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Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $364.40 today, the market must believe free cash flow compounds 7.6%/yr for a decade (off $48.4M on the 3-yr avg basis).
The market's 7.6% is more conservative than its 7-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt -$21.8M
mean 222.7% · volatility σ 496% · implied rate exceeded in 4/7 yrs
Central path = implied 7.6%/yr growth; shaded band = ±1σ (496%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCD | $164.1B | 19.4× | 15.9× | 6.1× | 3.7% | — | 31.9% | -478% | 22.0% | 3.1× | 3,384 |
| CMG | $41.0B | 28.4× | 17.7× | 3.4× | 5.4% | — | 12.9% | 54.3% | 54.3% | -0.1× | 1,161 |
| YUM | $37.1B | 24.5× | 13.1× | 4.5× | 8.8% | 69.8% | 19.0% | -21.3% | -21.4% | -0.2× | 1,398 |
| QSR | $24.4B | 29.8× | 15.6× | 2.6× | 12.2% | — | 11.4% | 29.6% | 6.4% | 5.5× | 563 |
| DRI | $22.7B | 19.3× | 11.6× | 1.7× | 9.4% | 20.3% | 9.1% | 54.7% | 26.6% | 1.0× | 1,046 |
| ARMK | $14.6B | 45.5× | 15.3× | 0.8× | 6.4% | — | 1.8% | 10.4% | 3.8% | 3.8× | 522 |
| YUMC | $13.5B | 15.9× | 7.5× | 1.1× | 4.4% | — | 7.9% | 17.3% | 17.2% | -0.3× | 640 |
| TXRH | $10.2B | 25.6× | 14.8× | 1.7× | 9.4% | — | 7.0% | 28.4% | 28.4% | -0.2× | 620 |
| EAT | $8.5B | 18.6× | 10.0× | 1.5× | 7.9% | — | 8.4% | 110% | 110% | -0.1× | 493 |
| CAVA | $6.4B | 100.8× | 47.1× | 5.4× | 22.4% | — | 5.4% | 8.2% | 8.2% | -2.2× | 520 |
| CAKE | $5.5B | 35.8× | 19.8× | 1.4× | 4.7% | — | 4.0% | 34.0% | 13.9% | 1.4× | 338 |
| WING | $2.9B | 17.2× | 19.2× | 4.2× | 11.4% | — | 25.0% | -23.7% | 36.9% | 5.0× | 407 |
| ARCO | $1.5B | 7.0× | 4.3× | 0.3× | 4.7% | 98.1% | 4.5% | 27.5% | 11.1% | 1.4× | 173 |
| BJRI | $1.3B | 28.7× | 11.2× | 0.9× | 3.1% | 74.7% | 3.5% | 13.3% | 10.8% | 0.5× | 186 |
| CBRL | $1.2B | 27.1× | 9.5× | 0.4× | 0.4% | 69.0% | 1.3% | 10.0% | 4.9% | 2.5× | 271 |
| BH | $1.2B | — | 19.1× | 2.9× | 9.2% | 59.2% | -9.5% | -7.2% | -4.9% | -0.4× | 115 |
| BLMN | $726M | 84.8× | 6.8× | 0.2× | 0.1% | 70.2% | 0.2% | 2.5% | 0.7% | 3.4× | 231 |
| FWRG | $652M | 34.1× | 9.7× | 0.5× | 20.3% | — | 1.6% | 3.1% | 2.1% | 2.8× | 202 |
| PZZA | $639M | 21.6× | 7.3× | 0.3× | -0.3% | — | 1.5% | -6.9% | 11.3% | 3.8× | 255 |
| KRUS | $505M | — | 49.2× | 1.8× | 18.9% | — | -0.7% | -0.8% | -0.8% | -5.1× | 145 |
| LOCO | $433M | 15.8× | 8.2× | 0.9× | 3.6% | — | 5.4% | 9.1% | 7.7% | 0.8× | 145 |
| NATH | $416M | 20.9× | 14.2× | 2.6× | 9.4% | 34.3% | 12.4% | -141% | 59.0% | 0.8× | 124 |
| DIN | $379M | 26.9× | — | 0.4× | 8.2% | 40.9% | 1.9% | -6.2% | 1.9% | — | 149 |
| PC | $274M | — | — | 82.0× | -12.2% | 24.8% | -127% | -52.1% | -50.5% | — | 2 |
| PTLO | $255M | 13.0× | 8.0× | 0.3× | 3.0% | — | 2.6% | 4.1% | 2.4% | 4.5× | 173 |
Peers = companies sharing BH's sector (Retail-Eating Places) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $76.6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: -5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $395.3M 100.0% | $362.1M 100.0% | $365.3M 100.0% | $368.2M 100.0% | $366.1M 100.0% | $433.7M 100.0% | $668.8M 100.0% | $809.9M 100.0% | — | — |
| Cost of Revenue | $161.3M 40.8% | $143.4M 39.6% | $138.0M 37.8% | $140.3M 38.1% | $167.5M 45.7% | $246.7M 56.9% | $500.9M 74.9% | $636.5M 78.6% | — | — |
| Selling, General & Admin | $86.8M 22.0% | $75.7M 20.9% | $77.0M 21.1% | $70.6M 19.2% | $76.0M 20.8% | $76.4M 17.6% | $100.2M 15.0% | $127.2M 15.7% | — | — |
| Total Operating Expenses | $376.5M 95.2% | $329.5M 91.0% | $322.1M 88.2% | $331.9M 90.1% | $341.2M 93.2% | $444.5M 102.5% | $691.8M 103.4% | $833.5M 102.9% | — | — |
| Interest Expense | $8.2M 2.1% | $771K 0.2% | $681K 0.2% | $399K 0.1% | $1.1M 0.3% | $15.5M 3.6% | $20.3M 3.0% | $19.9M 2.5% | — | — |
| Other Income (Expense), net | -$66.5M -16.8% | -$40.7M -11.2% | $21.7M 5.9% | -$79.3M -21.5% | $17.4M 4.7% | -$39.4M -9.1% | $78.1M 11.7% | $40.4M 5.0% | — | — |
| Pretax Income | -$47.7M -12.1% | -$8.2M -2.3% | $64.8M 17.8% | -$43.0M -11.7% | $42.3M 11.5% | -$50.2M -11.6% | $55.1M 8.2% | $16.8M 2.1% | — | — |
| Income Tax Expense | -$10.2M -2.6% | -$4.4M -1.2% | $9.3M 2.5% | -$10.7M -2.9% | $6.8M 1.9% | -$12.2M -2.8% | $9.8M 1.5% | -$2.6M -0.3% | — | — |
| Net Income | -$37.5M -9.5% | -$3.8M -1.0% | $54.9M 15.0% | -$32.0M -8.7% | $35.5M 9.7% | -$38.0M -8.8% | $45.4M 6.8% | $19.4M 2.4% | $50.1M | $99.5M |
| Per Share | ||||||||||
| EPS (Diluted) | -$143.86 | -$13.45 | $189.49 | -$107.43 | $111.83 | -$110.05 | $131.64 | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $48.6M covers the $0 due within a year 48557000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3.3% on $247.0M of debt.
