Biglari Holdings, Inc. Class B (BH)

Over the past six months, Biglari Holdings Inc. stock has experienced significant upward momentum, increasing by 36.74% in the past half-year and 73.41% over the past year, hitting several all-time highs. Key events impacting the stock include insider buying by CEO Sardar Biglari and Lion Fund, L.P., a proxy battle with Jack in the Box, passing technical milestones such as exceeding its 200-day moving average, a 15.0% increase in Steak n Shake's same-store sales in Q3 2025, a decrease in oil and gas segment sales due to lower crude oil prices, and a Q3 2025 net loss despite strong restaurant performance.

The demand seasonality for Biglari Holdings Inc.'s diverse range of products and services is not explicitly detailed. However, the restaurant segment may experience seasonality typical of the food service industry, insurance demand might be relatively stable, oil and gas operations could be influenced by broader energy market dynamics, and media and licensing could see demand variations tied to advertising cycles or specific events.

Biglari Holdings Inc. is a diversified holding company based in San Antonio, Texas, with operations in consumer discretionary (restaurants), property and casualty insurance, media and licensing, and oil and gas. The company's restaurant operations include Steak n Shake and Western Sizzlin, while its insurance operations are conducted through subsidiaries like First Guard Insurance Company. The oil and gas segment includes Southern Oil and Abraxas Petroleum, and the Maxim segment focuses on media and licensing.

Biglari Holdings Inc. primarily operates and franchises its restaurants in the United States. Its oil and natural gas properties are located offshore in Louisiana state waters and in the Permian Basin. The company's insurance operations also serve commercial truckers and transportation businesses in the U.S. Maxim magazine has an international readership.

In the past year, Biglari Holdings' brand reputation has been influenced by developments within its key subsidiaries. Steak n Shake has actively promoted new products and payment methods, including using 100% beef tallow for its fries and promoting Bitcoin. Biglari Holdings' ongoing activist campaign against Jack in the Box has drawn investor attention.

Biglari Holdings Inc. has 208 institutional owners and shareholders holding a total of 2,009,153 shares. Major institutional owners include Biglari Capital Corp., Dimensional Fund Advisors LP, and BlackRock, Inc. Sardar Biglari, the founder, Chairman, and CEO, is a central figure, and insider ownership stands at 33.62%.