Latest Ratios: P/E Ratio -6.0x · EV/EBITDA 8.8x · 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 | $148M | $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 → | -5.97 | — | — | — | — | — | — | 241.35 | 214.04 | 18.88 | 24.56 |
| P/S Ratio | 0.21 | 0.28 | 0.27 | 0.22 | 0.43 | 0.63 | 0.69 | 0.59 | 0.65 | 0.81 | 1.04 |
| P/B Ratio | 0.28 | 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 | 3.62 | 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 | 8.83 | 9.17 | 5.68 | 8.38 | 9.66 | 16.99 | — | 9.88 | 2.39 | 2.54 | 2.61 |
| EV / EBIT | 27.80 | 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 | 8.66 | 8.66 | 5.40 | 7.87 | 9.49 | 16.29 | — | 8.28 | 2.17 | 2.05 | 1.89 |
| 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 | 7.74 | 7.74 | 4.80 | 7.32 | 7.71 | 13.44 | — | 7.75 | 1.76 | 1.71 | 1.57 |
| 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 | 32.6% | 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 | 52.5% | 40.0% | 0.2% | 16.0% | 2.6% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 9.3% |
| Total Shareholder Yield | 85.1% | 64.4% | 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 |
High leverage and liquidity
As reported in recent financial filings, BHR's P/FFO multiples have exhibited extreme instability, ranging from 2.20x to 10.86x, which suggests that the market is struggling to price the company's equity against a backdrop of inconsistent earnings and significant exposure to luxury travel demand cycles.
The wide variance in valuation multiples indicates that investors are likely discounting the stock based on governance concerns and the external management structure rather than pure asset value. The lack of a stable P/FFO baseline makes it difficult to determine if the current price represents a value opportunity or a reflection of long-term structural impairment.
Based on the provided quarterly data, the company's NOI margin has shown a concerning trend, peaking at 37.1% in 2025Q1 before contracting to a negative 4.4% in 2025Q4, which highlights the difficulty of maintaining profitability within a high-fixed-cost, luxury-focused hotel portfolio during periods of revenue decline.
This margin volatility suggests that the company's operating leverage is working against it, as property-level expenses remain rigid even when occupancy or ADRs soften. Investors should monitor whether these negative margins are a temporary byproduct of renovation-related disruption or a more permanent shift in the cost structure of the portfolio.
According to historical earnings reports, the FFO payout ratio has fluctuated wildly from 2.0% to 99.0%, demonstrating that dividend sustainability is highly precarious and dependent on volatile quarterly cash flows rather than a consistent, recurring distribution policy supported by stable property-level earnings.
The extreme swings in the payout ratio suggest that the dividend is not currently anchored to a reliable AFFO metric, which is the standard for assessing REIT dividend safety. This inconsistency may indicate that the dividend is being funded by non-recurring items or capital recycling rather than organic cash flow generation.
As indicated by the company's reported financial statements, the debt-to-equity ratio reached a peak of 5.22 in 2025Q3, which significantly exceeds typical REIT leverage profiles and suggests that the company's capital structure is highly sensitive to interest rate fluctuations and asset valuation adjustments.
The elevated leverage levels, combined with inconsistent interest coverage ratios, imply that the company has limited financial flexibility to navigate potential downturns in the luxury travel market. The reliance on debt to fund operations and capital expenditures warrants further investigation into the maturity profile and refinancing risks facing the portfolio.
As noted in institutional research, the most commonly misapplied metric for BHR is the standard P/E ratio, which fails to account for the massive non-cash depreciation charges inherent in hotel real estate and the complex fee structures associated with the company's external management agreement.
Using P/E obscures the true economic performance of the hotel assets by including non-cash expenses that do not reflect actual cash flow availability. Analysts should instead prioritize FFO and AFFO, while adjusting for the impact of capitalized maintenance and management fees to arrive at a more accurate assessment of the REIT's underlying earnings power.
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Quick answers to the most common questions about buying BHR stock.
Braemar Hotels & Resorts Inc.'s current P/E ratio is -6.0x. The historical average is 21.7x.
Braemar Hotels & Resorts Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
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 -6.0x. Compare with industry peers and growth rates for a complete picture.
Braemar Hotels & Resorts Inc.'s current dividend yield is 32.56%.
Braemar Hotels & Resorts Inc. has -1.1% gross margin and 6.1% operating margin.
Braemar Hotels & Resorts Inc.'s Debt/EBITDA ratio is 8.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.