2 models fit Biglari Holdings Inc. Class B Common Stock and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze57
Valued as a cyclical company: EV/EBITDA comparison and Discounted cash flow.
ACCE opinionBiglari Holdings Inc. Class B Common Stock (BH)
Fair value (2 models)
$149
ACCE price target
$365
Rating
Overvalued
Horizon
12 months
Fair value published on 20 Oct 2026, 14:06 CEST; previously $179 since 15 Oct 2026, 00:00 CEST.
ACCE price target published on 12 Oct 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 14:06 CEST.
Price used: $396 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
165.7% above
-62.4% to fair value
ACCE score
46
out of 100
P/E
0.0x
forward 10.6x
1-year return
+6.3%
Dividend yield
0.00%
Biglari Holdings Inc. Class B Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Biglari Holdings owns Steak n Shake, the burger and milkshake chain, along with Western Sizzlin, Maxim's and Southern Oil, and it holds a stake in Biglari Capital's investment portfolio. The company's advantage is its controlled, capital-allocation-first structure under Sardar Biglari, which has consistently pushed for buybacks and reinvestment over empire building, though the restaurant operations are a low-margin, competitive business. Revenue grew 7.9% and operating margin sits at 7.7%, but gross margin of 39.1% and a negative ROE of -5.3% show the earnings base is thin and the balance sheet is not generating returns yet. The forward P/E of 10.6 against a trailing P/E of zero suggests earnings are recovering from a weak base, so the question is whether Steak n Shake's same-store traffic and margin repair can carry that recovery. With a 47/100 score and no index membership, the name clears the bar for a deeper look mainly on the capital allocation record and on whether the forward earnings estimate holds up under scrutiny.