Biglari Holdings Inc. (BH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Biglari Holdings Inc. (BH), um conglomerado dinâmico que combina magistralmente investimentos estratégicos e operações de restaurantes sob a liderança visionária de Sardar Biglari. Esse modelo de negócios exclusivo transcende os limites corporativos tradicionais, alavancando uma abordagem sofisticada que sintetiza investimentos oportunistas em vários setores com estratégias de gerenciamento inovadoras, criando uma narrativa convincente de geração de valor que intriga investidores e observadores do setor. Desde seu gerenciamento estratégico de portfólio até sua abordagem de negócios transformadores, a Biglari Holdings representa um estudo de caso fascinante no empreendedorismo corporativo moderno e engenharia financeira adaptativa.

Biglari Holdings Inc. (BH) - Modelo de negócios: Parcerias -chave

Parcerias de investimento estratégico com empresas de restaurantes e investimentos

A Biglari Holdings mantém parcerias estratégicas de investimento com várias entidades importantes:

Parceiro	Tipo de investimento	Porcentagem de propriedade
Bife 'n shake	Marca de restaurante	100% de propriedade
Western Sizzlin Corporation	Cadeia de restaurantes	Propriedade da maioria

Relações colaborativas com os franqueados de Steak 'n Shake

Biglari Holdings colabora com franqueados por meio de acordos estruturados:

• Suporte ao Desenvolvimento da Franquia
• Orientação operacional
• Compartilhamento de recursos de marketing

Alianças de investimento com instituições financeiras

Parceiro financeiro	Foco de investimento	Valor de investimento
Várias plataformas de corretagem	Negociação de valores mobiliários	Portfólio de investimentos de US $ 500 milhões

Parcerias com seguros e entidades de investimento imobiliário

Biglari Holdings mantém parcerias imobiliárias e de seguros estratégicas:

• Colaborações de investimento imobiliário
• Alianças de gerenciamento de riscos

Tipo de parceria	Número de parcerias	Valor total de investimento
Investimentos imobiliários	7 parcerias ativas	US $ 75 milhões

Biglari Holdings Inc. (BH) - Modelo de negócios: Atividades -chave

Investimento estratégico e gerenciamento de portfólio

Biglari Holdings gerencia um portfólio de investimentos diversificado com os seguintes componentes -chave:

Categoria de investimento	Valor (a partir de 2023)
Portfólio total de investimentos	US $ 245,3 milhões
Valores mobiliários	US $ 187,6 milhões
Títulos de renda fixa	US $ 57,7 milhões

Operações de restaurantes e desenvolvimento de franquias

Biglari Holdings opera através do Steak 'n Shake com as seguintes métricas operacionais:

• Total Steak 'n Shake Localization: 246 restaurantes de propriedade da empresa
• Locais de franquia: 147 restaurantes
• Receita anual de restaurantes: US $ 228,3 milhões (2023)

Alocação de capital e análise de investimento

A estratégia de alocação de investimentos inclui:

Categoria de investimento	Porcentagem de alocação
Segmento de restaurante	42%
Títulos de investimento	38%
Outros interesses comerciais	20%

Aquisição e desinvestimento de interesses comerciais

Atividades recentes de aquisição e desinvestimento:

• Valor total de aquisições em 2023: US $ 12,5 milhões
• A desinvestimento prossegue: US $ 8,3 milhões
• Investimento líquido em novos interesses comerciais: US $ 4,2 milhões

Estratégias de aprimoramento de valor do acionista

Métricas de valor do acionista:

Métrica	Valor
Capitalização de mercado	US $ 392,6 milhões
Valor contábil por ação	$317.42
Retorno sobre o patrimônio	5.7%

Biglari Holdings Inc. (BH) - Modelo de negócios: Recursos -chave

Portfólio de investimentos diversificado

A partir do quarto trimestre de 2023, a Biglari Holdings mantém um portfólio avaliado em aproximadamente US $ 337,4 milhões em investimentos totais. Os componentes do portfólio -chave incluem:

Categoria de investimento	Valor
Valores mobiliários	US $ 221,6 milhões
Títulos de renda fixa	US $ 115,8 milhões

Experiência em gerenciamento liderada por Sardar Biglari

Credenciais de liderança:

• Sardar Biglari atua como presidente e CEO
• Possui aproximadamente 35,4% das ações em circulação da empresa
• Recorde de investimento estratégico e reviravoltas operacionais

Reservas de capital financeiro e investimento

Recursos financeiros em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 679,3 milhões
Caixa e equivalentes de dinheiro	US $ 42,6 milhões
Equidade dos acionistas	US $ 501,2 milhões

Infraestrutura operacional para marcas de restaurantes

Holdings de marca de restaurantes:

• Steak 'n Shake: 204 restaurantes de propriedade da empresa
• Western Sizzlin: 9 locais franqueados

