Is Biglari Holdings, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Biglari Holdings, Inc. moved from fair to expensive, indicating that the company is overvalued. Key ratios reflect this assessment, with a Price to Book Value of 1.50, an EV to EBIT of 38.05, and an EV to EBITDA of 12.41. Comparatively, First Watch Restaurant Group, Inc. has a significantly higher P/E ratio of 106.57, while Sweetgreen, Inc. shows a risky valuation with a negative P/E ratio of -10.71.
The company's stock has performed exceptionally well, with a 1-year return of 109.19% compared to the S&P 500's 14.08%, suggesting strong market performance but also raising concerns about sustainability at its current valuation. Overall, Biglari Holdings appears to be overvalued based on the provided metrics.