Biglari HoldingsBH -2.88%56 ROC (Joel Greenblatt) % is -11.63% as of Mar. 2026. GuruFocus rates BH with a GF Score™ of 56/100 and a GF Value™ of $241.30 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 361 Restaurants companies, Biglari Holdings ranks worse than 73.96% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Biglari Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -11.63%.
The historical rank and industry rank for Biglari Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
BH'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -9.01 Med: 7.61 Max: 51.87
Current: -1.72
During the past 13 years, Biglari Holdings's highest ROC (Joel Greenblatt) % was 51.87%. The lowest was -9.01%. And the median was 7.61%.
BH's ROC (Joel Greenblatt) % is ranked worse than 73.96% of 361
companies
in the Restaurants industry
Industry Median: 8.45
vs BH: -1.72
Biglari Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Biglari Holdings ROC (Joel Greenblatt) % Related Terms
Biglari Holdings ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Biglari Holdings's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Restaurants subindustry, Biglari Holdings's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Biglari Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Biglari Holdings's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of -11.63% mean?
Biglari Holdings (BH) has a ROC (Joel Greenblatt) % of -11.63% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Biglari Holdings and its competitors. According to the industry distribution chart, Biglari Holdings ranks #267 out of 361 companies in the Restaurants industry, placing it in the top 74%.
Is Biglari Holdings' ROC (Joel Greenblatt) % too high?
Biglari Holdings' current ROC (Joel Greenblatt) % is -11.63%. Based on the distribution chart, Biglari Holdings ranks #267 out of 361 companies in the Restaurants industry, which is below 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' ROC (Joel Greenblatt) % compare to BJRI and PZZA?
According to the Restaurants industry distribution chart, Biglari Holdings ranks #267 out of 361 companies for ROC (Joel Greenblatt) %. This places Biglari Holdings in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.45. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Restaurants company?
The median ROC (Joel Greenblatt) % among Restaurants companies is 8.45, based on 361 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Biglari Holdings and its competitors. For the Restaurants industry, the median ROC (Joel Greenblatt) % is 8.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Biglari Holdings's current ROC (Joel Greenblatt) % is -11.63%. 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 $241.30, compared to a current price of $412.03 — trading 70.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is -11.63%. Biglari Holdings' overall GF Score™ is 56/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Biglari Holdings (BH), the current ROC (Joel Greenblatt) % is -11.63% as of Mar. 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 $412.03 is trading 70.8% above its estimated GF Value™ of $241.30.
GuruFocus considers Biglari Holdings to be Significantly Overvalued.
Key valuation signals for BH:
ROC (Joel Greenblatt) %: -11.63%
GF Value™: $241.30 vs. price of $412.03 (70.8% 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
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