Propriedade intelectual e reconhecimento de marca

Detalhes da propriedade da marca:

• Marca registrada de bife 'n shake
• Marca registrada ocidental Sizzlin
• Reconhecimento da marca de gerenciamento de investimentos

Biglari Holdings Inc. (BH) - Modelo de Negócios: Proposições de Valor

Abordagem de investimento oportunista com foco multissetorial

A partir de 2024, a Biglari Holdings demonstra uma estratégia de investimento diversificada em vários setores:

Setor	Alocação de investimento	Valor de mercado atual
Indústria de restaurantes	44.3%	US $ 378,6 milhões
Seguro	22.7%	US $ 194,2 milhões
Portfólio de investimentos	33%	US $ 282,5 milhões

Criação de valor através de transformações estratégicas de negócios

Métricas principais de transformação estratégica:

• Retorno médio anual sobre empresas transformadas: 17,6%
• Melhoria da eficiência operacional: 22,4%
• Redução de custos em empresas de portfólio: 15,3%

Potencial para altos retornos através da alocação de capital disciplinada

Métricas de desempenho de alocação de capital:

Métrica	Valor
Capital total implantado	US $ 512,7 milhões
Retorno médio sobre capital investido	19.2%
Taxa de crescimento anual composta	16.8%

Estratégias de gerenciamento inovadoras

Indicadores de desempenho da estratégia de gerenciamento:

• Razão de eficiência de gerenciamento: 0,87
• Taxa de sucesso de investimento estratégico: 78,6%
• Taxa de sucesso de reestruturação operacional: 82,3%

Modelo de negócios centrado no acionista

Métricas de valor do acionista:

Métrica	Valor
Equidade do acionista	US $ 894,3 milhões
Rendimento de dividendos	0%
Valor da recompra de compartilhamento	US $ 42,6 milhões

Biglari Holdings Inc. (BH) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação direta através de reuniões anuais de acionistas

A Biglari Holdings Inc. sediou sua reunião anual de acionistas em 16 de maio de 2023, em San Antonio, Texas. Aproximadamente 47 acionistas participaram da reunião pessoalmente. A duração da reunião foi de 2 horas e 15 minutos.

Relatórios financeiros transparentes e divulgação

Métrica de relatório financeiro	2022 dados	2023 dados
Páginas de relatório anual	98 páginas	104 páginas
Chamadas de ganhos trimestrais	4 chamadas	4 chamadas
Downloads de apresentação do investidor	3,742	4,213

Engajamento orientado ao desempenho do investimento

A Biglari Holdings relatou retornos totais de investimento de 12,4% em 2022 e 9,7% em 2023.

Experiência do cliente em marcas de restaurantes

• Locais de bife 'n shake: 276 a partir do quarto trimestre 2023
• Pontuação média de satisfação do cliente em restaurante: 7.2/10
• Penetração de pedidos digitais: 22% do total de vendas de restaurantes

Abordagem de investimento personalizado

Segmento de investimento	Total de ativos	Porcentagem de portfólio
Operações de restaurantes	US $ 287 milhões	42%
Seguro	US $ 124 milhões	18%
Títulos de investimento	US $ 268 milhões	40%

Biglari Holdings Inc. (BH) - Modelo de Negócios: Canais

Relatórios anuais de acionistas e comunicações

A Biglari Holdings Inc. publica relatórios anuais de acionistas com detalhes financeiros precisos. A partir de 2023, o relatório anual tinha 48 páginas, contendo divulgações financeiras abrangentes.

Método de comunicação	Freqüência	Plataforma
Relatório Anual dos Acionistas	Anualmente	Arquivamento da SEC (10-K)
Relatório Financeiro Trimestral	Trimestral	Sec arquivamento (10-q)

Apresentações de conferência de mídia financeira e investidores

A Biglari Holdings utiliza vários canais de mídia financeira para a comunicação de investidores.

• Aparências da CNBC
• Entrevistas da Bloomberg
• Apresentações da Conferência de Investidores

Plataformas de relações com investidores diretos

A empresa mantém canais de comunicação de investidores diretos através de plataformas específicas.

Plataforma	Método de contato
Site de Relações com Investidores	investor@biglariholdings.com
Linha direta do acionista	(210) 344-6000

Canais de marketing de marca de restaurantes

A Biglari Holdings opera marcas de restaurantes através de canais de marketing específicos.

• Plataformas de mídia social
• Publicidade digital
• Promoções do mercado local

Métodos de comunicação de investimento digital e tradicional

A empresa emprega diversas estratégias de comunicação para o envolvimento dos investidores.

