Braemar Hotels & Resorts Inc. is a US-listed company in the hotel & resort REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $689m, down 3.8% on a year earlier, about the same pace as a quarter earlier. That puts it 13 of 15 for growth among the hotel & resort reits companies we cover.
Our model value for Braemar Hotels & Resorts is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Braemar Hotels & Resorts Inc.'s trailing-twelve-month revenue fell 3.8% year on year, with a free-cash-flow margin of -2.5%. Where it stands out: stock pay as % of revenue of -0.1% ranks 1 of 13 hotel & resort reits companies we cover. Where it lags: revenue growth of -3.8% ranks 13 of 15 hotel & resort reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.6% while net income fell 490.7%: a 502pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Braemar Hotels & Resorts Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Braemar Hotels & Resorts Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Braemar Hotels & Resorts Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$24 ~$20–$29 | Left out: out of range vs price (16.45x) |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.2 ~$5.2–$10 | Left out: out of range vs price (0.15x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$11 ~$9.4–$13 | Left out: out of range vs price (7.71x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Braemar Hotels & Resorts Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Braemar Hotels & Resorts's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -0.1% of total assets over 10 years.
Operating margin has been a median 10.0%; its worst year was -15.6%.
Free cash flow was positive in 5 of 10 years, at a median -0.3% of revenue.
The diluted share count rose 137.7% over five years; stock-based pay has been a median 0.9% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 4, 2026, after the close. Analysts expect revenue of $104m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $588m | −17% |
| Next | — | — | $404m | −31% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2026 | −$0.16 | $0.07 | +143.8% |
| Dec 2025 | −$0.51 | −$0.67 | −31.4% |
| Sept 2025 | −$0.66 | −$0.12 | +81.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −42.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $717m | $689m | −3.8% |
| P/S multiple | 0.2x | 0.2x | −32.1% |
| Share count | 67m | 76m | −12.6% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BHR | +11% | −18% | −35% | +30% | +3% | −50% |
| Industry peers (median) | +17% | −17% | +14% | −1% | −18% | +53% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BHR | 50% | 50% | 33% | 42% | 58% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BHR | −42% | −48% | −63% | −29% | −38% | −62% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 91% from April 29, 2019 to March 18, 2020. Getting back needed a 1040% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +1.4% | −0.4% | −2.9% | −11.0% |
| May 6, 2026 | +11.3% | +1.1% | +2.4% | +1.2% |
| February 26, 2026 | −6.1% | −1.0% | −8.1% | −27.7% |
| November 4, 2025 | +1.6% | −0.8% | +11.0% | +3.5% |
| July 31, 2025 | −8.0% | −2.0% | −4.0% | +22.1% |
