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ZYBERNO

Stock Report

Updated Sep 1, 2026

BIGLARI HOLDINGS INC. (BH-A)

NYSE

$1.91K

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

46.0/100

WEAK BUSINESS

BIGLARI HOLDINGS INC. (BH-A) scores 46/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BH-A quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-59.5%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-13.7%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

5.4%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BH-A valuation analysis · → View full BH-A Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-5.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.17x)

Operating Margin (Operational Efficiency):CRITICAL (-9.6%)

Return on Capital (Capital Efficiency):CRITICAL (-3.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

BIGLARI HOLDINGS INC. (BH-A) stock report — Zyberno Score 46/100 (WEAK BUSINESS), Margin of Safety -59.5%, -14% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, BIGLARI HOLDINGS INC. (BH-A) trades at $1,905.68 against an estimated intrinsic value per share of $1,194.77 — a -59.5% Margin of Safety based on Owner Earnings of $82.17M TTM, projected at -5.3% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -13.7% annually.

Over the trailing twelve months, BH-A generated $82.17M in Owner Earnings. Capital was deployed as follows: $30.02M invested in capital expenditures. Reinvestment rate: 34.7%. Owner Earnings have declined at 5.3% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:1,905.68

Market Cap:$1.22B

Valuation Multiples (3)

P/B Ratio:2.25x

P/S Ratio:3.01x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.44B

Ev Ebitda Ratio:660.29x

Pfcf Ratio:15.00x

Price Action & Momentum (3)

12-1 Momentum:

+22.0% (81th pctile)

📈 Click to view full BH-A Momentum analysis →

Momentum Percentile:81 / 100

% of 52-Week High:75.8%

B. Profitability Assessment

Return Metrics (5)

ROE:

-5.5%

📊 Click to view full BH-A ROE analysis →

ROA:-2.8%

Roic:

-3.9%

📊 Click to view full BH-A ROIC analysis →

Reinvestment Rate:34.7%

Fundamental Growth Rate (g):-1.4%

Margin Analysis (3)

Operating Margin Ttm:-9.6%

Net Margin Ttm:-7.3%

Ebitda Margin:0.5%

TTM Performance (3)

Gross Margin Ttm:60.0%

Operating Margin Ttm:-9.6%

Net Margin Ttm:-7.3%

Yield Metrics (3)

Earnings Yield:-$5.80

Owner Earnings Yield:$6.73

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):3.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):26.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-6.1%

Operating Cash Flow Growth Rate (Linear):-2.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):25.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.45x

Quick Ratio:2.42x

Cash Ratio:0.44x

Leverage Analysis (3)

Debt To Equity Ttm:0.17x

Debt-to-Equity Ratio:0.17x

Debt To Ebitda:131.94x

Coverage Ratios (2)

Interest Coverage Ratio:-2.70x

Times Interest Earned:-2.70

Capital Structure (4)

Working Capital:227,045,000.00

Cash And Cash Equivalents:68,394,000.00

Long Term Debt:$210.23M

Net Debt:$219.64M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $405.61M

Linear Growth: 3.0%

📊 Click to view full BH-A Revenue analysis & methodology →

Cost Of Revenue Ttm:$162.12M

Profitability Breakdown (2)

Gross profit TTM: $243.50M

Linear Growth: 1.5%

📊 Click to view full BH-A Gross Profit analysis & methodology →

Operating income TTM: -$38.87M

Linear Growth: 25.0%

📊 Click to view full BH-A Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$29.75M

Linear Growth: 26.1%

📊 Click to view full BH-A Net Income analysis & methodology →

Income Before Tax:-$38.87M

Ebitda Ttm:2,183,000.00

Operating Expenses (5)

Operating Expenses:398,364,000.00

R And D Expense:0.00

Sga Expense:93,720,000.00

Income Tax Expense:-$9.12M

Interest Expense:17,652,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:86.4%

Ebitda Margin:0.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.06B

Current Assets:$383.92M

Ppe Net:366,455,000.00

Goodwill:52,550,000.00

Intangible Assets:$23.46M

Liability Structure (4)

Total Liabilities:514,796,000.00

Current Liabilities:156,877,000.00

Long Term Debt:$210.23M

Short Term Debt:$77.80M

Equity & Capital (3)

Equity:$543.79M

Retained Earnings:$615.61M

Common Stock:1,147,000.00

Working Capital Items (3)

Accounts Receivable:24,994,000.00

Inventory:3,884,000.00

Accounts Payable:30,364,000.00

Special Items (2)

Contract Liabilities:4,749,000.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $111.50M

Linear Growth: -2.8%

Free cash flow TTM: $81.48M

Linear Growth: -6.1%

📊 Click to view full BH-A Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$95.14M

Capital Expenditures Ttm:30,020,000.00

Financing Activities (3)

Financing Cash Flow:$6.06M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:14,920,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:41,056,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (2)

EPS (Basic TTM):-110.56

Earnings Per Share Ttm:-$46.40

Revenue & Cash Per Share (3)

Sales Per Share Ttm:632.65

Operating Cash Flow Per Share:$166.83

Fcf Per Share Ttm:127.08

Book Value & Capital (2)

Book Value Per Share:$848.17

Cash Per Share:106.68

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.39x

Working Capital Turnover Ttm:1.79x

Receivables Management (2)

Receivables Turnover Ttm:16.23x

Days Sales Outstanding Ttm:22.49

Inventory Management (2)

Inventory Turnover Ttm:41.74x

Days Inventory Outstanding Ttm:8.74

Payables & Cash Cycle (2)

Days Payable Outstanding:68.36

Cash Conversion Cycle:-37.13

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $82.17M

Linear Growth: -5.3%

📊 Click to view full BH-A Owner Earnings analysis & methodology →

Owner Earnings Per Share:$128.17

Owner Earnings Yield:$6.73

Growth Assessment (1)

Owner Earnings Growth Rate:-$5.30

Damodaran Growth Analysis (2)

Reinvestment Rate:34.7%

Fundamental Growth Rate (g):-1.4%

Intrinsic Value Models (1)

Intrinsic Value:

$766.00M

📊 Click to view full BH-A DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-59.5%

📊 Click to view full BH-A valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-13.7%

📊 Click to view full BH-A expected return analysis →

Forward Expected Return (Yield + Growth):

5.4%

📊 Click to view full BH-A expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):3.0%

Net Income Growth Rate (Linear):26.1%

Operating Income Growth Rate (Linear):25.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-6.1%

Operating Cash Flow Growth Rate (Linear):-2.8%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):1.5%

Book Value Growth Rate (Linear):-1.1%

Owner Earnings Growth Rate:-$5.30

C. Company Profile & Context

Corporate Information (6)

Symbol:BH-A

Company Name:BIGLARI HOLDINGS INC.

Sector:Unknown

Industry:Retail-Eating Places

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:premium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:641.13K

Shares Outstanding Basic:2.07M

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 03:18:11 UTC

Data Timestamp:2026-09-01T03:18:11.626344