BH Biglari Holdings Inc. Class B Common Stock
XNYSStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
BH
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Key stats
Related
About
- Industry (SIC)
- RETAIL-EATING PLACES (5812) · industry map
- Exchange
- XNYS
- Market Cap
- $1.3B
- Employees
- 2,359
- List Date
- 1984-11-05
- CIK
- 0001726173
- Next Earnings
- 2026-11-06
- Headquarters
- San Antonio, TX
- Homepage
- https://www.biglariholdings.com
Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, and Oil and Gas Operations. Its restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The company also reports segment information for Maxim. The majority of revenue is derived from the Restaurant Operations Segment.
Summary
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composite
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No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 4.78% | -16.06% | 17.87% | -2.80% | -7.18% | 9.13% | 0.96% |
| Feb | -0.48% | 15.91% | 8.87% | 9.98% | 7.14% | -0.31% | 6.85% |
| Mar | -4.83% | 1.54% | -5.48% | 12.24% | -5.35% | -2.02% | -0.65% |
| Apr | -2.48% | -5.61% | 2.11% | -0.66% | 9.34% | -7.00% | -0.72% |
| May | 14.97% | -3.12% | 15.38% | 0.06% | 9.08% | 0.10% | 6.08% |
| Jun | -7.80% | -8.45% | -6.69% | -1.45% | 16.04% | 42.65% | 5.72% |
| Jul | 2.88% | -3.16% | 2.80% | 5.66% | 4.82% | -6.54% | 1.08% |
| Aug | 5.32% | 12.93% | -8.55% | -8.45% | 3.98% | -0.83% | 0.73% |
| Sep | -1.38% | -6.79% | -10.84% | 0.00% | 4.96% | -11.83% | -4.31% |
| Oct | -2.49% | 14.26% | -10.99% | 0.14% | 11.84% | 10.68%* | 3.91% |
| Nov | -16.48% | 3.46% | -1.39% | 21.64% | -17.38% | -- | -2.03% |
| Dec | 0.19% | -4.77% | 11.00% | 17.71% | 10.78% | -- | 6.98% |
| Total | -10.55% | -5.09% | 8.89% | 63.02% | 52.55% | 28.03% | 22.81% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $382.07
SMA 50: $376.16
SMA 200: $358.36
Current: $395.33
EMA 12: $404.09
EMA 26: $388.29
MACD: 15.8067 | Signal: 4.5462
BULLISH
ADX (14): 29.41
TREND
+DI: 33.92
−DI: 24.41
Momentum Oscillators
RSI (14): 52.86
NEUTRAL
Stoch %K: 58.45
Stoch %D: 75.79
Williams %R: -64.92
Volume & Volatility
BB Upper: $449.93
BB Lower: $314.22
NEUTRAL
OBV: 1,115,520
Vol SMA 20: 84,013
Vol ROC: 90.72%
ATR: $18.02
True Range: $23.75
HV 20: 49.2%
HV 30: 45.5%
HV 60: 39.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis
LLM Stock Analysis Report: Biglari Holdings (BH)
Executive Summary
BULLISH/NEUTRAL with confidence level 6-7
Key drivers: Strong technical signals, moderate volatility, positive news sentiment. Primary risks: Potential breakdown below SMA 50 and increasing competition in the food industry.
Investment thesis: BH presents a promising opportunity for long-term growth, driven by its expanding restaurant portfolio and improving profitability. Recent news headlines have been generally positive, supporting the bullish case.
Recent news sentiment impact: The CEO's insider buying activity has contributed positively to the overall sentiment, while the earnings report and other general market commentary have had a neutral impact.
Technical Analysis
Trend Direction: Short-term (1-4 weeks): Bullish, Medium-term (1-3 months): Neutral, Long-term (3-12 months): Bullish
Support/Resistance Levels: SMA 50 ($365.55), Upper Bollinger Band ($402.64)
Momentum Signals: * RSI interpretation: Neutral (51.05) * MACD signal: Bullish * Bollinger Bands position: Neutral
Volume Analysis: Volume is trending lower, indicating a potential consolidation phase.
News & Sentiment Analysis
Recent Headlines Summary: Positive CEO buying activity, neutral earnings report, general market commentary.
Sentiment Assessment: Aggregate sentiment is positive (70%), driven by the CEO's insider buying and generally upbeat news headlines.
Catalyst Identification: Upcoming earnings report, product launches in the food industry.