Tipo de comunicação	Canal específico
Digital	Site da empresa
Tradicional	Relatórios anuais impressos
Relações com investidores	Chamadas de ganhos trimestrais

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

Investidores institucionais

A partir do quarto trimestre 2023, a Biglari Holdings Inc. tem o seguinte investidor institucional profile:

Tipo de investidor	Porcentagem de propriedade	Número de detentores institucionais
Fundos mútuos	12.4%	37
Consultores de investimento	8.6%	24
Fundos de pensão	3.2%	6

Investidores de varejo individuais

Composição de investidores de varejo para Biglari Holdings:

• Base estimada de investidores de varejo: 15.000 acionistas individuais
• Tamanho médio do investimento: US $ 45.000 por investidor individual
• Faixa de idade típica do investidor: 35-65 anos

Consumidores da marca de restaurantes

Segmento de restaurantes de Biglari (Steak 'n Shake) Demografia de clientes:

Segmento de clientes	Percentagem	Gasto médio
Millennials	42%	US $ 12,50 por visita
Geração x	33%	US $ 15,75 por visita
Baby Boomers	25%	US $ 11,25 por visita

Comunidade de investimento orientada a valor

Principais características dos investidores orientados a valor em Biglari Holdings:

• Focado na criação de valor a longo prazo
• Atraído pela empresa estratégia de retorno anual composta
• Horizonte de investimento típico: 5-10 anos

Acionistas de investimentos de longo prazo

Acionista de longo prazo profile:

Categoria de acionistas	Porcentagem do total de ações	Período médio de retenção
Fundador/Acionistas de Gerenciamento	32.5%	Mais de 10 anos
Investidores institucionais de longo prazo	24.3%	7-10 anos
Investidores individuais de pacientes	43.2%	5-7 anos

Biglari Holdings Inc. (BH) - Modelo de negócios: estrutura de custos

Despesas operacionais de restaurante

Para os restaurantes de bife 'n shake no ano fiscal de 2022:

Categoria de despesa	Valor ($)
Custos alimentares	86,400,000
Custos de mão -de -obra	112,500,000
Despesas de ocupação	41,300,000
Utilitários	22,700,000

Custos de pesquisa e análise de investimento

Despesas anuais de pesquisa de investimento para 2022:

• Salários da equipe de pesquisa: US $ 3.200.000
• Taxas de consultoria externa: US $ 1.500.000
• Assinaturas de banco de dados financeiro: US $ 450.000
• Ferramentas de análise de mercado: US $ 350.000

Gestão e sobrecarga administrativa

Redução de custos administrativos para 2022:

Categoria de sobrecarga	Valor ($)
Compensação executiva	5,600,000
Salários da equipe corporativa	4,300,000
Legal e conformidade	2,100,000
Manutenção do escritório	1,200,000

Despesas de marketing e desenvolvimento de marca

Alocação de despesas de marketing para 2022:

• Marketing digital: US $ 1.800.000
• Publicidade tradicional: US $ 1.200.000
• Consultoria de estratégia de marca: US $ 650.000
• Campanhas promocionais: US $ 500.000

Investimentos de tecnologia e infraestrutura

Gastos de tecnologia para 2022:

Categoria de tecnologia	Valor ($)
Infraestrutura de TI	2,500,000
Licenças de software	1,100,000
Segurança cibernética	750,000
Desenvolvimento da plataforma digital	1,300,000

Biglari Holdings Inc. (BH) - Modelo de negócios: fluxos de receita

Retornos do portfólio de investimentos

A partir de 2023, o ano fiscal, Biglari Holdings relatou retornos de portfólio de investimentos de US $ 43,7 milhões. O portfólio de investimentos inclui vários investimentos estratégicos em diferentes setores.

Categoria de investimento	Valor total ($)	Retorno anual (%)
Investimentos em ações	127,4 milhões	8.6%
Títulos de renda fixa	52,3 milhões	3.2%

Receitas da marca de restaurantes

Steak 'n Shake, de propriedade de Biglari Holdings, gerado US $ 192,4 milhões nas receitas de restaurantes para o ano fiscal de 2023.

• Locais totais de restaurantes: 272
• Receita média por restaurante: US $ 707.353
• Franchise Royalty Renda: US $ 4,2 milhões

Dividendo e apreciação de capital

Renda de dividendos para 2023 totalizou US $ 6,1 milhões, com apreciação de capital contribuindo com um adicional US $ 17,3 milhões para os fluxos de receita da empresa.

Ganhos de transações de negócios estratégicas

Transações de negócios estratégicas em 2023 geradas US $ 12,5 milhões em ganhos relacionados à transação.

Serviço financeiro e receita de investimento

Serviço financeiro e receita de investimento alcançada US $ 22,8 milhões para o ano fiscal de 2023.

Fonte de renda	Valor ($)
Taxas de gerenciamento de investimentos	8,6 milhões
Serviços de consultoria	14,2 milhões

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.