Braemar Hotels & Resorts Inc. — Earnings Quality Grade F
BHR · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 17 days, change +1 days YoY
AR growth 3.4% vs revenue growth -3.3%
Revenue -3.3%, CFFO -39.0%. Cash follows revenue
Expense Quality
Inventory 1.7% vs COGS -3.3%. Normal
Insufficient data
SG&A/Gross Profit = 7.9%, excellent (<30%)
Gross margin 21.1%, change -0.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -1.58
Accruals ratio = -3.4%. Low accruals
Cash $0.1B covers only 11% of debt $1.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 6.8x (>4x). Interest coverage = 0.4x (<2x). Financial stress
Other assets -21.3% vs revenue -3.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.61 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Braemar Hotels & Resorts Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25