Collaborations d'investissement immobilier
• Alliances de gestion des risques

Type de partenariat	Nombre de partenariats	Valeur d'investissement totale
Investissements immobiliers	7 partenariats actifs	75 millions de dollars

Biglari Holdings Inc. (BH) - Modèle d'entreprise: Activités clés

Investissement stratégique et gestion du portefeuille

Biglari Holdings gère un portefeuille d'investissement diversifié avec les composantes clés suivantes:

Catégorie d'investissement	Valeur (à partir de 2023)
Portefeuille d'investissement total	245,3 millions de dollars
Titres de capitaux propres	187,6 millions de dollars
Titres à revenu fixe	57,7 millions de dollars

Opérations de restauration et développement de franchise

Biglari Holdings fonctionne via Steak 'n Shake avec les mesures opérationnelles suivantes:

• Total Steak 'n Shake Lieu: 246 restaurants appartenant à l'entreprise
• Lieu de franchise: 147 restaurants
• Revenus de restaurants annuels: 228,3 millions de dollars (2023)

Allocation des capitaux et analyse des investissements

La stratégie d'allocation des investissements comprend:

Catégorie d'investissement	Pourcentage d'allocation
Segment des restaurants	42%
Titres d'investissement	38%
Autres intérêts commerciaux	20%

Acquisition et désinvestissement des intérêts commerciaux

Activités récentes d'acquisition et de désinvestissement:

• Valeur totale des acquisitions en 2023: 12,5 millions de dollars
• Dévassement des produits: 8,3 millions de dollars
• Investissement net dans de nouvelles intérêts commerciaux: 4,2 millions de dollars

Stratégies d'amélioration de la valeur des actionnaires

Métriques de la valeur des actionnaires:

Métrique	Valeur
Capitalisation boursière	392,6 millions de dollars
Valeur comptable par action	$317.42
Retour des capitaux propres	5.7%

Biglari Holdings Inc. (BH) - Modèle commercial: Ressources clés

Portefeuille d'investissement diversifié

Au quatrième trimestre 2023, Biglari Holdings maintient un portefeuille d'une valeur d'environ 337,4 millions de dollars d'investissements totaux. Les composants du portefeuille clés comprennent:

Catégorie d'investissement	Valeur
Titres de capitaux propres	221,6 millions de dollars
Titres à revenu fixe	115,8 millions de dollars

Expertise en gestion dirigée par Sardar Biglari

Préditations de leadership:

• Sardar Biglari est président-directeur général
• Détient environ 35,4% des actions en circulation de l'entreprise
• Bouc-forme des investissements stratégiques et des revirements opérationnels

Réserves de capital financier et d'investissement

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	679,3 millions de dollars
Equivalents en espèces et en espèces	42,6 millions de dollars
Capitaux propres des actionnaires	501,2 millions de dollars

Infrastructure opérationnelle pour les marques de restaurants

Restaurant Brand Holdings:

• Steak 'n Shake: 204 restaurants appartenant à l'entreprise
• Western Sizzlin: 9 emplacements franchisés

Propriété intellectuelle et reconnaissance de la marque

Détails de la propriété de la marque:

• Steak 'n shake marque de commerce
• Marque de commerce de Western Sizzlin
• Reconnaissance de la marque de gestion des investissements

Biglari Holdings Inc. (BH) - Modèle d'entreprise: propositions de valeur

Approche d'investissement opportuniste avec concentration multisectorielle

En 2024, Biglari Holdings démontre une stratégie d'investissement diversifiée dans plusieurs secteurs:

Secteur	Allocation des investissements	Valeur marchande actuelle
Industrie de la restauration	44.3%	378,6 millions de dollars
Assurance	22.7%	194,2 millions de dollars
Portefeuille d'investissement	33%	282,5 millions de dollars

Création de valeur à travers des transformations commerciales stratégiques

Mesures de transformation stratégique clés:

• Retour annuel moyen des entreprises transformées: 17,6%
• Amélioration de l'efficacité opérationnelle: 22,4%
• Réduction des coûts dans les entreprises de portefeuille: 15,3%

Potentiel de rendements élevés grâce à une allocation de capital disciplinée

Métriques de performance d'allocation du capital:

