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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
ASHFORD HOSPITALITY TRUST INC is the larger business by last-quarter revenue ($259.0M vs $217.5M, roughly 1.2× Clearwater Analytics Holdings, Inc.). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -26.8%, a 21.4% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -6.0%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-86.8M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% 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.
Clearwater Analytics Holdings, Inc. is an American software-as-a-service (SaaS) fintech company that provides automated investment accounting, performance, compliance, and risk reporting worldwide. Clearwater is a publicly traded company headquartered in Boise, Idaho, with additional offices in London, Edinburgh, New York City and Noida.
AHT vs CWAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $217.5M |
| Net Profit | $-69.3M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | -2.6% | -3.1% |
| Net Margin | -26.8% | -5.4% |
| Revenue YoY | -6.0% | 72.0% |
| Net Profit YoY | 44.2% | -102.8% |
| EPS (diluted) | $-12.85 | $-0.04 |
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 | $217.5M | ||
| Q3 25 | $266.1M | $205.1M | ||
| Q2 25 | $302.0M | $181.9M | ||
| Q1 25 | $277.4M | $126.9M | ||
| Q4 24 | $275.5M | $126.5M | ||
| Q3 24 | $276.6M | $115.8M | ||
| Q2 24 | $316.5M | $106.8M | ||
| Q1 24 | $303.9M | $102.7M |
| Q4 25 | $-69.3M | $-11.8M | ||
| Q3 25 | $-60.1M | $-10.3M | ||
| Q2 25 | $-30.4M | $-23.2M | ||
| Q1 25 | $-20.0M | $6.5M | ||
| Q4 24 | $-124.2M | $419.3M | ||
| Q3 24 | $-57.9M | $3.6M | ||
| Q2 24 | $50.3M | $-430.0K | ||
| Q1 24 | $71.6M | $1.9M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 65.6% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | 73.5% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 72.0% | ||
| Q1 24 | — | 72.6% |
| Q4 25 | -2.6% | -3.1% | ||
| Q3 25 | 4.6% | 3.2% | ||
| Q2 25 | 16.3% | -8.0% | ||
| Q1 25 | 22.2% | 5.6% | ||
| Q4 24 | -17.8% | 1.0% | ||
| Q3 24 | 7.3% | 6.3% | ||
| Q2 24 | 42.8% | 3.6% | ||
| Q1 24 | 50.2% | -0.2% |
| Q4 25 | -26.8% | -5.4% | ||
| Q3 25 | -22.6% | -5.0% | ||
| Q2 25 | -10.1% | -12.8% | ||
| Q1 25 | -7.2% | 5.1% | ||
| Q4 24 | -45.1% | 331.5% | ||
| Q3 24 | -20.9% | 3.1% | ||
| Q2 24 | 15.9% | -0.4% | ||
| Q1 24 | 23.5% | 1.8% |
| Q4 25 | $-12.85 | $-0.04 | ||
| Q3 25 | $-11.35 | $-0.04 | ||
| Q2 25 | $-6.88 | $-0.09 | ||
| Q1 25 | $-4.91 | $0.03 | ||
| Q4 24 | $-13.64 | $1.65 | ||
| Q3 24 | $-12.39 | $0.02 | ||
| Q2 24 | $2.50 | $0.00 | ||
| Q1 24 | $5.99 | $0.01 |
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 | $91.2M |
| Total DebtLower is stronger | $2.5B | $822.6M |
| Stockholders' EquityBook value | $-626.4M | $2.0B |
| Total Assets | $2.8B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $91.2M | ||
| Q3 25 | $81.9M | $64.1M | ||
| Q2 25 | $100.0M | $71.9M | ||
| Q1 25 | $85.8M | $282.9M | ||
| Q4 24 | $112.9M | $255.5M | ||
| Q3 24 | $119.7M | $305.8M | ||
| Q2 24 | $121.8M | $257.9M | ||
| Q1 24 | $111.1M | $267.6M |
| Q4 25 | $2.5B | $822.6M | ||
| Q3 25 | $2.6B | $838.9M | ||
| Q2 25 | $2.6B | $878.1M | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | $43.3M | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $-626.4M | $2.0B | ||
| Q3 25 | $-548.7M | $2.0B | ||
| Q2 25 | $-485.5M | $2.0B | ||
| Q1 25 | $-446.1M | $1.1B | ||
| Q4 24 | $-419.2M | $1.0B | ||
| Q3 24 | $-288.4M | $403.2M | ||
| Q2 24 | $-225.9M | $380.6M | ||
| Q1 24 | $-276.8M | $406.2M |
| Q4 25 | $2.8B | $3.0B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $3.1B | $3.0B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.3B | $623.5M | ||
| Q2 24 | $3.3B | $585.1M | ||
| Q1 24 | $3.5B | $547.8M |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $55.3M |
| Free Cash FlowOCF − Capex | $-86.8M | $52.3M |
| FCF MarginFCF / Revenue | -33.5% | 24.0% |
| Capex IntensityCapex / Revenue | 27.5% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $55.3M | ||
| Q3 25 | $5.5M | $49.0M | ||
| Q2 25 | $16.3M | $47.1M | ||
| Q1 25 | $-25.0M | $24.5M | ||
| Q4 24 | $-23.6M | $-29.2M | ||
| Q3 24 | $795.0K | $49.6M | ||
| Q2 24 | $8.0M | $43.9M | ||
| Q1 24 | $-46.5M | $10.0M |
| Q4 25 | $-86.8M | $52.3M | ||
| Q3 25 | $-226.0K | $44.9M | ||
| Q2 25 | $-3.6M | $44.1M | ||
| Q1 25 | $-44.8M | $23.0M | ||
| Q4 24 | $-131.6M | $-30.0M | ||
| Q3 24 | $-21.8M | $48.1M | ||
| Q2 24 | $-22.9M | $42.4M | ||
| Q1 24 | $-80.4M | $8.6M |
| Q4 25 | -33.5% | 24.0% | ||
| Q3 25 | -0.1% | 21.9% | ||
| Q2 25 | -1.2% | 24.2% | ||
| Q1 25 | -16.2% | 18.2% | ||
| Q4 24 | -47.8% | -23.7% | ||
| Q3 24 | -7.9% | 41.5% | ||
| Q2 24 | -7.2% | 39.7% | ||
| Q1 24 | -26.5% | 8.4% |
| Q4 25 | 27.5% | 1.4% | ||
| Q3 25 | 2.1% | 2.0% | ||
| Q2 25 | 6.6% | 1.6% | ||
| Q1 25 | 7.2% | 1.2% | ||
| Q4 24 | 39.2% | 0.6% | ||
| Q3 24 | 8.2% | 1.3% | ||
| Q2 24 | 9.8% | 1.4% | ||
| Q1 24 | 11.2% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 13.66× | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | 5.29× |
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% |
CWAN
Segment breakdown not available.