Market Narrative: News headlines align with the bullish technical signals, supporting a potential long-term uptrend.
Risk & Volatility Assessment
Beta Interpretation: Moderate risk (0.92), relatively stable compared to the broader market.
Volatility Regime: Current volatility is moderate (0.52), consistent with historical levels.
Options Market Signals: No options data available.
Downside Protection: Support at SMA 50 ($365.55) and potential breakout above Upper Bollinger Band ($402.64).
Market Context & Positioning
Sector Performance: Strong performance in the food industry, driven by consumer demand and expanding restaurant portfolios.
Institutional Activity: Volume patterns suggest moderate institutional interest, with some accumulation occurring.
Correlation Analysis: BH is moderately correlated (0.23) with the broader market, indicating a relatively independent trend.
Relative Valuation: Positioning within a trading range, with potential for breakout above Upper Bollinger Band ($402.64).
Key Levels & Action Items
Critical Price Levels: SMA 50 ($365.55), Upper Bollinger Band ($402.64)
Breakout/Breakdown Levels: Breakout above $402.64 or breakdown below $365.55 could trigger significant moves.
Time-Sensitive Catalysts: Earnings report and product launches in the food industry.
Risk Management: Set stop-loss levels at SMA 50 ($365.55) and consider reducing position size based on increased volatility.
Generated
News
All BH news →
BH Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
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pts
EXTREME
ATM — / Wing —
30 DTE / 10d
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—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.8360
Alpha: 10.47%
Correlation: 0.2028
R-Squared: 4.1%
Stock Volatility: 52.5%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Moderate volatility - stock generally follows market
Moderate volatility - stock generally follows market
Beta & Alpha Over Time
Notable investors who own BH
5 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Renaissance Technologies Hedge fund Jim Simons | $12.2M | #947 of 3138 | +31.7% | 13F | |
| Millennium Management Hedge fund Izzy Englander | $11.4M | #1483 of 3716 | +54.4% | 13F | |
| Point72 Hedge fund Steve Cohen | $1.8M | #1311 of 1945 | -19.8% | 13F | |
| Citadel Hedge fund Ken Griffin | $1.3M | #3421 of 6285 | new | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $36K | #3505 of 4729 | 0.0% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
BH Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
BH Insider Trading (Form 4)
Latest: 2018-03-08Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2018-03-08 | BIGLARI CAPITAL CORP. | 10%+ Owner | Buy (P) | +5,511 | $419.13 | $2.31M | EDGAR |
| 2018-03-05 | LION FUND II, L.P. | 10%+ Owner | Buy (P) | +4,923 | $419.04 | $2.06M | EDGAR |
| 2018-03-01 | BIGLARI CAPITAL CORP. | 10%+ Owner | Buy (P) | +5,952 | $419.76 | $2.50M | EDGAR |
| 2018-03-01 | Sardar Biglari | Director | Buy (P) | +2,100 | $419.85 | $881.7K | EDGAR |
| 2018-02-23 | Sardar Biglari | Director | Buy (P) | +10,749 | $417.51 | $4.49M | EDGAR |
| 2018-02-20 | Sardar Biglari | Director | Buy (P) | +11,547 | $401.40 | $4.63M | EDGAR |
| 2018-02-14 | LION FUND II, L.P. | 10%+ Owner | Buy (P) | +10,989 | $403.85 | $4.44M | EDGAR |
| 2018-02-09 | LION FUND II, L.P. | 10%+ Owner | Buy (P) | +10,641 | $394.12 | $4.19M | EDGAR |
| 2018-02-06 | Sardar Biglari | Director | Buy (P) | +9,930 | $400.56 | $3.98M | EDGAR |
| 2018-02-01 | Sardar Biglari | Director | Buy (P) | +8,247 | $415.69 | $3.43M | EDGAR |
| 2018-01-29 | Sardar Biglari | Director | Buy (P) | +8,520 | $416.30 | $3.55M | EDGAR |
| 2018-01-24 | Sardar Biglari | Director | Buy (P) | +10,518 | $411.71 | $4.33M | EDGAR |
