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Side-by-side financial comparison of Biglari Holdings Inc. (BH) and AMICUS THERAPEUTICS, INC. (FOLD). Click either name above to swap in a different company.
AMICUS THERAPEUTICS, INC. is the larger business by last-quarter revenue ($185.2M vs $99.9M, roughly 1.9× Biglari Holdings Inc.). AMICUS THERAPEUTICS, INC. runs the higher net margin — 0.9% vs -49.9%, a 50.8% gap on every dollar of revenue. On growth, AMICUS THERAPEUTICS, INC. posted the faster year-over-year revenue change (23.7% vs 9.6%). AMICUS THERAPEUTICS, INC. produced more free cash flow last quarter ($16.0M vs $6.4M). Over the past eight quarters, AMICUS THERAPEUTICS, INC.'s revenue compounded faster (29.5% 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'.
Amicus Therapeutics, Inc. is a public American biopharmaceutical company based in Philadelphia, Pennsylvania. The company went public in 2007 under the Nasdaq trading symbol FOLD. This followed a 2006 planned offering and subsequent withdrawal, which would have established the trading symbol as AMTX Prior to their IPO, Amicus was funded by a variety of venture capital firms including Radius Ventures, Canaan Partners and New Enterprise Associates.
BH vs FOLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $185.2M |
| Net Profit | $-49.9M | $1.7M |
| Gross Margin | 58.3% | 85.7% |
| Operating Margin | -64.1% | 8.6% |
| Net Margin | -49.9% | 0.9% |
| Revenue YoY | 9.6% | 23.7% |
| Net Profit YoY | -385.3% | -88.5% |
| EPS (diluted) | — | $0.00 |
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 | $185.2M | ||
| Q3 25 | $99.7M | $169.1M | ||
| Q2 25 | $100.6M | $154.7M | ||
| Q1 25 | $95.0M | $125.2M | ||
| Q4 24 | $91.1M | $149.7M | ||
| Q3 24 | $90.4M | $141.5M | ||
| Q2 24 | $91.1M | $126.7M | ||
| Q1 24 | $89.5M | $110.4M |
| Q4 25 | $-49.9M | $1.7M | ||
| Q3 25 | $-5.3M | $17.3M | ||
| Q2 25 | $50.9M | $-24.4M | ||
| Q1 25 | $-33.3M | $-21.7M | ||
| Q4 24 | $-10.3M | $14.7M | ||
| Q3 24 | $32.1M | $-6.7M | ||
| Q2 24 | $-48.2M | $-15.7M | ||
| Q1 24 | $22.6M | $-48.4M |
| Q4 25 | 58.3% | 85.7% | ||
| Q3 25 | 58.1% | 88.5% | ||
| Q2 25 | 60.2% | 90.2% | ||
| Q1 25 | 60.3% | 90.7% | ||
| Q4 24 | 60.6% | 90.1% | ||
| Q3 24 | 59.9% | 90.6% | ||
| Q2 24 | 59.5% | 91.1% | ||
| Q1 24 | 61.5% | 87.7% |
| Q4 25 | -64.1% | 8.6% | ||
| Q3 25 | -7.6% | 20.3% | ||
| Q2 25 | 64.7% | -6.1% | ||
| Q1 25 | -43.3% | -6.3% | ||
| Q4 24 | -19.7% | 10.7% | ||
| Q3 24 | 47.9% | 15.3% | ||
| Q2 24 | -69.0% | 11.8% | ||
| Q1 24 | 32.9% | -25.1% |
| Q4 25 | -49.9% | 0.9% | ||
| Q3 25 | -5.3% | 10.2% | ||
| Q2 25 | 50.6% | -15.8% | ||
| Q1 25 | -35.0% | -17.3% | ||
| Q4 24 | -11.3% | 9.8% | ||
| Q3 24 | 35.5% | -4.8% | ||
| Q2 24 | -52.9% | -12.4% | ||
| Q1 24 | 25.2% | -43.9% |
| Q4 25 | — | $0.00 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $-0.08 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $-0.16 |
