Braemar Hotels & Resorts Inc. Financial Ratios — BHR Stock

Profitability	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-1.07	-1.3	0.18	-0.52	1.48	1.72	0.09	0.02	-6.13	-1.5	0.83	-1.17
Return on Capital (%)	- -	-74.73	- -	4.05	- -	6.4	- -	2.72	2.25	- -	- -	5.82	- -
Return on Invested Capital (%)	- -	-49.6	- -	3.3	- -	3.79	- -	1.84	1.1	- -	- -	3.25	- -
Gross Margin (%)	33.23	32.64	32.27	29.14	27.31	26.56	27.05	26.13	23.68	3.75	19.38	24.57	22.79
EBITDA Margin (%)	28.12	27.64	27.25	28.02	25.81	23.06	25.12	25.19	22.7	-6.96	17.47	21.94	21.02
Operating Margin (%)	12.7	14.38	14.13	14.85	13.31	11.73	12.46	11.85	8.19	-39.65	0.09	10.2	8.34
Incremental Operating Margin (%)	- -	25.44	9.6	17.12	2.11	1.92	48.62	-2.77	-19.86	- -	45.07	28.04	-9.47
Pretax Margin (%)	1.18	0.27	-6.67	1.51	-1.27	6.38	6.71	1.16	0.61	-56.87	-7.39	3.49	-3.78
Profit Margin (%)	0.33	-2.05	-5.05	0.63	-1.92	4.76	5.56	0.31	0.08	-46.38	-6.24	2.65	-3.65
Net Income to Common Margin (%)	0.33	-2.05	-5.05	0.63	-2.49	3.81	3.92	-1.36	-2	-50.88	-8.28	-1.6	-10.01
Effective Tax Rate (%)	115.97	741.79	- -	23.67	- -	6.08	- -	48.48	59.59	- -	- -	17.28	- -
Dvd Payout Ratio (%)	-1,624.48	-791.45	-355.99	124.63	-211.19	51.13	75.68	-689.21	-286.5	-3.85	-0.72	102.29	-6.82
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	571	622	762	836	765	1,021	986	1,120	1,234	1,234	1,395	1,223
ST Debt	- -	- -	- -	- -	80	374	200	229	42	42	- -	- -	- -
LT Debt	- -	571	622	762	756	391	821	757	1,077	1,192	1,234	1,395	1,223
Total Debt/EBITDA	- -	9.34	9.77	8.85	9.26	8.17	9.82	9.07	10.11	-78.13	16.52	9.5	7.87
Net Debt/EBITDA	- -	9	7.51	6.86	8.1	6.81	8.49	7.39	8.91	-69.29	12.81	7.3	6.93
Total Debt/EBIT	- -	17.95	18.85	16.7	17.96	16.06	19.79	19.29	28.03	-13.71	3,091.77	20.43	19.83
Net Debt/EBIT	- -	17.31	14.49	12.94	15.71	13.4	17.13	15.72	24.7	-12.16	2,397.69	15.71	17.46
EBITDA to Interest Expense	1.7	1.96	1.93	2.21	2.39	2.29	2.67	2.19	2.03	-0.35	2.42	2.82	1.65
EBITDA-CapEx/Interest Expense	1.7	1.96	1.07	2.21	2.39	2.29	2.67	2.19	2.03	-0.35	2.42	2.82	1.65
EBIT to Interest Expense	0.77	1.02	1	1.17	1.23	1.16	1.32	1.03	0.73	-2	0.01	1.31	0.65
Interest Expense	32	31	33	39	38	41	39	50	55	45	31	52	94
Common Equity/Total Assets	- -	-3.84	-10.48	-7.99	-7.35	-7.4	-6.21	-7.03	-8.54	-15.87	-16.42	-13.51	-18.48
Long-Term Debt/Equity (%)	- -	226.17	205.16	179.65	191.37	107.59	194	173.19	266.07	412.54	294.85	321.15	370.06
Long-Term Debt/Capital (%)	- -	103.63	91.71	94.17	88.44	49.32	84.25	83.14	107.19	121.46	130.6	127.38	146.49
Long-Term Debt/Total Assets (%)	- -	67.37	64.62	62.13	55.86	31.07	57.66	46.24	61.24	71.18	65.63	58.17	54.91
Total Debt/Equity (%)	- -	226.17	205.16	179.65	211.63	210.65	241.28	225.62	276.57	427.25	294.85	321.15	370.06
Total Debt/Capital (%)	- -	103.63	91.71	94.17	97.81	96.57	104.78	108.3	111.42	125.8	130.6	127.38	146.49
Total Debt/Total Assets (%)	- -	67.37	64.62	62.13	61.77	60.83	71.71	60.24	63.65	73.72	65.63	58.17	54.91
Net Debt to Equity	- -	218.12	157.72	139.22	185.03	175.72	208.79	183.83	243.68	378.95	228.66	246.96	325.88
Net Debt/Capital (%)	- -	103.77	89.48	92.61	97.5	95.92	105.57	110.39	105.75	121.29	131.31	128.69	143.74
EBITDA	54	61	64	86	90	94	104	109	111	-16	75	147	155
EBITDA-CapEx	54	61	35	86	90	94	104	109	111	-16	75	147	155
Operating Income (Loss)	24	32	33	46	47	48	52	51	40	-90	- -	68	62

