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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Emerald Holding, Inc. (EEX). 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 $132.7M, roughly 2.0× Emerald Holding, Inc.). Emerald Holding, Inc. runs the higher net margin — -22.8% vs -26.8%, a 4.0% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -6.0%). Emerald Holding, Inc. produced more free cash flow last quarter ($11.7M vs $-86.8M). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% 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.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
AHT vs EEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $132.7M |
| Net Profit | $-69.3M | $-30.2M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -11.8% |
| Net Margin | -26.8% | -22.8% |
| Revenue YoY | -6.0% | 24.3% |
| Net Profit YoY | 44.2% | -692.2% |
| EPS (diluted) | $-12.85 | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $266.1M | $77.5M | ||
| Q2 25 | $302.0M | $105.5M | ||
| Q1 25 | $277.4M | $147.7M | ||
| Q4 24 | $275.5M | $106.8M | ||
| Q3 24 | $276.6M | $72.6M | ||
| Q2 24 | $316.5M | $86.0M | ||
| Q1 24 | $303.9M | $133.4M |
| Q4 25 | $-69.3M | $-30.2M | ||
| Q3 25 | $-60.1M | $-14.4M | ||
| Q2 25 | $-30.4M | $-1.4M | ||
| Q1 25 | $-20.0M | $15.3M | ||
| Q4 24 | $-124.2M | $5.1M | ||
| Q3 24 | $-57.9M | $-11.1M | ||
| Q2 24 | $50.3M | $-2.8M | ||
| Q1 24 | $71.6M | $11.0M |
| Q4 25 | -2.6% | -11.8% | ||
| Q3 25 | 4.6% | -10.1% | ||
| Q2 25 | 16.3% | 9.7% | ||
| Q1 25 | 22.2% | 24.2% | ||
| Q4 24 | -17.8% | 19.5% | ||
| Q3 24 | 7.3% | -6.5% | ||
| Q2 24 | 42.8% | 7.4% | ||
| Q1 24 | 50.2% | 18.2% |
| Q4 25 | -26.8% | -22.8% | ||
| Q3 25 | -22.6% | -18.6% | ||
| Q2 25 | -10.1% | -1.3% | ||
| Q1 25 | -7.2% | 10.4% | ||
| Q4 24 | -45.1% | 4.8% | ||
| Q3 24 | -20.9% | -15.3% | ||
| Q2 24 | 15.9% | -3.3% | ||
| Q1 24 | 23.5% | 8.2% |
| Q4 25 | $-12.85 | $-0.15 | ||
| Q3 25 | $-11.35 | $-0.07 | ||
| Q2 25 | $-6.88 | $-0.01 | ||
| Q1 25 | $-4.91 | $0.08 | ||
| Q4 24 | $-13.64 | $0.01 | ||
| Q3 24 | $-12.39 | $-0.05 | ||
| Q2 24 | $2.50 | $-0.03 | ||
| 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 | $100.9M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $338.8M |
| Total Assets | $2.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $100.9M | ||
| Q3 25 | $81.9M | $95.4M | ||
| Q2 25 | $100.0M | $156.4M | ||
| Q1 25 | $85.8M | $276.8M | ||
| Q4 24 | $112.9M | $194.8M | ||
| Q3 24 | $119.7M | $188.9M | ||
| Q2 24 | $121.8M | $193.2M | ||
| Q1 24 | $111.1M | $186.8M |
| 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 | $338.8M | ||
| Q3 25 | $-548.7M | $369.5M | ||
| Q2 25 | $-485.5M | $389.4M | ||
| Q1 25 | $-446.1M | $392.1M | ||
| Q4 24 | $-419.2M | $385.9M | ||
| Q3 24 | $-288.4M | $391.1M | ||
| Q2 24 | $-225.9M | $407.6M | ||
| Q1 24 | $-276.8M | $-90.7M |
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.1B | $1.2B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.3B | $1.1B | ||
| 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 | $12.3M |
| Free Cash FlowOCF − Capex | $-86.8M | $11.7M |
| FCF MarginFCF / Revenue | -33.5% | 8.8% |
| Capex IntensityCapex / Revenue | 27.5% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $12.3M | ||
| Q3 25 | $5.5M | $1.8M | ||
| Q2 25 | $16.3M | $15.9M | ||
| Q1 25 | $-25.0M | $12.6M | ||
| Q4 24 | $-23.6M | $20.6M | ||
| Q3 24 | $795.0K | $9.1M | ||
| Q2 24 | $8.0M | $9.8M | ||
| Q1 24 | $-46.5M | $7.3M |
| Q4 25 | $-86.8M | $11.7M | ||
| Q3 25 | $-226.0K | $1.5M | ||
| Q2 25 | $-3.6M | $15.8M | ||
| Q1 25 | $-44.8M | $12.4M | ||
| Q4 24 | $-131.6M | $19.9M | ||
| Q3 24 | $-21.8M | $9.0M | ||
| Q2 24 | $-22.9M | $9.6M | ||
| Q1 24 | $-80.4M | $7.0M |
| Q4 25 | -33.5% | 8.8% | ||
| Q3 25 | -0.1% | 1.9% | ||
| Q2 25 | -1.2% | 15.0% | ||
| Q1 25 | -16.2% | 8.4% | ||
| Q4 24 | -47.8% | 18.6% | ||
| Q3 24 | -7.9% | 12.4% | ||
| Q2 24 | -7.2% | 11.2% | ||
| Q1 24 | -26.5% | 5.2% |
| Q4 25 | 27.5% | 0.5% | ||
| Q3 25 | 2.1% | 0.4% | ||
| Q2 25 | 6.6% | 0.1% | ||
| Q1 25 | 7.2% | 0.1% | ||
| Q4 24 | 39.2% | 0.7% | ||
| Q3 24 | 8.2% | 0.1% | ||
| Q2 24 | 9.8% | 0.2% | ||
| Q1 24 | 11.2% | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.82× | ||
| Q4 24 | — | 4.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | 0.66× |
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% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
