Biglari Holdings Inc. (BH) is a diversified holding company headquartered in San Antonio, Texas, primarily engaged in the ownership, operation, and franchising of restaurants in the United States. The company's flagship brand is Steak 'n Shake, complemented by Western Sizzlin, among other investments.
Company Overview
- Headquarters: San Antonio, Texas
- Primary Brands:
- Steak 'n Shake
- Western Sizzlin
- Other Investments: Insurance operations, media and publishing, and various equity investments
Financial Performance
As of the fiscal year ending December 31, 2023, Biglari Holdings reported:
- Revenue: $365.32 million
- Net Income: $54.95 million
- Price-to-Earnings (P/E) Ratio: 0.62
- Price-to-Sales (P/S) Ratio: 1.31
- Price-to-Book (P/B) Ratio: 0.79
- Return on Equity (ROE): 16.03%
- Return on Assets (ROA): 11.23%
Operational Highlights
As of March 31, 2024, the company's restaurant operations included:
- Total Restaurants: 485
- Steak 'n Shake:
- Company-operated: 148
- Franchise Partner: 178
- Traditional Franchise: 125
- Western Sizzlin:
- Company-operated: 3
- Franchise: 31
Market Position and Strategy
Biglari Holdings employs a diversified investment strategy, encompassing restaurant operations, insurance, media, and other sectors. The company focuses on enhancing operational efficiency, expanding its franchise model, and exploring new market opportunities. Notably, Steak 'n Shake has transitioned several company-operated units to franchise partnerships, aiming to optimize performance and profitability.
Competitive Landscape
In the restaurant industry, Biglari Holdings faces competition from various national and regional chains. The company's emphasis on quality service, brand recognition, and strategic franchising positions it to navigate the competitive environment effectively.
Risk Factors
Potential risks include regulatory challenges, economic fluctuations, and shifts in consumer preferences. The company actively monitors these factors to mitigate adverse impacts on its operations and financial performance.
