Positive context积极背景
Stocks股票 / Consumer Disc. / BH
Biglari Holdings Inc · Consumer Disc.
BH US listed · USD美股 · 美元
Consumer Disc.
Russell 2000罗素2000
Speculative / unprofitable投机／未盈利
$343.13
-$2.21 · -0.64%
52w low52周低 $237high高 $488
Avoid — downtrend回避 — 下行趋势
Downtrend — stand aside until a new cycle low forms and confirms.下跌趋势——观望，直至新的周期低点形成并确认。
As of 2026-09-23截至 2026-09-23
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
Loading chart…图表加载中…
The interactive chart could not load here.互动图表暂时无法在此加载。
Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-09-23
Momentum (RSI 14)动量（RSI 14）
35
Depressed偏低
vs 50-day average相对50日均线
-9.8% below下方
Below trend跌破趋势
vs 200-day average相对200日均线
-2.9% below下方
Long trend down长期向下
Volatility波动率
38th percentile第38百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
next report下次财报 2026-11-0644
Financials财务数据
fiscal years财年Revenue营业收入
$395.3M2025
20202025
5-yr growth5年复合增速 -1.8%
Earnings per share每股收益
$-143.862025
20202025
Free cash flow自由现金流
$76.6M2025
20202025
Net margin净利率
-9.5%
FCF margin自由现金流利润率
27.1%
Balance-sheet quality财务体质 3/7
Return on equity股本回报率 -7%
Watch关注
Leverage杠杆
Current ratio流动比率2.43
Debt coming due到期债务
FY2019 10-KThe 12-month bucket following fiscal period end 2019-12-31 is not reported. The years below are what the filing did report.文件未披露财年期末 2019-12-31 之后12个月区间的到期金额；下方为其确实披露的年度。
All maturity buckets are measured from fiscal period end 2019-12-31, not from today.所有到期区间均从财年期末 2019-12-31 起算，而非从今天起算。
First 12 months after period end报告期末之后首12个月
not reported未披露
Year 2第2年
$179.3M
Year 3第3年
not reported未披露
Year 4第4年
not reported未披露
Year 5第5年
not reported未披露
After year 55年以后
not reported未披露
Cash reported at 2025-12-31: $268782000.截至 2025-12-31 披露的现金：$268782000。 Operating cash flow exceeded or equaled equipment spending over 2025-01-01 to 2025-12-31; no cash burn to measure.在 2025-01-01 至 2025-12-31 期间，经营现金流不低于设备支出，无可衡量的现金消耗。
Capital-need coverage is partial; incomplete or incompatible filing inputs are not combined.资本需求覆盖信息不完整；不会合并不完整或不兼容的报告数据。
Any available cash-flow scenario is context only. Missing or incompatible inputs are not replaced with zero or a financing forecast.可用现金流情景仅供参考；缺失或不兼容的输入不以零值或融资预测替代。
Sources and cash-flow calculation来源与现金流计算
Figures are XBRL facts from one filing — no two years are mixed. Filing数据取自同一份文件中的 XBRL 事实，不跨文件拼接。文件
0001193805-20-000256, period ending报告期截至 2019-12-31, unit单位 USD.
Cache acquired缓存获取时间: 2026-09-21T09:32:30.513172+00:00.
1/6 buckets reported.个区间有披露。
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths— absentLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwoLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree— period_mismatchLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour— absentLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive— absentLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive— absent
Annual period年度区间 2025-01-01 — 2025-12-31 · USD · 10-K · 0001628280-26-012987 · Filed提交日期 2026-03-02.
Cache acquired缓存获取时间: 2026-09-21T09:32:30.513172+00:00 · Evaluated as of评估截至 2026-09-23.
