Logo

BHR-PB

Braemar Hotels & Resorts Inc.

BHR-PB

Braemar Hotels & Resorts Inc. • NYSE
$15.19 ▲ 1.26% (+0.19)
Market Cap $173.75 M
52w High $16.60
52w Low $11.01
Dividend Yield 1.38%
P/E -51.31
Volume 6.44K
Outstanding Shares 10.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.556M ▼ $-13.995M ▼ $5.742M ▲ 4% ▲ $0.05 ▲ $52.534M ▲
Q2-2025 $179.077M ▼ $28.253M ▼ $-5.467M ▼ -3.053% ▼ $-0.24 ▼ $41.642M ▼
Q1-2025 $215.82M ▲ $43.365M ▲ $10.998M ▲ 5.096% ▲ $-0.038 ▲ $60.468M ▲
Q4-2024 $173.34M ▲ $26.842M ▲ $-18.653M ▼ -10.761% ▼ $-0.47 ▼ $28.686M ▼
Q3-2024 $148.398M $-54.258M $12.596M 8.488% $-0.022 $92.068M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $116.278M ▲ $2.009B ▼ $1.782B ▲ $211.886M ▼
Q2-2025 $80.539M ▼ $2.064B ▼ $1.403B ▲ $646.663M ▼
Q1-2025 $81.689M ▼ $2.098B ▼ $1.402B ▼ $672.698M ▼
Q4-2024 $135.821M ▼ $2.136B ▼ $1.414B ▼ $695.573M ▲
Q3-2024 $168.675M $2.178B $1.872B $276.911M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.723M ▲ $-5.76M ▼ $118.16M ▲ $-84.129M ▼ $28.271M ▲ $-5.76M ▼
Q2-2025 $-6.841M ▼ $23.049M ▲ $2.545M ▲ $-26.14M ▲ $-546K ▲ $38.354M ▲
Q1-2025 $10.672M ▲ $15.146M ▲ $-14.204M ▲ $-49.764M ▼ $-48.822M ▼ $15.146M ▲
Q4-2024 $-21.767M ▼ $6.652M ▲ $-17.162M ▼ $-21.569M ▲ $-32.079M ▼ $6.652M ▲
Q3-2024 $12.596M $9K $94.314M $-58.246M $50.19M $-15.592M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Food and Beverage
Food and Beverage
 $50.00M ▲$30.00M ▼$150.00M ▲$50.00M ▼
Hotel
Hotel
 $190.00M ▲$150.00M ▼$580.00M ▲$220.00M ▼
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$70.00M ▲$30.00M ▼
Occupancy
Occupancy
 $120.00M ▲$90.00M ▼$360.00M ▲$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has recovered strongly from the pandemic lows and has essentially plateaued at a healthy level over the last couple of years. Profitability measures like operating income and EBITDA have moved from losses to consistent profits, which signals a much healthier business. That said, bottom‑line net income has hovered around breakeven, with occasional small losses, and reported earnings per share remain negative. In simple terms, the hotels are producing solid operating results, but after interest costs and other below‑the‑line items, very little drops through to common equity holders.

Balance Sheet

Balance Sheet The company controls a sizable, high‑quality asset base in luxury hotels and resorts, and that asset base has grown over time. Debt levels are high but relatively stable, which is common in hotel REITs that rely heavily on property financing. Equity has been rebuilt since the pandemic period, suggesting gradual balance‑sheet repair. Overall, the business appears asset‑rich but also meaningfully leveraged, so the value of the properties and the cost of debt are central to the risk profile.

Cash Flow

Cash Flow Cash generation from the hotel operations has been steadily positive since the immediate pandemic shock, and free cash flow has also been consistently positive in recent years. This indicates that, after routine capital spending, the portfolio is producing real cash, not just accounting profits. Capital expenditures have picked up again, reflecting reinvestment in the properties, which can support long‑term revenue but does tie up cash in the near term. The sale process, if completed, could significantly reshape future cash flow dynamics.

Competitive Edge

Competitive Edge Braemar focuses on the very high‑end segment of the hotel market, with a curated portfolio tied to marquee brands like Ritz‑Carlton, Four Seasons, and Park Hyatt. These properties tend to command premium rates and often show stronger revenue per room than many peers, which is a clear competitive strength. The flip side is exposure to luxury and resort travel cycles, which can be more volatile in downturns, and a relatively concentrated portfolio, which increases property‑specific risk. The current strategic review and potential sale highlight both management’s confidence in the underlying asset quality and the market’s skepticism as reflected in the stock price.

Innovation and R&D

Innovation and R&D This is not a research‑heavy business in the traditional sense, but Braemar does lean on operational innovation. The company uses advanced revenue management tools, guest‑facing technology, and sustainability initiatives to sharpen performance rather than chase flashy tech. A notable example of strategic reinvestment is the repositioning of the Mr. C Beverly Hills into Cameo Beverly Hills under a luxury brand, which aims to upgrade the earning power of an existing asset. Overall, innovation is pragmatic and property‑focused, not transformative or technology‑led.

Summary

Braemar looks like a largely repaired, still‑leveraged luxury hotel REIT emerging from a very tough cycle. The income statement shows healthy property‑level performance but only thin overall profitability once financing and other costs are included. The balance sheet is anchored by valuable luxury assets but carries substantial debt, making interest rates and property values critical. Cash flows are solid and supportive of reinvestment, and the portfolio’s positioning at the top end of the market is a clear strength, offset by cyclicality and concentration risks. The ongoing strategic review and potential sale are pivotal: they underscore the belief that the real estate is worth more than the current market valuation and create a meaningful element of uncertainty about the company’s future structure and direction.