Biglari Holdings Inc.

BHNYSEConsumer Cyclical● Active

$293.54

$-2.66(-0.90%)

Market Cap$921427931

P/E Ratio—

52W High$483.6

52W Low$234.92

Avg Volume91K

Open$299.03

Beta0.60

Free Cash Flow Financials Revenue

Biglari Holdings Inc. (BH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BH · free cash flow · updated Jun 8, 2026

Core FCF metrics

BH · FCF · TTM · margin & CAGR

Free cash flow was $76.6M for FY2025 (fiscal year ending 2025-12-31), up 301.8% year-over-year The FCF margin was 19.4%. Five-year CAGR stands at -4.6%.

FY2025 Free Cash Flow$76.6M▲ +301.8% YoY

Trailing 12M (TTM)$81.5Mtrailing 4 quarters sum

FCF Margin19.4%$76.6M ÷ revenue

3-Year CAGR-7.9%FY2022 → FY2025

5-Year CAGR-4.6%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$107.0M(30M)$76.6M▲ +301.8%19.4%

FY2024$49.7M(31M)$19.1M▼ 61.6%5.3%

FY2023$73.0M(23M)$49.6M▼ 49.4%13.6%

FY2022$127.8M(30M)$98.1M▼ 40.3%26.6%

FY2021$228.8M(65M)$164.2M▲ +69.6%44.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BH · P/FCF · FCF yield · FCF per share

Biglari Holdings Inc. (BH) trades at a FCF yield of 8.84% and a price-to-free-cash-flow ratio of 11.2x. FCF per share stands at $26.26, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

8.84%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$26.26

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x13.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BH · cash flow statement · operating / investing / financing

For FY2025, Biglari Holdings Inc. generated $107.0M in operating cash flow and spent 30M in capital expenditures, yielding $76.6M in free cash flow.

Operating Activities

+$107.0M

Cash from core business operations

2025-12-31

Investing Activities

−$65.5M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$196.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($107.0M) − |CapEx| (30M) = FCF ($76.6M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

BH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Biglari Holdings Inc.YOU

$76.6M+301.8%19.4%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Biglari Holdings Inc. (BH) reported free cash flow of $76.6M for FY2025 (fiscal year ending 2025-12-31), up 301.8% year-over-year. The FCF margin was 19.4%.

Based on available data, Biglari Holdings Inc. has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $164.2M in FY2021. The 5-year CAGR stands at -4.6%.

Biglari Holdings Inc.'s FCF yield is 8.84% and price-to-FCF ratio is 11.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BH free cash flow · 8 questions

Biglari Holdings Inc. free cash flow was $76.6M for FY2025, up 301.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $81.5M.

BH free cash flowBH FCFBH FCF 2025BH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Biglari Holdings Inc. · Biglari Holdings Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026