| May 7, 2025 | +2.6% | +1.1% | +5.2% | +24.2% |
| February 26, 2025 | −3.3% | −1.5% | +12.3% | 0.0% |
| November 6, 2024 | +10.6% | +3.3% | +33.3% | +25.2% |
| July 31, 2024 | −13.3% | +0.2% | −24.1% | −18.6% |
| May 8, 2024 | +1.1% | +0.6% | +5.2% | +6.0% |
| February 29, 2024 | −4.0% | +1.3% | −8.5% | −7.1% |
| November 8, 2023 | −20.4% | −0.7% | −11.5% | −11.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $733.4M |
| FY23 Q4 | $739.3M |
| FY24 Q1 | $743.1M |
| FY24 Q2 | $744M |
| FY24 Q3 | $732.6M |
| FY24 Q4 | $728.4M |
| FY25 Q1 | $725.1M |
| FY25 Q2 | $716.6M |
| FY25 Q3 | $711.8M |
| FY25 Q4 | $704M |
| FY26 Q1 | $697.2M |
| FY26 Q2 | $689.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 16.7% |
| FY23 Q4 | 10.4% |
| FY24 Q1 | 2.8% |
| FY24 Q2 | 1.2% |
| FY24 Q3 | -0.1% |
| FY24 Q4 | -1.5% |
| FY25 Q1 | -2.4% |
| FY25 Q2 | -3.7% |
| FY25 Q3 | -2.8% |
| FY25 Q4 | -3.3% |
| FY26 Q1 | -3.9% |
| FY26 Q2 | -3.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 9.3% |
| FY23 Q4 | 8.3% |
| FY24 Q1 | 8.9% |
| FY24 Q2 | 8.2% |
| FY24 Q3 | 17.9% |
| FY24 Q4 | 17.7% |
| FY25 Q1 | 17.0% |
| FY25 Q2 | 18.0% |
| FY25 Q3 | 12.4% |
| FY25 Q4 | 10.3% |
| FY26 Q1 | 10.8% |
| FY26 Q2 | 12.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -25.8% |
| FY23 Q4 | 11.5% |
| FY24 Q1 | 7.4% |
| FY24 Q2 | 5.9% |
| FY24 Q3 | 2.3% |
| FY24 Q4 | -0.5% |
| FY25 Q1 | -2.3% |
| FY25 Q2 | -2.7% |
| FY25 Q3 | -4.4% |
| FY25 Q4 | -5.3% |
| FY26 Q1 | -3.9% |
| FY26 Q2 | -2.5% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 221 | 233 | 307 | 350 | 406 | 414 | 431 | 488 | 227 | 428 | 670 | 739 | 728 | 704 | 689 |
| Gross profit | — | — | — | — | 143 | 142 | 159 | 164 | — | — | — | — | — | — | — |
| EBITDA | 61 | 50 | 84 | 90 | 119 | 115 | 123 | 135 | −6 | 75 | 147 | 155 | 227 | 165 | 178 |
| Operating income | 32 | 19 | 44 | 46 | 74 | 63 | 66 | 64 | −80 | 1 | 68 | 62 | 129 | 72 | 88 |
| Net income | −5 | −12 | 2 | −7 | 19 | 23 | 1 | 0 | −105 | −27 | 18 | −27 | −2 | −22 | −3 |
| Diluted EPS | −$0.14 | −$0.36 | $0.07 | −$0.34 | $0.55 | $0.51 | −$0.19 | −$0.32 | −$3.39 | −$0.76 | −$0.15 | −$1.13 | −$0.77 | −$1.07 | −$0.04 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +5.6% | +31.6% | +13.7% | +16.1% | +2.0% | +4.2% | +13.0% | −53.5% | +88.4% | +56.6% | +10.4% | −1.5% | −3.3% | −3.8% |
| EBITDA | — | −18.1% | +68.0% | +6.4% | +33.0% | −3.8% | +7.2% | +9.2% | −104.8% | — | +94.8% | +5.8% | +46.8% | −27.5% | −20.7% |
| Operating income | — | −39.0% | +125.4% | +5.1% | +59.9% | −14.8% | +5.1% | −2.2% | −224.0% | — | — | −9.8% | +108.8% | −43.8% | −31.7% |
| Net income | — | — | — | — | — | +19.2% | −94.3% | — | — | — | — | −252.1% | — | — | — |
| Diluted EPS | — | — | — | — | — | −7.3% | −137.3% | — | — | — | — | — | — | — | — |
| Margins | |||||||||||||||
| Gross margin | — | — | — | — | 35.3% | 34.4% | 36.8% | 33.6% | — | — | — | — | — | — | — |
| EBITDA margin | 27.7% | 21.5% | 27.5% | 25.7% | 29.4% | 27.7% | 28.6% | 27.6% | −2.9% | 17.6% | 21.9% | 21.0% | 31.2% | 23.4% | 25.8% |
| Operating margin | 14.4% | 8.3% | 14.2% | 13.2% | 18.1% | 15.1% | 15.3% | 13.2% | −35.2% | 0.3% | 10.2% | 8.3% | 17.7% | 10.3% | 12.8% |
