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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Enhabit, Inc. (EHAB). Click either name above to swap in a different company.
Enhabit, Inc. is the larger business by last-quarter revenue ($270.4M vs $259.0M, roughly 1.0× ASHFORD HOSPITALITY TRUST INC). Enhabit, Inc. runs the higher net margin — -14.3% vs -26.8%, a 12.5% gap on every dollar of revenue. On growth, Enhabit, Inc. posted the faster year-over-year revenue change (4.7% vs -6.0%). Enhabit, Inc. produced more free cash flow last quarter ($3.3M vs $-86.8M). Over the past eight quarters, Enhabit, Inc.'s revenue compounded faster (1.5% 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.
Enhabit, Inc., is a Dallas, Texas-based provider of home health and hospice services. The company operates 255 home health and 110 hospice locations in 34 states with a concentration in Texas, Alabama, Florida, Georgia, Oklahoma and Mississippi. Enhabit is the fourth-largest provider of home health services in the United States and is a leading provider of hospice services. The company was formed in 2022 when Encompass Health spun off its home health and hospice business.
AHT vs EHAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $270.4M |
| Net Profit | $-69.3M | $-38.7M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -12.3% |
| Net Margin | -26.8% | -14.3% |
| Revenue YoY | -6.0% | 4.7% |
| Net Profit YoY | 44.2% | 15.9% |
| EPS (diluted) | $-12.85 | $-0.76 |
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 | $270.4M | ||
| Q3 25 | $266.1M | $263.6M | ||
| Q2 25 | $302.0M | $266.1M | ||
| Q1 25 | $277.4M | $259.9M | ||
| Q4 24 | $275.5M | $258.2M | ||
| Q3 24 | $276.6M | $253.6M | ||
| Q2 24 | $316.5M | $260.6M | ||
| Q1 24 | $303.9M | $262.4M |
| Q4 25 | $-69.3M | $-38.7M | ||
| Q3 25 | $-60.1M | $11.1M | ||
| Q2 25 | $-30.4M | $5.2M | ||
| Q1 25 | $-20.0M | $17.8M | ||
| Q4 24 | $-124.2M | $-46.0M | ||
| Q3 24 | $-57.9M | $-110.2M | ||
| Q2 24 | $50.3M | $-200.0K | ||
| Q1 24 | $71.6M | $200.0K |
| Q4 25 | -2.6% | -12.3% | ||
| Q3 25 | 4.6% | 6.4% | ||
| Q2 25 | 16.3% | 6.3% | ||
| Q1 25 | 22.2% | 6.1% | ||
| Q4 24 | -17.8% | -16.0% | ||
| Q3 24 | 7.3% | -38.6% | ||
| Q2 24 | 42.8% | 4.3% | ||
| Q1 24 | 50.2% | 4.9% |
| Q4 25 | -26.8% | -14.3% | ||
| Q3 25 | -22.6% | 4.2% | ||
| Q2 25 | -10.1% | 2.0% | ||
| Q1 25 | -7.2% | 6.8% | ||
| Q4 24 | -45.1% | -17.8% | ||
| Q3 24 | -20.9% | -43.5% | ||
| Q2 24 | 15.9% | -0.1% | ||
| Q1 24 | 23.5% | 0.1% |
| Q4 25 | $-12.85 | $-0.76 | ||
| Q3 25 | $-11.35 | $0.22 | ||
| Q2 25 | $-6.88 | $0.10 | ||
| Q1 25 | $-4.91 | $0.35 | ||
| Q4 24 | $-13.64 | $-0.92 | ||
| Q3 24 | $-12.39 | $-2.20 | ||
| 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 | $43.6M |
| Total DebtLower is stronger | $2.5B | $426.0M |
