B

Biglari Holdings Inc
NYSE:BH.A

Watchlist Manager
Biglari Holdings Inc
NYSE:BH.A
Watchlist
Price: 2 057.87 USD -15.46% Market Closed
Market Cap: $1.3B
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Cash Flow Statement

Operating Cash Flow
+
3Y
-9%
5Y
-33%
10Y
+167%
Investing Cash Flow
+
3Y
+16%
5Y
+25%
10Y
+16%
Financing Cash Flow
+
3Y
+838%
5Y
-
10Y
-

Cash Flow Statement
Biglari Holdings Inc

Rotate your device to view
Cash Flow Statement
Currency: USD
Dec-2001 Apr-2002 Jul-2002 Sep-2002 Dec-2002 Apr-2003 Jul-2003 Sep-2003 Dec-2003 Apr-2004 Jun-2004 Sep-2004 Dec-2004 Apr-2005 Jul-2005 Sep-2005 Dec-2005 Apr-2006 Jul-2006 Sep-2006 Dec-2006 Apr-2007 Jul-2007 Sep-2007 Dec-2007 Apr-2008 Jul-2008 Sep-2008 Dec-2008 Apr-2009 Jul-2009 Sep-2009 Dec-2009 Apr-2010 Jul-2010 Sep-2010 Dec-2010 Apr-2011 Jul-2011 Sep-2011 Dec-2011 Apr-2012 Jul-2012 Sep-2012 Dec-2012 Apr-2013 Jul-2013 Sep-2013 Dec-2013 Apr-2014 Jul-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Operating Cash Flow
Net Income
21
21
22
23
22
23
23
21
22
23
24
28
28
29
29
30
30
30
29
28
28
25
18
12
6
(2)
(12)
(23)
(25)
(20)
(7)
6
15
18
22
29
33
33
35
34
35
35
31
25
19
17
120
142
154
145
47
29
120
119
110
110
(16)
25
63
(7)
100
33
16
52
50
64
35
46
19
31
61
74
45
(102)
(82)
(61)
(38)
172
108
77
36
(37)
(90)
(47)
(32)
34
109
21
56
13
(37)
51
(4)
(59)
40
2
Depreciation & Amortization
22
24
25
23
23
24
24
24
25
25
25
25
25
26
26
27
28
28
29
29
30
31
32
32
33
33
34
34
33
33
32
31
31
30
30
29
29
29
29
28
28
28
27
26
26
26
26
25
25
25
25
25
32
25
25
26
25
24
23
23
23
23
23
22
21
21
20
20
19
20
20
23
30
34
36
36
32
29
30
30
30
31
31
32
36
38
41
42
39
39
38
39
40
40
41
40
Change in Deffered Taxes
2
2
1
(1)
(1)
(1)
0
(2)
(1)
(2)
(2)
0
(1)
(1)
1
2
5
6
5
(1)
(4)
(5)
(6)
(1)
(1)
(0)
(4)
(2)
(2)
(1)
8
7
6
6
3
0
0
0
(0)
(2)
(2)
(4)
(5)
(3)
(4)
(4)
59
72
79
72
13
9
62
72
62
52
(27)
(8)
16
(29)
39
2
(2)
17
(64)
(54)
(70)
(52)
(2)
(10)
(12)
(26)
(39)
(69)
(51)
(26)
(12)
49
33
28
5
(23)
(43)
(34)
(16)
8
30
1
7
(8)
(22)
10
(8)
(22)
14
(7)
Stock-Based Compensation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
1
2
4
3
3
3
2
3
3
3
2
3
2
2
2
2
2
1
1
1
1
1
1
1
1
0
1
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Non-Cash Items
0
0
0
0
0
0
1
5
5
4
4
0
1
1
1
4
5
6
7
5
5
5
11
9
9
8
16
21
22
22
8
6
5
3
(0)
(3)
6
1
(7)
(11)
(20)
(16)
(12)
6
6
9
(150)
(201)
(224)
(209)
(53)
(29)
(173)
(191)
(175)
(150)
63
12
(40)
76
(106)
(2)
8
(69)
6
(23)
25
(5)
(4)
(38)
(80)
(34)
59
315
333
257
160
2
58
98
