Braemar Hotels & Resorts Inc. (BHR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6826.0%

$98.00

vs $1.42 price

Levered DCF

$21.09

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.25

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-7.97×	-3.9×	-2.21×	-27.4×	-8.23×	-1.26×	241.35×	214.04×
P/B	0.39×	0.29×	0.21×	0.7×	0.67×	0.41×	0.61×	0.56×
P/S	0.28×	0.27×	0.22×	0.43×	0.63×	0.69×	0.59×	0.65×
EV / EBITDA	7.54×	5.68×	8.14×	9.21×	17.48×	-129.9×	10.42×	9.67×
Gross margin	-1.1%	21.1%	22.8%	24.6%	19.4%	3.8%	23.7%	27.6%
Operating margin	6.1%	17.7%	8.3%	10.2%	0.3%	-35.2%	13.2%	15.3%
Net margin	-3.2%	-0.2%	-3.7%	2.7%	-6.2%	-46.4%	0.1%	0.3%
Current ratio	2.18×	0.57×	1.45×	2.64×	3.22×	2.14×	1.59×	3.6×
Debt / equity	2.33×	1.77×	1.54×	3.4×	3.09×	3.11×	2.35×	1.96×
Interest coverage	0.49×	1.19×	0.65×	1.31×	0.05×	-1.77×	1.18×	1.33×
Dividend yield	24.4%	25.8%	31.9%	7.2%	3.4%	10.3%	11.6%	10.7%
Payout ratio	-212.1%	-3045.4%	-194.6%	116.9%	-34.1%	-15.3%	9005.1%	2297.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.4%	-0.2%	-3.4%	4.3%	-6.7%	-27.5%	0.1%	0.3%
Return on invested capital	22.0%	6.2%	3.0%	2.5%	0.1%	-4.8%	1.6%	2.2%
Return on assets	-1.2%	-0.1%	-1.2%	0.7%	-1.4%	-6.3%	0.0%	0.1%
Free cash flow yield	-19.1%	33.5%	51.3%	38.2%	14.3%	-48.4%	23.0%	-44.8%
Earnings yield	-11.5%	-0.8%	-16.4%	6.2%	-9.9%	-67.2%	0.1%	0.5%
Enterprise value	$1.2B	$1.3B	$1.3B	$1.4B	$1.3B	$1.3B	$1.3B	$1.1B
Net debt / EBITDA	6.36×	4.8×	7.11×	7.35×	13.83×	-113.86×	8.17×	7.16×
Cash conversion cycle (days)	-53	-35	-33	-50	-53	-77	-75	-58