Steak 'n Shake's MAGA Makeover Is Winning Fans but Its Stock Is Complicated

Steak 'n Shake's sales are surging as it embraces MAGA and MAHA, but Biglari Holdings investors also have to contend with debt, a shrinking restaurant footprint, and concentrated control.

Barrons • Aug 31, 2026

BIGLARI HOLDINGS INC. NEWS RELEASE

San Antonio, TX, Aug. 7, 2026 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2026. Biglari Holdings Inc.'s earnings for the second quarter and first six months of 2026 and 2025 are summarized below.

PRNewsWire • Aug 7, 2026

Biglari Holdings Inc. News Release

San Antonio, TX, May 8, 2026 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2026. Biglari Holdings Inc.'s earnings for the first quarter of 2026 and 2025 are summarized below.

PRNewsWire • May 8, 2026

Biglari Holdings acquired 3.4% stake in yacht maker Ferretti Group

U.S investment company Biglari Holdings said on Thursday it ​had acquired a 3.4% stake in ‌Ferretti Group , as Czech investment group KKCG prepares to launch a partial ​tender offer on the Italian ​yacht maker.

Reuters • Mar 12, 2026

Biglari Holdings CEO Purchases Over 2,000 Insider Shares

The CEO of Biglari Holdings Inc. purchased 2,221 shares across three transactions for a total value of $705,671.28. The transaction impacted 0.17% of Biglari Holdings' aggregate indirect holdings, leaving direct ownership unchanged at one share post-transaction.

The Motley Fool • Jan 13, 2026

Biglari Holdings: Revaluation On Decent Operational Outcomes And Improved Capital Conditions

Biglari Holdings trades at a decent NAV discount, but it has comps that trade similarly and have less capped upside due to its unique carry structure and incentive scheme. Operational performance has been solid across restaurants, insurance, and oil & gas, but macroeconomic risks—especially for restaurants—remain a concern. Insurance investment returns may face pressure from lower rates, and oil & gas outlook is clouded by supply increases and uncertain demand.

Seeking Alpha • Sep 10, 2025

Biglari Swings to Profit in Fiscal Q2

Biglari (BH -2.25%), a holding company with operations in restaurants, insurance, oil and gas, and media, reported its Q2 2025 earnings on Aug. 8, 2025. The most significant headline was a sharp return to profitability, as net earnings (GAAP) swung to $50.9 million after a $48.2 million GAAP loss in the prior year period, largely driven by investment gains of $61.4 million.

The Motley Fool • Aug 8, 2025

AM Best Places Credit Ratings of First Guard Insurance Company Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH]. The Credit Ratings (ratings) of First Guard have been placed under review with developing implications following the approval of a reinsurance agreement submitted to the.

Business Wire • Jan 9, 2025

Biglari Holdings Inc. Secures Oil And Gas Development Deal

Abraxas Petroleum has entered into a purchase/royalty-based arrangement with a third party company to conduct exploration and development activities on its Delaware Basin properties. Abraxas Petroleum's proved developed non-producing and proved undeveloped reserves are currently carried at $0 on the balance sheet. Development activities will allow Abraxas to establish their proportional share of proved undeveloped reserves on the balance sheet over time as well as provide for ongoing royalty payments.

Seeking Alpha • Dec 12, 2023

Biglari Holdings: Sum-Of-The-Parts Valuation Implies Significant Upside

Biglari Holdings is currently trading at a 69% discount to our current sum-of-the-parts valuation, following an assessment of its insurance, oil and gas, restaurant, and investment operations. The company is under-followed and misunderstood with multiple upside catalysts. Highly successful cash harvesting strategy at oil and gas operation with upside potential in Permian and Delaware Basin assets.

Seeking Alpha • Jul 10, 2023