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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Douglas Elliman Inc. (DOUG). 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 $245.4M, roughly 1.1× Douglas Elliman Inc.). Douglas Elliman Inc. runs the higher net margin — 27.9% vs -26.8%, a 54.7% gap on every dollar of revenue. On growth, Douglas Elliman Inc. posted the faster year-over-year revenue change (0.9% vs -6.0%). Douglas Elliman Inc. produced more free cash flow last quarter ($-14.7M vs $-86.8M). Over the past eight quarters, Douglas Elliman Inc.'s revenue compounded faster (10.7% 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 Elliman Inc. is a leading U.S.-based residential real estate brokerage firm. It offers luxury property sales, rentals, property management, and advisory solutions, serving high-net-worth clients across key metro markets including New York, California, Florida, and Texas.
AHT vs DOUG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $245.4M |
| Net Profit | $-69.3M | $68.6M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 27.3% |
| Net Margin | -26.8% | 27.9% |
| Revenue YoY | -6.0% | 0.9% |
| Net Profit YoY | 44.2% | 1243.4% |
| EPS (diluted) | $-12.85 | $0.80 |
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 | $245.4M | ||
| Q3 25 | $266.1M | $262.8M | ||
| Q2 25 | $302.0M | $271.4M | ||
| Q1 25 | $277.4M | $253.4M | ||
| Q4 24 | $275.5M | $243.3M | ||
| Q3 24 | $276.6M | $266.3M | ||
| Q2 24 | $316.5M | $285.8M | ||
| Q1 24 | $303.9M | $200.2M |
| Q4 25 | $-69.3M | $68.6M | ||
| Q3 25 | $-60.1M | $-24.7M | ||
| Q2 25 | $-30.4M | $-22.7M | ||
| Q1 25 | $-20.0M | $-6.0M | ||
| Q4 24 | $-124.2M | $-6.0M | ||
| Q3 24 | $-57.9M | $-27.2M | ||
| Q2 24 | $50.3M | $-1.7M | ||
| Q1 24 | $71.6M | $-41.5M |
| Q4 25 | -2.6% | 27.3% | ||
| Q3 25 | 4.6% | -4.1% | ||
| Q2 25 | 16.3% | -2.0% | ||
| Q1 25 | 22.2% | -2.1% | ||
| Q4 24 | -17.8% | -6.7% | ||
| Q3 24 | 7.3% | -2.8% | ||
| Q2 24 | 42.8% | -1.3% | ||
| Q1 24 | 50.2% | -20.7% |
| Q4 25 | -26.8% | 27.9% | ||
| Q3 25 | -22.6% | -9.4% | ||
| Q2 25 | -10.1% | -8.4% | ||
| Q1 25 | -7.2% | -2.4% | ||
| Q4 24 | -45.1% | -2.5% | ||
| Q3 24 | -20.9% | -10.2% | ||
| Q2 24 | 15.9% | -0.6% | ||
| Q1 24 | 23.5% | -20.7% |
| Q4 25 | $-12.85 | $0.80 | ||
| Q3 25 | $-11.35 | $-0.29 | ||
| Q2 25 | $-6.88 | $-0.27 | ||
| Q1 25 | $-4.91 | $-0.07 | ||
| Q4 24 | $-13.64 | $-0.06 | ||
| Q3 24 | $-12.39 | $-0.33 | ||
| Q2 24 | $2.50 | $-0.02 | ||
| Q1 24 | $5.99 | $-0.50 |
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 | $115.5M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $183.9M |
| Total Assets | $2.8B | $444.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $115.5M | ||
| Q3 25 | $81.9M | $143.0M | ||
| Q2 25 | $100.0M | $136.3M | ||
| Q1 25 | $85.8M | $136.8M | ||
| Q4 24 | $112.9M | $145.5M | ||
| Q3 24 | $119.7M | $151.4M | ||
| Q2 24 | $121.8M | $92.9M | ||
| Q1 24 | $111.1M | $91.5M |
| 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 24 | $2.9B | — |
| Q4 25 | $-626.4M | $183.9M | ||
| Q3 25 | $-548.7M | $115.1M | ||
| Q2 25 | $-485.5M | $137.6M | ||
| Q1 25 | $-446.1M | $158.2M | ||
| Q4 24 | $-419.2M | $162.2M | ||
| Q3 24 | $-288.4M | $173.6M | ||
| Q2 24 | $-225.9M | $196.9M | ||
| Q1 24 | $-276.8M | $195.1M |
| Q4 25 | $2.8B | $444.4M | ||
| Q3 25 | $3.0B | $480.6M | ||
| Q2 25 | $3.1B | $489.0M | ||
| Q1 25 | $3.1B | $493.9M | ||
| Q4 24 | $3.2B | $493.9M | ||
| Q3 24 | $3.3B | $502.7M | ||
| Q2 24 | $3.3B | $463.9M | ||
| Q1 24 | $3.5B | $461.1M |
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 | $-14.4M |
| Free Cash FlowOCF − Capex | $-86.8M | $-14.7M |
| FCF MarginFCF / Revenue | -33.5% | -6.0% |
| Capex IntensityCapex / Revenue | 27.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-17.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $-14.4M | ||
| Q3 25 | $5.5M | $5.5M | ||
| Q2 25 | $16.3M | $642.0K | ||
| Q1 25 | $-25.0M | $-5.6M | ||
| Q4 24 | $-23.6M | $-9.0M | ||
| Q3 24 | $795.0K | $9.0M | ||
| Q2 24 | $8.0M | $1.3M | ||
| Q1 24 | $-46.5M | $-27.3M |
| Q4 25 | $-86.8M | $-14.7M | ||
| Q3 25 | $-226.0K | $4.7M | ||
| Q2 25 | $-3.6M | $-575.0K | ||
| Q1 25 | $-44.8M | $-6.7M | ||
| Q4 24 | $-131.6M | $-10.2M | ||
| Q3 24 | $-21.8M | $7.7M | ||
| Q2 24 | $-22.9M | $432.0K | ||
| Q1 24 | $-80.4M | $-29.4M |
| Q4 25 | -33.5% | -6.0% | ||
| Q3 25 | -0.1% | 1.8% | ||
| Q2 25 | -1.2% | -0.2% | ||
| Q1 25 | -16.2% | -2.6% | ||
| Q4 24 | -47.8% | -4.2% | ||
| Q3 24 | -7.9% | 2.9% | ||
| Q2 24 | -7.2% | 0.2% | ||
| Q1 24 | -26.5% | -14.7% |
| Q4 25 | 27.5% | 0.1% | ||
| Q3 25 | 2.1% | 0.3% | ||
| Q2 25 | 6.6% | 0.4% | ||
| Q1 25 | 7.2% | 0.4% | ||
| Q4 24 | 39.2% | 0.5% | ||
| Q3 24 | 8.2% | 0.5% | ||
| Q2 24 | 9.8% | 0.3% | ||
| Q1 24 | 11.2% | 1.0% |
| Q4 25 | — | -0.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
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% |
DOUG
| Commissions And Other Brokerage Income | $240.3M | 98% |
| Property Management Income | $2.8M | 1% |
| Property Management | $2.2M | 1% |
