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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $259.0M, roughly 1.9× ASHFORD HOSPITALITY TRUST INC). Essex Property Trust runs the higher net margin — 17.9% vs -26.8%, a 44.6% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs -6.0%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% 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.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
AHT vs ESS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $479.6M |
| Net Profit | $-69.3M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | -2.6% | 31.7% |
| Net Margin | -26.8% | 17.9% |
| Revenue YoY | -6.0% | 5.5% |
| Net Profit YoY | 44.2% | -71.6% |
| EPS (diluted) | $-12.85 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $266.1M | $473.3M | ||
| Q2 25 | $302.0M | $469.8M | ||
| Q1 25 | $277.4M | $464.6M | ||
| Q4 24 | $275.5M | $454.5M | ||
| Q3 24 | $276.6M | $450.7M | ||
| Q2 24 | $316.5M | $442.4M | ||
| Q1 24 | $303.9M | $426.9M |
| Q4 25 | $-69.3M | $85.7M | ||
| Q3 25 | $-60.1M | $172.7M | ||
| Q2 25 | $-30.4M | $231.5M | ||
| Q1 25 | $-20.0M | $212.8M | ||
| Q4 24 | $-124.2M | $301.7M | ||
| Q3 24 | $-57.9M | $125.5M | ||
| Q2 24 | $50.3M | $99.0M | ||
| Q1 24 | $71.6M | $285.1M |
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% | ||
| Q1 24 | — | 69.7% |
| Q4 25 | -2.6% | 31.7% | ||
| Q3 25 | 4.6% | 44.5% | ||
| Q2 25 | 16.3% | 59.5% | ||
| Q1 25 | 22.2% | 55.3% | ||
| Q4 24 | -17.8% | 67.0% | ||
| Q3 24 | 7.3% | 28.6% | ||
| Q2 24 | 42.8% | 31.1% | ||
| Q1 24 | 50.2% | 31.0% |
| Q4 25 | -26.8% | 17.9% | ||
| Q3 25 | -22.6% | 36.5% | ||
| Q2 25 | -10.1% | 49.3% | ||
| Q1 25 | -7.2% | 45.8% | ||
| Q4 24 | -45.1% | 66.4% | ||
| Q3 24 | -20.9% | 27.8% | ||
| Q2 24 | 15.9% | 22.4% | ||
| Q1 24 | 23.5% | 66.8% |
| Q4 25 | $-12.85 | $1.24 | ||
| Q3 25 | $-11.35 | $2.56 | ||
| Q2 25 | $-6.88 | $3.44 | ||
| Q1 25 | $-4.91 | $3.16 | ||
| Q4 24 | $-13.64 | $4.00 | ||
| Q3 24 | $-12.39 | $1.84 | ||
| Q2 24 | $2.50 | $1.45 | ||
| Q1 24 | $5.99 | $4.25 |
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 | $76.2M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $5.5B |
| Total Assets | $2.8B | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $76.2M | ||
| Q3 25 | $81.9M | $66.0M | ||
| Q2 25 | $100.0M | $58.7M | ||
| Q1 25 | $85.8M | $98.7M | ||
| Q4 24 | $112.9M | $66.8M | ||
| Q3 24 | $119.7M | $71.3M | ||
| Q2 24 | $121.8M | $55.2M | ||
| Q1 24 | $111.1M | $499.0M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $6.4B | ||
| Q2 25 | $2.6B | $6.4B | ||
| Q1 25 | $2.7B | $6.8B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $6.4B | ||
| Q2 24 | $2.8B | $6.2B | ||
| Q1 24 | $2.9B | $6.6B |
| Q4 25 | $-626.4M | $5.5B | ||
| Q3 25 | $-548.7M | $5.6B | ||
| Q2 25 | $-485.5M | $5.6B | ||
| Q1 25 | $-446.1M | $5.6B | ||
| Q4 24 | $-419.2M | $5.5B | ||
| Q3 24 | $-288.4M | $5.4B | ||
| Q2 24 | $-225.9M | $5.5B | ||
| Q1 24 | $-276.8M | $5.5B |
| Q4 25 | $2.8B | $13.2B | ||
| Q3 25 | $3.0B | $13.2B | ||
| Q2 25 | $3.1B | $13.2B | ||
| Q1 25 | $3.1B | $13.2B | ||
| Q4 24 | $3.2B | $12.9B | ||
| Q3 24 | $3.3B | $12.6B | ||
| Q2 24 | $3.3B | $12.5B | ||
| Q1 24 | $3.5B | $12.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.19× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $1.1B | ||
| Q3 25 | $5.5M | $342.6M | ||
| Q2 25 | $16.3M | $216.1M | ||
| Q1 25 | $-25.0M | $281.5M | ||
| Q4 24 | $-23.6M | $1.1B | ||
| Q3 24 | $795.0K | $316.2M | ||
| Q2 24 | $8.0M | $218.9M | ||
| Q1 24 | $-46.5M | $314.9M |
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | — | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | — | ||
| Q2 24 | $-22.9M | — | ||
| Q1 24 | $-80.4M | — |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | — | ||
| Q2 24 | -7.2% | — | ||
| Q1 24 | -26.5% | — |
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 11.2% | — |
| Q4 25 | — | 12.53× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | — | 2.52× | ||
| Q2 24 | 0.16× | 2.21× | ||
| Q1 24 | -0.65× | 1.10× |
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% |
ESS
Segment breakdown not available.
