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Saturday 7 November 2026
Export BHR’s income statement to Excel — free account
BRAEMAR HOTELS & RESORTS INC.
BHR Real Estate Reit Hotel & Motel
BRAEMAR HOTELS & RESORTS INC.’s revenue for fiscal 2025 (year ended December 2025) was $704.0 million, down 3.35% from fiscal 2024.
- Revenue
- −29.2%
- EPS
- −2,825.0%
- Free cash flow
- −337.0%
- Total debt
- −61.9%
Quarter to September 2026, against a year earlier
1.56
0.02
+1.30%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 406 | 414 | 431 | 488 | 227 | 428 | 670 | 739 | 728 | 704 | 647 | +6.3% | 588 | 404 | 415 | (16.2%) | |
| Gross margin, % | 30.24 | 29.25 | 30.77 | 27.89 | 16.30 | 24.68 | 28.87 | 26.99 | 25.28 | 25.22 | 0.00 | (5.0) pt | ||||||
| EBT | 26 | 28 | 5 | 3 | (129) | (32) | 23 | (28) | 21 | (26) | (266) | n/m | ||||||
| EBT margin, % | 6.38 | 6.71 | 1.16 | 0.61 | (56.87) | (7.39) | 3.49 | (3.78) | 2.83 | (3.75) | (41.06) | (10.1) pt | ||||||
| Net income | 24 | 28 | 3 | 1 | (125) | (33) | 19 | (31) | 20 | (28) | (261) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 15.23 | 13.59 | 13.50 | 15.10 | 6.68 | 8.12 | 9.61 | 11.20 | 10.95 | 10.41 | 9.42 | (4.1%) | |||||
| Earnings | 0.57 | 0.52 | (0.19) | (0.32) | (3.39) | (0.76) | (0.15) | (1.13) | (0.77) | (1.07) | (4.12) | n/m | ||||||
| Cash flow | 2.20 | 2.32 | 2.21 | 2.05 | (1.48) | 1.21 | 1.57 | 1.28 | 1.00 | 0.60 | (3.01) | (13.4%) | ||||||
| Capex | 2.23 | 1.97 | (0.38) | (4.22) | (0.75) | (0.49) | (0.71) | (1.17) | 1.28 | 2.51 | 0.00 | +1.3% | ||||||
| Free cash flow | 4.42 | 4.29 | 1.83 | (2.17) | (2.23) | 0.73 | 0.87 | 0.12 | 2.28 | 3.11 | (3.01) | (3.8%) | ||||||
| Book value | 11.39 | 12.36 | 12.27 | 11.25 | 7.68 | 7.26 | 5.65 | 4.52 | 3.57 | 2.08 | (1.54) | (17.2%) | ||||||
| Shares, m | 27 | 30 | 32 | 32 | 34 | 53 | 70 | 66 | 67 | 68 | 68 | +10.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 23.81 | 21.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.5 | |||||
| P/S | 0.91 | 0.75 | 0.66 | 0.59 | 0.69 | 0.63 | 0.43 | 0.22 | 0.27 | 0.28 | 0.17 | 0.5 | ||||||
| P/B | 1.21 | 0.82 | 0.72 | 0.79 | 0.60 | 0.70 | 0.73 | 0.55 | 0.84 | 1.38 | 0.00 | 0.8 | ||||||
| EV/Sales | 2.38 | 2.26 | 2.34 | 2.51 | 5.18 | 2.76 | 1.96 | 1.58 | 1.64 | 1.62 | 0.63 | 2.4 | ||||||
| EV/FCF | 8.18 | 7.15 | 17.22 | (17.48) | (15.50) | 30.76 | 21.76 | 153.71 | 7.85 | 5.41 | 2.81 | 21.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 59 | 71 | 71 | 66 | (50) | 64 | 109 | 85 | 67 | 41 | (207) | (3.9%) | |||||
| Capex | 59 | 60 | (12) | (136) | (26) | (26) | (49) | (77) | 85 | 170 | 352 | +12.4% | ||||||
| Free cash flow | 118 | 131 | 59 | (70) | (76) | 38 | 60 | 8 | 152 | 210 | (207) | +6.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 165 | 183 | 224 | 74 | 80 | 222 | 262 | 75 | 146 | 84 | (108) | (7.3%) | |||||