168
114
179
166
152
64
(39)
25
(24)
29
88
(34)
29
95
3
75
Cash Taxes Paid
0
0
0
0
0
0
0
14
0
0
0
14
0
0
0
13
0
0
0
15
0
0
0
12
0
0
0
1
0
0
0
1
0
0
0
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Cash Interest Paid
0
0
0
0
0
0
0
2
0
0
0
2
0
0
0
2
0
0
0
1
0
0
0
2
0
0
0
3
0
0
0
3
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Change in Working Capital
6
9
8
10
3
2
2
3
6
2
7
(6)
2
4
(2)
2
(2)
1
(3)
8
11
(7)
(0)
(9)
(13)
(2)
(3)
(5)
5
3
1
3
0
(0)
7
13
8
8
12
26
13
14
19
(4)
3
8
(3)
1
(0)
1
(10)
(6)
(8)
(7)
16
2
7
17
8
11
8
1
(5)
3
13
(2)
(1)
(6)
(12)
17
24
29
(2)
(23)
(35)
(45)
(25)
(20)
(22)
(11)
(10)
(0)
(2)
(0)
(13)
(17)
(16)
(11)
(4)
0
(5)
(10)
(7)
(8)
(11)
(3)
Cash from Operating Activities
51
N/A
56
+9%
56
+1%
55
-2%
48
-14%
48
+0%
50
+5%
51
+2%
55
+9%
53
-5%
58
+9%
48
-17%
55
+16%
58
+6%
56
-4%
64
+15%
65
+1%
71
+8%
67
-6%
70
+5%
69
-1%
50
-28%
54
+8%
43
-19%
34
-23%
38
+12%
31
-19%
24
-20%
33
+34%
36
+11%
42
+15%
52
+25%
56
+8%
58
+2%
61
+6%
69
+13%
76
+11%
70
-8%
69
-1%
75
+9%
54
-28%
56
+4%
60
+6%
50
-16%
51
+1%
55
+9%
50
-9%
39
-23%
34
-13%
34
+1%
23
-34%
28
+21%
33
+20%
19
-44%
38
+102%
40
+7%
53
+31%
70
+33%
70
+0%
74
+5%
63
-14%
56
-12%
39
-31%
24
-37%
26
+7%
7
-75%
9
+37%
3
-63%
21
+527%
20
-3%
13
-36%
66
+413%
94
+42%
154
+65%
201
+30%
160
-20%
118
-27%
232
+98%
206
-11%
222
+8%
229
+3%
85
-63%
76
-10%
117
+55%
128
+9%
127
-1%
125
-1%
77
-39%
73
-5%
72
-1%
63
-13%
56
-10%
50
-11%
46
-6%
87
+86%
107
+24%
Investing Cash Flow
Capital Expenditures
(39)
(35)
(39)
(41)
(43)
(42)
(38)
(31)
(27)
(31)
(36)
(46)
(52)
(62)
(62)
(64)
(68)
(78)
(84)
(81)
(88)
(74)
(71)
(69)
(58)
(51)
(41)
(31)
(20)
(10)
(6)
(6)
(7)
(8)
(10)
(9)
(8)
(12)
(12)
(13)
(13)
(10)
(9)
(9)
(8)
(12)
(12)
(14)
(18)
(22)
(30)
(36)
(45)
(33)
(24)
(17)
(11)
(11)
(9)
(10)
(12)
(11)
(13)
(11)
(8)
(9)
(10)
(12)
(18)
(19)
(17)
(16)
(18)
(21)
(22)
(23)
(21)
(22)
(38)
(54)
(65)
(66)
(54)
(41)
(30)
(26)
(24)
(23)
(23)
(22)
(29)
(30)
(31)
(33)
(25)
(26)
Other Items
(2)
(6)
(21)
(5)
(5)
(9)
7
6
5
7
7
8
9
(8)
(13)
(11)
(12)
5
5
(7)
(3)
(3)
(2)
9
11
13
14
15
13
12
13
11
1
6
(19)
(23)
10
(8)
(57)
(77)
(93)
(157)
(91)
(79)
(135)
(62)
(57)
(47)
(2)
(71)
(63)
(135)
(124)
(64)
(135)
(88)
(102)
(102)
(44)
(20)
(17)
(4)
(5)
(3)
(4)
(5)
2
13
(8)
(10)
(11)
(75)
(52)
(110)
(143)
(96)
(109)
(51)
(22)
(19)
6
1
(4)
(64)
(107)
(107)
(108)
(67)
(43)
(43)
(28)
(15)
(57)
(63)
(71)
(63)
Cash from Investing Activities
(41)
N/A
(42)
-1%
(60)
-44%
(46)
+23%
(49)
-5%
(51)
-6%
(31)
+40%
(24)
