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 highlight 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. is fairly valued with a P/E of 106.57, while Sweetgreen, Inc. shows a risky profile with a negative P/E of -10.71.
Despite the high valuation, Biglari Holdings has demonstrated strong performance, with a one-year return of 109.19%, significantly outpacing the S&P 500's return of 14.08% during the same period. This impressive return may attract investor interest, but the underlying valuation metrics suggest caution.