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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Douglas Emmett Inc (DEI). 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 $249.4M, roughly 1.0× Douglas Emmett Inc). Douglas Emmett Inc runs the higher net margin — -2.7% vs -26.8%, a 24.0% gap on every dollar of revenue. On growth, Douglas Emmett Inc posted the faster year-over-year revenue change (1.8% vs -6.0%). Douglas Emmett Inc produced more free cash flow last quarter ($194.5M vs $-86.8M). Over the past eight quarters, Douglas Emmett Inc's revenue compounded faster (0.9% 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.
Douglas Emmett Inc is a leading real estate investment trust (REIT) that owns, operates, and acquires high-quality office and multifamily residential properties. Its core operation areas are high-barrier-to-entry markets including Los Angeles in California and Honolulu in Hawaii, serving premium commercial and residential tenant segments.
AHT vs DEI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $249.4M |
| Net Profit | $-69.3M | $-6.8M |
| Gross Margin | — | 62.2% |
| Operating Margin | -2.6% | — |
| Net Margin | -26.8% | -2.7% |
| Revenue YoY | -6.0% | 1.8% |
| Net Profit YoY | 44.2% | -670.7% |
| 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 | $249.4M | ||
| Q3 25 | $266.1M | $250.6M | ||
| Q2 25 | $302.0M | $252.4M | ||
| Q1 25 | $277.4M | $251.5M | ||
| Q4 24 | $275.5M | $245.0M | ||
| Q3 24 | $276.6M | $250.8M | ||
| Q2 24 | $316.5M | $245.8M | ||
| Q1 24 | $303.9M | $245.0M |
| Q4 25 | $-69.3M | $-6.8M | ||
| Q3 25 | $-60.1M | $-10.9M | ||
| Q2 25 | $-30.4M | $-5.8M | ||
| Q1 25 | $-20.0M | $39.8M | ||
| Q4 24 | $-124.2M | $-888.0K | ||
| Q3 24 | $-57.9M | $4.6M | ||
| Q2 24 | $50.3M | $10.9M | ||
| Q1 24 | $71.6M | $8.9M |
| Q4 25 | — | 62.2% | ||
| Q3 25 | — | 63.6% | ||
| Q2 25 | — | 63.2% | ||
| Q1 25 | — | 64.4% | ||
| Q4 24 | — | 63.5% | ||
| Q3 24 | — | 62.2% | ||
| Q2 24 | — | 66.2% | ||
| Q1 24 | — | 66.1% |
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 42.8% | — | ||
| Q1 24 | 50.2% | — |
| Q4 25 | -26.8% | -2.7% | ||
| Q3 25 | -22.6% | -4.3% | ||
| Q2 25 | -10.1% | -2.3% | ||
| Q1 25 | -7.2% | 15.8% | ||
| Q4 24 | -45.1% | -0.4% | ||
| Q3 24 | -20.9% | 1.8% | ||
| Q2 24 | 15.9% | 4.4% | ||
| Q1 24 | 23.5% | 3.6% |
| Q4 25 | $-12.85 | $-0.04 | ||
| Q3 25 | $-11.35 | $-0.07 | ||
| Q2 25 | $-6.88 | $-0.04 | ||
| Q1 25 | $-4.91 | $0.24 | ||
| Q4 24 | $-13.64 | $-0.01 | ||
| Q3 24 | $-12.39 | $0.03 | ||
| Q2 24 | $2.50 | $0.06 | ||
| Q1 24 | $5.99 | $0.05 |
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 | $340.8M |
| Total DebtLower is stronger | $2.5B | $5.5B |
| Stockholders' EquityBook value | $-626.4M | $1.9B |
| Total Assets | $2.8B | $9.3B |
| Debt / EquityLower = less leverage | — | 2.91× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $340.8M | ||
