Biglari Holdings vs Sweetgreen
Sweetgreen reported revenue of $680 million in fiscal 2025, 1.7 times Biglari Holdings' $395 million in fiscal 2025. Biglari Holdings' revenue grew 9.2% in its latest year, and Sweetgreen's grew 0.4%. Free cash flow was $77 million at Biglari Holdings and −$119 million at Sweetgreen. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Biglari Holdings | Sweetgreen | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $395M | $680M |
| Revenue growth | 9.2% | 0.4% |
| Revenue growth a year, last 5 years | −1.8% | 25.2% |
| Gross margin | 59.2% | — |
| Operating margin | — | −20.5% |
| Net margin | −9.5% | −19.7% |
| Free cash flow | $77M | −$119M |
| Free cash flow margin | 19.4% | −17.5% |
| Return on capital | −6.0% | −44.2% |
| Net debt to EBITDA | −36.3x | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | — | 3.2% |
| Last close | $322.43 | $12.01 |
| P/E at the last close | — | 80.1× |
| Insider trades, last 12 months | — | bought $4.5 million, sold $254,581 |
| Piotroski F-score | — | 2 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Biglari HoldingsSweetgreen
Operating margin
Percent of revenue
Biglari HoldingsSweetgreen
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Biglari HoldingsSweetgreen
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Biglari Holdings and Sweetgreen pages.