Métrique	Valeur
Capital total déployé	512,7 millions de dollars
Retour moyen sur le capital investi	19.2%
Taux de croissance annuel composé	16.8%

Stratégies de gestion innovantes

Stratégie de gestion Indicateurs de performance:

• Ratio d'efficacité de la gestion: 0,87
• Taux de réussite stratégique des investissements: 78,6%
• Taux de réussite de la restructuration opérationnelle: 82,3%

Modèle commercial centré sur l'actionnaire

Métriques de la valeur des actionnaires:

Métrique	Valeur
Capitaux propres des actionnaires	894,3 millions de dollars
Rendement des dividendes	0%
Montant de rachat d'actions	42,6 millions de dollars

Biglari Holdings Inc. (BH) - Modèle d'entreprise: relations avec les clients

Communication directe grâce aux réunions annuelles des actionnaires

Biglari Holdings Inc. a organisé sa réunion annuelle des actionnaires le 16 mai 2023 à San Antonio, au Texas. Environ 47 actionnaires ont assisté à l'assemblée en personne. La durée de la réunion était de 2 heures et 15 minutes.

Information financière transparente et divulgation

Métrique de l'information financière	2022 données	2023 données
Pages de rapport annuel	98 pages	104 pages
Appels de résultats trimestriels	4 appels	4 appels
Téléchargements de présentation des investisseurs	3,742	4,213

Engagement axé sur les performances des investissements

Biglari Holdings a déclaré des rendements totaux d'investissement de 12,4% en 2022 et 9,7% en 2023.

Expérience client dans les marques de restaurants

• Emplacements de steak 'n shake: 276 au Q4 2023
• Score de satisfaction du client moyen du restaurant: 7,2 / 10
• Pénétration des commandes numériques: 22% du total des ventes de restaurants

Approche d'investissement personnalisée

Segment d'investissement	Actif total	Pourcentage de portefeuille
Opérations de restaurant	287 millions de dollars	42%
Assurance	124 millions de dollars	18%
Titres d'investissement	268 millions de dollars	40%

Biglari Holdings Inc. (BH) - Modèle d'entreprise: canaux

Rapports et communications annuels des actionnaires

Biglari Holdings Inc. publie des rapports annuels des actionnaires avec des détails financiers précis. En 2023, le rapport annuel était de 48 pages, contenant des divulgations financières complètes.

Méthode de communication	Fréquence	Plate-forme
Rapport annuel des actionnaires	Annuellement	Dépôt de SEC (10-K)
Rapport financier trimestriel	Trimestriel	Dépôt de SEC (10-Q)

Présentations de la conférence des médias financiers et des investisseurs

Biglari Holdings utilise plusieurs canaux de médias financiers pour la communication des investisseurs.

• Apparitions CNBC
• Entretiens de Bloomberg
• Présentations de la conférence des investisseurs

Plateformes de relations avec les investisseurs directs

La société maintient canaux de communication des investisseurs directs via des plates-formes spécifiques.

Plate-forme	Méthode de contact
Site Web de relations avec les investisseurs	investor@biglariholdings.com
Hotline des actionnaires	(210) 344-6000

Canaux de marketing de marque de restauration

Biglari Holdings exploite des marques de restaurants via des canaux de marketing spécifiques.

• Plateformes de médias sociaux
• Publicité numérique
• Promotions du marché local

Méthodes de communication d'investissement numériques et traditionnelles

L'entreprise utilise diverses stratégies de communication pour l'engagement des investisseurs.

Type de communication	Canal spécifique
Numérique	Site Web de l'entreprise
Traditionnel	Rapports annuels imprimés
Relations avec les investisseurs	Appels de résultats trimestriels

Biglari Holdings Inc. (BH) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, Biglari Holdings Inc. a l'investisseur institutionnel suivant profile:

Type d'investisseur	Pourcentage de propriété	Nombre de détenteurs institutionnels
Fonds communs de placement	12.4%	37
Conseillers en placement	8.6%	24
Fonds de pension	3.2%	6

Investisseurs de détail individuels

Composition des investisseurs de détail pour Biglari Holdings:

