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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $259.0M, roughly 1.1× ASHFORD HOSPITALITY TRUST INC). Enphase Energy runs the higher net margin — -2.6% vs -26.8%, a 24.2% gap on every dollar of revenue. On growth, ASHFORD HOSPITALITY TRUST INC posted the faster year-over-year revenue change (-6.0% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-86.8M). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% 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.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
AHT vs ENPH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $282.9M |
| Net Profit | $-69.3M | $-7.4M |
| Gross Margin | — | 35.5% |
| Operating Margin | -2.6% | 54.0% |
| Net Margin | -26.8% | -2.6% |
| Revenue YoY | -6.0% | -20.6% |
| Net Profit YoY | 44.2% | -124.9% |
| EPS (diluted) | $-12.85 | $-0.06 |
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.
| Q1 26 | — | $282.9M | ||
| Q4 25 | $259.0M | $343.3M | ||
| Q3 25 | $266.1M | $410.4M | ||
| Q2 25 | $302.0M | $363.2M | ||
| Q1 25 | $277.4M | $356.1M | ||
| Q4 24 | $275.5M | $382.7M | ||
| Q3 24 | $276.6M | $380.9M | ||
| Q2 24 | $316.5M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $-69.3M | $38.7M | ||
| Q3 25 | $-60.1M | $66.6M | ||
| Q2 25 | $-30.4M | $37.1M | ||
| Q1 25 | $-20.0M | $29.7M | ||
| Q4 24 | $-124.2M | $62.2M | ||
| Q3 24 | $-57.9M | $45.8M | ||
| Q2 24 | $50.3M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 45.2% |
| Q1 26 | — | 54.0% | ||
| Q4 25 | -2.6% | 6.5% | ||
| Q3 25 | 4.6% | 16.1% | ||
| Q2 25 | 16.3% | 10.2% | ||
| Q1 25 | 22.2% | 9.0% | ||
| Q4 24 | -17.8% | 14.3% | ||
| Q3 24 | 7.3% | 13.1% | ||
| Q2 24 | 42.8% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | -26.8% | 11.3% | ||
| Q3 25 | -22.6% | 16.2% | ||
| Q2 25 | -10.1% | 10.2% | ||
| Q1 25 | -7.2% | 8.3% | ||
| Q4 24 | -45.1% | 16.2% | ||
| Q3 24 | -20.9% | 12.0% | ||
| Q2 24 | 15.9% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $-12.85 | $0.29 | ||
| Q3 25 | $-11.35 | $0.50 | ||
| Q2 25 | $-6.88 | $0.28 | ||
| Q1 25 | $-4.91 | $0.22 | ||
| Q4 24 | $-13.64 | $0.46 | ||
| Q3 24 | $-12.39 | $0.33 | ||
| Q2 24 | $2.50 | $0.08 |
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 | $497.5M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $1.1B |
| Total Assets | $2.8B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $66.1M | $1.5B | ||
| Q3 25 | $81.9M | $1.5B | ||
| Q2 25 | $100.0M | $1.5B | ||
| Q1 25 | $85.8M | $1.5B | ||
| Q4 24 | $112.9M | $1.6B | ||
| Q3 24 | $119.7M | $1.8B | ||
| Q2 24 | $121.8M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $2.8B | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $-626.4M | $1.1B | ||
| Q3 25 | $-548.7M | $995.0M | ||
| Q2 25 | $-485.5M | $880.6M | ||
| Q1 25 | $-446.1M | $810.7M | ||
| Q4 24 | $-419.2M | $833.0M | ||
| Q3 24 | $-288.4M | $931.4M | ||
| Q2 24 | $-225.9M | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.8B | $3.5B | ||
| Q3 25 | $3.0B | $3.3B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $3.1B | $3.1B | ||
| Q4 24 | $3.2B | $3.2B | ||
| Q3 24 | $3.3B | $3.3B | ||
| Q2 24 | $3.3B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.47× |
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 | $102.9M |
| Free Cash FlowOCF − Capex | $-86.8M | $83.0M |
| FCF MarginFCF / Revenue | -33.5% | 29.3% |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $-15.7M | $47.6M | ||
| Q3 25 | $5.5M | $13.9M | ||
| Q2 25 | $16.3M | $26.6M | ||
| Q1 25 | $-25.0M | $48.4M | ||
| Q4 24 | $-23.6M | $167.3M | ||
| Q3 24 | $795.0K | $170.1M | ||
| Q2 24 | $8.0M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $-86.8M | $37.8M | ||
| Q3 25 | $-226.0K | $5.9M | ||
| Q2 25 | $-3.6M | $18.4M | ||
| Q1 25 | $-44.8M | $33.8M | ||
| Q4 24 | $-131.6M | $159.2M | ||
| Q3 24 | $-21.8M | $161.6M | ||
| Q2 24 | $-22.9M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | -33.5% | 11.0% | ||
| Q3 25 | -0.1% | 1.4% | ||
| Q2 25 | -1.2% | 5.1% | ||
| Q1 25 | -16.2% | 9.5% | ||
| Q4 24 | -47.8% | 41.6% | ||
| Q3 24 | -7.9% | 42.4% | ||
| Q2 24 | -7.2% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 2.8% | ||
| Q3 25 | 2.1% | 2.0% | ||
| Q2 25 | 6.6% | 2.3% | ||
| Q1 25 | 7.2% | 4.1% | ||
| Q4 24 | 39.2% | 2.1% | ||
| Q3 24 | 8.2% | 2.2% | ||
| Q2 24 | 9.8% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | — | 3.72× | ||
| Q2 24 | 0.16× | 11.73× |
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% |
ENPH
Segment breakdown not available.
