Braemar Hotels & Resorts
Through the investors’ lenses
1 of 4 cleared2 of 8 criteria
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 1/4
| Measure | BHR | Checked against | |
|---|---|---|---|
| Owner earnings | $-7.64m | positive | ✗ |
| Return on equity | -16.1% | US median 2.8% | ✗ |
| Debt to equity | 7.96x | US median 0.57x | ✗ |
| Operating margin | 10.3% | US median 3.1% | ✓ |
Passes 1 of 4. These are the measures Warren Buffett published, applied to Braemar Hotels & Resorts’s own figures — their criteria, not their view of this company. What he looks at, and why →
Benjamin Graham 0/1
| Measure | BHR | Checked against | |
|---|---|---|---|
| Current ratio | — | 2.00x published | — |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 0 yrs | 10 published | ✗ |
Passes 0 of 1. These are the measures Benjamin Graham published, applied to Braemar Hotels & Resorts’s own figures — their criteria, not their view of this company. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | BHR | Checked against | |
|---|---|---|---|
| Return on capital employed | 5.8% | US median 5.1% | ✓ |
Passes 1 of 1. These are the measures Joel Greenblatt published, applied to Braemar Hotels & Resorts’s own figures — their criteria, not their view of this company. What he looks at, and why →
Peter Lynch 0/2
| Measure | BHR | Checked against | |
|---|---|---|---|
| Debt to equity | 7.96x | US median 0.57x | ✗ |
| Net margin | -3.2% | US median 2.0% | ✗ |
Passes 0 of 2. These are the measures Peter Lynch published, applied to Braemar Hotels & Resorts’s own figures — their criteria, not their view of this company. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | negative | whyLost $1.07 per share — no earnings to pay from. |
| Operating cash flow | 116.1% | whyBefore capital spending. |
| Free cash flow | negative | whyOCF fell $37.1m short of capex — the dividend was not funded from free cash flow. |
| Funds from operations | 19.2% | whyThe industry's basis — adds that depreciation back. |
Spread between highest and lowest: 96.8 percentage points. Same filings, different denominators.
Coverage rating 66 / 100 — Adequate. ? Peer standing 48/50Direction 18/30Stability 0/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 19.2% |
| 2024-12-31 | 13.7% |
| 2023-12-31 | 19.9% |
| 2022-12-31 | 5.8% |
| 2021-12-31 | 19.3% |
| 2019-12-31 | 45.6% |
Coverage worsened sharply this year, 13.7% to 19.2%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
96% of the 47 real estate here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $0.200 ÷ diluted EPS $-1.07
- Operating cash flow — dividends paid $47.3m ÷ operating cash flow $40.8m
- Free cash flow — dividends paid $47.3m ÷ (operating cash flow $40.8m − capex $77.9m)
- Funds from operations — dividends declared per share $0.200 ÷ derived FFO $1.04 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-03-12 · accession 0001574085-26-000038
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- DPS $0.20 filed as declared, but dividends paid imply $0.70 — one of the two underlying facts is wrong. The filed per-share figure is used.
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the funds from operations payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
Who else looks like this
Every figure above is computed from Braemar Hotels & Resorts’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules four investors published — free, and nothing you screen leaves your browser.
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