| Stockholders' EquityBook value | $-626.4M | $534.0M |
| Total Assets | $2.8B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $43.6M | ||
| Q3 25 | $81.9M | $56.9M | ||
| Q2 25 | $100.0M | $37.1M | ||
| Q1 25 | $85.8M | $39.5M | ||
| Q4 24 | $112.9M | $28.4M | ||
| Q3 24 | $119.7M | $45.7M | ||
| Q2 24 | $121.8M | $28.5M | ||
| Q1 24 | $111.1M | $36.5M |
| Q4 25 | $2.5B | $426.0M | ||
| Q3 25 | $2.6B | $441.5M | ||
| Q2 25 | $2.6B | $456.9M | ||
| Q1 25 | $2.7B | $467.3M | ||
| Q4 24 | $2.6B | $492.6M | ||
| Q3 24 | $2.7B | $502.9M | ||
| Q2 24 | $2.8B | $512.7M | ||
| Q1 24 | $2.9B | $526.7M |
| Q4 25 | $-626.4M | $534.0M | ||
| Q3 25 | $-548.7M | $566.8M | ||
| Q2 25 | $-485.5M | $552.4M | ||
| Q1 25 | $-446.1M | $543.2M | ||
| Q4 24 | $-419.2M | $523.5M | ||
| Q3 24 | $-288.4M | $566.1M | ||
| Q2 24 | $-225.9M | $674.3M | ||
| Q1 24 | $-276.8M | $672.3M |
| 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 | $1.2B | ||
| Q3 24 | $3.3B | $1.3B | ||
| Q2 24 | $3.3B | $1.4B | ||
| Q1 24 | $3.5B | $1.4B |
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.83× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.94× | ||
| Q3 24 | — | 0.89× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $-86.8M | $3.3M |
| FCF MarginFCF / Revenue | -33.5% | 1.2% |
| Capex IntensityCapex / Revenue | 27.5% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $65.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $4.4M | ||
| Q3 25 | $5.5M | $37.8M | ||
| Q2 25 | $16.3M | $10.6M | ||
| Q1 25 | $-25.0M | $17.9M | ||
| Q4 24 | $-23.6M | $-4.1M | ||
| Q3 24 | $795.0K | $28.4M | ||
| Q2 24 | $8.0M | $9.6M | ||
| Q1 24 | $-46.5M | $17.3M |
| Q4 25 | $-86.8M | $3.3M | ||
| Q3 25 | $-226.0K | $36.2M | ||
| Q2 25 | $-3.6M | $8.7M | ||
| Q1 25 | $-44.8M | $17.6M | ||
| Q4 24 | $-131.6M | $-4.7M | ||
| Q3 24 | $-21.8M | $27.7M | ||
| Q2 24 | $-22.9M | $8.9M | ||
| Q1 24 | $-80.4M | $15.5M |
| Q4 25 | -33.5% | 1.2% | ||
| Q3 25 | -0.1% | 13.7% | ||
| Q2 25 | -1.2% | 3.3% | ||
| Q1 25 | -16.2% | 6.8% | ||
| Q4 24 | -47.8% | -1.8% | ||
| Q3 24 | -7.9% | 10.9% | ||
| Q2 24 | -7.2% | 3.4% | ||
| Q1 24 | -26.5% | 5.9% |
| Q4 25 | 27.5% | 0.4% | ||
| Q3 25 | 2.1% | 0.6% | ||
| Q2 25 | 6.6% | 0.7% | ||
| Q1 25 | 7.2% | 0.1% | ||
| Q4 24 | 39.2% | 0.2% | ||
| Q3 24 | 8.2% | 0.3% | ||
| Q2 24 | 9.8% | 0.3% | ||
| Q1 24 | 11.2% | 0.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 2.04× | ||
| Q1 25 | — | 1.01× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | 86.50× |
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% |
EHAB
| Third Party Payor Medicare | $111.6M | 41% |
| Third Party Payor Medicare Advantage | $67.5M | 25% |
| Hospice Segment | $63.6M | 24% |
| Third Party Payor Managed Care | $24.9M | 9% |
| Third Party Payor Medicaid | $1.7M | 1% |
