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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Fat Brands, Inc (FAT). 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 $140.0M, roughly 1.8× Fat Brands, Inc). ASHFORD HOSPITALITY TRUST INC runs the higher net margin — -26.8% vs -41.6%, a 14.8% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -6.0%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-86.8M). Over the past eight quarters, Fat Brands, Inc's revenue compounded faster (-6.1% 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.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
AHT vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $140.0M |
| Net Profit | $-69.3M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -12.4% |
| Net Margin | -26.8% | -41.6% |
| Revenue YoY | -6.0% | -2.3% |
| Net Profit YoY | 44.2% | -30.1% |
| EPS (diluted) | $-12.85 | $-3.39 |
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 | — | ||
| Q3 25 | $266.1M | $140.0M | ||
| Q2 25 | $302.0M | $146.8M | ||
| Q1 25 | $277.4M | $142.0M | ||
| Q4 24 | $275.5M | $145.3M | ||
| Q3 24 | $276.6M | $143.4M | ||
| Q2 24 | $316.5M | $152.0M | ||
| Q1 24 | $303.9M | $152.0M |
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-58.2M | ||
| Q2 25 | $-30.4M | $-54.2M | ||
| Q1 25 | $-20.0M | $-46.0M | ||
| Q4 24 | $-124.2M | $-67.4M | ||
| Q3 24 | $-57.9M | $-44.8M | ||
| Q2 24 | $50.3M | $-39.4M | ||
| Q1 24 | $71.6M | $-38.3M |
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | -12.4% | ||
| Q2 25 | 16.3% | -10.6% | ||
| Q1 25 | 22.2% | -6.0% | ||
| Q4 24 | -17.8% | -27.1% | ||
| Q3 24 | 7.3% | -6.2% | ||
| Q2 24 | 42.8% | -1.8% | ||
| Q1 24 | 50.2% | -0.9% |
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -41.6% | ||
| Q2 25 | -10.1% | -36.9% | ||
| Q1 25 | -7.2% | -32.4% | ||
| Q4 24 | -45.1% | -46.4% | ||
| Q3 24 | -20.9% | -31.2% | ||
| Q2 24 | 15.9% | -25.9% | ||
| Q1 24 | 23.5% | -25.2% |
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | $-3.39 | ||
| Q2 25 | $-6.88 | $-3.17 | ||
| Q1 25 | $-4.91 | $-2.73 | ||
| Q4 24 | $-13.64 | $-4.06 | ||
| Q3 24 | $-12.39 | $-2.74 | ||
| Q2 24 | $2.50 | $-2.43 | ||
| Q1 24 | $5.99 | $-2.37 |
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 | — |
| Total DebtLower is stronger | $2.5B | $1.3B |
| Stockholders' EquityBook value | $-626.4M | $-585.8M |
| Total Assets | $2.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | — | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $85.8M | — | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | — | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $111.1M | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.7B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.7B | $1.2B | ||
| Q2 24 | $2.8B | $1.2B | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | $-585.8M | ||
| Q2 25 | $-485.5M | $-536.5M | ||
| Q1 25 | $-446.1M | $-493.9M | ||
| Q4 24 | $-419.2M | $-455.7M | ||
| Q3 24 | $-288.4M | $-386.1M | ||
| Q2 24 | $-225.9M | $-338.6M | ||
| Q1 24 | $-276.8M | $-296.8M |
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $3.3B | $1.3B | ||
| Q2 24 | $3.3B | $1.4B | ||
| Q1 24 | $3.5B | $1.4B |
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 | $-14.5M |
| Free Cash FlowOCF − Capex | $-86.8M | $-16.9M |
| FCF MarginFCF / Revenue | -33.5% | -12.1% |
| Capex IntensityCapex / Revenue | 27.5% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | — | ||
| Q3 25 | $5.5M | $-14.5M | ||
| Q2 25 | $16.3M | $-26.9M | ||
| Q1 25 | $-25.0M | $-13.2M | ||
| Q4 24 | $-23.6M | $-10.4M | ||
| Q3 24 | $795.0K | $-3.2M | ||
| Q2 24 | $8.0M | $-14.2M | ||
| Q1 24 | $-46.5M | $-28.4M |
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | $-16.9M | ||
| Q2 25 | $-3.6M | $-29.3M | ||
| Q1 25 | $-44.8M | $-17.8M | ||
| Q4 24 | $-131.6M | $-11.0M | ||
| Q3 24 | $-21.8M | $-11.1M | ||
| Q2 24 | $-22.9M | $-24.4M | ||
| Q1 24 | $-80.4M | $-32.5M |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | -12.1% | ||
| Q2 25 | -1.2% | -20.0% | ||
| Q1 25 | -16.2% | -12.5% | ||
| Q4 24 | -47.8% | -7.6% | ||
| Q3 24 | -7.9% | -7.7% | ||
| Q2 24 | -7.2% | -16.1% | ||
| Q1 24 | -26.5% | -21.4% |
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | 1.7% | ||
| Q2 25 | 6.6% | 1.6% | ||
| Q1 25 | 7.2% | 3.2% | ||
| Q4 24 | 39.2% | 0.4% | ||
| Q3 24 | 8.2% | 5.5% | ||
| Q2 24 | 9.8% | 6.7% | ||
| Q1 24 | 11.2% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
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% |
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
