Reported Earnings • May 11
First quarter 2026 earnings released: US$55.81 loss per share (vs US$126 loss in 1Q 2025) First quarter 2026 results: US$55.81 loss per share (improved from US$126 loss in 1Q 2025). Revenue: US$97.5m (up 2.6% from 1Q 2025). Net loss: US$14.5m (loss narrowed 56% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 02
Full year 2025 earnings released: US$144 loss per share (vs US$13.46 loss in FY 2024) Full year 2025 results: US$144 loss per share (further deteriorated from US$13.46 loss in FY 2024). Revenue: US$395.3m (up 9.2% from FY 2024). Net loss: US$37.5m (loss widened US$33.7m from FY 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jan 02
Biglari Holdings Inc., Annual General Meeting, Apr 08, 2026 Biglari Holdings Inc., Annual General Meeting, Apr 08, 2026. Location: majestic theatre, san antonio United States Reported Earnings • Nov 09
Third quarter 2025 earnings released: US$20.38 loss per share (vs US$115 profit in 3Q 2024) Third quarter 2025 results: US$20.38 loss per share (down from US$115 profit in 3Q 2024). Revenue: US$99.7m (up 10% from 3Q 2024). Net loss: US$5.29m (down 117% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$1,580, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 23x in the Hospitality industry in the US. Total returns to shareholders of 134% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: US$195 (vs US$172 loss in 2Q 2024) Second quarter 2025 results: EPS: US$195 (up from US$172 loss in 2Q 2024). Revenue: US$100.6m (up 10% from 2Q 2024). Net income: US$50.9m (up US$99.1m from 2Q 2024). Profit margin: 51% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Reported Earnings • May 11
First quarter 2025 earnings released: US$126 loss per share (vs US$79.56 profit in 1Q 2024) First quarter 2025 results: US$126 loss per share (down from US$79.56 profit in 1Q 2024). Revenue: US$95.0m (up 6.2% from 1Q 2024). Net loss: US$33.3m (down 247% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 24
Biglari Holdings Inc., Annual General Meeting, Apr 16, 2025 Biglari Holdings Inc., Annual General Meeting, Apr 16, 2025. Location: majestic theatre, 224 east houston street, san antonio texas 78205, United States Reported Earnings • Mar 03
Full year 2024 earnings released: US$13.45 loss per share (vs US$189 profit in FY 2023) Full year 2024 results: US$13.45 loss per share (down from US$189 profit in FY 2023). Revenue: US$362.1m (flat on FY 2023). Net loss: US$3.76m (down 107% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$1,067, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 22x in the Hospitality industry in the US. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$1,318, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 24x in the Hospitality industry in the US. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$1,055, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 24x in the Hospitality industry in the US. Total returns to shareholders of 48% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: US$115 (vs US$196 loss in 3Q 2023) Third quarter 2024 results: EPS: US$115 (up from US$196 loss in 3Q 2023). Revenue: US$90.4m (flat on 3Q 2023). Net income: US$32.1m (up US$88.6m from 3Q 2023). Profit margin: 36% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jul 01
Now 23% overvalued Over the last 90 days, the stock has fallen 2.6% to US$940. The fair value is estimated to be US$766, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 29%. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: US$79.56 (vs US$222 in 1Q 2023) First quarter 2024 results: EPS: US$79.56 (down from US$222 in 1Q 2023). Revenue: US$89.5m (flat on 1Q 2023). Net income: US$22.6m (down 65% from 1Q 2023). Profit margin: 25% (down from 72% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Apr 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director John Cardwell was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$898, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 20x in the Hospitality industry in the US. Total returns to shareholders of 21% over the past three years. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: US$189 (vs US$107 loss in FY 2022) Full year 2023 results: EPS: US$189 (up from US$107 loss in FY 2022). Revenue: US$365.3m (flat on FY 2022). Net income: US$54.9m (up US$87.0m from FY 2022). Profit margin: 15% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Nov 05
Third quarter 2023 earnings released: US$196 loss per share (vs US$109 profit in 3Q 2022) Third quarter 2023 results: US$196 loss per share (down from US$109 profit in 3Q 2022). Revenue: US$90.9m (down 1.2% from 3Q 2022). Net loss: US$56.5m (down 277% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 11
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be US$961, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Aug 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 236% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: US$6.64 (vs US$244 loss in 2Q 2022) Second quarter 2023 results: EPS: US$6.64 (up from US$244 loss in 2Q 2022). Revenue: US$93.5m (up 1.3% from 2Q 2022). Net income: US$1.94m (up US$75.7m from 2Q 2022). Profit margin: 2.1% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: US$222 (vs US$0.98 loss in 1Q 2022) First quarter 2023 results: EPS: US$222 (up from US$0.98 loss in 1Q 2022). Revenue: US$90.2m (up 5.6% from 1Q 2022). Net income: US$64.9m (up US$65.2m from 1Q 2022). Profit margin: 72% (up from net loss in 1Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director John Cardwell was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2022 earnings released: US$107 loss per share (vs US$112 profit in FY 2021) Full year 2022 results: US$107 loss per share (down from US$112 profit in FY 2021). Revenue: US$368.2m (flat on FY 2021). Net loss: US$32.0m (down 190% from profit in FY 2021). Total stores: 545 (down by 32 from FY 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$109 (vs US$33.74 loss in 3Q 2021) Third quarter 2022 results: EPS: US$109 (up from US$33.74 loss in 3Q 2021). Revenue: US$92.0m (up 12% from 3Q 2021). Net income: US$32.0m (up US$42.7m from 3Q 2021). Profit margin: 35% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2022 earnings released: US$244 loss per share (vs US$64.04 loss in 2Q 2021) Second quarter 2022 results: US$244 loss per share (down from US$64.04 loss in 2Q 2021). Revenue: US$92.4m (up 1.7% from 2Q 2021). Net loss: US$73.8m (loss widened 256% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 07
First quarter 2022 earnings released: US$0.13 loss per share (vs US$223 profit in 1Q 2021) First quarter 2022 results: US$0.13 loss per share (down from US$223 profit in 1Q 2021). Revenue: US$85.4m (down 9.5% from 1Q 2021). Net loss: US$298.0k (down 100% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$112 (up from US$110 loss in FY 2020). Revenue: US$366.1m (down 16% from FY 2020). Net income: US$35.5m (up US$73.5m from FY 2020). Profit margin: 9.7% (up from net loss in FY 2020). Total stores: 577 (down by 21 from FY 2020). Revenue missed analyst estimates by 1.7%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 21% share price gain to US$714, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 22x in the Hospitality industry in the US. Total returns to shareholders of 2.1% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$82.1m (down 19% from 3Q 2020). Net loss: US$10.7m (down 151% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$90.8m (down 5.9% from 2Q 2020). Net loss: US$20.7m (down 149% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 09
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$94.3m (down 31% from 1Q 2020). Net income: US$71.7m (up US$209.6m from 1Q 2020). Profit margin: 76% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$433.7m (down 35% from FY 2019). Net loss: US$38.0m (down 184% from profit in FY 2019). Total stores: 598 (down by 64 from FY 2019). Is New 90 Day High Low • Mar 02
New 90-day high: US$725 The company is up 23% from its price of US$590 on 01 December 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: US$610 The company is up 21% from its price of US$505 on 11 September 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: US$553 The company is up 6.0% from its price of US$520 on 18 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 16% over the same period. Is New 90 Day High Low • Sep 19
New 90-day high: US$549 The company is up 34% from its price of US$410 on 19 June 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 14% over the same period. 