+21%
(22)
+12%
(24)
-11%
(29)
-20%
(38)
-33%
(43)
-13%
(70)
-63%
(75)
-8%
(75)
+1%
(79)
-6%
(73)
+8%
(79)
-9%
(87)
-10%
(90)
-3%
(77)
+15%
(74)
+5%
(60)
+18%
(47)
+21%
(38)
+19%
(27)
+30%
(17)
+38%
(7)
+60%
1
N/A
7
+364%
5
-23%
(6)
N/A
(2)
+63%
(29)
-1 267%
(31)
-9%
2
N/A
(19)
N/A
(70)
-262%
(90)
-29%
(105)
-18%
(167)
-59%
(100)
+40%
(88)
+12%
(143)
-63%
(74)
+49%
(69)
+6%
(61)
+12%
(20)
+68%
(92)
-369%
(93)
-1%
(171)
-84%
(168)
+1%
(97)
+42%
(160)
-64%
(105)
+34%
(113)
-8%
(112)
+1%
(53)
+53%
(30)
+44%
(29)
+3%
(16)
+46%
(18)
-13%
(15)
+17%
(12)
+21%
(13)
-14%
(9)
+35%
0
N/A
(25)
N/A
(29)
-15%
(28)
+3%
(91)
-222%
(70)
+23%
(130)
-86%
(165)
-27%
(119)
+28%
(130)
-9%
(73)
+44%
(59)
+19%
(73)
-24%
(59)
+20%
(66)
-12%
(59)
+11%
(105)
-80%
(137)
-30%
(133)
+2%
(132)
+1%
(90)
+32%
(66)
+27%
(64)
+3%
(58)
+11%
(45)
+22%
(87)
-95%
(96)
-10%
(95)
+2%
(89)
+6%
Financing Cash Flow
Net Issuance of Common Stock
(6)
(11)
(14)
(19)
(18)
(12)
(9)
0
1
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
1
1
1
1
0
1
1
1
0
(34)
(36)
(36)
(36)
(1)
(1)
(1)
(1)
(1)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Issuance of Debt
3
18
28
6
12
(8)
(10)
(7)
(13)
(7)
(8)
(11)
(9)
(9)
(9)
(14)
(13)
(5)
0
18
21
23
18
11
9
(1)
(7)
(4)
(3)
(5)
(13)
(14)
(14)
(15)
(0)
(5)
(11)
(6)
(1)
84
89
80
71
(0)
12
4
(2)
(18)
(44)
81
89
92
89
(7)
(9)
(9)
(13)
(14)
(19)
(19)
(15)
(28)
(23)
(23)
(23)
(8)
(8)
(8)
(8)
(8)
(8)
(8)
(8)
(25)
(28)
(28)
(29)
(162)
(158)
(157)
(156)
(5)
(6)
24
4
0
(3)
(17)
(16)
(12)
(9)
(16)
39
43
13
223
Other
8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
0
(0)
(14)
(14)
(15)
(18)
(1)
(1)
(1)
(0)
(3)
(3)
(3)
74
76
71
71
81
81
0
86
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Cash from Financing Activities
4
N/A
7
+65%
14
+111%
(13)
N/A
(14)
-11%
(20)
-46%
(19)
+6%
(7)
+64%
(12)
-74%
(5)
+57%
(6)
-22%
(9)
-48%
(7)
+22%
(7)
-1%
(6)
+15%
(12)
-85%
(11)
+4%
(3)
+73%
2
N/A
20
+875%
23
+16%
25
+11%
20
-21%
13
-33%
11
-22%
0
N/A
(6)
N/A
(3)
+58%
(3)
N/A
(4)
-72%
(12)
-186%
(13)
-3%
(14)
-12%
(15)
-8%
(35)
-127%
(41)
-18%
(61)
-48%
(56)
+7%
(17)
+70%
66
N/A
87
+32%
79
-10%
70
-12%
(1)
N/A
9
N/A
1
-95%
(6)
N/A
56
N/A
32
-44%
151
+378%
160
+6%
173
+8%
170
-2%
79
-54%
77
-2%
(9)
N/A
(12)
-37%
(14)
-13%
(19)
-36%
(19)
-2%
(15)
+21%
(28)
-86%
(23)
+19%
(23)
0%
(23)
0%
(8)
+65%
(8)
N/A
(8)
+1%
(8)
+5%
(8)
-1%
(8)
N/A
(8)
-1%
(8)
-4%
(25)
-217%
(28)
-11%
(28)
-1%
(29)
-2%
(162)
-458%
(158)
+3%
(157)
+0%
(156)
+1%
(5)
+97%
(6)
-19%
24
N/A
4
-84%
0
