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Side-by-side financial comparison of Biglari Holdings Inc. (BH) and Ecovyst Inc. (ECVT). Click either name above to swap in a different company.
Ecovyst Inc. is the larger business by last-quarter revenue ($199.4M vs $99.9M, roughly 2.0× Biglari Holdings Inc.). On growth, Ecovyst Inc. posted the faster year-over-year revenue change (34.0% vs 9.6%). Ecovyst Inc. produced more free cash flow last quarter ($22.9M vs $6.4M). Over the past eight quarters, Ecovyst Inc.'s revenue compounded faster (18.7% CAGR vs 5.7%).
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
Ecovyst Inc. is a global sustainable specialty materials provider that develops and manufactures high-performance catalysts and functional additives. Its offerings serve key segments including industrial manufacturing, consumer goods, and environmental protection, helping clients improve operational efficiency and lower carbon emissions across North America, Europe, and Asia-Pacific markets.
BH vs ECVT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $199.4M |
| Net Profit | $-49.9M | — |
| Gross Margin | 58.3% | 23.4% |
| Operating Margin | -64.1% | 10.9% |
| Net Margin | -49.9% | — |
| Revenue YoY | 9.6% | 34.0% |
| Net Profit YoY | -385.3% | — |
| EPS (diluted) | — | $0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $99.9M | $199.4M | ||
| Q3 25 | $99.7M | $204.9M | ||
| Q2 25 | $100.6M | $176.1M | ||
| Q1 25 | $95.0M | $143.1M | ||
| Q4 24 | $91.1M | $148.9M | ||
| Q3 24 | $90.4M | $153.9M | ||
| Q2 24 | $91.1M | $154.0M | ||
| Q1 24 | $89.5M | $141.6M |
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-79.3M | ||
| Q2 25 | $50.9M | $6.0M | ||
| Q1 25 | $-33.3M | $-3.6M | ||
| Q4 24 | $-10.3M | — | ||
| Q3 24 | $32.1M | $14.3M | ||
| Q2 24 | $-48.2M | $8.3M | ||
| Q1 24 | $22.6M | $1.2M |
| Q4 25 | 58.3% | 23.4% | ||
| Q3 25 | 58.1% | 25.4% | ||
| Q2 25 | 60.2% | 22.8% | ||
| Q1 25 | 60.3% | 13.3% | ||
| Q4 24 | 60.6% | 28.9% | ||
| Q3 24 | 59.9% | 29.3% | ||
| Q2 24 | 59.5% | 27.3% | ||
| Q1 24 | 61.5% | 23.5% |
| Q4 25 | -64.1% | 10.9% | ||
| Q3 25 | -7.6% | 13.8% | ||
| Q2 25 | 64.7% | 9.0% | ||
| Q1 25 | -43.3% | -0.7% | ||
| Q4 24 | -19.7% | 15.1% | ||
| Q3 24 | 47.9% | 17.9% | ||
| Q2 24 | -69.0% | 14.1% | ||
| Q1 24 | 32.9% | 9.5% |
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -38.7% | ||
| Q2 25 | 50.6% | 3.4% | ||
| Q1 25 | -35.0% | -2.5% | ||
| Q4 24 | -11.3% | — | ||
| Q3 24 | 35.5% | 9.3% | ||
| Q2 24 | -52.9% | 5.4% | ||
| Q1 24 | 25.2% | 0.9% |
| Q4 25 | — | $0.06 | ||
| Q3 25 | — | $-0.69 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.26 | ||
| Q3 24 | — | $0.12 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | — | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $268.8M | $197.2M |
| Total DebtLower is stronger | — | $392.6M |
| Stockholders' EquityBook value | $523.4M | $603.4M |
