Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -3.6%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $107M | $194M | $200M | $165M | $286M | $269M | $157M | $288M | $282M | $334M | $421M |
| Enterprise Value | $1.2B | $1.2B | $1.3B | $1.3B | $1.4B | $1.3B | $1.3B | $1.3B | $1.1B | $1.0B | $1.1B |
| P/E Ratio → | -0.39 | — | — | — | — | — | — | 241.35 | 214.04 | 18.88 | 24.56 |
| P/S Ratio | 0.17 | 0.28 | 0.27 | 0.22 | 0.43 | 0.63 | 0.69 | 0.59 | 0.65 | 0.81 | 1.04 |
| P/B Ratio | 0.20 | 0.37 | 0.28 | 0.20 | 0.66 | 0.64 | 0.40 | 0.56 | 0.52 | 0.63 | 0.98 |
| P/FCF | — | — | 2.99 | 1.95 | 2.62 | 7.01 | — | 4.35 | — | — | 3.62 |
| P/OCF | 2.63 | 4.76 | 2.99 | 1.95 | 2.62 | 4.20 | — | 4.35 | 3.99 | 4.73 | 7.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 1.78 | 1.76 | 2.12 | 3.01 | 5.59 | 2.74 | 2.52 | 2.46 | 2.61 |
| EV / EBITDA | — | 9.14 | 5.68 | 8.38 | 9.66 | 16.99 | — | 9.88 | 8.80 | 11.15 | 11.37 |
| EV / EBIT | 26.86 | 17.25 | 10.05 | 19.65 | 18.79 | — | — | 23.25 | 19.86 | 15.25 | 15.86 |
| EV / FCF | — | — | 19.37 | 15.39 | 12.97 | 33.58 | — | 20.16 | — | — | 9.10 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -1.1% | -1.1% | 21.1% | 22.8% | 24.6% | 19.4% | 3.8% | 23.7% | 27.6% | 27.0% | 27.5% |
| Operating Margin | 6.1% | 6.1% | 17.7% | 8.3% | 10.2% | 0.3% | -35.2% | 13.2% | 15.3% | 9.4% | 11.6% |
| Net Profit Margin | -3.2% | -3.2% | -0.2% | -3.7% | 2.7% | -6.2% | -46.4% | 0.1% | 0.3% | 5.6% | 4.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.6% | -3.6% | -0.2% | -4.3% | 4.2% | -6.6% | -23.2% | 0.1% | 0.2% | 4.8% | 4.4% |
| ROA | -1.1% | -1.1% | -0.1% | -1.2% | 0.8% | -1.5% | -6.1% | 0.0% | 0.1% | 1.7% | 1.5% |
| ROIC | 1.9% | 1.9% | 5.1% | 2.6% | 3.4% | 0.1% | -3.9% | 3.3% | 3.9% | 2.6% | 3.1% |
| ROCE | 2.5% | 2.5% | 6.9% | 2.9% | 3.4% | 0.1% | -4.9% | 4.0% | 4.5% | 3.0% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.24 | 2.24 | 1.70 | 1.49 | 3.21 | 2.95 | 3.01 | 2.19 | 1.82 | 1.55 | 1.78 |
| Debt / EBITDA | 8.63 | 8.63 | 5.40 | 7.87 | 9.49 | 16.29 | — | 8.28 | 7.99 | 8.99 | 8.21 |
| Net Debt / Equity | — | 2.00 | 1.52 | 1.39 | 2.61 | 2.43 | 2.81 | 2.05 | 1.48 | 1.29 | 1.49 |
| Net Debt / EBITDA | 7.72 | 7.72 | 4.80 | 7.32 | 7.71 | 13.44 | — | 7.75 | 6.51 | 7.49 | 6.85 |
| Debt / FCF | — | — | 16.38 | 13.44 | 10.35 | 26.57 | — | 15.81 | — | — | 5.48 |
| Interest Coverage | 0.82 | 0.82 | 1.19 | 0.70 | 1.45 | -0.02 | -1.86 | 1.05 | 1.10 | 1.71 | 1.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.18 | 2.18 | 0.57 | 1.45 | 2.64 | 3.22 | 2.14 | 1.59 | 3.60 | 3.32 | 3.54 |
| Quick Ratio | 2.12 | 2.12 | 0.56 | 1.42 | 2.60 | 3.19 | 2.10 | 1.56 | 3.57 | 3.29 | 3.52 |
| Cash Ratio | 1.67 | 1.67 | 0.30 | 0.53 | 1.70 | 2.15 | 1.14 | 0.65 | 2.33 | 2.01 | 2.17 |
| Asset Turnover | — | 0.38 | 0.34 | 0.33 | 0.28 | 0.23 | 0.14 | 0.28 | 0.26 | 0.29 | 0.32 |
| Inventory Turnover | 150.09 | 150.09 | 123.23 | 114.11 | 96.43 | 110.19 | 85.64 | 133.19 | 167.66 | 211.98 | 198.96 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 44.9% | 24.4% | 25.8% | 31.9% | 7.2% | 3.4% | 10.3% | 11.6% | 10.7% | 8.1% | 4.0% |
| Payout Ratio | — | — | — | — | 116.9% | — | — | 9005.1% | 2297.6% | 117.7% | 87.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 0.4% | 0.5% | 5.3% | 4.1% |
| FCF Yield | — | — | 33.5% | 51.3% | 38.2% | 14.3% | — | 23.0% | — | — | 27.6% |
| Buyback Yield | 0.7% | 0.4% | 0.2% | 16.0% | 2.6% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 9.3% |
| Total Shareholder Yield | 45.6% | 24.8% | 26.0% | 47.9% | 9.8% | 3.5% | 10.5% | 11.7% | 10.9% | 8.2% | 13.3% |
| Shares Outstanding | — | $68M | $67M | $66M | $70M | $53M | $34M | $32M | $32M | $35M | $31M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BHR stock.