-90%
(3)
N/A
(17)
-585%
(16)
+6%
(12)
+23%
(9)
+25%
(16)
-68%
39
N/A
43
+9%
13
-69%
223
+1 567%
Change in Cash
Effect of Foreign Exchange Rates
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
0
0
0
0
0
(0)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
(0)
0
0
0
0
0
0
0
0
0
(0)
(0)
(0)
(0)
(0)
0
0
0
0
0
0
(0)
0
0
0
0
0
Net Change in Cash
14
N/A
21
+50%
10
-50%
(4)
N/A
(15)
-323%
(24)
-61%
0
N/A
20
N/A
22
+12%
24
+9%
23
-5%
0
-99%
5
+1 533%
(19)
N/A
(26)
-37%
(22)
+14%
(25)
-14%
(5)
+79%
(11)
-102%
2
N/A
2
N/A
(2)
N/A
0
N/A
(3)
N/A
(3)
+3%
(1)
+78%
(2)
-229%
5
N/A
24
+345%
33
+42%
36
+8%
45
+24%
37
-18%
40
+10%
(3)
N/A
(4)
-52%
17
N/A
(6)
N/A
(18)
-202%
52
N/A
36
-30%
(32)
N/A
29
N/A
(39)
N/A
(83)
-116%
(18)
+78%
(24)
-34%
34
N/A
46
+35%
94
+103%
90
-4%
30
-67%
35
+18%
(0)
N/A
(45)
-14 733%
(74)
-66%
(73)
+1%
(56)
+23%
(2)
+97%
25
N/A
19
-23%
12
-37%
(2)
N/A
(13)
-725%
(9)
+36%
(14)
-69%
(8)
+47%
(4)
+45%
(12)
-190%
(17)
-36%
(23)
-38%
(32)
-41%
16
N/A
(1)
N/A
8
N/A
13
+69%
(41)
N/A
(3)
+94%
(11)
-315%
(8)
+24%
14
N/A
14
-4%
11
-19%
36
+228%
(5)
N/A
(6)
-27%
(10)
-53%
(31)
-222%
(9)
+70%
(5)
+49%
(4)
+5%
(4)
+2%
2
N/A
(7)
N/A
6
N/A
242
+4 281%
Free Cash Flow
Free Cash Flow
12
N/A
21
+69%
17
-17%
14
-20%
5
-67%
6
+22%
12
+124%
20
+63%
29
+42%
22
-23%
22
-1%
1
-94%
3
+167%
(4)
N/A
(7)
-72%
1
N/A
(3)
N/A
(7)
-181%
(18)
-144%
(11)
+37%
(18)
-64%
(25)
-33%
(17)
+29%
(25)
-45%
(25)
+2%
(14)
+46%
(10)
+23%
(7)
+33%
13
N/A
26
+105%
36
+37%
47
+30%
50
+6%
50
+1%
51
+3%
60
+17%
68
+14%
58
-15%
56
-3%
62
+10%
41
-33%
46
+12%
50
+9%
41
-18%
43
+3%
44
+2%
38
-13%
25
-35%
16
-33%
13
-22%
(7)
N/A
(8)
-11%
(11)
-39%
(15)
-28%
13
N/A
23
+72%
41
+80%
60
+44%
61
+2%
64
+6%
51
-20%
45
-13%
26
-42%
13
-51%
18
+39%
(2)
N/A
(2)
+25%
(9)
-493%
3
N/A
1
-59%
(4)
N/A
50
N/A
76
+51%
134
+76%
179
+34%
138
-23%
97
-30%
211
+118%
169
-20%
169
0%
164
-2%
18
-89%
22
+19%
76
+250%
98
+29%
100
+2%
101
+1%
53
-47%
50
-7%
50
+1%
34
-33%
26
-23%
19
-27%
13
-31%
62
+371%
81
+31%

See Also

Summary
BH.A intrinsic value, competitors valuation, and company profile.
DCF Valuation
BH.A stock valuation using Discount Cash Flow valuation method.
Relative Valuation
BH.A stock valuation using valuation multiples.
Wall Street Estimates
BH.A price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
BH.A stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 313,000+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2026 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.