The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Biglari Holdings's Beneish M-Score or its related term are showing as below:
BH'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.8 Max: -1.89
Current: -3.11
During the past 13 years, the highest Beneish M-Score of Biglari Holdings was -1.89. The lowest was -3.71. And the median was -2.80.
Biglari Holdings Beneish M-Score Related Terms
Biglari Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Biglari Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BH vs BJRI, PZZA, CBRL: Beneish M-Score Comparison
For the Restaurants subindustry, Biglari Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Biglari Holdings Beneish M-Score vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Biglari Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Biglari Holdings's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Biglari Holdings for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0246
+
0.528 * 0.9751
+
0.404 * 0.8093
+
0.892 * 1.0816
+
0.115 * 0.9883
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0605
+
4.679 * -0.099682
-
0.327 * 1.4836
=
-3.11
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(40.047 / (40.047 + 404.152))
/
(41.179 / (41.179 + 410.236))
=
0.090156
/
0.091222
=
0.9883
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-18.744 - -28.734
-
111.496)
/
1018.297
=
-0.099682
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Biglari Holdings has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
Biglari Holdings (BH) has a Beneish M-Score of -3.11 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Biglari Holdings and its competitors. According to the industry distribution chart, Biglari Holdings ranks #91 out of 354 companies in the Restaurants industry, placing it in the top 25.7%.
Is Biglari Holdings' Beneish M-Score too high?
Biglari Holdings' current Beneish M-Score is -3.11. Based on the distribution chart, Biglari Holdings ranks #91 out of 354 companies in the Restaurants industry, which is above the industry midpoint. Overall, Biglari Holdings has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Biglari Holdings' Beneish M-Score compare to BJRI and PZZA?
According to the Restaurants industry distribution chart, Biglari Holdings ranks #91 out of 354 companies for Beneish M-Score. This puts Biglari Holdings in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Restaurants company?
A good Beneish M-Score depends on the Restaurants industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Biglari Holdings and its competitors. Biglari Holdings's current Beneish M-Score is -3.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Biglari Holdings stock overvalued right now?
Based on GuruFocus' analysis, Biglari Holdings (BH) is currently considered Significantly Overvalued. The stock's GF Value™ is $241.25, compared to a current price of $420.92 — trading 74.5% above its estimated fair value. The current Beneish M-Score is -3.11. Biglari Holdings' overall GF Score™ is 56/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Biglari Holdings (BH), the current Beneish M-Score is -3.11 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Biglari Holdings (BH) Overvalued in 2026?
Based on GuruFocus' analysis, Biglari Holdings stock appears to be overvalued.
The current stock price of $420.92 is trading 74.5% above its estimated GF Value™ of $241.25.
GuruFocus considers Biglari Holdings to be Significantly Overvalued.
Key valuation signals for BH:
Beneish M-Score: -3.11
GF Value™: $241.25 vs. price of $420.92 (74.5% above fair value)
No single metric tells the full story. See the BH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, and Oil and Gas Operations. Its restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The company also reports segment information for Maxim. The majority of revenue is derived from the Restaurant Operations Segment.
56GF Score
Get the complete analysis for BH
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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