| Net debt | 597 | 626 | 724 | 935 | 1,018 | 910 | 1,025 | 1,003 | 993 | 944 | 447 | +5.2% | ||||||
| Shareholders’ equity | 303 | 377 | 392 | 363 | 261 | 382 | 394 | 298 | 237 | 141 | (105) | (8.2%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.18 | 1.21 | (0.38) | (0.58) | (6.73) | (2.25) | (0.50) | (3.20) | (2.34) | (3.64) | (17.46) | (4.8) pt | |||||
| ROIC | 5.10 | 3.91 | 3.69 | 3.10 | (3.90) | 0.07 | 3.01 | 2.96 | 6.54 | 4.17 | (34.00) | (0.9) pt | ||||||
| ROE | 4.86 | 4.77 | (1.53) | (2.59) | (36.99) | (12.43) | (2.76) | (21.41) | (19.03) | (38.46) | (551.45) | (43.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
BRAEMAR HOTELS & RESORTS INC. vs peers in Reit Hotel & Motel (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SHO Sunstone Hotel Investors, Inc. | $2.3B | 27.7× | 46.6× | +1.92% (above 0%: growing) | n/m | +36.23% (above 0%: growing) | 0.00% | 7.62% | Compare |
| XHR Xenia Hotels & Resorts, Inc. | $2.0B | 552× | — (loss-making) | +11.60% (above 0%: growing) | n/m | +45.88% (above 0%: growing) | 58.12% | 6.17% | Compare |
| RLJ RLJ Lodging Trust | $1.9B | 208× | 631× | +7.40% (above 0%: growing) | n/m | +106.37% (above 0%: growing) | 0.00% | 8.53% | Compare |
| INN Summit Hotel Properties, Inc. | $834.4M | — (loss-making) | — (loss-making) | +4.85% (above 0%: growing) | n/m | +99.38% (above 0%: growing) | 32.54% | 8.80% | Compare |
| SVC Service Properties Trust | $712.3M | — (loss-making) | — (loss-making) | −16.55% (below 0%: shrinking) | n/m | −72.13% (below 0%: shrinking) | 35.98% | (0.08%) | Compare |
| CLDT Chatham Lodging Trust (REIT) | $703.1M | 73.5× | — (loss-making) | +15.96% (above 0%: growing) | +434.33% (above 0%: growing) | +33.77% (above 0%: growing) | 57.04% | 15.73% | Compare |
| BHR BRAEMAR HOTELS & RESORTS INC. | $105.8M | — (loss-making) | — (loss-making) | −29.24% (below 0%: shrinking) | n/m | −337.01% (below 0%: shrinking) | 0.00% | (240.02%) | |
| AHT Ashford Hospitality Trust Inc | $15.7M | — (loss-making) | — (loss-making) | −9.52% (below 0%: shrinking) | n/m | +9,699.83% (above 0%: growing) | 30.60% | 71.85% | Compare |
| IHT InnSuites Hospitality Trust | $13.7M | — (loss-making) | 29.0× | +2.10% (above 0%: growing) | n/m | +49.83% (above 0%: growing) | 48.37% | (9.81%) | Compare |
| Median of peers | $773.3M | 141× | 46.6× | +3.48% | — | +47.86% | 34.26% | 8.08% |
Pay and ownership Proxy statement filed 30 October 2025
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 2.03m | 1.76m | 39.32 |
| 2023 | 2.00m | 109.00k | 30.35 |
| 2022 | 1.65m | 1.66m | 46.88 |
| 2021 | 2.45m | 2.45m | 57.11 |
| 2020 | 495.42k | (1.29m) | 51.62 |
Ownership
Directors and executive officers, together
less than 1%
Al Shams Investments Limited
less than 1%
Zazove Associates LLC
less than 1%
BlackRock, Inc
less than 1%
BlackRock Portfolio Management LLC
less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement