Biglari Holdings, Inc. Class B (BH)

Biglari Holdings, Inc. stock has experienced significant positive movement in the past six months. The share price increased significantly, reaching new 52-week and all-time highs in early January 2026. CEO Sardar Biglari made several insider purchases of Class B shares in December 2025 and January 2026. In November 2025, Wall Street Zen downgraded Biglari from a "buy" to a "hold" rating. Steak 'n Shake saw significant sales growth in Q4 2025, partly attributed to accumulating Bitcoin in its reserves and introducing a Bitcoin-themed burger.

Demand seasonality varies across Biglari Holdings' segments. Restaurant sales generally slow down in the winter and spike in the summer, with holidays also impacting traffic. Commercial truck insurance experiences seasonal surges during the holiday season and agricultural harvest, while property and casualty insurance fluctuates due to natural disaster seasons and the home-buying season. Oil and natural gas demand is higher in the winter for heating and in the summer for gasoline. The magazine industry can experience seasonality related to content themes and advertising cycles.

Biglari Holdings, Inc. is a diversified holding company based in San Antonio, Texas, with interests in restaurants, insurance, energy, and media. Its main segments include Restaurant Operations (Steak 'n Shake and Western Sizzlin'), Insurance Operations (First Guard Insurance Company, Southern Pioneer Property and Casualty Insurance, and Biglari Reinsurance), Oil and Gas Operations (Southern Oil and Abraxas Petroleum), and Maxim. The company also engages in investment activities.

Biglari Holdings Inc. is headquartered in San Antonio, Texas, and its restaurant operations are primarily located across the United States. The oil and natural gas operations are situated offshore in Louisiana state waters and in the Permian Basin. The holding company has an international presence supported by Monaco, Spain, and France.

Biglari Holdings' brand reputation has been tied to its financial performance and corporate governance. While the stock has seen substantial gains, some analyst sentiment has highlighted "unimpressive profitability" and "governance concerns". The company and its CEO have faced controversies regarding control and compensation structures. Steak 'n Shake experienced significant sales growth in Q4 2025, but has faced challenges in previous years, including declining same-store sales and temporary closures. Western Sizzlin' also underperformed in sales in the nine months ended September 2025.

Biglari Holdings Inc. has 227 institutional owners and shareholders holding a total of 2,011,751 shares. Major institutional owners include Biglari Capital Corp., Dimensional Fund Advisors Lp, and BlackRock, Inc. Major individual owners include Sardar Biglari and Lion Fund LP, with insiders collectively owning a significant portion of the company's stock.