Input and raw-material costsnegative · 4 filings
“The decrease as a percentage of net sales was primarily due to a decrease in management labor costs.”10-Q · May 8, 2026 ↗
Biglari Holdings Inc.
BH-A
Market read
Biglari Holdings Inc.'s move is spreading beyond its market group.
No new filing conclusion is available. 6 of 6 group members are active now; 2 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Company-0.1% todayVolume comparison unavailable
Market group6 of 6 activeConsumer Cyclical Brands · active
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 4 of 6 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- GAP remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 2 of 6 members or fewer.
Research brief
The story so far
No new filing conclusion is available. 6 of 6 group members are active now; 2 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 4 of 6 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- GAP remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods8
Price observations319
Usable filing statements63
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +9.2% year over year.
Evidence challenging the case
- Net margin changed -8.4 percentage points in the latest annual period.
- Input and raw-material costs has repeated adverse evidence across 4 filings.
- Labor availability and costs has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
1,800.496m-9.5%12m+13.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$366.1M-15.6%$111.83-8.1%
2022-12-31$368.2M+0.6%$-107.43-6.1%
2023-12-31$365.3M-0.8%$189.49-2.7%
2024-12-31$362.1M-0.9%$-13.45-3.6%
2025-12-31$395.3M+9.2%$-143.86-6.8%
What management says matters
Persistent and emerging business drivers
Labor availability and costsnegative · 4 filings
“The decrease as a percentage of net sales was primarily due to a decrease in management labor costs.”10-Q · May 8, 2026 ↗
Credit and interest ratesnegative · 2 filings
“First Quarter 2026 2025 Interest expense on note payable and other borrowings $ (5,651) $ (900) Tax benefit (1,370) (207) Interest expense net of tax $ (4,281) $ (693) The increase in interest expense is due to interest on Steak n Shake’s note payable obtaine…”10-Q · May 8, 2026 ↗
Energy and commodity pricesnegative · 1 filings
“Third Quarter First Nine Months 2025 2024 2025 2024 Oil and gas revenues $ 4,276 $ 6,019 $ 14,327 $ 16,879 Oil and gas production costs 2,380 2,377 6,921 7,462 Depreciation, depletion and accretion 1,339 2,287 5,049 4,615 General and administrative expenses 6…”10-Q · Nov 7, 2025 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
1,800.49-0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:45 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for BH-A. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for BH-A. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind BH-A
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
LGHLFiling-linked nameinvesteeMar 2, 2026 ▾
“Investments The Company and its subsidiaries have invested in The Lion Fund, L.P., and The Lion Fund II, L.P.”
Depended on by
CBRLCracker Barrel Old Country Store, Inc.investeeSep 26, 2025 ▾
“The Lion Fund II, L.P., Biglari Capital Corp., First Guard Insurance Company, Southern Pioneer Property and Casualty Insurance Company, Biglari Holdings Inc., Biglari Reinsurance Ltd.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
BH-A is currently a Leader in the organic co-movement group Consumer Cyclical Brands. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.