The business behind the dividend
| Measure | BHR | Median | Formula |
|---|---|---|---|
| Return on equity | -16.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-7.64m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-37.13m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -3.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 7.96x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.73x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -3.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -16.1% | -0.7% | -8.8% | 4.3% | -6.7% | -38.1% | 0.1% | 0.3% | 6.0% | 6.3% | -0.7% |
| Return on capital employed | 5.8% | 8.9% | 4.2% | 3.9% | 0.1% | -5.7% | 4.5% | 4.8% | 5.2% | 6.8% | 4.5% |
| Operating margin | 10.3% | 17.7% | 8.3% | 10.2% | 0.3% | -35.2% | 13.2% | 15.3% | 15.1% | 18.1% | 10.3% |
| Net margin | -3.2% | -0.2% | -3.7% | 2.7% | -6.2% | -46.4% | 0.1% | 0.3% | 5.6% | 4.8% | -0.2% |
| Debt to equity | 7.96x | 5.03x | 3.79x | 3.25x | 2.94x | 4.09x | 2.87x | 2.48x | 2.15x | 2.48x | 2.94x |
| Cash conversion | — | — | — | 6.16x | — | — | — | — | 3.07x | 3.03x | 3.07x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Braemar Hotels & Resorts pays out less than 93 of them. The median for that group is 67.5%, against this company’s 19.2%.
Closest on funds from operations
- Chiron Real Estate (XRN) 16.3%
- Empire State Realty OP L.P. (ESBA) 16.8%
- ST JOE (JOE) 20.9%
- Service Properties Trust (SVC) 23.4%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →