Recent News
On September 30, 2025, Steak n Shake Inc., a subsidiary of Biglari Holdings, closed a $225 million five-year term loan at an 8.80% fixed rate and 3.0% annual amortization, and the parent terminated a $75 million line of credit; proceeds from the loan distributed to the parent company appear in the SEC filing.
On November 21, 2025, the company disclosed in an SEC filing that affiliates may purchase additional Class A and/or Class B shares and reported book value per Class A equivalent share of $2,244.26 and per Class B equivalent share of $448.85, noting the stock trades below those per-share book values.
Technical Analysis
ADX / DI+/DI-: ADX at 32.1 signals a strong underlying trend. DI- shows a dip & reversal, which represents renewed bearish pressure, while DI+ registers as increasing; the current DI- level remains above DI+, indicating the prior downside pressure still dominates even as bullish participation rises.
MACD: MACD sits at -1.54 and trends increasing; it has crossed above the signal line at -5.38, which constitutes a bullish momentum shift despite MACD remaining below zero.
MRO (Momentum/Regression Oscillator): MRO reads -11.41 and trends increasing, indicating price sits below target with developing upside pressure toward that target.
RSI: RSI at 50.79 and increasing shows neutral-range momentum tilting toward buyers without overbought conditions.
Price vs Moving Averages & Indicators: Last close at $322.69 sits above the 200-day average of $284.69 and the 20-day average of $313.34 but below the 50-day average of $333.98. Price tracks above the Tenkan-sen ($310.94) and Kijun-sen ($317.76) of the Ichimoku cloud, while the cloud’s Senkou A/B at $356.83/$336.79 places resistance overhead.
Bollinger & Volume: Price remains between the 1x Bollinger band bounds ($300.08–$326.60). Intraday volume at 123,623 exceeds the 10-day average of 74,826 and the 200-day average of 29,246, signaling higher conviction behind recent moves.
Fundamental Analysis
Profitability: Total revenue registered at $99,738,000 with gross margin at 39.17% and operating margin at 9.12%. EBIT totals $-5,215,000, producing an EBIT margin of -5.23%, below the industry peer mean of 12.08% and the industry peer median of 9.83%. EBIT margin deteriorated QoQ by -107.83% and YoY by -110.52%.
Income Statement Dynamics: EBITDA reached $4,330,000 while net income showed a loss of $-5,291,000. Revenue growth registers -0.88% overall but shows YoY revenue growth of 8.82%; revenue growth QoQ contracted by -114.91%.
Liquidity & Cash: Cash of $272,485,000 and cash and short-term investments of $369,169,000 underpin a cash ratio of 2.58, a current ratio of 2.83, and a quick ratio of 2.80, all signaling ample near-term liquidity versus current liabilities of $142,960,000.
Leverage & Coverage: Total debt stands at $347,168,000 with debt-to-assets of 32.16% and debt-to-equity of 0.60. Debt-to-EBITDA sits at 80.18x and interest coverage at -223.15%, reflecting negative operating earnings relative to interest expense and limited earnings capacity to cover interest.
Cash Flow & Capital Expenditure: Free cash flow totals $22,300,000 but free cash flow growth contracted by -43.46% YoY; free cash flow yield at 2.15% sits above the industry peer mean of 0.399% and below the industry peer high of 4.283% in the provided peer range.
Asset Efficiency & Returns: Asset turnover registers 0.1027 and asset-to-equity 1.8603. Return on assets at -0.545% and return on equity at -0.912% reflect a negative return profile; both show large QoQ and YoY declines consistent with the negative EBIT margin trajectory.