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 | $293.5M |
| Total DebtLower is stronger | — | $392.7M |
| Stockholders' EquityBook value | $523.4M | $274.2M |
| Total Assets | $1.0B | $949.9M |
| Debt / EquityLower = less leverage | — | 1.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $268.8M | $293.5M | ||
| Q3 25 | $272.5M | $263.8M | ||
| Q2 25 | $32.8M | $231.0M | ||
| Q1 25 | $28.7M | $250.6M | ||
| Q4 24 | $30.7M | $249.9M | ||
| Q3 24 | $29.9M | $249.8M | ||
| Q2 24 | $26.9M | $260.1M | ||
| Q1 24 | $34.5M | $239.6M |
| Q4 25 | — | $392.7M | ||
| Q3 25 | — | $392.0M | ||
| Q2 25 | — | $391.3M | ||
| Q1 25 | — | $390.7M | ||
| Q4 24 | — | $390.1M | ||
| Q3 24 | — | $389.5M | ||
| Q2 24 | — | $388.9M | ||
| Q1 24 | — | $388.4M |
| Q4 25 | $523.4M | $274.2M | ||
| Q3 25 | $580.3M | $230.4M | ||
| Q2 25 | $589.3M | $204.3M | ||
| Q1 25 | $539.8M | $193.6M | ||
| Q4 24 | $573.0M | $194.0M | ||
| Q3 24 | $601.8M | $178.8M | ||
| Q2 24 | $569.2M | $132.5M | ||
| Q1 24 | $618.6M | $130.7M |
| Q4 25 | $1.0B | $949.9M | ||
| Q3 25 | $1.1B | $868.8M | ||
| Q2 25 | $863.6M | $815.3M | ||
| Q1 25 | $829.1M | $789.8M | ||
| Q4 24 | $866.1M | $785.0M | ||
| Q3 24 | $865.1M | $786.6M | ||
| Q2 24 | $809.1M | $749.5M | ||
| Q1 24 | $885.3M | $721.8M |
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.93× | ||
| Q1 24 | — | 2.97× |
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 | $16.3M |
| Free Cash FlowOCF − Capex | $6.4M | $16.0M |
| FCF MarginFCF / Revenue | 6.4% | 8.6% |
| Capex IntensityCapex / Revenue | 11.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 9.62× |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | $29.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | $16.3M | ||
| Q3 25 | $31.2M | $35.7M | ||
| Q2 25 | $42.1M | $-26.5M | ||
| Q1 25 | $15.8M | $7.8M | ||
| Q4 24 | $18.0M | $-3.9M | ||
| Q3 24 | $10.8M | $-23.0M | ||
| Q2 24 | $1.8M | $22.7M | ||
| Q1 24 | $19.1M | $-29.7M |
| Q4 25 | $6.4M | $16.0M | ||
| Q3 25 | $22.3M | $35.3M | ||
| Q2 25 | $39.4M | $-28.9M | ||
| Q1 25 | $8.5M | $7.5M | ||
| Q4 24 | $10.9M | $-4.2M | ||
| Q3 24 | $3.7M | $-23.3M | ||
| Q2 24 | $-10.0M | $21.6M | ||
| Q1 24 | $14.5M | $-31.5M |
| Q4 25 | 6.4% | 8.6% | ||
| Q3 25 | 22.4% | 20.9% | ||
| Q2 25 | 39.2% | -18.7% | ||
| Q1 25 | 8.9% | 6.0% | ||
| Q4 24 | 12.0% | -2.8% | ||
| Q3 24 | 4.1% | -16.5% | ||
| Q2 24 | -11.0% | 17.0% | ||
| Q1 24 | 16.2% | -28.5% |
| Q4 25 | 11.4% | 0.2% | ||
| Q3 25 | 9.0% | 0.2% | ||
| Q2 25 | 2.7% | 1.6% | ||
| Q1 25 | 7.7% | 0.2% | ||
| Q4 24 | 7.8% | 0.2% | ||
| Q3 24 | 7.8% | 0.3% | ||
| Q2 24 | 13.0% | 0.9% | ||
| Q1 24 | 5.1% | 1.6% |
| Q4 25 | — | 9.62× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.27× | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.85× | — |
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% |
FOLD
| Other | $105.8M | 57% |
| Galafold | $64.8M | 35% |
| Pombiliti Opfolda | $14.6M | 8% |
