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Side-by-side financial comparison of Biglari Holdings Inc. (BH) and IBEX Ltd (IBEX). Click either name above to swap in a different company.
IBEX Ltd is the larger business by last-quarter revenue ($164.2M vs $99.9M, roughly 1.6× Biglari Holdings Inc.). IBEX Ltd runs the higher net margin — 7.4% vs -49.9%, a 57.4% gap on every dollar of revenue. On growth, IBEX Ltd posted the faster year-over-year revenue change (16.7% vs 9.6%). Biglari Holdings Inc. produced more free cash flow last quarter ($6.4M vs $-5.1M). Over the past eight quarters, IBEX Ltd's revenue compounded faster (13.8% 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'.
The IBEX 35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets. It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures con...
BH vs IBEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $164.2M |
| Net Profit | $-49.9M | $12.2M |
| Gross Margin | 58.3% | — |
| Operating Margin | -64.1% | 9.3% |
| Net Margin | -49.9% | 7.4% |
| Revenue YoY | 9.6% | 16.7% |
| Net Profit YoY | -385.3% | 31.8% |
| EPS (diluted) | — | $0.83 |
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 | $164.2M | ||
| Q3 25 | $99.7M | $151.2M | ||
| Q2 25 | $100.6M | $147.1M | ||
| Q1 25 | $95.0M | $140.7M | ||
| Q4 24 | $91.1M | $140.7M | ||
| Q3 24 | $90.4M | $129.7M | ||
| Q2 24 | $91.1M | $124.5M | ||
| Q1 24 | $89.5M | $126.8M |
| Q4 25 | $-49.9M | $12.2M | ||
| Q3 25 | $-5.3M | $12.0M | ||
| Q2 25 | $50.9M | $9.6M | ||
| Q1 25 | $-33.3M | $10.5M | ||
| Q4 24 | $-10.3M | $9.3M | ||
| Q3 24 | $32.1M | $7.5M | ||
| Q2 24 | $-48.2M | $9.8M | ||
| Q1 24 | $22.6M | $10.3M |
| Q4 25 | 58.3% | — | ||
| Q3 25 | 58.1% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 60.3% | — | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.9% | — | ||
| Q2 24 | 59.5% | — | ||
| Q1 24 | 61.5% | — |
| Q4 25 | -64.1% | 9.3% | ||
| Q3 25 | -7.6% | 9.1% | ||
| Q2 25 | 64.7% | 8.3% | ||
| Q1 25 | -43.3% | 9.5% | ||
| Q4 24 | -19.7% | 8.5% | ||
| Q3 24 | 47.9% | 7.0% | ||
| Q2 24 | -69.0% | 10.3% | ||
| Q1 24 | 32.9% | 8.9% |
| Q4 25 | -49.9% | 7.4% | ||
| Q3 25 | -5.3% | 8.0% | ||
| Q2 25 | 50.6% | 6.5% | ||
| Q1 25 | -35.0% | 7.4% | ||
| Q4 24 | -11.3% | 6.6% | ||
| Q3 24 | 35.5% | 5.8% | ||
| Q2 24 | -52.9% | 7.9% | ||
| Q1 24 | 25.2% | 8.1% |
| Q4 25 | — | $0.83 | ||
| Q3 25 | — | $0.82 | ||
| Q2 25 | — | $0.63 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $0.57 | ||
| Q3 24 | — | $0.43 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $0.57 |
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 | $15.5M |
| Total DebtLower is stronger | — | $594.0K |
| Stockholders' EquityBook value | $523.4M | $154.5M |
| Total Assets | $1.0B | $295.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $268.8M | $15.5M | ||
| Q3 25 | $272.5M | $22.7M | ||
| Q2 25 | $32.8M | $15.3M | ||
| Q1 25 | $28.7M | $13.0M | ||
| Q4 24 | $30.7M | $20.2M | ||
| Q3 24 | $29.9M | $62.3M | ||
| Q2 24 | $26.9M | $62.7M | ||
| Q1 24 | $34.5M | $50.7M |
| Q4 25 | — | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | — | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K | ||
| Q1 24 | — | $820.0K |
| Q4 25 | $523.4M | $154.5M | ||
| Q3 25 | $580.3M | $143.6M | ||
| Q2 25 | $589.3M | $134.3M | ||
| Q1 25 | $539.8M | $124.2M | ||
| Q4 24 | $573.0M | $108.9M | ||
| Q3 24 | $601.8M | $171.1M | ||
| Q2 24 | $569.2M | $165.8M | ||
| Q1 24 | $618.6M | $159.3M |
| Q4 25 | $1.0B | $295.8M | ||
| Q3 25 | $1.1B | $283.9M | ||
| Q2 25 | $863.6M | $273.2M | ||
| Q1 25 | $829.1M | $274.7M | ||
| Q4 24 | $866.1M | $272.5M | ||
| Q3 24 | $865.1M | $306.3M | ||
| Q2 24 | $809.1M | $293.9M | ||
| Q1 24 | $885.3M | $289.6M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $6.6M |
| Free Cash FlowOCF − Capex | $6.4M | $-5.1M |
| FCF MarginFCF / Revenue | 6.4% | -3.1% |
| Capex IntensityCapex / Revenue | 11.4% | 7.1% |
| Cash ConversionOCF / Net Profit | — | 0.54× |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | $29.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | $6.6M | ||
| Q3 25 | $31.2M | $15.7M | ||
| Q2 25 | $42.1M | $27.9M | ||
| Q1 25 | $15.8M | $8.8M | ||
| Q4 24 | $18.0M | $1.1M | ||
| Q3 24 | $10.8M | $7.8M | ||
| Q2 24 | $1.8M | $17.4M | ||
| Q1 24 | $19.1M | $11.4M |
| Q4 25 | $6.4M | $-5.1M | ||
| Q3 25 | $22.3M | $8.0M | ||
| Q2 25 | $39.4M | $22.8M | ||
| Q1 25 | $8.5M | $3.6M | ||
| Q4 24 | $10.9M | $-3.2M | ||
| Q3 24 | $3.7M | $4.1M | ||
| Q2 24 | $-10.0M | $15.2M | ||
| Q1 24 | $14.5M | $9.7M |
| Q4 25 | 6.4% | -3.1% | ||
| Q3 25 | 22.4% | 5.3% | ||
| Q2 25 | 39.2% | 15.5% | ||
| Q1 25 | 8.9% | 2.5% | ||
| Q4 24 | 12.0% | -2.3% | ||
| Q3 24 | 4.1% | 3.2% | ||
| Q2 24 | -11.0% | 12.2% | ||
| Q1 24 | 16.2% | 7.7% |
| Q4 25 | 11.4% | 7.1% | ||
| Q3 25 | 9.0% | 5.1% | ||
| Q2 25 | 2.7% | 3.5% | ||
| Q1 25 | 7.7% | 3.7% | ||
| Q4 24 | 7.8% | 3.1% | ||
| Q3 24 | 7.8% | 2.8% | ||
| Q2 24 | 13.0% | 1.8% | ||
| Q1 24 | 5.1% | 1.3% |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 0.83× | 2.91× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | 0.33× | 1.03× | ||
| Q2 24 | — | 1.77× | ||
| Q1 24 | 0.85× | 1.11× |
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% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