Braemar Hotels & Resorts Inc.'s current P/E ratio is -0.4x. The historical average is 21.7x.
Braemar Hotels & Resorts Inc.'s return on equity (ROE) is -3.6%. The historical average is -2.2%.
Based on historical data, Braemar Hotels & Resorts Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.
Braemar Hotels & Resorts Inc.'s current dividend yield is 44.88%.
Braemar Hotels & Resorts Inc. has -1.1% gross margin and 6.1% operating margin.
Braemar Hotels & Resorts Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative FFO and AFFO trend
Metrics are mathematically derived from official filings.
Deep Discount Signals Distress, Not Value
Based on reported figures, BHR trades at a P/B of 0.20 and a P/S of 0.15 while its 44.9% dividend yield and negative FFO per share suggest the market is pricing in impairment rather than a mispriced recovery.
With P/FFO unavailable on negative FFO in 2026Q3, the usual REIT multiple cannot anchor valuation, leaving price-to-book at 0.20 as the most informative reference. A yield near 45% is more consistent with a market expectation that the distribution will be cut or that equity value is at risk, rather than with a sustainable income stream. Investors should monitor whether the book value itself remains reliable given recent equity erosion.
Volatile NOI Margins Mask Thin Core Earnings
As reported in quarterly statements, BHR's NOI margin swung from 37.1% in 2025Q1 to negative 4.4% in 2025Q4, with recent quarters at 2.0% and 14.0%, indicating highly seasonal and fragile property-level profitability.
The wide NOI margin range is consistent with hotel operating leverage, where small revenue shortfalls translate into large swings in property profit. The 2026Q3 FFO per share of negative 3.67 against positive 0.41 in 2026Q2 suggests the earnings base is dominated by non-recurring charges rather than steady operations. Analysts should treat trailing FFO trends as unreliable until the drivers of the swing are clearly identified.
Distributions Exceed Recurring Cash Generation
Based on reported figures, BHR's FFO payout ratio reached 99.0% in 2024Q2 and 66.6% in 2025Q2, while AFFO turned negative at negative $270.1M in 2026Q3, leaving the dividend uncovered by recurring cash flow.
Payout ratios above 60% leave little margin for error, and the AFFO deficit in the latest quarter indicates distributions are being funded from balance sheet resources rather than operations. This raises the probability that the dividend may be reduced, though the 2026Q3 loss may partly reflect a single-period charge. Investors should monitor whether positive AFFO returns in subsequent quarters.
Leverage Ratios Erratic as Debt Collapses
According to reported quarterly balance sheets, BHR's debt-to-equity climbed to 5.22 in 2025Q3 before the reported debt balance fell to zero in 2026Q3, while interest coverage ranged from negative 0.60 to 2.40 across recent periods.
Interest coverage below 1.0x in several quarters indicates operating earnings have frequently failed to cover interest expense, a strained position for a hotel REIT. The apparent debt elimination in 2026Q3 coincides with a sharp drop in property balances, which may point to reclassification or deconsolidation rather than genuine deleveraging. Further investigation into how obligations were resolved is warranted before treating the leverage profile as improved.
Misapplied P/E Obscures Depreciation Burden
Standard P/E of negative 4.33 is the most commonly misapplied metric for BHR, since heavy real estate depreciation and impairment charges distort net income far more than the underlying hotel cash flows.
Applying P/E treats depreciation as an economic cost and swings with non-cash impairments, obscuring whether the hotel portfolio generates adequate cash. The appropriate alternatives are P/FFO and P/AFFO, which add back depreciation and better reflect distributable cash, though both are currently unusable given negative 2026Q3 results. Using NOI margin and the implied cap rate on enterprise value would provide a more stable view of asset-level economics.