This Under-the-Radar Stock Is Behind Steak 'n Shake's MAHA-Driven Growth. Should You Buy?

Résumé détaillé

Investors interested in the Make America Healthy Again (MAHA) movement have looked at a restaurant chain called Steak 'n Shake with interest. It has adopted the so-called MAHA…

Investors interested in the Make America Healthy Again (MAHA) movement have looked at a restaurant chain called Steak 'n Shake with interest. It has adopted the so-called MAHA guidelines on ingredients in its food, resulting in a surge in same-store sales.

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A company called Biglari (NYSE:BH) owns the Steak 'n Shake chain. While that presumably paves a path for investors to invest in the restaurant and MAHA, this investment may be speculative at best.

Steak 'n Shake came into focus when it adopted a key part of the MAHA agenda. Instead of frying fries in seed oils, as most of its peers do, the company switched to beef tallow. Restaurants have different ways to win diners, but this choice is nonetheless intriguing, as McDonald's fried its fries in beef tallow until it switched to vegetable oil in 1990.

Steak 'n Shake also did not stop at fries. Other changes included using only grass-fed, grass-finished beef in its burgers; seed-oil-free buns; and milkshakes made with A2 milk products and cane sugar.

Consumers appeared to respond well. When combined with a small number of Western Sizzlin restaurants, same-store sales increased by 19.1% yearly in the third quarter of 2026.

That compares very favorably to McDonald's, whose global comparable sales rose by only 1.5% in the same quarter. If we look only at the U.S., comparable sales fell by 0.2%. Chipotle did not fare much better, with its comparable restaurant sales increasing by just 2.1%.

Unfortunately, the company is not specific about the number of locations. In its earnings release, it says it has 426 restaurants, down from 441 restaurants one year ago, as it has closed many of its underperforming locations.

The financials imply that Steak 'n Shake restaurants are the…

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