Biglari Holdings
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
3.94-32.005.8110.2910.194.34-5.056.37-6.400.87-0.644.34
Price/Sales ratio
0.480.580.680.610.240.290.440.610.560.130.000.29
Price/Book Value ratio
0.621.121.080.900.340.320.330.380.370.070.000.32
Price/Cash Flow ratio
14.439.659.1319.999.562.101.630.981.610.650.012.10
Price/Free Cash Flow ratio
-48.3112.2411.2729.0468.592.591.981.372.100.960.022.59
Price/Earnings Growth ratio
-0.740.28-0.00-0.20-0.170.030.02-0.030.03-0.000.04-0.17
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
20.37%21.26%21.38%18.16%18.33%20.21%31.57%38.99%41.49%31.85%36.58%18.33%
Operating Profit Margin
1.53%2.70%3.71%0.03%4.52%12.49%-3.38%13.01%-8.20%10.77%8.26%4.52%
Pretax Profit Margin
18.84%-4.34%17.20%-1.53%2.06%8.24%-11.57%11.54%-11.68%17.75%-0.66%8.24%
Net Profit Margin
12.17%-1.83%11.69%5.96%2.39%6.78%-8.75%9.69%-8.77%15.04%-0.48%6.78%
Effective Tax Rate
35.39%57.67%32.00%488.44%-15.73%17.70%24.32%16.06%24.91%14.35%22.57%-15.73%
Return on Assets
8.58%-1.57%9.06%4.70%1.88%3.98%-3.73%3.96%-3.89%6.46%-0.05%3.98%
Return On Equity
15.78%-3.51%18.69%8.76%3.39%7.36%-6.72%6.03%-5.90%9.16%-0.07%7.36%
Return on Capital Employed
1.19%2.62%3.23%0.02%4.04%8.36%-2.00%6.34%-4.35%5.33%1.01%8.36%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/A0.931.030.51N/AN/AN/A1.110.93
Quick Ratio
1.581.011.000.770.871.000.501.121.081.341.010.87
Cash ratio
1.090.480.630.430.390.480.080.290.270.250.270.48
Days of Sales Outstanding
7.037.506.096.757.0911.8016.1428.4229.1122.22125.597.09
Days of Inventory outstanding
3.814.083.693.854.153.193.366.216.524.3626.004.15
Operating Cycle
10.8511.599.7910.6111.2515.0019.5134.6335.6426.5956.9711.25
Days of Payables Outstanding
21.7018.6418.5421.5723.152.2932.6459.9548.1632.91530.8323.15
Cash Conversion Cycle
-10.85-7.05-8.75-10.95-11.9012.71-13.12-25.31-12.52-6.32-398.8212.71
Debt Ratios
Debt Ratio
0.180.200.180.170.180.170.160.010.010.010.320.18
Debt Equity Ratio
0.340.460.370.320.320.320.300.020.010.020.490.32
Long-term Debt to Capitalization
0.250.310.270.240.240.22N/AN/AN/AN/AN/A0.22
Total Debt to Capitalization
0.250.310.270.240.240.240.230.020.010.02N/A0.24
Interest Coverage Ratio
N/AN/AN/AN/A-0.180.261.82N/AN/AN/A4.97-0.18
Cash Flow to Debt Ratio
0.120.250.310.140.110.470.6913.5312.784.91N/A0.47
Company Equity Multiplier
1.832.222.061.861.801.841.801.521.511.411.491.84
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.030.060.070.030.020.140.270.620.340.190.240.02
Free Cash Flow / Operating Cash Flow Ratio
-0.290.780.810.680.130.810.820.710.760.670.560.13
Cash Flow Coverage Ratio
0.120.250.310.140.110.470.6913.5312.784.91N/A0.47
Short Term Coverage Ratio
9.4526.2240.6617.543.614.990.6913.5312.784.911.254.99
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A