Biglari Holdings Ratios and Metrics

Market cap in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Feb '26 Feb 20, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Market Capitalization	1,050	763	457	402	386	287
Market Cap Growth	53.42%	66.83%	13.82%	4.15%	34.41%	-10.74%
Enterprise Value	1,032	746	461	418	384	424
PE Ratio	589.02	-	9.20	-	12.37	-
PS Ratio	3.19	2.18	1.38	1.17	1.20	0.81
PB Ratio	2.12	1.38	0.84	0.77	0.75	0.62
P/TBV Ratio	2.44	1.59	0.97	0.91	0.86	0.72
P/FCF Ratio	15.19	41.42	10.19	4.38	2.67	3.63
P/OCF Ratio	11.50	15.90	6.92	3.36	1.92	2.99
EV/Sales Ratio	3.14	2.13	1.40	1.21	1.19	1.20
EV/EBITDA Ratio	18.83	12.27	6.51	5.43	6.55	8.57
EV/EBIT Ratio	50.81	33.42	12.95	9.76	11.91	18.30
EV/FCF Ratio	14.92	40.51	10.28	4.55	2.66	5.36
Debt / Equity Ratio	0.60	0.26	0.17	0.21	0.21	0.50
Debt / EBITDA Ratio	5.38	2.37	1.28	1.40	1.48	3.47
Debt / FCF Ratio	4.28	7.88	2.04	1.21	0.74	2.90
Net Debt / Equity Ratio	-0.04	0.03	-0.03	0.02	-0.01	0.29
Net Debt / EBITDA Ratio	-0.34	0.26	-0.24	0.14	-0.06	2.67
Net Debt / FCF Ratio	-0.27	0.87	-0.38	0.12	-0.02	1.67
Asset Turnover	0.40	0.42	0.44	0.43	0.38	0.40
Inventory Turnover	45.22	46.25	46.02	42.02	55.12	69.49
Quick Ratio	2.73	1.09	1.29	1.02	1.09	0.49
Current Ratio	2.83	1.16	1.37	1.12	1.15	0.51
Return on Equity (ROE)	0.35%	-0.64%	9.62%	-5.65%	6.16%	-6.43%
Return on Assets (ROA)	1.54%	1.68%	2.93%	3.32%	2.40%	1.64%
Return on Invested Capital (ROIC)	4.21%	3.95%	5.88%	7.95%	4.70%	3.62%
Return on Capital Employed (ROCE)	2.60%	3.20%	5.30%	6.60%	4.90%	3.90%
Earnings Yield	0.17%	-0.48%	10.87%	-7.46%	8.09%	-10.82%
FCF Yield	6.58%	2.41%	9.81%	22.84%	37.43%	27.59%
Buyback Yield / Dilution	6.48%	3.66%	2.70%	6.06%	8.09%	-0.13%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.