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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $259.0M, roughly 1.1× ASHFORD HOSPITALITY TRUST INC). Duolingo, Inc. runs the higher net margin — 14.8% vs -26.8%, a 41.6% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs -6.0%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-86.8M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% 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.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
AHT vs DUOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $282.9M |
| Net Profit | $-69.3M | $42.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | -2.6% | 15.4% |
| Net Margin | -26.8% | 14.8% |
| Revenue YoY | -6.0% | 35.0% |
| Net Profit YoY | 44.2% | 201.7% |
| EPS (diluted) | $-12.85 | $0.99 |
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 | $282.9M | ||
| Q3 25 | $266.1M | $271.7M | ||
| Q2 25 | $302.0M | $252.3M | ||
| Q1 25 | $277.4M | $230.7M | ||
| Q4 24 | $275.5M | $209.6M | ||
| Q3 24 | $276.6M | $192.6M | ||
| Q2 24 | $316.5M | $178.3M | ||
| Q1 24 | $303.9M | $167.6M |
| Q4 25 | $-69.3M | $42.0M | ||
| Q3 25 | $-60.1M | $292.2M | ||
| Q2 25 | $-30.4M | $44.8M | ||
| Q1 25 | $-20.0M | $35.1M | ||
| Q4 24 | $-124.2M | $13.9M | ||
| Q3 24 | $-57.9M | $23.4M | ||
| Q2 24 | $50.3M | $24.4M | ||
| Q1 24 | $71.6M | $27.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.5% | ||
| Q2 25 | — | 72.4% | ||
| Q1 25 | — | 71.1% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 73.4% | ||
| Q1 24 | — | 73.0% |
| Q4 25 | -2.6% | 15.4% | ||
| Q3 25 | 4.6% | 12.9% | ||
| Q2 25 | 16.3% | 13.2% | ||
| Q1 25 | 22.2% | 10.2% | ||
| Q4 24 | -17.8% | 6.6% | ||
| Q3 24 | 7.3% | 7.0% | ||
| Q2 24 | 42.8% | 10.5% | ||
| Q1 24 | 50.2% | 9.8% |
| Q4 25 | -26.8% | 14.8% | ||
| Q3 25 | -22.6% | 107.5% | ||
| Q2 25 | -10.1% | 17.8% | ||
| Q1 25 | -7.2% | 15.2% | ||
| Q4 24 | -45.1% | 6.6% | ||
| Q3 24 | -20.9% | 12.1% | ||
| Q2 24 | 15.9% | 13.7% | ||
| Q1 24 | 23.5% | 16.1% |
| Q4 25 | $-12.85 | $0.99 | ||
| Q3 25 | $-11.35 | $5.95 | ||
| Q2 25 | $-6.88 | $0.91 | ||
| Q1 25 | $-4.91 | $0.72 | ||
| Q4 24 | $-13.64 | $0.31 | ||
| Q3 24 | $-12.39 | $0.49 | ||
| Q2 24 | $2.50 | $0.51 | ||
| Q1 24 | $5.99 | $0.57 |
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 | $1.0B |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $1.3B |
| Total Assets | $2.8B | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $1.0B | ||
| Q3 25 | $81.9M | $1.0B | ||
| Q2 25 | $100.0M | $976.2M | ||
| Q1 25 | $85.8M | $884.0M | ||
| Q4 24 | $112.9M | $785.8M | ||
| Q3 24 | $119.7M | $854.4M | ||
| Q2 24 | $121.8M | $888.2M | ||
| Q1 24 | $111.1M | $829.7M |
| 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 | $1.3B | ||
| Q3 25 | $-548.7M | $1.3B | ||
| Q2 25 | $-485.5M | $977.0M | ||
| Q1 25 | $-446.1M | $893.8M | ||
| Q4 24 | $-419.2M | $824.5M | ||
| Q3 24 | $-288.4M | $822.5M | ||
| Q2 24 | $-225.9M | $766.9M | ||
| Q1 24 | $-276.8M | $711.1M |
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $3.0B | $1.9B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $3.3B | $1.2B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.5B | $1.1B |
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 | $107.3M |
| Free Cash FlowOCF − Capex | $-86.8M | $96.6M |
| FCF MarginFCF / Revenue | -33.5% | 34.1% |
| Capex IntensityCapex / Revenue | 27.5% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $107.3M | ||
| Q3 25 | $5.5M | $84.2M | ||
| Q2 25 | $16.3M | $90.7M | ||
| Q1 25 | $-25.0M | $105.6M | ||
| Q4 24 | $-23.6M | $83.3M | ||
| Q3 24 | $795.0K | $56.3M | ||
| Q2 24 | $8.0M | $62.4M | ||
| Q1 24 | $-46.5M | $83.5M |
| Q4 25 | $-86.8M | $96.6M | ||
| Q3 25 | $-226.0K | $79.4M | ||
| Q2 25 | $-3.6M | $89.5M | ||
| Q1 25 | $-44.8M | $104.3M | ||
| Q4 24 | $-131.6M | $81.4M | ||
| Q3 24 | $-21.8M | $53.1M | ||
| Q2 24 | $-22.9M | $56.8M | ||
| Q1 24 | $-80.4M | $82.1M |
| Q4 25 | -33.5% | 34.1% | ||
| Q3 25 | -0.1% | 29.2% | ||
| Q2 25 | -1.2% | 35.5% | ||
| Q1 25 | -16.2% | 45.2% | ||
| Q4 24 | -47.8% | 38.8% | ||
| Q3 24 | -7.9% | 27.6% | ||
| Q2 24 | -7.2% | 31.9% | ||
| Q1 24 | -26.5% | 49.0% |
| Q4 25 | 27.5% | 3.8% | ||
| Q3 25 | 2.1% | 1.8% | ||
| Q2 25 | 6.6% | 0.5% | ||
| Q1 25 | 7.2% | 0.6% | ||
| Q4 24 | 39.2% | 0.9% | ||
| Q3 24 | 8.2% | 1.7% | ||
| Q2 24 | 9.8% | 3.1% | ||
| Q1 24 | 11.2% | 0.8% |
| Q4 25 | — | 2.56× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 3.01× | ||
| Q4 24 | — | 5.99× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | 0.16× | 2.56× | ||
| Q1 24 | -0.65× | 3.10× |
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% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