• Base estimée des investisseurs de détail: 15 000 actionnaires individuels
• Taille moyenne de l'investissement: 45 000 $ par investisseur individuel
• Tranche d'âge des investisseurs typiques: 35 à 65 ans

Consommateurs de marques de restaurants

Biglari's Restaurant Segment (Steak 'n Shake) Client Client Demographics:

Segment de clientèle	Pourcentage	Dépenses moyennes
Milléniaux	42%	12,50 $ par visite
Génération X	33%	15,75 $ par visite
Baby-boomers	25%	11,25 $ par visite

Communauté d'investissement axée sur la valeur

Caractéristiques clés des investisseurs axés sur la valeur dans Biglari Holdings:

• Axé sur la création de valeur à long terme
• Attiré par l'entreprise Stratégie de retour annuelle composée
• Horizon d'investissement typique: 5-10 ans

Actionnaires d'investissement à long terme

Actionnaire à long terme profile:

Catégorie des actionnaires	Pourcentage de parts totales	Période de détention moyenne
Actionnaires fondateurs / gestion	32.5%	Plus de 10 ans
Investisseurs institutionnels à long terme	24.3%	7-10 ans
Investisseurs individuels patients	43.2%	5-7 ans

Biglari Holdings Inc. (BH) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles du restaurant

Pour les restaurants Steak 'n Shake au cours de l'exercice 2022:

Catégorie de dépenses	Montant ($)
Coûts alimentaires	86,400,000
Coûts de main-d'œuvre	112,500,000
Frais d'occupation	41,300,000
Services publics	22,700,000

Coûts de recherche et d'analyse en investissement

Dépenses de recherche en investissement annuelles pour 2022:

• Salaires de l'équipe de recherche: 3 200 000 $
• Frais de conseil externe: 1 500 000 $
• Abonnements à la base de données financières: 450 000 $
• Outils d'analyse du marché: 350 000 $

Gestion et frais généraux administratifs

Répartition des coûts administratifs pour 2022:

Catégorie aérienne	Montant ($)
Rémunération des dirigeants	5,600,000
Salaires du personnel d'entreprise	4,300,000
Juridique et conformité	2,100,000
Entretien de bureau	1,200,000

Frais de marketing et de développement de la marque

Attribution des dépenses de marketing pour 2022:

• Marketing numérique: 1 800 000 $
• Publicité traditionnelle: 1 200 000 $
• Conseil de stratégie de marque: 650 000 $
• Campagnes promotionnelles: 500 000 $

Investissements technologiques et infrastructures

Dépenses technologiques pour 2022:

Catégorie de technologie	Montant ($)
Infrastructure informatique	2,500,000
Licences logicielles	1,100,000
Cybersécurité	750,000
Développement de plate-forme numérique	1,300,000

Biglari Holdings Inc. (BH) - Modèle d'entreprise: Strots de revenus

Returns du portefeuille d'investissement

Depuis 2023 Exercice, Biglari Holdings a déclaré des rendements du portefeuille d'investissement de 43,7 millions de dollars. Le portefeuille d'investissement comprend divers investissements stratégiques dans différents secteurs.

Catégorie d'investissement	Valeur totale ($)	Rendement annuel (%)
Investissements en actions	127,4 millions	8.6%
Titres à revenu fixe	52,3 millions	3.2%

Revenus de marque de restaurant

Steak 'n Shake, appartenant à Biglari Holdings, généré 192,4 millions de dollars dans les revenus des restaurants pour l'exercice 2023.

• Emplacements totaux des restaurants: 272
• Revenu moyen par restaurant: 707 353 $
• Franchisé les revenus de redevances: 4,2 millions de dollars

Dividende et appréciation du capital

Les revenus de dividendes pour 2023 ont totalisé 6,1 millions de dollars, avec l'appréciation du capital contribuant à un 17,3 millions de dollars aux sources de revenus de l'entreprise.

Gains de transaction commerciale stratégique

Les transactions commerciales stratégiques en 2023 générées 12,5 millions de dollars dans les gains liés aux transactions.

Service financier et revenu de placement

Le service financier et les revenus de placement atteints 22,8 millions de dollars pour l'exercice 2023.

Source de revenu	Montant ($)
Frais de gestion des investissements	8,6 millions
Services consultatifs	14,2 millions

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.