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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and BILL Holdings, Inc. (BILL). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $259.0M, roughly 1.6× ASHFORD HOSPITALITY TRUST INC). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -26.8%, a 26.1% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -6.0%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-86.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% 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.
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
AHT vs BILL — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $414.7M |
| Net Profit | $-69.3M | $-2.6M |
| Gross Margin | — | 79.8% |
| Operating Margin | -2.6% | -4.4% |
| Net Margin | -26.8% | -0.6% |
| Revenue YoY | -6.0% | 14.4% |
| Net Profit YoY | 44.2% | -107.7% |
| EPS (diluted) | $-12.85 | $-0.03 |
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.
| Q4 25 | $259.0M | $414.7M | ||
| Q3 25 | $266.1M | $395.7M | ||
| Q2 25 | $302.0M | $383.3M | ||
| Q1 25 | $277.4M | $358.2M | ||
| Q4 24 | $275.5M | $362.6M | ||
| Q3 24 | $276.6M | $358.4M | ||
| Q2 24 | $316.5M | $343.7M | ||
| Q1 24 | $303.9M | $323.0M |
| Q4 25 | $-69.3M | $-2.6M | ||
| Q3 25 | $-60.1M | $-3.0M | ||
| Q2 25 | $-30.4M | $-7.1M | ||
| Q1 25 | $-20.0M | $-11.6M | ||
| Q4 24 | $-124.2M | $33.5M | ||
| Q3 24 | $-57.9M | $8.9M | ||
| Q2 24 | $50.3M | $7.6M | ||
| Q1 24 | $71.6M | $31.8M |
| Q4 25 | — | 79.8% | ||
| Q3 25 | — | 80.5% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 81.2% | ||
| Q4 24 | — | 81.6% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 81.0% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | -2.6% | -4.4% | ||
| Q3 25 | 4.6% | -5.2% | ||
| Q2 25 | 16.3% | -5.8% | ||
| Q1 25 | 22.2% | -8.1% | ||
| Q4 24 | -17.8% | -6.0% | ||
| Q3 24 | 7.3% | -2.1% | ||
| Q2 24 | 42.8% | -6.5% | ||
| Q1 24 | 50.2% | -8.6% |
| Q4 25 | -26.8% | -0.6% | ||
| Q3 25 | -22.6% | -0.7% | ||
| Q2 25 | -10.1% | -1.8% | ||
| Q1 25 | -7.2% | -3.2% | ||
| Q4 24 | -45.1% | 9.3% | ||
| Q3 24 | -20.9% | 2.5% | ||
| Q2 24 | 15.9% | 2.2% | ||
| Q1 24 | 23.5% | 9.8% |
| Q4 25 | $-12.85 | $-0.03 | ||
| Q3 25 | $-11.35 | $-0.03 | ||
| Q2 25 | $-6.88 | $0.02 | ||
| Q1 25 | $-4.91 | $-0.11 | ||
| Q4 24 | $-13.64 | $-0.06 | ||
| Q3 24 | $-12.39 | $0.08 | ||
| Q2 24 | $2.50 | $0.37 | ||
| Q1 24 | $5.99 | $0.00 |
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 | $1.1B |
| Total DebtLower is stronger | $2.5B | $1.8B |
| Stockholders' EquityBook value | $-626.4M | $3.8B |
| Total Assets | $2.8B | $10.1B |
| Debt / EquityLower = less leverage | — | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $1.1B | ||
| Q3 25 | $81.9M | $1.1B | ||
| Q2 25 | $100.0M | $1.0B | ||
| Q1 25 | $85.8M | $1.0B | ||
| Q4 24 | $112.9M | $1.6B | ||
| Q3 24 | $119.7M | $853.5M | ||
| Q2 24 | $121.8M | $985.9M | ||
| Q1 24 | $111.1M | $952.5M |
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.6B | $1.9B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.7B | $1.7B | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.7B | $914.8M | ||
| Q2 24 | $2.8B | $914.0M | ||
| Q1 24 | $2.9B | $1.1B |
| Q4 25 | $-626.4M | $3.8B | ||
| Q3 25 | $-548.7M | $3.9B | ||
| Q2 25 | $-485.5M | $3.9B | ||
| Q1 25 | $-446.1M | $3.9B | ||
| Q4 24 | $-419.2M | $3.8B | ||
| Q3 24 | $-288.4M | $4.0B | ||
| Q2 24 | $-225.9M | $4.1B | ||
| Q1 24 | $-276.8M | $4.1B |
| Q4 25 | $2.8B | $10.1B | ||
| Q3 25 | $3.0B | $10.2B | ||
| Q2 25 | $3.1B | $10.1B | ||
| Q1 25 | $3.1B | $9.6B | ||
| Q4 24 | $3.2B | $9.7B | ||
| Q3 24 | $3.3B | $9.0B | ||
| Q2 24 | $3.3B | $9.2B | ||
| Q1 24 | $3.5B | $9.1B |
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.28× |
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 | $105.3M |
| Free Cash FlowOCF − Capex | $-86.8M | $103.8M |
| FCF MarginFCF / Revenue | -33.5% | 25.0% |
| Capex IntensityCapex / Revenue | 27.5% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $378.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $105.3M | ||
| Q3 25 | $5.5M | $96.9M | ||
| Q2 25 | $16.3M | $83.8M | ||
| Q1 25 | $-25.0M | $99.5M | ||
| Q4 24 | $-23.6M | $78.7M | ||
| Q3 24 | $795.0K | $88.6M | ||
| Q2 24 | $8.0M | $78.6M | ||
| Q1 24 | $-46.5M | $66.8M |
| Q4 25 | $-86.8M | $103.8M | ||
| Q3 25 | $-226.0K | $95.6M | ||
| Q2 25 | $-3.6M | $81.0M | ||
| Q1 25 | $-44.8M | $98.4M | ||
| Q4 24 | $-131.6M | $78.3M | ||
| Q3 24 | $-21.8M | $88.6M | ||
| Q2 24 | $-22.9M | $78.4M | ||
| Q1 24 | $-80.4M | $66.8M |
| Q4 25 | -33.5% | 25.0% | ||
| Q3 25 | -0.1% | 24.1% | ||
| Q2 25 | -1.2% | 21.1% | ||
| Q1 25 | -16.2% | 27.5% | ||
| Q4 24 | -47.8% | 21.6% | ||
| Q3 24 | -7.9% | 24.7% | ||
| Q2 24 | -7.2% | 22.8% | ||
| Q1 24 | -26.5% | 20.7% |
| Q4 25 | 27.5% | 0.4% | ||
| Q3 25 | 2.1% | 0.3% | ||
| Q2 25 | 6.6% | 0.7% | ||
| Q1 25 | 7.2% | 0.3% | ||
| Q4 24 | 39.2% | 0.1% | ||
| Q3 24 | 8.2% | 0.0% | ||
| Q2 24 | 9.8% | 0.1% | ||
| Q1 24 | 11.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.35× | ||
| Q3 24 | — | 9.94× | ||
| Q2 24 | 0.16× | 10.35× | ||
| Q1 24 | -0.65× | 2.10× |
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% |
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
