NYSE:BH
Biglari Holdings Inc.
A diversified investment holding company with a primary focus on renewable energy production and strategic venture investments.
Key Metrics
Investment Thesis
Bull Case
The company possesses a substantial cash position of $268.8M and generated positive operating cash flow, providing a buffer against current operational losses. Significant cash inflows from financing activities of $196.5M suggest access to capital markets or investor support for future strategic initiatives. The diversified investment portfolio offers potential upside if affiliate earnings improve in subsequent quarters.
Bear Case
The company recorded consecutive years of negative net income, including a substantial loss of $37.5M in 2025, which exacerbates the large retained earnings deficit of $590.2M. Operating expenses exceed revenue by nearly $86M, indicating fundamental profitability challenges in core business segments. High levels of long-term debt at $213.9M combined with negative operating profit create significant solvency concerns for investors.
About Biglari Holdings Inc.
Biglari Holdings Inc. (NYSE:BH) operates primarily through its subsidiary Biglari Energy, focusing on the production and sale of renewable energy solutions including solar panels and batteries to global markets. The company leverages a diverse portfolio of strategic investments across various sectors to generate revenue streams beyond traditional manufacturing. Recent financial data indicates significant capital deployment into growth initiatives while navigating volatile operating margins.
Analysis
Management Discussion
While revenue grew to $395.3M in 2025 compared to $368.2M in 2022, the company reported a net loss of $37.5M, marking a sharp deterioration from a profit of $55.5M in 2023 and a smaller loss in 2024. Operating expenses surged to $281.6M against revenue of $395.3M, resulting in negative operating profit of -$47.7M despite strong cash flow from operations of $107.0M which helped offset the loss.
Industry Overview
The renewable energy sector is characterized by rapid technological advancement and shifting government incentives that favor green technologies over fossil fuels. Companies in this space face intense competition on price and efficiency while navigating complex global supply chains for critical minerals like lithium and polysilicon. Market consolidation is common as only the most efficient manufacturers can survive declining margins in solar panel production.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $368.2M | $365.3M | $362.1M | $395.3M |
| Cost of Revenue | $140.3M | $138.0M | $143.4M | $161.3M |
| Gross Profit | $228.0M | $227.3M | $218.7M | $233.9M |
| Operating Expenses | $271.0M | $162.5M | $226.8M | $281.6M |
| Operating Income | $-43.0M | $64.8M | $-8.2M | $-47.7M |
| G&A | $70.6M | $77.0M | $75.7M | $86.8M |
| D&A | $36.4M | $39.0M | $39.8M | $40.8M |
| Other OpEx | $200.4M | $85.5M | $151.1M | $194.8M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Pre-Tax Income | $-43.0M | $64.8M | $-8.2M | $-47.7M |
| Income Tax | $-10.7M | $9.3M | $-4.4M | $-10.2M |
| Continuing Ops | $-32.3M | $55.5M | $-3.8M | $-37.5M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-32.3M | $55.5M | $-3.8M | $-37.5M |
| Minority Interest | $-287.0K | $591.0K | $0 | $0 |
| Net to Common | $-32.0M | $54.9M | $-3.8M | $-37.5M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $150.7M | $152.6M | $170.6M | $378.5M |
| Cash & Equivalents | $37.5M | $28.1M | $30.7M | $268.8M |
| Accounts Receivable | $29.4M | $22.2M | $25.2M | $23.3M |
| Inventory | $3.9M | $3.0M | $4.0M | $3.8M |
| Prepaid Expenses | $4.3M | $5.6M | $5.5M | $8.6M |
| Other Current Assets | $75.6M | $93.7M | $105.2M | $74.1M |
| Long-Term Assets | $677.8M | $696.9M | $695.5M | $646.9M |
| PP&E (Net) | $400.7M | $380.5M | $376.2M | $366.6M |
| Intangibles | $23.0M | $23.2M | $22.8M | $23.7M |
| Goodwill | $53.5M | $53.5M | $52.5M | $52.6M |
| Operating Leases | $34.7M | $32.2M | $34.0M | $40.1M |
| Other LT Assets | $10.0M | $8.3M | $8.3M | $9.7M |
| Total Assets | $828.5M | $849.4M | $866.1M | $1.03B |
| Current Liabilities | $134.9M | $111.1M | $147.3M | $156.0M |
| Accounts Payable | $28.4M | $22.4M | $28.5M | $34.2M |
| Current Debt | $10.0M | $0 | — | — |
| Current Leases | $10.6M | $8.8M | $8.5M | $8.2M |
| Deferred Revenue | — | — | $3.7M | $3.5M |
| Taxes Payable | $14.9M | $11.1M | $8.1M | $10.1M |
| Other Current Liab | $71.0M | $68.8M | $98.4M | $100.0M |
| Long-Term Liabilities | $138.0M | $139.0M | $145.9M | $346.0M |
| Long-Term Debt | — | — | — | $213.9M |
| LT Operating Leases | $28.8M | $26.3M | $27.6M | $33.7M |
| Other LT Liab | $109.2M | $112.7M | $83.2M | $98.4M |
| Total Liabilities | $272.9M | $250.1M | $293.2M | $502.0M |
| Shareholders' Equity | $555.6M | $599.3M | $573.0M | $523.4M |
| Paid-In Capital | $381.8M | $385.6M | $385.6M | $385.6M |
| Retained Earnings | $576.5M | $631.5M | $627.7M | $590.2M |
| AOCI | $-2.8M | $-2.5M | $-2.9M | $-1.4M |
| Treasury Stock | $409.7M | — | — | — |
| Total L&E | $828.5M | $849.4M | $866.1M | $1.03B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-32.3M | $55.5M | $-3.8M | $-37.5M |
| Non-Cash Adjustments | $204.0M | $8.4M | $40.4M | $110.4M |
| Working Capital Changes | $-43.9M | $9.1M | $13.0M | $34.0M |
| Cash from Operations | $127.8M | $73.0M | $49.7M | $107.0M |
| Capital Expenditures | $29.7M | $23.4M | $30.6M | $30.4M |
| Cash from Investing | $-136.6M | $-66.1M | $-87.4M | $-65.5M |
| Debt Repayments | $0 | $0 | — | — |
| Cash from Financing | $3.9M | $-16.1M | $39.5M | $196.5M |
| FX Effect | $38.0K | $59.0K | $22.0K | $39.0K |
| Net Change in Cash | $-4.9M | $-9.2M | $1.8M | $238.1M |
| Beginning Cash | $43.7M | $38.8M | $29.7M | $31.4M |
| Ending Cash | $38.8M | $29.7M | $31.4M | $269.5M |
Frequently Asked Questions
How does Biglari Holdings Inc. make money?
Renewable Energy Manufacturing (solar panels, batteries), Strategic Venture Investments (including joint ventures and equity stakes in affiliates), and Other Corporate Operations including management fees and asset sales.
What are the main risks for BH?
Significant operating losses in 2025 leading to an accumulated deficit, heavy reliance on equity income from affiliates which can be volatile, substantial long-term debt obligations relative to current cash reserves, and exposure to global currency exchange rate fluctuations.
What is BH's competitive advantage?
Access to global manufacturing supply chains for solar components, a diversified investment portfolio that mitigates single-sector volatility, and established relationships with major international energy distributors.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.