Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price322.43 USD
Ethical score70.0/100
Our investment reviews on this name
2026-10-30Read Markup384.65-16.2% to today Accumulation gives way to Markup first Markup read since July
2026-10-11Read Accumulation368.90-12.6% to today Markdown gives way to Accumulation
2026-08-23Read Markdown388.16-16.9% to today ✓Markup gives way to Markdown after a 14% rise in 7 weeks
2026-07-02Read Markup339.90-5.1% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Biglari Holdings Inc holds its Distribution at $322.43. The statistical read favours the buyers, held for 56 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 56 days
Price at the screen
$322.43
Valuation
N/A trailing · -44.46 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.50
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
34.98%
Below 33%
Interest-bearing debt is 35.0% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
6.73%
Below 33%
Cash held in interest-bearing accounts and securities is 6.7% of assets, under the one-third limit.
Pass
Receivables
28.48%
Below 49%
Money owed to the company is 28.5% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Biglari's business is in a permissible area, but its interest-bearing debt is about 35% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BH's ethical verdict changes
Today BH does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BH trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-06Markup$331.24-11.2%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 11.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-05Markup$372.88+0.3%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markup$371.81-5.6%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 5.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markup$393.70+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markup$393.70+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markup$393.70+2.4%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markup$384.65+0.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markup · changed$384.65-2.9%Entry 9
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$396.19+7.4%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 31%.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