- Reported operating cash flow已披露经营活动现金流: $106959000
- Reported equipment spending (capex outflow)已披露设备支出（资本开支流出）: $30353000
- Derived free cash flow (operating cash flow minus capex)计算所得自由现金流（经营现金流减资本开支）: $76606000
Cash is the reported balance at period end. The runway scenario holds this annual cash-flow pace constant and excludes debt payments, restricted-cash adjustments and future financing.现金为期末已披露余额。现金跑道情景假设本年度现金流速度保持不变，不包括债务偿还、受限现金调整与未来融资。
Research context only — reported figures from SEC filings, not a rating, a signal or investment advice.仅供研究参考 — 数据摘自 SEC 文件披露口径，不构成评级、信号或投资建议。
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Positioning持仓
Insider cluster activity内部人集中交易
Technical技术面
BH weekly MACD crossed downBH 周线MACD下穿
Ownership & smart money持仓与聪明钱
13FInsider activity:内部人动向： +$17.1M net (3 buyers, 0 sellers)+$17.1M 净值（3 买家，0 卖家）
Signal history信号历史
engine events引擎事件
BOTTOMING → DOWNTREND筑底中 → 下跌趋势
AVOID. Failed cycle — price broke below the low that started this cycle, which historically means the larger trend is rolling over (~80% of cases)回避。失败周期——价格跌破了启动本周期的低点，历史上这通常意味着更大的趋势正在掉头向下（约 80% 的情形）
Sep 18, 2026
BH weekly MACD crossed downBH 周线MACD下穿
The weekly MACD histogram turned negative — the slower, less-whippy momentum read.周线MACD柱状图转负 — 更慢、更少来回的动量信号。
Sep 17, 2026
BH lost its 200-day averageBH 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $352.93.收盘跌破200日均线 — 经典的空头分界线。$352.93。
Sep 16, 2026
BH reclaimed its 200-day averageBH 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $355.72.收盘重回200日均线 — 经典的多头分界线。$355.72。
Sep 15, 2026
BH lost its 200-day averageBH 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $346.62.收盘跌破200日均线 — 经典的空头分界线。$346.62。
Sep 11, 2026
BH StochRSI turned up from oversoldBH StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $372.67.StochRSI重回20上方 — 下行动量趋缓的最早预警。$372.67。
Sep 4, 2026
NEARING A HIGH → BOTTOMING接近高点 → 筑底中
BUY SETUP买入预备
Sep 4, 2026
BH daily MACD crossed downBH 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $383.75.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$383.75。
Sep 2, 2026
BH daily MACD crossed upBH 日线MACD上穿
The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $393.99.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$393.99。
Showing the last 15 of显示最近15条，共 155 signals条信号
Company profile公司档案
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | -6.0% | +1.9% |
| 1 Month近1月 | -11.8% | +1.3% |
| 3 Months近3月 | -0.7% | +5.7% |
| 6 Months近6月 | +7.0% | +18.4% |
| Year to date年初至今 | -0.2% | +14.1% |
| 1 Year近1年 | +9.9% | +17.8% |
Trading information交易信息
Volatility rank波动率分位
38th pctile
Off 52-week high距52周高点
-28.1%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20202020 | 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|---|
| Revenue营业收入 | $434M | $366M | $368M | $365M | $362M | $395M |
| EPS每股收益 | — | $111.83 | $-107.43 | $189.49 | $-13.45 | $-143.86 |
| Free cash flow自由现金流 | $97M | $164M | $98M | $50M | $19M | $77M |
| Gross margin毛利率 | 43.1% | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% |
| Net margin净利率 | -8.8% | 9.7% | -8.7% | 15.0% | -1.0% | -9.5% |
| FCF margin自由现金流利润率 | 22.3% | 44.9% | 26.6% | 13.6% | 5.3% | 19.4% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$395M
Net income净利润
$-37M
Operating cash flow经营现金流
$107M
Total assets总资产
$1.0B
Shareholder equity股东权益
$523M
Long-term debt长期负债
$214M
Returns & growth回报与增长
Return on equity股本回报率
-7.2%
Return on assets资产回报率
-3.7%
Debt / assets负债/资产
20.9%
Asset growth资产增速
+18.4%
Accounting quality checks会计质量检查
- Earnings quality: accruals near the peer median盈利质量：应计利润接近同业中位
- Working capital: inventory +38% vs sales +-9%; receivables +21% vs sales +-9% — demand & revenue-quality risk营运资本：存货 +38% 对销售 +-9%；应收 +21% 对销售 +-9%——需求与营收质量风险
- Pricing power: gross margin +16.1pts over 6 years定价能力：毛利率 6 年上升 16.1 个百分点
- Capital discipline: investment near the peer median资本纪律：投资力度接近同业中位
- Balance sheet: leverage unremarkable资产负债表：杠杆水平一般
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
35
RSI (2-day)RSI（2日）
14
vs 20-day average相对20日均线
-7.4%
vs 50-day average相对50日均线
-9.8%
vs 200-day average相对200日均线
-2.9%
Golden cross (50>200)金叉（50>200）
in effect生效中
MACDMACD
below signal位于信号线下方
Timeframe alignment多周期共振
Daily日线
momentum down动能向下
3-day3日线
momentum down动能向下
Weekly周线
momentum down — fresh downturn动能向下——刚刚转弱
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range width percentile波幅宽度分位
34/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Insiders & shorts内部人与空头
Insider net buying (6 months)内部人净买入（6个月）
+$17.1M
Insider buyers vs sellers内部人买家vs卖家
3 : 0
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。