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Side-by-side financial comparison of Biglari Holdings Inc. (BH) and GLAUKOS Corp (GKOS). Click either name above to swap in a different company.
GLAUKOS Corp is the larger business by last-quarter revenue ($150.6M vs $99.9M, roughly 1.5× Biglari Holdings Inc.). GLAUKOS Corp runs the higher net margin — 6.2% vs -49.9%, a 56.1% gap on every dollar of revenue. On growth, GLAUKOS Corp posted the faster year-over-year revenue change (41.2% vs 9.6%). Over the past eight quarters, GLAUKOS Corp's revenue compounded faster (25.4% 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'.
Glaukos Corp is a medical technology company focused on ophthalmology, developing and commercializing minimally invasive surgical devices, prescription pharmaceuticals and consumer products for glaucoma, corneal diseases and other eye disorders. It operates primarily across North America, Europe and Asia Pacific, serving hospitals, ophthalmology clinics and patients worldwide.
BH vs GKOS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $150.6M |
| Net Profit | $-49.9M | $9.4M |
| Gross Margin | 58.3% | 77.9% |
| Operating Margin | -64.1% | 9.0% |
| Net Margin | -49.9% | 6.2% |
| Revenue YoY | 9.6% | 41.2% |
| Net Profit YoY | -385.3% | — |
| EPS (diluted) | — | — |
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.
| Q1 26 | — | $150.6M | ||
| Q4 25 | $99.9M | $143.1M | ||
| Q3 25 | $99.7M | $133.5M | ||
| Q2 25 | $100.6M | $124.1M | ||
| Q1 25 | $95.0M | $106.7M | ||
| Q4 24 | $91.1M | $105.5M | ||
| Q3 24 | $90.4M | $96.7M | ||
| Q2 24 | $91.1M | $95.7M |
| Q1 26 | — | $9.4M | ||
| Q4 25 | $-49.9M | $-133.7M | ||
| Q3 25 | $-5.3M | $-16.2M | ||
| Q2 25 | $50.9M | $-19.7M | ||
| Q1 25 | $-33.3M | $-18.1M | ||
| Q4 24 | $-10.3M | $-33.6M | ||
| Q3 24 | $32.1M | $-21.4M | ||
| Q2 24 | $-48.2M | $-50.5M |
| Q1 26 | — | 77.9% | ||
| Q4 25 | 58.3% | -1.1% | ||
| Q3 25 | 58.1% | 78.4% | ||
| Q2 25 | 60.2% | 78.3% | ||
| Q1 25 | 60.3% | 77.2% | ||
| Q4 24 | 60.6% | 72.9% | ||
| Q3 24 | 59.9% | 76.6% | ||
| Q2 24 | 59.5% | 76.4% |
| Q1 26 | — | 9.0% | ||
| Q4 25 | -64.1% | -97.7% | ||
| Q3 25 | -7.6% | -12.3% | ||
| Q2 25 | 64.7% | -18.3% | ||
| Q1 25 | -43.3% | -19.4% | ||
| Q4 24 | -19.7% | -27.2% | ||
| Q3 24 | 47.9% | -25.5% | ||
| Q2 24 | -69.0% | -31.3% |
| Q1 26 | — | 6.2% | ||
| Q4 25 | -49.9% | -93.4% | ||
| Q3 25 | -5.3% | -12.2% | ||
| Q2 25 | 50.6% | -15.8% | ||
| Q1 25 | -35.0% | -17.0% | ||
| Q4 24 | -11.3% | -31.8% | ||
| Q3 24 | 35.5% | -22.1% | ||
| Q2 24 | -52.9% | -52.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.34 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-0.34 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $-0.56 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-1.00 |
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 | $276.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $523.4M | $670.9M |
| Total Assets | $1.0B | $893.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $276.7M | ||
| Q4 25 | $268.8M | $90.8M | ||
| Q3 25 | $272.5M | $98.2M | ||
| Q2 25 | $32.8M | $100.8M | ||
| Q1 25 | $28.7M | $114.3M | ||
| Q4 24 | $30.7M | $169.6M | ||
| Q3 24 | $29.9M | $100.1M | ||
| Q2 24 | $26.9M | $68.1M |
| Q1 26 | — | $670.9M | ||
| Q4 25 | $523.4M | $656.2M | ||
| Q3 25 | $580.3M | $769.5M | ||
| Q2 25 | $589.3M | $765.1M | ||
| Q1 25 | $539.8M | $764.0M | ||
| Q4 24 | $573.0M | $766.9M | ||
| Q3 24 | $601.8M | $668.5M | ||
| Q2 24 | $569.2M | $665.2M |
| Q1 26 | — | $893.3M | ||
| Q4 25 | $1.0B | $893.5M | ||
| Q3 25 | $1.1B | $999.4M | ||
| Q2 25 | $863.6M | $987.0M | ||
| Q1 25 | $829.1M | $966.2M | ||
| Q4 24 | $866.1M | $974.8M | ||
| Q3 24 | $865.1M | $926.5M | ||
| Q2 24 | $809.1M | $919.7M |
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 | — |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 6.4% | — |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $17.8M | $6.8M | ||
| Q3 25 | $31.2M | $-10.1M | ||
| Q2 25 | $42.1M | $7.0M | ||
| Q1 25 | $15.8M | $-18.5M | ||
| Q4 24 | $18.0M | $507.0K | ||
| Q3 24 | $10.8M | $-9.6M | ||
| Q2 24 | $1.8M | $-18.4M |
| Q1 26 | — | — | ||
| Q4 25 | $6.4M | $3.9M | ||
| Q3 25 | $22.3M | $-11.7M | ||
| Q2 25 | $39.4M | $5.8M | ||
| Q1 25 | $8.5M | $-20.5M | ||
| Q4 24 | $10.9M | $-1.2M | ||
| Q3 24 | $3.7M | $-11.0M | ||
| Q2 24 | $-10.0M | $-20.5M |
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 2.7% | ||
| Q3 25 | 22.4% | -8.8% | ||
| Q2 25 | 39.2% | 4.7% | ||
| Q1 25 | 8.9% | -19.2% | ||
| Q4 24 | 12.0% | -1.2% | ||
| Q3 24 | 4.1% | -11.4% | ||
| Q2 24 | -11.0% | -21.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 2.0% | ||
| Q3 25 | 9.0% | 1.2% | ||
| Q2 25 | 2.7% | 0.9% | ||
| Q1 25 | 7.7% | 1.8% | ||
| Q4 24 | 7.8% | 1.6% | ||
| Q3 24 | 7.8% | 1.5% | ||
| Q2 24 | 13.0% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — |
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% |
GKOS
Segment breakdown not available.