| Total Assets | $1.0B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $268.8M | $197.2M | ||
| Q3 25 | $272.5M | $82.0M | ||
| Q2 25 | $32.8M | $69.6M | ||
| Q1 25 | $28.7M | $127.5M | ||
| Q4 24 | $30.7M | $131.4M | ||
| Q3 24 | $29.9M | $123.5M | ||
| Q2 24 | $26.9M | $83.3M | ||
| Q1 24 | $34.5M | $103.1M |
| Q4 25 | — | $392.6M | ||
| Q3 25 | — | $854.8M | ||
| Q2 25 | — | $856.6M | ||
| Q1 25 | — | $859.0M | ||
| Q4 24 | — | $860.8M | ||
| Q3 24 | — | $862.7M | ||
| Q2 24 | — | $862.4M | ||
| Q1 24 | — | $866.2M |
| Q4 25 | $523.4M | $603.4M | ||
| Q3 25 | $580.3M | $607.9M | ||
| Q2 25 | $589.3M | $692.4M | ||
| Q1 25 | $539.8M | $698.7M | ||
| Q4 24 | $573.0M | $700.5M | ||
| Q3 24 | $601.8M | $729.4M | ||
| Q2 24 | $569.2M | $717.3M | ||
| Q1 24 | $618.6M | $711.4M |
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $863.6M | $1.8B | ||
| Q1 25 | $829.1M | $1.8B | ||
| Q4 24 | $866.1M | $1.8B | ||
| Q3 24 | $865.1M | $1.8B | ||
| Q2 24 | $809.1M | $1.8B | ||
| Q1 24 | $885.3M | $1.8B |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.22× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $17.8M | $41.8M |
| Free Cash FlowOCF − Capex | $6.4M | $22.9M |
| FCF MarginFCF / Revenue | 6.4% | 11.5% |
| Capex IntensityCapex / Revenue | 11.4% | 9.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | $69.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | $41.8M | ||
| Q3 25 | $31.2M | $55.3M | ||
| Q2 25 | $42.1M | $33.0M | ||
| Q1 25 | $15.8M | $10.3M | ||
| Q4 24 | $18.0M | $43.5M | ||
| Q3 24 | $10.8M | $59.9M | ||
| Q2 24 | $1.8M | $10.0M | ||
| Q1 24 | $19.1M | $36.5M |
| Q4 25 | $6.4M | $22.9M | ||
| Q3 25 | $22.3M | $53.2M | ||
| Q2 25 | $39.4M | $7.8M | ||
| Q1 25 | $8.5M | $-14.0M | ||
| Q4 24 | $10.9M | $30.9M | ||
| Q3 24 | $3.7M | $53.6M | ||
| Q2 24 | $-10.0M | $-9.3M | ||
| Q1 24 | $14.5M | $19.1M |
| Q4 25 | 6.4% | 11.5% | ||
| Q3 25 | 22.4% | 26.0% | ||
| Q2 25 | 39.2% | 4.4% | ||
| Q1 25 | 8.9% | -9.8% | ||
| Q4 24 | 12.0% | 20.7% | ||
| Q3 24 | 4.1% | 34.9% | ||
| Q2 24 | -11.0% | -6.1% | ||
| Q1 24 | 16.2% | 13.5% |
| Q4 25 | 11.4% | 9.4% | ||
| Q3 25 | 9.0% | 1.0% | ||
| Q2 25 | 2.7% | 14.4% | ||
| Q1 25 | 7.7% | 16.9% | ||
| Q4 24 | 7.8% | 8.5% | ||
| Q3 24 | 7.8% | 4.1% | ||
| Q2 24 | 13.0% | 12.5% | ||
| Q1 24 | 5.1% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | 5.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | 4.21× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | 0.85× | 29.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BH
| Products | $45.9M | 46% |
| Franchisor | $20.5M | 21% |
| Insurance Operations | $19.1M | 19% |
| Oil And Gas Segment | $5.4M | 5% |
| Royalty | $4.1M | 4% |
| Abraxas Petroleum | $2.7M | 3% |
| Other | $2.2M | 2% |
ECVT
| Industrial Mining Automotive | $101.3M | 51% |
| Regeneration And Treatment Services | $90.0M | 45% |
| Other | $8.1M | 4% |
