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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and APPFOLIO INC (APPF). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $259.0M, roughly 1.0× ASHFORD HOSPITALITY TRUST INC). APPFOLIO INC runs the higher net margin — 16.2% vs -26.8%, a 42.9% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -6.0%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
AHT vs APPF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $262.2M |
| Net Profit | $-69.3M | $42.4M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 19.4% |
| Net Margin | -26.8% | 16.2% |
| Revenue YoY | -6.0% | 20.4% |
| Net Profit YoY | 44.2% | 35.2% |
| EPS (diluted) | $-12.85 | $1.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $262.2M | ||
| Q4 25 | $259.0M | $248.2M | ||
| Q3 25 | $266.1M | $249.4M | ||
| Q2 25 | $302.0M | $235.6M | ||
| Q1 25 | $277.4M | $217.7M | ||
| Q4 24 | $275.5M | $203.7M | ||
| Q3 24 | $276.6M | $205.7M | ||
| Q2 24 | $316.5M | $197.4M |
| Q1 26 | — | $42.4M | ||
| Q4 25 | $-69.3M | $39.9M | ||
| Q3 25 | $-60.1M | $33.6M | ||
| Q2 25 | $-30.4M | $36.0M | ||
| Q1 25 | $-20.0M | $31.4M | ||
| Q4 24 | $-124.2M | $102.7M | ||
| Q3 24 | $-57.9M | $33.0M | ||
| Q2 24 | $50.3M | $29.7M |
| Q1 26 | — | 19.4% | ||
| Q4 25 | -2.6% | 17.6% | ||
| Q3 25 | 4.6% | 14.1% | ||
| Q2 25 | 16.3% | 17.2% | ||
| Q1 25 | 22.2% | 15.5% | ||
| Q4 24 | -17.8% | 11.3% | ||
| Q3 24 | 7.3% | 20.7% | ||
| Q2 24 | 42.8% | 18.3% |
| Q1 26 | — | 16.2% | ||
| Q4 25 | -26.8% | 16.1% | ||
| Q3 25 | -22.6% | 13.5% | ||
| Q2 25 | -10.1% | 15.3% | ||
| Q1 25 | -7.2% | 14.4% | ||
| Q4 24 | -45.1% | 50.4% | ||
| Q3 24 | -20.9% | 16.0% | ||
| Q2 24 | 15.9% | 15.0% |
| Q1 26 | — | $1.18 | ||
| Q4 25 | $-12.85 | $1.10 | ||
| Q3 25 | $-11.35 | $0.93 | ||
| Q2 25 | $-6.88 | $0.99 | ||
| Q1 25 | $-4.91 | $0.86 | ||
| Q4 24 | $-13.64 | $2.79 | ||
| Q3 24 | $-12.39 | $0.90 | ||
| Q2 24 | $2.50 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.1M | $147.4M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $470.2M |
| Total Assets | $2.8B | $580.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $147.4M | ||
| Q4 25 | $66.1M | $107.0M | ||
| Q3 25 | $81.9M | $76.1M | ||
| Q2 25 | $100.0M | $73.5M | ||
| Q1 25 | $85.8M | $56.9M | ||
| Q4 24 | $112.9M | $42.5M | ||
| Q3 24 | $119.7M | $62.4M | ||
| Q2 24 | $121.8M | $59.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — |
| Q1 26 | — | $470.2M | ||
| Q4 25 | $-626.4M | $542.6M | ||
| Q3 25 | $-548.7M | $498.9M | ||
| Q2 25 | $-485.5M | $455.6M | ||
| Q1 25 | $-446.1M | $462.1M | ||
| Q4 24 | $-419.2M | $519.3M | ||
| Q3 24 | $-288.4M | $412.8M | ||
| Q2 24 | $-225.9M | $371.4M |
| Q1 26 | — | $580.6M | ||
| Q4 25 | $2.8B | $689.0M | ||
| Q3 25 | $3.0B | $640.5M | ||
| Q2 25 | $3.1B | $567.4M | ||
| Q1 25 | $3.1B | $564.7M | ||
| Q4 24 | $3.2B | $626.7M | ||
| Q3 24 | $3.3B | $523.3M | ||
| Q2 24 | $3.3B | $479.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.7M | $34.3M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | 0.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $34.3M | ||
| Q4 25 | $-15.7M | $65.0M | ||
| Q3 25 | $5.5M | $86.0M | ||
| Q2 25 | $16.3M | $52.6M | ||
| Q1 25 | $-25.0M | $38.5M | ||
| Q4 24 | $-23.6M | $36.6M | ||
| Q3 24 | $795.0K | $57.8M | ||
| Q2 24 | $8.0M | $50.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-86.8M | $63.7M | ||
| Q3 25 | $-226.0K | $84.7M | ||
| Q2 25 | $-3.6M | $52.4M | ||
| Q1 25 | $-44.8M | $38.2M | ||
| Q4 24 | $-131.6M | $36.4M | ||
| Q3 24 | $-21.8M | $57.4M | ||
| Q2 24 | $-22.9M | $50.8M |
| Q1 26 | — | — | ||
| Q4 25 | -33.5% | 25.7% | ||
| Q3 25 | -0.1% | 34.0% | ||
| Q2 25 | -1.2% | 22.2% | ||
| Q1 25 | -16.2% | 17.6% | ||
| Q4 24 | -47.8% | 17.9% | ||
| Q3 24 | -7.9% | 27.9% | ||
| Q2 24 | -7.2% | 25.8% |
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 0.5% | ||
| Q3 25 | 2.1% | 0.5% | ||
| Q2 25 | 6.6% | 0.1% | ||
| Q1 25 | 7.2% | 0.1% | ||
| Q4 24 | 39.2% | 0.1% | ||
| Q3 24 | 8.2% | 0.2% | ||
| Q2 24 | 9.8% | 0.0% |
| Q1 26 | — | 0.81× | ||
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 1.46× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 1.75× | ||
| Q2 24 | 0.16× | 1.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
