Biglari Holdings, Inc. Class B (BH)

In the past six months, CEO Sardar Biglari made substantial insider purchases of BH shares. Lion Fund II posted a steep loss in 2025. Short interest in Biglari Holdings surged in March 2026. Biglari announced the acquisition of a stake in Ferretti Group. BH stock experienced a pullback over the last 7 days and a gain over the past month, alongside a year-to-date decline, but has shown stronger longer-term momentum. Recent financial reports include a net loss for Q1 2025, net earnings for Q2 2025, and net earnings for Q3 2024.

Demand seasonality varies across Biglari Holdings' segments. Restaurant operations experience seasonal fluctuations and consumer spending headwinds. Insurance operations generally experience seasonal demand spikes. Oil and gas operations exhibit seasonal trends in crude oil and natural gas demand. Media and licensing can be influenced by seasonal consumer spending habits and advertising cycles.

Biglari Holdings, Inc. is a diversified holding company based in San Antonio, Texas, operating in the consumer discretionary, conglomerate, and energy sectors. The company acquires controlling interests in undervalued enterprises and enhances their long-term value through active management. Its key segments include restaurant operations (Steak 'n Shake and Western Sizzlin), insurance operations (First Guard Insurance Company and Southern Pioneer Property & Casualty Insurance Company), oil and gas operations (Southern Oil Company and Abraxas Petroleum Corporation), and media and licensing (Maxim magazine).

Biglari Holdings' restaurant operations are primarily in the United States. Its oil and natural gas properties are located offshore in Louisiana state waters and in the Permian Basin. The insurance businesses offer coverage nationwide in the U.S. Maxim magazine has international distribution.

Steak 'n Shake has shown strong operational momentum, indicating a positive perception among its customer base. Maxim underwent a redesign to cultivate a classier image, achieving its first quarterly profit under Biglari's ownership in Q3 2017 after 14 consecutive money-losing quarters. First Guard Insurance Company has maintained a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) from AM Best, reflecting a very strong balance sheet.

Biglari Holdings Inc. has a concentrated ownership structure, with its founder, Sardar Biglari, maintaining a controlling interest. Sardar Biglari is the primary owner and controlling shareholder. The company has institutional owners including Biglari Capital Corp., Lion Fund LP and Lion Fund II LP, Dimensional Fund Advisors Lp, BlackRock, Inc., and Vanguard Group Inc, among others.