Valuation Notes: WMDST values the stock as under-valued. Key market multiples: price-to-book ratio of 1.79 versus an industry peer mean of 3.72 and median of 10.03; price-to-sales at 10.40 sits well inside the industry peer range mean and median; enterprise multiple reads very high at 234.41. Forward EPS stands at -$1.8625 with a forward P/E of -161.48, indicating negative forward earnings consensus. The balance-sheet liquidity and reported book-value per equivalent share noted in recent filings provide a valuation buffer while earnings metrics remain negative.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-07 |
| NEXT REPORT DATE: | 2026-02-06 |
| CASH FLOW | Begin Period Cash Flow | $ 33.5 M |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -8.95 M | |
| Change In Working Capital | $ 9.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 239.7 M | |
| End Period Cash Flow | $ 273.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 99.7 M | |
| Forward Revenue | $ 27.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 60.7 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 90.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 39.1 M | |
| EBITDA | $ 4.3 M | |
| EBIT | $ -5.21 M | |
| Operating Income | $ 9.1 M | |
| Interest Income | — | |
| Interest Expense | $ 2.3 M | |
| Net Interest Income | $ -2.34 M | |
| Income Before Tax | $ -7.55 M | |
| Tax Provision | $ -2.26 M | |
| Tax Rate | 29.939 % | |
| Net Income | $ -5.29 M | |
| Net Income From Continuing Operations | $ -5.29 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -1.86 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | $ 76.2 M | |
| Net Tangible Assets | $ 504.0 M | |
| Total Current Assets | $ 404.1 M | |
| Cash and Short-Term Investments | $ 369.2 M | |
| Cash | $ 272.5 M | |
| Net Receivables | $ 21.2 M | |
| Inventory | $ 3.9 M | |
| Long-Term Investments | $ 12.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 27.8 M | |
| Short-Term Debt | $ 20.9 M | |
| Total Current Liabilities | $ 143.0 M | |
| Net Debt | — | |
| Total Debt | $ 347.2 M | |
| Total Liabilities | $ 499.2 M | |
| EQUITY | ||
| Total Equity | $ 580.3 M | |
| Retained Earnings | $ 640.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 187.01 | |
| Shares Outstanding | 3.103 M | |
| Revenue Per-Share | $ 32.14 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | 234.406 | |
| Enterprise Multiple QoQ | 1947.665 % | |
| Enterprise Multiple YoY | 2975.673 % | |
| Enterprise Multiple IPRWA | BH: 234.406 high: 190.151 median: 155.361 mean: 132.45 low: -71.019 |
|
| EV/R | 10.176 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.86 | |
| Asset To Liability | 2.162 | |
| Debt To Capital | 0.374 | |
| Debt To Assets | 0.322 | |
| Debt To Assets QoQ | 121.411 % | |
| Debt To Assets YoY | 1837.349 % | |
| Debt To Assets IPRWA | high: 1.761 mean: 0.774 median: 0.355 BH: 0.322 low: 0.009 |
|
| Debt To Equity | 0.598 | |
| Debt To Equity QoQ | 181.067 % | |
| Debt To Equity YoY | 2407.46 % | |
| Debt To Equity IPRWA | high: 5.029 mean: 0.69 BH: 0.598 median: 0.577 low: -6.956 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.787 | |
| Price To Book QoQ | 17.183 % | |
| Price To Book YoY | 98.514 % | |
| Price To Book IPRWA | high: 11.273 median: 10.033 mean: 3.715 BH: 1.787 low: -10.707 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 10.397 | |
| Price To Sales QoQ | 16.411 % | |
| Price To Sales YoY | 73.517 % | |
| Price To Sales IPRWA | high: 70.901 median: 26.401 mean: 24.127 BH: 10.397 low: 0.237 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -161.48 | |
| Forward PE/G | — | |
| Forward P/S | 38.075 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 123.074 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.103 | |
| Asset Turnover Ratio QoQ | -13.651 % | |
| Asset Turnover Ratio YoY | -4.944 % | |
| Asset Turnover Ratio IPRWA | high: 0.425 median: 0.224 mean: 0.214 BH: 0.103 low: 0.008 |
|
| Receivables Turnover | 4.713 | |
| Receivables Turnover Ratio QoQ | 2.092 % | |
| Receivables Turnover Ratio YoY | 5.712 % | |
