Is Biglari Holdings, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Biglari Holdings, Inc. has moved from fair to expensive, indicating that the company is overvalued. The 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. In comparison, First Watch Restaurant Group, Inc. has a significantly higher P/E ratio of 106.57, while Sweetgreen, Inc. shows a risky profile with a negative P/E of -10.71.
Despite the overvaluation, Biglari Holdings has demonstrated impressive stock performance, with a year-to-date return of 41.91% compared to the S&P 500's 13.30%. This strong performance over multiple periods, including a 3-year return of 182.21% against the S&P 500's 81.19%, highlights a divergence between market perception and fundamental valuation metrics.