| Q3 25 | $81.9M | $408.5M | ||
| Q2 25 | $100.0M | $426.9M | ||
| Q1 25 | $85.8M | $525.7M | ||
| Q4 24 | $112.9M | $444.6M | ||
| Q3 24 | $119.7M | $544.2M | ||
| Q2 24 | $121.8M | $561.1M | ||
| Q1 24 | $111.1M | $556.7M |
| Q4 25 | $2.5B | $5.5B | ||
| Q3 25 | $2.6B | $5.6B | ||
| Q2 25 | $2.6B | $5.6B | ||
| Q1 25 | $2.7B | $5.6B | ||
| Q4 24 | $2.6B | $5.5B | ||
| Q3 24 | $2.7B | $5.5B | ||
| Q2 24 | $2.8B | $5.5B | ||
| Q1 24 | $2.9B | $5.5B |
| Q4 25 | $-626.4M | $1.9B | ||
| Q3 25 | $-548.7M | $1.9B | ||
| Q2 25 | $-485.5M | $2.0B | ||
| Q1 25 | $-446.1M | $2.0B | ||
| Q4 24 | $-419.2M | $2.1B | ||
| Q3 24 | $-288.4M | $2.1B | ||
| Q2 24 | $-225.9M | $2.2B | ||
| Q1 24 | $-276.8M | $2.2B |
| Q4 25 | $2.8B | $9.3B | ||
| Q3 25 | $3.0B | $9.4B | ||
| Q2 25 | $3.1B | $9.4B | ||
| Q1 25 | $3.1B | $9.6B | ||
| Q4 24 | $3.2B | $9.4B | ||
| Q3 24 | $3.3B | $9.5B | ||
| Q2 24 | $3.3B | $9.6B | ||
| Q1 24 | $3.5B | $9.6B |
| Q4 25 | — | 2.91× | ||
| Q3 25 | — | 2.85× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | 2.67× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | 2.56× | ||
| Q1 24 | — | 2.52× |
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 | $386.9M |
| Free Cash FlowOCF − Capex | $-86.8M | $194.5M |
| FCF MarginFCF / Revenue | -33.5% | 78.0% |
| Capex IntensityCapex / Revenue | 27.5% | 77.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $376.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $386.9M | ||
| Q3 25 | $5.5M | $109.8M | ||
| Q2 25 | $16.3M | $81.3M | ||
| Q1 25 | $-25.0M | $132.6M | ||
| Q4 24 | $-23.6M | $408.7M | ||
| Q3 24 | $795.0K | $103.7M | ||
| Q2 24 | $8.0M | $91.9M | ||
| Q1 24 | $-46.5M | $139.0M |
| Q4 25 | $-86.8M | $194.5M | ||
| Q3 25 | $-226.0K | $61.9M | ||
| Q2 25 | $-3.6M | $30.2M | ||
| Q1 25 | $-44.8M | $90.3M | ||
| Q4 24 | $-131.6M | $241.4M | ||
| Q3 24 | $-21.8M | $63.2M | ||
| Q2 24 | $-22.9M | $52.2M | ||
| Q1 24 | $-80.4M | $90.9M |
| Q4 25 | -33.5% | 78.0% | ||
| Q3 25 | -0.1% | 24.7% | ||
| Q2 25 | -1.2% | 11.9% | ||
| Q1 25 | -16.2% | 35.9% | ||
| Q4 24 | -47.8% | 98.5% | ||
| Q3 24 | -7.9% | 25.2% | ||
| Q2 24 | -7.2% | 21.2% | ||
| Q1 24 | -26.5% | 37.1% |
| Q4 25 | 27.5% | 77.1% | ||
| Q3 25 | 2.1% | 19.1% | ||
| Q2 25 | 6.6% | 20.3% | ||
| Q1 25 | 7.2% | 16.8% | ||
| Q4 24 | 39.2% | 68.3% | ||
| Q3 24 | 8.2% | 16.1% | ||
| Q2 24 | 9.8% | 16.1% | ||
| Q1 24 | 11.2% | 19.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.33× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 22.46× | ||
| Q2 24 | 0.16× | 8.44× | ||
| Q1 24 | -0.65× | 15.60× |
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% |
DEI
| Rental Revenue And Tenant Recovery Revenue | $169.4M | 68% |
| Multifamily Segment | $49.9M | 20% |
| Parking Revenue And Other Income | $30.2M | 12% |