Cash of $268.8M fully covers short-term debt of $33.1M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 10-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -7% against ROIC -5% — -2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 78.6 | 74.9 | 56.9 | 45.7 | 38.1 | 37.8 | 39.6 | 40.8 |
| SG&A | 15.7 | 15.0 | 17.6 | 20.8 | 19.2 | 21.1 | 20.9 | 22.0 |
| Income Tax | -0.3 | 1.5 | -2.8 | 1.9 | -2.9 | 2.5 | -1.2 | -2.6 |
| Net Income | 2.4 | 6.8 | -8.8 | 9.7 | -8.7 | 15.0 | -1.0 | -9.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -6.39pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -2.1% | 8.9% (today's — no rate published for this year) | -11.1pts |
| FY2020 | -1.1% | 8.9% (today's — no rate published for this year) | -10.0pts |
| FY2021 | 3.0% | 8.2% | -5.2pts |
| FY2022 | 5.4% | 7.0% | -1.6pts |
| FY2023 | 5.9% | 7.3% | -1.4pts |
| FY2024 | 4.3% | 7.1% | -2.7pts |
| FY2025 | 2.9% | 7.8% | -4.9pts |
| Now | -4.9% | 8.9% | -13.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 21.4% | -2.9% | 2.4% |
| FY2019 | 25.1% | -3.4% | 6.8% |
| FY2020 | 43.1% | -2.5% | -8.8% |
| FY2021 | 54.3% | 6.8% | 9.7% |
| FY2022 | 61.9% | 9.9% | -8.7% |
| FY2023 | 62.2% | 11.8% | 15.0% |
| FY2024 | 60.4% | 9.0% | -1.0% |
| FY2025 | 59.2% | 4.8% | -9.5% |
Return on equity is 2 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$53M of goodwill — 8% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 2.40x of reported profit into cash — adequate, without much margin.
Only 3 profitable years available, so the average is shorter than the five the threshold assumes.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.28x |
| 5% | 2.17x |
| 10% | 2.06x |
| 15% | 1.94x |
| 20% | 1.83x |
| 25% | 1.71x |
| 30% | 1.60x |
| 35% | 1.49x |
| 40% | 1.37x |
| 45% | 1.26x |
| 50% | 1.14x |
| 55% | 1.03x |
| 60% | 0.91x |
This schedule comes from a filing dated 2018-12-31, 2835 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2018-12-31 (10-K); cash from the 2018-12-31 balance sheet; FCF from FY2018.
Balance sheet at 2018-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $363.76, free cash flow must compound 8.13%/yr for 10 years. It has done 0.13%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 27.4% | 8.1% |
| FY2021 | 69.6% | 8.1% |
| FY2022 | −40.3% | 8.1% |
| FY2023 | −49.4% | 8.1% |
| FY2024 | −61.6% | 8.1% |
| FY2025 | 301.8% | 8.1% |
The achieved growth rate spans a reporting-basis change in FY2020, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$37M | −$37M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $144M | $107M |
| Operating cash flow | $107M | $107M |
| Capex | −$30M | $77M |
| Free cash flow | $77M | $77M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -35.2% | -11.3% | 23.8 points |
| FY2021 | -15.6% | 48.6% | 64.2 points |
| FY2022 | 0.6% | 3.0% | 2.5 points |
| FY2023 | -0.8% | -24.3% | -23.5 points |
| FY2024 | -0.9% | 13.2% | 14.1 points |
| FY2025 | 9.2% | -7.5% | -16.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 11.8 days | 3.4 days | 88.2 days | -73 days |
| FY2020 | 16.1 days | 4.1 days | 39.3 days | -19.1 days |
| FY2021 | 28.4 days | 8.3 days | 79.9 days | -43.2 days |
| FY2022 | 29.1 days | 10 days | 74 days | -34.8 days |
| FY2023 | 22.2 days | 7.9 days | 59.4 days | -29.3 days |
| FY2024 | 25.4 days | 10.3 days | 72.6 days | -37 days |
| FY2025 | 21.5 days | 8.5 days | 77.3 days | -47.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.2 percent |
| FY2020 | -15.3 percent |
| FY2021 | -21.6 percent |
| FY2022 | -19.3 percent |
| FY2023 | -2.1 percent |
| FY2024 | -6.2 percent |
| FY2025 | -14.1 percent |