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. In the quarter to June 2026, revenue fell 4.50%, EPS grew 95.8%, free cash flow grew 2,089.6% and total debt fell 38.5%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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BRAEMAR HOTELS & RESORTS INC. (BHR) Beneish M-score
BRAEMAR HOTELS & RESORTS INC.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.87 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.32 | — | 0.53 | |
| Sales growth index | 0.97 | — | 0.86 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| INN Summit Hotel Properties, Inc. compare | — |
| BHR BRAEMAR HOTELS & RESORTS INC. | — |
| CLDT Chatham Lodging Trust (REIT) compare | — |
| IHT InnSuites Hospitality Trust compare | — |
| RLJ RLJ Lodging Trust compare | — |
| SVC Service Properties Trust compare | — |
| AHT Ashford Hospitality Trust Inc compare | — |
| SHO Sunstone Hotel Investors, Inc. compare | — |
| XHR Xenia Hotels & Resorts, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI