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Side-by-side financial comparison of Biglari Holdings Inc. (BH) and System1, Inc. (SST). Click either name above to swap in a different company.
Biglari Holdings Inc. is the larger business by last-quarter revenue ($99.9M vs $51.9M, roughly 1.9× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -49.9%, a 24.0% gap on every dollar of revenue. On growth, Biglari Holdings Inc. posted the faster year-over-year revenue change (9.6% vs -31.3%). Over the past eight quarters, Biglari Holdings Inc.'s revenue compounded faster (5.7% CAGR vs -21.8%).
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'.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
BH vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $51.9M |
| Net Profit | $-49.9M | $-13.5M |
| Gross Margin | 58.3% | 41.0% |
| Operating Margin | -64.1% | -33.6% |
| Net Margin | -49.9% | -26.0% |
| Revenue YoY | 9.6% | -31.3% |
| Net Profit YoY | -385.3% | 4.8% |
| EPS (diluted) | — | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $99.7M | $61.6M | ||
| Q2 25 | $100.6M | $78.1M | ||
| Q1 25 | $95.0M | $74.5M | ||
| Q4 24 | $91.1M | $75.6M | ||
| Q3 24 | $90.4M | $88.8M | ||
| Q2 24 | $91.1M | $94.6M | ||
| Q1 24 | $89.5M | $84.9M |
| Q4 25 | $-49.9M | $-13.5M | ||
| Q3 25 | $-5.3M | $-18.5M | ||
| Q2 25 | $50.9M | $-17.5M | ||
| Q1 25 | $-33.3M | $-15.9M | ||
| Q4 24 | $-10.3M | $-14.2M | ||
| Q3 24 | $32.1M | $-23.6M | ||
| Q2 24 | $-48.2M | $-26.4M | ||
| Q1 24 | $22.6M | $-10.5M |
| Q4 25 | 58.3% | 41.0% | ||
| Q3 25 | 58.1% | 36.9% | ||
| Q2 25 | 60.2% | 35.7% | ||
| Q1 25 | 60.3% | 38.2% | ||
| Q4 24 | 60.6% | 42.1% | ||
| Q3 24 | 59.9% | 28.0% | ||
| Q2 24 | 59.5% | 27.6% | ||
| Q1 24 | 61.5% | 21.9% |
| Q4 25 | -64.1% | -33.6% | ||
| Q3 25 | -7.6% | -25.3% | ||
| Q2 25 | 64.7% | -20.4% | ||
| Q1 25 | -43.3% | -17.6% | ||
| Q4 24 | -19.7% | -15.7% | ||
| Q3 24 | 47.9% | -24.6% | ||
| Q2 24 | -69.0% | -30.8% | ||
| Q1 24 | 32.9% | -30.4% |
| Q4 25 | -49.9% | -26.0% | ||
| Q3 25 | -5.3% | -30.1% | ||
| Q2 25 | 50.6% | -22.4% | ||
| Q1 25 | -35.0% | -21.3% | ||
| Q4 24 | -11.3% | -18.7% | ||
| Q3 24 | 35.5% | -26.6% | ||
| Q2 24 | -52.9% | -27.9% | ||
| Q1 24 | 25.2% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | — | $-2.23 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| 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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $523.4M | $30.5M |
| Total Assets | $1.0B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $268.8M | $86.9M | ||
| Q3 25 | $272.5M | $54.6M | ||
| Q2 25 | $32.8M | $63.6M | ||
| Q1 25 | $28.7M | $43.9M | ||
| Q4 24 | $30.7M | $63.6M | ||
| Q3 24 | $29.9M | $69.1M | ||
| Q2 24 | $26.9M | $75.7M | ||
| Q1 24 | $34.5M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $523.4M | $30.5M | ||
| Q3 25 | $580.3M | $42.7M | ||
| Q2 25 | $589.3M | $58.2M | ||
| Q1 25 | $539.8M | $67.2M | ||
| Q4 24 | $573.0M | $80.3M | ||
| Q3 24 | $601.8M | $90.3M | ||
| Q2 24 | $569.2M | $109.4M | ||
| Q1 24 | $618.6M | $131.7M |
| Q4 25 | $1.0B | $405.0M | ||
| Q3 25 | $1.1B | $385.2M | ||
| Q2 25 | $863.6M | $429.2M | ||
| Q1 25 | $829.1M | $419.2M | ||
| Q4 24 | $866.1M | $459.1M | ||
| Q3 24 | $865.1M | $479.3M | ||
| Q2 24 | $809.1M | $511.3M | ||
| Q1 24 | $885.3M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 6.4% | — |
| Capex IntensityCapex / Revenue | 11.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | $-10.6M | ||
| Q3 25 | $31.2M | $-2.1M | ||
| Q2 25 | $42.1M | $24.5M | ||
| Q1 25 | $15.8M | $-15.9M | ||
| Q4 24 | $18.0M | $772.0K | ||
| Q3 24 | $10.8M | $-5.0K | ||
| Q2 24 | $1.8M | $10.0M | ||
| Q1 24 | $19.1M | $-16.0M |
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | — | ||
| Q2 25 | $39.4M | — | ||
| Q1 25 | $8.5M | $-16.0M | ||
| Q4 24 | $10.9M | — | ||
| Q3 24 | $3.7M | $-36.0K | ||
| Q2 24 | $-10.0M | — | ||
| Q1 24 | $14.5M | — |
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 8.9% | -21.5% | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 4.1% | -0.0% | ||
| Q2 24 | -11.0% | — | ||
| Q1 24 | 16.2% | — |
| Q4 25 | 11.4% | 0.0% | ||
| Q3 25 | 9.0% | 0.0% | ||
| Q2 25 | 2.7% | 0.0% | ||
| Q1 25 | 7.7% | 0.1% | ||
| Q4 24 | 7.8% | 0.0% | ||
| Q3 24 | 7.8% | 0.0% | ||
| Q2 24 | 13.0% | 0.0% | ||
| Q1 24 | 5.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
SST
Segment breakdown not available.
