Braemar Hotels & Resorts Inc.

Worth knowing

• Returning more cash than it generates. Paid out $172M vs $44M of free cash flow over the 3 fiscal years to 2025.

  Braemar Hotels & Resorts returned $172M to shareholders over three years, 392% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

• Buybacks largely absorbed by stock pay. Stock-based pay expense $11M vs $20M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −1.8% from December 2022 to August 2026.

  Over three fiscal years Braemar Hotels & Resorts recorded $11M of stock-based pay expense and spent $20M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−1.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Braemar Hotels & Resorts recorded $11M of stock-based pay expense and spent $20M repurchasing shares. The share count barely moved (−1.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Much more borrowing than peers. Debt is 5.1× equity vs a peer median of 0.8×.Debt is 5.1× equity vs peers 0.8×.

  Debt is 5.1× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 5.1× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Valuation signals disagree. Cheaper than 88% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 88% of peers on operating cash profit, but only 0% on earnings.

  Relative to its operating cash profit (EBITDA), Braemar Hotels & Resorts looks cheaper than 88% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Braemar Hotels & Resorts looks cheaper than 88% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.