Biglari Holdings (BH.A) has wrapped up FY 2025 with fourth quarter revenue of US$99.9 million and a basic EPS loss of US$193.44, while trailing twelve month revenue came in at US$395.3 million alongside a basic EPS loss of US$143.86. Over recent quarters the company has seen revenue move from US$91.1 million in Q4 2024 to around US$100.6 million at its Q2 2025 peak. EPS has swung between a gain of US$194.57 and losses including US$37.56 and US$126.40, setting up a choppy earnings profile that puts the focus firmly on how efficiently each dollar of sales is converting into profit or loss.

See our full analysis for Biglari Holdings.

With the headline numbers on the table, the next step is to line these results up against the widely held narratives around Biglari Holdings to see which stories hold up and where the margin picture raises fresh questions.

TTM net loss of US$37.5 million keeps profitability under pressure

• Over the trailing twelve months Biglari Holdings recorded revenue of US$395.3 million and a net loss (excluding extra items) of US$37.5 million, with the latest quarter alone showing a loss of US$49.9 million on US$99.9 million of revenue.
• Critics highlight that earnings have declined by 22.6% per year over five years and the latest TTM loss backs that up, yet the pattern of quarters swinging from a US$50.9 million profit in Q2 2025 to losses of US$33.3 million in Q1 2025 and US$49.9 million in Q4 2025 shows how lumpy performance is, which can make it harder for a bearish view to pin everything on a single trend line.
  • The company was modestly profitable on a TTM basis as recently as Q2 2025, with TTM net income of US$39.5 million, before sliding back to a TTM loss of US$37.5 million by Q4 2025.
  • That flip from profit to loss in just two quarters supports the bearish focus on persistent earnings pressure, while also underscoring how individual periods can look very different from the five year average decline rate.

To see how different investors interpret this mix of long term losses and short term swings, check out what the community is saying about Biglari Holdings through the Curious how numbers become stories that shape markets? Explore Community Narratives.

Premium 2.5x P/S despite ongoing losses

• The stock trades at a P/S of 2.5x, above the US Hospitality industry average of 1.7x and well above the peer average of 0.5x, even though the TTM result is still a loss of US$37.5 million.
• Bears argue that paying a higher sales multiple for an unprofitable company raises the bar for future performance, and the combination of a five year 22.6% annual earnings decline with current TTM losses supports that concern, while the fairly stable quarterly revenue band of roughly US$90 million to US$101 million over the last six reported quarters suggests the premium multiple is not being backed by rapid top line expansion.
  • From Q3 2024 to Q4 2025, quarterly revenue moved in a narrow range between US$90.4 million and US$100.6 million, which aligns with the view that growth has not been the core driver of the P/S premium.
  • At the same time, swings in quarterly net income from a profit of US$32.1 million in Q3 2024 to a loss of US$49.9 million in Q4 2025 illustrate why skeptics focus on earnings quality when they see a valuation premium on sales.

DCF fair value of US$3,847.99 vs US$1,592.36 price

• The provided DCF fair value of US$3,847.99 sits well above the current share price of US$1,592.36, a gap of about 58.6%, even though the latest TTM period shows a net loss of US$37.5 million and a TTM basic EPS loss of US$143.86.
• Supporters of a more bullish angle point to the large DCF gap as potential upside, yet the same data set also shows five years of annual earnings declines of 22.6% and a TTM loss, so any bullish narrative that leans on DCF alone has to wrestle with the fact that recent operating results do not yet line up with that implied value.
  • The share price of US$1,592.36 is materially below the DCF fair value but still sits on a higher P/S of 2.5x versus peers at 0.5x, so valuation signals are mixed across different methods.
  • Revenue of US$395.3 million on a TTM basis provides the base that both the P/S and the DCF are built on, which means readers need to weigh the history of losses against the modelled cash flow assumptions behind that US$3,847.99 figure.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Biglari Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With sentiment split between recent losses and the DCF gap, it makes sense to move quickly, review the underlying figures yourself, and weigh up the 1 key reward and 1 important warning sign.

See What Else Is Out There

Biglari Holdings combines a TTM net loss of US$37.5 million, a history of 22.6% annual earnings declines and a premium 2.5x P/S multiple. This combination puts pressure on valuation support.

If that mix of losses and a high sales multiple feels uncomfortable, you can quickly refocus on companies with stronger earnings support by scanning the 51 high quality undervalued stocks to see how their numbers stack up.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.