| Receivables Turnover Ratio IPRWA | high: 147.269 median: 30.434 mean: 26.549 BH: 4.713 low: 0.156 |
|
| Inventory Turnover | 14.611 | |
| Inventory Turnover Ratio QoQ | 2.589 % | |
| Inventory Turnover Ratio YoY | -1.925 % | |
| Inventory Turnover Ratio IPRWA | high: 61.844 mean: 19.628 BH: 14.611 median: 8.017 low: 4.472 |
|
| Days Sales Outstanding (DSO) | 19.36 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -14.181 | |
| Cash Conversion Cycle Days QoQ | 1.286 % | |
| Cash Conversion Cycle Days YoY | -5.609 % | |
| Cash Conversion Cycle Days IPRWA | high: 10.518 median: 5.16 mean: 1.353 low: -8.282 BH: -14.181 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.382 | |
| CapEx To Revenue | -0.09 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 795.2 M | |
| Net Invested Capital | $ 816.1 M | |
| Invested Capital | $ 816.1 M | |
| Net Tangible Assets | $ 504.0 M | |
| Net Working Capital | $ 261.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.582 | |
| Current Ratio | 2.827 | |
| Current Ratio QoQ | 104.523 % | |
| Current Ratio YoY | 91.714 % | |
| Current Ratio IPRWA | high: 6.804 BH: 2.827 median: 2.686 mean: 2.353 low: 0.245 |
|
| Quick Ratio | 2.799 | |
| Quick Ratio QoQ | 107.743 % | |
| Quick Ratio YoY | 94.388 % | |
| Quick Ratio IPRWA | BH: 2.799 high: 2.632 mean: 1.617 median: 1.318 low: 0.19 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 80.177 | |
| Cost Of Debt | 0.693 % | |
| Interest Coverage Ratio | -2.231 | |
| Interest Coverage Ratio QoQ | -106.947 % | |
| Interest Coverage Ratio YoY | -108.081 % | |
| Interest Coverage Ratio IPRWA | high: 56.842 median: 6.219 mean: 5.052 BH: -2.231 low: -3155.663 |
|
| Operating Cash Flow Ratio | 0.219 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 39.725 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 25.003 % | |
| Revenue Growth | -0.876 % | |
| Revenue Growth QoQ | -114.908 % | |
| Revenue Growth YoY | 8.82 % | |
| Revenue Growth IPRWA | high: 4.142 % median: 1.869 % mean: 1.143 % BH: -0.876 % low: -7.107 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 39.167 % | |
| Gross Margin QoQ | 0.159 % | |
| Gross Margin YoY | 1.34 % | |
| Gross Margin IPRWA | high: 48.853 % BH: 39.167 % mean: 32.505 % median: 25.208 % low: 0.705 % |
|
| EBIT Margin | -5.229 % | |
| EBIT Margin QoQ | -107.83 % | |
| EBIT Margin YoY | -110.516 % | |
| EBIT Margin IPRWA | high: 27.788 % mean: 12.08 % median: 9.83 % BH: -5.229 % low: -20.911 % |
|
| Return On Sales (ROS) | 9.12 % | |
| Return On Sales QoQ | 47.477 % | |
| Return On Sales YoY | -81.659 % | |
| Return On Sales IPRWA | high: 27.861 % mean: 12.387 % median: 9.795 % BH: 9.12 % low: -15.482 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.3 M | |
| Free Cash Flow Yield | 2.15 % | |
| Free Cash Flow Yield QoQ | -51.014 % | |
| Free Cash Flow Yield YoY | 215.712 % | |
| Free Cash Flow Yield IPRWA | high: 4.283 % BH: 2.15 % mean: 0.399 % median: 0.256 % low: -3.758 % |
|
| Free Cash Growth | -43.463 % | |
| Free Cash Growth QoQ | -111.93 % | |
| Free Cash Growth YoY | -68.204 % | |
| Free Cash Growth IPRWA | high: 250.173 % mean: -26.923 % BH: -43.463 % median: -46.982 % low: -347.626 % |
|
| Free Cash To Net Income | -4.215 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | -5.905 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.545 % | |
| Return On Assets QoQ | -109.056 % | |
| Return On Assets YoY | -114.2 % | |
| Return On Assets IPRWA | high: 7.903 % mean: 1.481 % median: 1.128 % BH: -0.545 % low: -9.078 % |
|
| Return On Capital Employed (ROCE) | -0.557 % | |
| Return On Equity (ROE) | -0.009 | |
| Return On Equity QoQ | -110.552 % | |
| Return On Equity YoY | -117.085 % | |
| Return On Equity IPRWA | high: 0.235 median: 0.019 mean: 0.007 BH: -0.009 low: -0.178 |
|
| DuPont ROE | -0.905 % | |
| Return On Invested Capital (ROIC) | -0.448 % | |
| Return On Invested Capital QoQ | -105.184 % | |
| Return On Invested Capital YoY | -98.408 % | |
| Return On Invested Capital IPRWA | high: 6.942 % median: 3.797 % mean: 3.588 % BH: -0.448 % low: -7.241 % |
|