| Net margin | −2.1% | −5.0% | 0.6% | −1.9% | 4.8% | 5.6% | 0.3% | 0.1% | −46.4% | −6.2% | 2.7% | −3.7% | −0.2% | −3.2% | −0.5% |
| Free-cash-flow margin | 7.2% | 2.5% | 11.0% | −3.0% | 8.7% | 6.7% | −1.6% | −14.4% | −22.2% | 10.8% | −36.6% | 11.5% | −0.5% | −5.3% | −2.5% |
| Cash flow | |||||||||||||||
| Cash from operations | 28 | 34 | 55 | 9 | 59 | 71 | 71 | 66 | −50 | 64 | 109 | 85 | 67 | 41 | 45 |
| Capital spending | 12 | 28 | 21 | 19 | 23 | 43 | 78 | 136 | 0 | 18 | 354 | 0 | 71 | 78 | 63 |
| Free cash flow | 16 | 6 | 34 | −10 | 35 | 28 | −7 | −70 | −50 | 46 | −245 | 85 | −4 | −37 | −17 |
| Stock-based pay | 0 | 0 | 2 | 4 | 4 | −1 | 7 | 8 | 8 | 10 | 11 | 9 | 3 | −0 | −0 |
| Free cash flow after stock pay | 16 | 5 | 31 | −14 | 31 | 29 | −14 | −78 | −58 | 36 | −256 | 75 | −6 | −37 | −17 |
| Balance sheet | |||||||||||||||
| Cash | 20 | 144 | 171 | 105 | 127 | 138 | 183 | 72 | 79 | 216 | 262 | 86 | 135 | 124 | 94 |
| Total debt | 0 | 622 | 765 | 840 | 767 | 826 | 993 | 1,065 | 1,131 | 1,181 | 1,337 | 1,173 | 1,223 | 1,113 | 956 |
| Net debt (negative = net cash) | −20 | 478 | 594 | 735 | 640 | 689 | 810 | 993 | 1,052 | 965 | 1,075 | 1,087 | 1,087 | 989 | 862 |
| Diluted shares | 32m | 32m | 33m | 26m | 31m | 35m | 32m | 32m | 34m | 53m | 70m | 66m | 67m | 68m | 76m |
| Returned to shareholders | |||||||||||||||
| Dividends | 0 | 0 | 6 | 12 | 17 | 27 | 30 | 33 | 16 | 9 | 21 | 53 | 52 | 47 | 42 |
| Buybacks | 0 | 0 | 15 | 9 | 39 | 0 | 0 | 0 | 0 | 0 | 7 | 19 | 0 | 1 | — |
| Total returned | 0 | 0 | 22 | 21 | 56 | 27 | 31 | 34 | 16 | 9 | 28 | 72 | 52 | 48 | 42 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 148 | 173 | 216 | 179 | 144 | 166 | 209 | 171 |
| EBITDA | 95 | 27 | 60 | 41 | 53 | 11 | 62 | 52 |
| Operating income | 70 | 4 | 37 | 18 | 30 | −12 | 40 | 31 |
| Net income | 13 | −19 | 11 | −5 | 6 | −34 | 18 | 7 |
| Diluted EPS | −$0.02 | −$0.47 | −$0.04 | −$0.24 | −$0.12 | −$0.67 | $0.07 | −$0.01 |
| Growth (year on year) | ||||||||
| Revenue | −7.1% | −2.4% | −1.5% | −4.5% | −3.3% | −4.5% | −3.2% | −4.5% |
| EBITDA | +308.5% | −12.8% | −11.4% | +11.9% | −44.5% | −61.3% | +3.4% | +26.2% |
| Operating income | — | −35.3% | −13.5% | +47.0% | −57.6% | −419.6% | +7.8% | +71.1% |
| Net income | — | — | −31.0% | — | −54.4% | — | +61.0% | — |
| Diluted EPS | — | — | −120.0% | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | 64.3% | 15.8% | 27.9% | 23.0% | 36.9% | 6.4% | 29.8% | 30.4% |
| Operating margin | 47.4% | 2.2% | 17.0% | 10.0% | 20.8% | −7.3% | 19.0% | 17.9% |
| Net margin | 8.5% | −10.8% | 5.1% | −3.1% | 4.0% | −20.3% | 8.5% | 4.1% |
| Free-cash-flow margin | −10.5% | −5.3% | −0.1% | 3.0% | −19.0% | −9.1% | 4.7% | 8.9% |
| Cash flow | ||||||||
| Cash from operations | 0 | 7 | 15 | 23 | −6 | 8 | 22 | 21 |
| Capital spending | 16 | 16 | 15 | 18 | 22 | 23 | 12 | 6 |
| Free cash flow | −16 | −9 | −0 | 5 | −27 | −15 | 10 | 15 |
| Stock-based pay | 0 | −0 | −0 | −0 | 0 | −0 | 0 | 0 |
| Free cash flow after stock pay | −16 | −9 | −0 | 5 | −27 | −15 | 10 | 15 |
| Last 12 months unless stated | BHR | INN | SHO | AHT | XHR | DRH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $689m | $736m | $1.0bn | $1.1bn | $1.1bn | $1.1bn | $1.4bn |
