Braemar Hotels & Resorts Inc BHR

Real EstateResidential & Commercial REITsUnited States of America

Last close 1.30 USD on Nov 1, 2026, −54.7% year to date

Quant rating

Quant rating D Rank 156 of 175 in Real Estate

Growth D 141 of 175
Valuation B 37 of 175
Quality C 104 of 175
Revisions D 143 of 175
Momentum D 172 of 175

Wall Street consensus Hold (3.00)Average target 2.00 USD +53.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 89M
Enterprise value: 1.1B
52-week range: 1.19 – 3.19
3-year range: 1.19 – 3.87
Dividend yield: 15.38%
Beta (5 years): 0.82
Shares outstanding: 68.7M
Next earnings: Nov 9, 2026

About the company

Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) which invests primarily in high revenue per available room (RevPAR) luxury hotels and resorts. The Company owns interests in approximately 12 hotel properties in five states, the District of Columbia, Puerto Rico, and the United States (U.S.) Virgin Islands with over 2,831 total rooms. The hotel properties in its portfolio are predominantly located in U.S. urban and resort locations. Its hotel properties are asset-managed by Ashford LLC. Its hotel properties include Four Seasons Resort Scottsdale, The Ritz-Carlton Sarasota, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Capital Hilton, The Notary Hotel, Sofitel Chicago Magnificent Mile, The Ritz-Carlton Lake Tahoe, Bardessono Hotel and Spa, Hotel Yountville, and Cameo Beverly Hills. The Four Seasons Resort Scottsdale includes over 210 luxurious, spacious guest rooms, including 22 suites and more.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	704	728	739	670	428	–
Revenue growth	−3.3%	−1.5%	10.4%	56.6%	88.4%	25.4%
EPS (basic, normalized)	−1.05	−0.77	−1.13	−0.15	−0.76	–
EPS growth	–	–	–	–	–	–
Gross margin	69.4%	70.5%	71.0%	71.3%	69.7%	70.4%
Net margin	−10.3%	−7.0%	−10.0%	−1.6%	−9.4%	−7.7%
ROE	−3.7%	−0.2%	−3.4%	2.7%	−6.0%	−2.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	93.9
Current ratio	–
Long-term debt (mil)	801
Net debt (mil)	1,038
Total equity (mil)	461
Net debt / equity	2.25x
Net debt / EBITDA	7.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	704	−3.3%	1.6x	147	−26.8%	7.7x	−1.05	−36.4%	−1.2x
2026	588	−16.5%	1.9x	123	−16.1%	9.1x	–	–	–
2027	404	−31.3%	2.8x	82.3	−33.3%	13.7x	–	–	–
2028	414	+2.7%	2.7x	84.1	+2.1%	13.4x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	588	+0.4%	+1.7%	−11.7%	–	–	–	–
2027	404	+0.7%	+3.6%	−40.7%	–	–	–	–
2028	414	+0.8%	+3.6%	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	FQ-1	Jun 2026
Sales reported (mil)	219	188	148	173	216	179	144	166	209	171
Sales mean (mil)	211	185	155	165	208	173	143	159	202	166
Surprise	+4.0%	+1.3%	−4.0%	+4.9%	+4.0%	+3.8%	+0.2%	+4.0%	+3.5%	+2.9%
EPS reported	0.05	−0.33	−0.02	−0.47	−0.04	−0.22	−0.12	−0.63	–	−0.26
EPS mean	−0.09	−0.22	−0.48	−0.41	−0.11	−0.37	−0.66	−0.51	–	–
Surprise	−158.8%	−50.0%	+95.8%	−14.6%	+63.6%	+40.5%	+81.8%	−23.5%	–	–

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BHR Braemar Hotels & Resorts Inc	89M	7.06x	−10.3%	0.19x	–	–	9.1x	13.7x
HST Host Hotels & Resorts, Inc.	17.3B	1.82x	12.5%	2.71x	18.6x	24.4x	11.2x	11.1x
EGP EastGroup Properties, Inc.	10.7B	3.18x	35.7%	2.99x	33.5x	35.1x	22.1x	20.1x
RHP Ryman Hospitality Properties Inc	9.2B	5.15x	9.4%	11.10x	32.5x	26.3x	14.3x	12.5x
CTRE CareTrust REIT, Inc.	8.6B	2.84x	67.1%	1.91x	23.6x	22.0x	17.0x	13.1x
ADC Agree Realty Corporation	8.7B	6.58x	27.3%	1.26x	34.9x	33.4x	17.4x	15.1x
Mean		4.44x	23.6%	3.36x	28.6x	28.2x	15.2x	14.3x
Median		4.16x	19.9%	2.31x	32.5x	26.3x	15.7x	13.4x

Technical analysis

1M−21.7%
3M−44.2%
1Y−49.5%
3Y−39.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Braemar Hotels & Resorts Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	704	728	739	670	428	227
Cost of revenue	216	215	215	192	130	92.0
Gross profit	488	514	525	477	298	135
Selling, general & administrative expenses	322	344	339	302	201	133
Research & development	–	–	–	–	–	–
Depreciation/amortization	92.6	98.7	93.3	78.1	73.8	73.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−23.8	−82.0	1.2	0	0.9	−6.2
Other operating expenses	29.2	30.5	31.1	28.8	22.6	18.5
Operating income	67.8	123	60.5	68.2	−0.5	−83.8
Net interest income (expense)	−94.3	−102	−88.7	−44.9	−31.1	−40.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0.3	0	0	−5.1
Net income before taxes	−26.4	20.6	−27.9	23.4	−31.6	−129
Provision for taxes	2.0	0.8	2.7	4.0	1.3	−1.0
Minority interest	6.1	−21.5	3.6	−1.6	6.2	19.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−22.3	−1.7	−27.0	17.8	−26.7	−109
Extraordinary items	–	–	–	–	–	3.4
Net income	−22.3	−1.7	−27.0	17.8	−26.7	−105
EBIT, normalized	40.7	53.4	60.3	66.1	0.2	−88.0
EBITDA, normalized	133	152	153	144	73.6	−14.8
Basic EPS, normalized	−1.05	−0.77	−1.13	−0.15	−0.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Braemar Hotels & Resorts Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	124	135	85.6	262	216	78.6
Receivables	32.8	31.8	39.2	51.4	23.7	13.6
Total inventory	4.7	4.7	5.0	5.2	3.1	2.6
Prepaid expenses	7.0	5.1	9.9	7.0	4.4	4.4
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,589	1,814	1,963	1,964	1,526	1,506
Goodwill	–	–	–	–	–	–
Intangibles	2.7	3.1	3.5	3.9	4.3	4.6
Long-term investments	0.1	41.7	1.7	1.7	1.7	1.7
Note receivable	26.0	31.2	17.7	27.6	29.2	13.3
Other long-term assets	244	247	241	401	318	149
Total assets	1,862	2,136	2,227	2,398	1,880	1,674
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	142	144	150	134	96.3	61.8
Accrued expenses	20.1	20.0	60.4	60.7	60.9	60.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,134	1,210	1,162	1,334	1,173	1,131
Minority interest	21.1	26.6	23.5	24.2	19.5	12.6
Other liabilities	202	204	246	238	183	148
Total liabilities	1,358	1,440	1,432	1,596	1,375	1,291
Shareholders' equity
Preferred stock	300	389	423	326	40.1	0
Common stock	0.7	0.7	0.7	0.7	0.7	0.4
Additional paid-in capital	706	719	718	734	707	542
Retained earnings (accumulated deficit)	−569	−478	−412	−325	−309	−266
Treasury stock	–	–	–	–	–	–
Other equity	65.4	64.7	65.4	65.4	65.4	107
Total equity	504	696	795	802	504	383
Total liabilities & shareholders' equity	1,862	2,136	2,227	2,398	1,880	1,674

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Braemar Hotels & Resorts Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−28.4	19.8	−30.6	19.3	−32.9	−125
Depreciation, depletion & amortization	92.6	98.7	93.3	78.1	73.8	73.4
Deferred taxes	1.1	−0.1	1.3	0.1	−0.2	−1.0
Non-cash items	−14.1	−72.5	13.8	6.5	12.2	5.3
Changes in working capital	−10.4	20.9	6.9	5.4	11.1	−3.4
Cash from operations	40.8	66.8	84.7	109	64.0	−50.3
Investing activities
Capital expenditures	−83.4	−70.6	−77.1	−404	−43.3	−25.6
Other investing cash flows	293	106	0	1.4	1.6	9.0
Cash from investing	210	35.5	−77.1	−402	−41.7	−16.5
Financing activities
Financing cash flow items	−28.5	−36.1	−9.3	−6.9	−0.9	−9.2
Cash dividends paid	−47.3	−51.6	−52.6	−20.8	−9.1	−16.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−193	3.9	−95.0	373	138	75.0
Cash from financing	−269	−83.8	−157	345	128	49.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−18.2	18.6	−149	52.3	150	−17.2
Free cash flow	−42.6	−3.8	7.6	−294	20.7	−75.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.