Biglari (BH)
Owns Steak n Shake, insurers, oil and gas assets, Maxim, and investment partnerships.
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Controls a restaurant-led portfolio anchored by Steak n Shake and Western Sizzlin, with insurance, oil and gas, Maxim licensing/media, and investment partnerships alongside it. Subsidiaries run day to day under managers, while major capital allocation sits with Sardar Biglari.
Owns and franchises restaurants through Steak n Shake and Western Sizzlin, with Steak n Shake as the main operating base. Insurance operations include First Guard, Southern Pioneer, and reinsurance; oil and gas runs through Southern Oil and Abraxas Petroleum; Maxim adds licensing and media.
The portfolio is concentrated in the United States, with restaurants, trucking insurance, property-and-casualty insurance, Louisiana offshore properties, and Permian Basin wells. Investment partnerships and marketable securities sit alongside the controlled businesses.
Operating decisions are decentralized to business-unit managers, while Sardar Biglari makes major investment and capital-allocation decisions. Results depend on restaurant unit economics, insurance underwriting and investing, oil and gas prices and development activity, Maxim licensing, and investment partnership values.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $68.4M · Total debt $289.3M · Total assets $1.06B · Shareholders' equity $543.8M
- Revenue
- $108.5M
- Operating income
- $13.2M
- Net income
- $39.9M
No dividends on record.
| Institutions | ≥ 86.15% | 2.00M shares | |
|---|---|---|---|
| 117 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≤ 13.85% | 322.2K shares | |
| remainder | |||
2.33M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (2.33M in the company's Sep 23, 2026 report, 3.14M elsewhere); stakes use the report.
Institutional filings for BH-A (9% of the company) are not on file here, so the institutional figure is a floor.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Biglari Capital Corp.Institution | 63.28% | 1.47M B | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 4.57% | 106,257 B | as of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 2.18% | 50,618 B | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 1.98% | 46,135 B | as of Jun 30, 2026 |
Marshall Wace, LLPInstitution | 1.33% | 31,016 B | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 4, 2026 | Sardar Biglari | director, 10 percent owner, officer: Chairman and CEO | +1,743 | $286.76 |
| Jun 5, 2026 | Sardar Biglari | director, 10 percent owner, officer: Chairman and CEO | +535 | $297.14 |
| May 12, 2026 | Sardar Biglari | director, 10 percent owner, officer: Chairman and CEO | +22,965 | $249.84 |
| May 13, 2026 | Sardar Biglari | director, 10 percent owner, officer: Chairman and CEO | +15,358 | $260.36 |
| May 14, 2026 | Sardar Biglari | director, 10 percent owner, officer: Chairman and CEO | +14,351 | $258.06 |
- McDonald's
Burger QSR scale against Steak n Shake
- Wendy's
Hamburger QSR overlap in U.S. restaurant traffic
- Progressive
Commercial auto insurance overlap with First Guard
- Shake Shack
Premium burger-and-shake overlap with Steak n Shake
- Permian Resources
Permian oil-and-gas peer for Abraxas
- Texas Roadhouse
Steakhouse casual dining pressure on Western Sizzlin
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Biglari | $342.58 | −1.07% | $1.09B | — | — | 2.7 | +7.9% |
| McDonald's | $239.46 | −4.35% | $177.88B | 20.3 | 18.0 | 6.4 | +3.7% |
| Wendy's | $6.69 | −1.77% | $1.30B | 10.3 | 13.7 | 0.6 | +1.7% |
| Progressive | $207.69 | +0.36% | $120.31B | 10.4 | 12.6 | 1.3 | +5.0% |
| Shake Shack | $56.81 | −2.21% | $2.34B | 61.6 | 46.1 | 1.5 | +17.2% |
| Permian Resources | $21.67 | +1.78% | $17.83B | 14.1 | 9.7 | 3.1 | +55.2% |
| Texas Roadhouse | $164.57 | −0.93% | $10.92B | 26.6 | 22.8 | 1.8 | +11.1% |
| Median | 17.2 | 15.9 | 1.6 | +8.1% |