| Revenue growth, last 12 months | −3.8% | 1.2% | 7.3% | −5.8% | 1.6% | 1.0% | 1.2% |
| Revenue growth, 3-year average | −2.1% | 0.4% | −0.2% | −7.6% | 1.5% | 2.4% | 1.5% |
| Revenue growth, latest quarter | −4.5% | 3.2% | 6.7% | −9.5% | 2.8% | 4.1% | 3.4% |
| Gross margin | 22.1% | 36.8% | — | 24.3% | 30.8% | — | 40.0% |
| Operating margin | 12.8% | 9.0% | −147.0% | 20.2% | 6.7% | −102.5% | 12.8% |
| Operating margin, 3-year average | 13.0% | 10.4% | −39.7% | 18.0% | 8.3% | −20.1% | 13.0% |
| Net margin | −0.5% | −3.3% | 4.2% | −6.1% | −0.7% | 13.5% | 2.0% |
| Cash from operations / revenue | 6.6% | 21.4% | 19.8% | 1.4% | 16.6% | 21.5% | 19.8% |
| Free-cash-flow margin | −2.5% | 12.7% | 9.8% | −5.1% | 10.6% | 14.4% | 10.6% |
| Free-cash-flow margin, 3-year average | 0.2% | 10.8% | 6.0% | −9.0% | 5.8% | 13.4% | 7.3% |
| Stock pay / revenue | −0.1% | 1.0% | 0.9% | −0.1% | 1.2% | 0.7% | 0.7% |
| Change in share count | 81.4% | −13.5% | −6.0% | 147.0% | −7.2% | −1.3% | −1.3% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -3.8% | 1.2% | 13 of 15 |
| Change in growth rate Growth | +0.0pp | +0.7pp | 11 of 15 |
| Operating margin Profitability | 12.8% | 12.8% | 5 of 10 |
| Net margin Profitability | -0.5% | 2.0% | 9 of 15 |
| Stock pay as % of revenue Cash generation | -0.1% | 0.7% | 1 of 13 |
| Long-term debt as % of assets Balance sheet | 45.0% | 45.0% | 8 of 14 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Hotel | $704M | 100.0% | ▼ 3.3% |
| Occupancy (part of Hotel) | $429M | 60.9% | ▼ 5.2% |
| Food and Beverage (part of Hotel) | $180M | 25.5% | ▼ 0.9% |
| Hotel Other (part of Hotel) | $95.5M | 13.6% | ▲ 0.7% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| FL | $125M | 17.7% | ▲ 7.0% |
| Canada | $99.7M | 14.2% | ▲ 3.0% |
| PR | $86.9M | 12.3% | ▲ 10.9% |
| AZ | $79.3M | 11.3% | ▲ 9.9% |
| VI | $67.9M | 9.6% | ▼ 8.7% |
| DC | $64.6M | 9.2% | ▼ 0.9% |
| Sold Properties | $61.3M | 8.7% | ▼ 40.5% |
| CO | $45.5M | 6.5% | ▼ 5.0% |
| Israel | $37.5M | 5.3% | ▼ 0.1% |
| PA | $36.5M | 5.2% | ▲ 0.2% |
From Braemar Hotels & Resorts Inc.'s 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $18.7M | 8.7M | 25.9% | ▲ 3.6% |
| Vanguard Capital Management LLC | $5.9M | 2.7M | 8.2% | ▼ 0.6% |
| Zazove Associates LLC | $4.8M | 2.2M | 6.6% | ▼ 46.3% |
| LSV Asset Management | $3.7M | 1.7M | 5.1% | 0.0% |
| Geode Capital Management, LLC | $3.3M | 1.5M | 4.5% | ▲ 7.4% |
| State Street Corp | $2.8M | 1.3M | 3.9% | ▼ 2.6% |
| Arrowstreet Capital, Limited Partnership | $2.5M | 1.1M | 3.4% | ▲ 8.8% |
| Landmark Investment Partners, L.P. | $2M | 989K | 2.8% | ▼ 13.2% |
| Marshall Wace, LLP | $1.9M | 858K | 2.6% | ▲ 316.0% |
| Renaissance Technologies LLC | $1.5M | 707K | 2.1% | ▼ 3.5% |
| Goldman Sachs Group Inc | $1.3M | 593K | 1.8% | ▲ 153.5% |
| Dimensional Fund Advisors LP | $1.2M | 563K | 1.7% | ▼ 20.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Braemar Hotels & Resorts Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Braemar Hotels & Resorts Inc. disclosed in the last 12 months; 1 earlier trade on record.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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