Liquidity	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	1.09	4.46	4.89	0.78	0.29	2.01	0.59	0.47	1.14	2.15	1.7	0.53
Current Ratio	- -	3.69	5.77	6.57	1.3	0.48	3.32	0.92	1.14	2.14	3.22	2.64	1.47
Quick Ratio	- -	2.7	5.51	5.64	1.02	0.38	2.54	0.65	0.71	1.54	2.67	2.21	0.88
CFO/Avg Current Liab	- -	2.98	1.34	1.63	0.11	0.21	0.28	0.38	0.29	-0.45	0.76	0.86	0.53
Common Equity/Total Assets	- -	-3.84	-10.48	-7.99	-7.35	-7.4	-6.21	-7.03	-8.54	-15.87	-16.42	-13.51	-18.48
Long-Term Debt/Equity (%)	- -	226.17	205.16	179.65	191.37	107.59	194	173.19	266.07	412.54	294.85	321.15	370.06
Long-Term Debt/Capital (%)	- -	103.63	91.71	94.17	88.44	49.32	84.25	83.14	107.19	121.46	130.6	127.38	146.49
Long-Term Debt/Total Assets (%)	- -	67.37	64.62	62.13	55.86	31.07	57.66	46.24	61.24	71.18	65.63	58.17	54.91
Total Debt/Equity (%)	- -	226.17	205.16	179.65	211.63	210.65	241.28	225.62	276.57	427.25	294.85	321.15	370.06
Total Debt/Capital (%)	- -	103.63	91.71	94.17	97.81	96.57	104.78	108.3	111.42	125.8	130.6	127.38	146.49
Total Debt/Total Assets (%)	- -	67.37	64.62	62.13	61.77	60.83	71.71	60.24	63.65	73.72	65.63	58.17	54.91
CFO/Total Liabilities	- -	4.68	5.17	6.84	0.94	6.56	7.06	5.9	4.89	-3.63	4.38	5.58	4.47
CFO/CapEx	- -	- -	1.2	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,129.48
Altman's Z-Score	- -	0.4	0.57	0.66	0.47	0.3	0.6	0.37	0.36	-0.15	0.23	0.39	0.25

Working Capital	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	75.08	36.14	31.66	27.15	25.72	25.46	31.87	30.68	13.92	22.95	17.82	16.31
Days Sales Outstanding	- -	4.86	10.1	11.53	13.45	14.19	14.34	11.45	11.9	26.22	15.9	20.48	22.38
Inventory Turnover	- -	980.18	508.53	429.5	236.68	203.46	208.04	193.9	159.85	81.74	121.38	120.75	111.49
Days Inventory Outstanding	- -	0.37	0.72	0.85	1.54	1.79	1.75	1.88	2.28	4.47	3.01	3.02	3.27
Accounts Payable Turnover	- -	16.49	8.94	9.37	7	6.75	5.95	5.28	4.69	2.79	4.37	4.4	4.02
Accounts Payable Turnover Days	- -	22.14	40.83	38.95	52.17	54.09	61.39	69.15	77.8	131.03	83.56	82.86	90.78
Cash Conversion Cycle	- -	-16.9	-30.02	-26.57	-37.18	-38.11	-45.3	-55.82	-63.62	-100.35	-64.65	-59.36	-65.13
Inventory to Cash Days	- -	4.49	9.38	10.68	11.9	12.4	12.58	9.57	9.62	21.76	12.9	17.46	19.1
Inventories	- -	- -	- -	1	1	1	1	2	3	3	3	5	5
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	1	1	1	1	2	3	3	3	5	5