| 2018-01-19 | Sardar Biglari | Director | Buy (P) | +10,413 | $416.84 | $4.34M | EDGAR |
| 2018-01-12 | Sardar Biglari | Director | Buy (P) | +813 | $419.67 | $341.2K | EDGAR |
| 2018-01-09 | Sardar Biglari | Director | Buy (P) | +15,285 | $417.84 | $6.39M | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
BH Board & Officers
As of SEC filings through Jun 5, 2026Directors 2
- Sardar Biglari · listed since Jun 2010
- John Garrett Cardwell · since Oct 31, 2019
Officers 1
- Sardar Biglari · Chairman and CEO · listed since Dec 2018
10% owners 3
- Biglari Capital Corp. (entity) · listed since Jun 2010
- Lion Fund, L.p. (entity) · listed since Jun 2010
- Sardar Biglari · listed since Jun 2010
Changes in the last 10 years (4)
| May 27, 2021 | Edmund B Campbell III became a director |
| Oct 31, 2019 | John Garrett Cardwell became a director |
| Dec 13, 2018 | Sardar Biglari listed as Chairman and CEO (previously Chief Executive Officer) in SEC filings |
| Jun 7, 2018 | Sardar Biglari first listed as Chief Executive Officer in an SEC filing |
Not reported recently (2)
- Edmund B Campbell III · Last reported as a director in an SEC filing dated Apr 20, 2023
- Lion Fund II, L.p. · Last reported as a 10% owner in an SEC filing dated Jun 10, 2022
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ETF Holders
38 ETFs hold BH
25 shown · $54.58M total exposure · 0.01% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | DFAS Dimensional US Small Cap ETF | Dimensional | 0.02% | $7.9M | — | 2026-10-21 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.01% | $7.6M | $74.2B | 2026-10-21 |
| 3 | DFSV Dimensional US Small Cap Value ETF | Dimensional | 0.03% | $7.2M | — | 2026-10-21 |
| 4 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $7.0M | — | 2026-09-30 |
| 5 | DFAT Dimensional US Targeted Value ETF | Dimensional | 0.01% | $3.6M | — | 2026-10-21 |
| 6 | DFAC Dimensional US Core Equity 2 ETF | Dimensional | 0.00% | $3.5M | — | 2026-10-21 |
| 7 | DFMC Dimensional US Micro Cap ETF | Dimensional | 0.04% | $3.4M | — | 2026-10-21 |
| 8 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.02% | $2.5M | $13.9B | 2026-10-21 |
| 9 | VXF Vanguard Extended Market ETF | Vanguard | 0.00% | $2.2M | — | 2026-09-30 |
| 10 | CALF Pacer US Small Cap Cash Cows 100 ETF | Nport | 0.05% | $1.6M | — | 2026-04-30 |
| 11 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.01% | $1.4M | — | 2026-09-30 |
| 12 | DCOR Dimensional US Core Equity 1 ETF | Dimensional | 0.00% | $1.3M | — | 2026-10-21 |
| 13 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.01% | $1.3M | — | 2026-05-31 |
| 14 | IWC iShares Micro-Cap ETF | iShares (BlackRock) | 0.07% | $868,766 | $1.2B | 2026-10-21 |
| 15 | VCR Vanguard Consumer Discretionary ETF | Vanguard | 0.01% | $834,892 | — | 2026-09-30 |
| 16 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.02% | $585,105 | — | 2026-07-31 |
| 17 | DXUV Dimensional US Vector Equity ETF | Dimensional | 0.01% | $481,405 | — | 2026-10-21 |
| 18 | AVSC Avantis U.S. Small Cap Equity ETF | Avantis | 0.01% | $431,276 | $3.1B | 2026-10-21 |
| 19 | VTWV Vanguard Russell 2000 Value ETF | Vanguard | 0.02% | $216,976 | — | 2026-09-30 |
| 20 | DFAU Dimensional US Core Equity Market ETF | Dimensional | 0.00% | $195,545 | $13.0B | 2026-10-21 |
| 21 | RSSL Global X Russell 2000 ETF | Global X | 0.01% | $128,878 | — | 2026-10-22 |
| 22 | SCHB Schwab U.S. Broad Market ETF | Nport | 0.00% | $116,192 | — | 2026-05-31 |
| 23 | JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | JPMorgan | 0.02% | $105,948 | $572.6M | 2026-10-22 |
| 24 | BUYO KraneShares Man Buyout Beta Index ETF | Nport | 0.41% | $68,591 | — | 2026-06-30 |
| 25 | DFUS Dimensional US Equity Market ETF | Dimensional | 0.00% | $66,286 | $21.2B | 2026-10-21 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.