Biglari
Owns Steak n Shake, insurers, oil and gas assets, Maxim, and investment partnerships.
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Profile
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
Key statistics
Year to date +9.6% · Average volume (30d) 188.7K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | — | $1.58 | — | — | $108.5M | — | −0.94% |
| May 8, 2026Q1 FY26 | — | −$0.56 | — | — | $97.5M | — | −19.21% |
| Feb 28, 2026Q4 FY25 | — | −$2.38 | — | — | $99.9M | — | −13.25% |
| Nov 7, 2025Q3 FY25 | — | $23.46 | — | — | $99.7M | — | −7.56% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $95.0M | $100.6M | $99.7M | $99.9M | $97.5M | $108.5M | |
| Gross profit | $34.5M | $29.1M | $39.1M | $25.8M | $27.7M | $44.8M | |
| Operating income | $2.9M | $5.7M | $18.6M | $3.7M | $3.1M | $13.2M | |
| Net income | −$33.3M | $50.9M | −$5.3M | −$49.9M | −$14.5M | $39.9M | |
| Diluted EPS | −$14.62 | $16.41 | −$1.71 | −$16.07 | −$4.63 | $12.72 | |
| Gross margin | 36.3% | 28.9% | 39.2% | 25.8% | 28.5% | 41.3% | |
| Operating margin | 3.1% | 5.6% | 18.7% | 3.7% | 3.2% | 12.2% |
Fiscal years (4-quarter sums)FY21 $366.1M · FY22 $368.2M · FY23 $365.3M · FY24 $362.1M · FY25 $395.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $68.4M · Total debt $289.3M · Total assets $1.06B · Shareholders' equity $543.8M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 3.14M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sardar Biglari · director, 10 percent owner, officer: Chairman and CEO | 1.53M | 48.72% | Form 4 | Jun 5, 2026 |
| Biglari Capital Corp. | 1.42M | 45.15% | 13F | May 15, 2026 |
| Dimensional Fund Advisors LP | 102.2K | 3.26% | 13F | May 7, 2026 |
| Swiss Life Asset Management Ltd | 66.1K | 2.11% | 13F | May 14, 2026 |
| BlackRock, Inc. | 45.0K | 1.44% | 13F | May 13, 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 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Biglari | $373.43 | −0.86% | $1.18B | — | — | 2.9 | +7.9% |
| McDonald's | $265.11 | +0.04% | $188.28B | 21.5 | 20.0 | 6.8 | +3.7% |
| Wendy's | $8.22 | −0.48% | $1.58B | 12.5 | 16.2 | 0.7 | +1.7% |
| Progressive | $217.33 | −0.61% | $127.12B | 11.0 | 13.3 | 1.4 | −4.2% |
| Shake Shack | $69.75 | −0.23% | $2.82B | 74.1 | 56.4 | 1.8 | +17.2% |
| Permian Resources | $22.86 | +0.82% | $19.01B | 15.0 | 10.3 | 3.3 | +55.2% |
| Texas Roadhouse | $198.99 | +0.04% | $13.08B | 31.8 | 27.6 | 2.1 | +11.1% |
| Median | 18.3 | 18.1 | 2.0 | +7.4% |