Enterprise Value	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1	1	189	276	252	253	220	226	246	134	229	249	153
- Cash & Cash Equivalents	- -	20	144	171	105	127	138	183	72	79	216	262	86
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	62	66	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	13	157	145	56	54	42	39	36	13	20	24	23
+ Total Debt	- -	571	622	762	836	765	1,021	986	1,120	1,234	1,234	1,395	1,223
Enterprise Value	1	564	825	1,011	1,101	1,011	1,145	1,069	1,329	1,302	1,266	1,406	1,314
Total Capital	- -	551	678	809	854	792	974	910	1,005	981	945	1,095	835
Total Debt/Capital (%)	- -	103.63	91.71	94.17	97.81	96.57	104.78	108.3	111.42	125.8	130.6	127.38	146.49
Total Debt / EV	- -	1.01	0.75	0.75	0.76	0.76	0.89	0.92	0.84	0.95	0.97	0.99	0.93
EV/Sales	- -	2.55	3.53	3.29	3.15	2.49	2.77	2.48	2.73	5.73	2.96	2.1	1.78
EV/EBITDA	0.01	9.22	12.96	11.74	12.2	10.8	11.01	9.83	12.01	- -	16.96	9.57	8.45
EV/EBIT	0.03	17.72	25	22.16	23.67	21.24	22.2	20.91	33.28	- -	3,173.8	20.6	21.3
EV/Cash Flow to Firm	0.06	- -	11.44	11.94	22.45	10.42	10.39	11.1	15.06	- -	13.17	9.21	6.99
EV/Free Cash Flow to Firm	0.06	- -	8.21	11.94	22.45	10.42	10.39	11.1	15.06	- -	13.17	9.21	6.99
Diluted Market Cap	1	1	189	375	252	296	251	226	246	134	229	249	153
Diluted Enterprise Value	1	564	825	1,111	1,101	1,054	1,176	1,069	1,329	1,302	1,266	1,406	1,314
EV per Share	0.04	34.94	51.39	41.31	42.53	37.94	37.59	33.45	41.17	38.28	24.04	20.18	19.91
TTM Sales	192	221	233	307	350	406	414	431	488	227	428	670	739
TTM EBITDA	54	61	64	86	90	94	104	109	111	-16	75	147	155
TTM Operating Income	24	32	33	46	47	48	52	51	40	-90	- -	68	62
TTM Cash Flow to Firm	10	-173	72	85	49	97	110	96	88	-7	96	153	188
TTM Free Cash Flow to Firm	10	-173	100	85	49	97	110	96	88	-7	96	153	188

Multiples	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	1	- -	- -	142.12	- -	16.38	13.56	- -	- -	- -	- -	- -	- -
Price/Earnings Average	0.95	-0.13	-15.12	135.55	-30.27	15.09	14.17	-42.82	-27.97	-0.97	-7.02	-28.6	-2.79
Price/Earnings High	1.91	-0.28	-31.39	234.13	-53.25	30.09	27.62	-64.97	-45.87	-2.68	-11.08	-43.26	-4.99
Price/Earnings Low	1.15	-0.16	-0.03	176.95	-29.91	14.28	16.24	-45.05	-25.81	-0.34	-6.22	-22.22	-1.7
Price/Book Value	- -	-0.02	-1.88	-2.81	-2.53	-2.72	-2.49	-1.96	-1.64	-0.5	-0.74	-0.77	-0.37
Price/Book Value Average	- -	-0.02	-1.76	-2.68	-2.65	-2.51	-2.6	-2.19	-1.82	-0.42	-0.81	-0.94	-0.5
Price/Book Value High	- -	-0.04	-3.67	-4.63	-4.66	-5	-5.07	-3.32	-2.98	-1.17	-1.27	-1.43	-0.9
Price/Book Value Low	- -	-0.02	- -	-3.5	-2.62	-2.37	-2.98	-2.3	-1.68	-0.15	-0.71	-0.73	-0.31
Price/Tangible Book Value	- -	- -	0.63	0.65	0.81	0.92	0.55	0.55	0.62	0.47	0.55	0.58	0.47
Price/Tangible Book Value Average	- -	- -	0.59	0.62	0.85	0.85	0.57	0.62	0.68	0.4	0.6	0.71	0.63
Price/Tangible Book Value High	- -	0.01	1.23	1.08	1.5	1.7	1.12	0.93	1.12	1.09	0.95	1.08	1.13
Price/Tangible Book Value Low	- -	- -	- -	0.81	0.84	0.8	0.66	0.65	0.63	0.14	0.53	0.55	0.39
Price/Sales	- -	- -	0.81	0.9	0.72	0.62	0.53	0.52	0.5	0.59	0.54	0.37	0.21
Price/Sales Average	- -	- -	0.76	0.86	0.75	0.57	0.56	0.58	0.56	0.49	0.58	0.46	0.28
Price/Sales High	0.01	0.01	1.58	1.48	1.32	1.15	1.08	0.89	0.92	1.37	0.92	0.69	0.5
Price/Sales Low	- -	- -	- -	1.12	0.74	0.54	0.64	0.61	0.52	0.17	0.52	0.35	0.17
Price/Cash Flow	0.04	0.02	5.55	5.02	28.1	4.32	3.12	3.19	3.71	-2.66	3.58	2.27	1.81
Price/Cash Flow Average

Braemar Hotels & Resorts Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples