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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and FTAI Infrastructure Inc. (FIP). 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 $143.5M, roughly 1.8× FTAI Infrastructure Inc.). ASHFORD HOSPITALITY TRUST INC runs the higher net margin — -26.8% vs -68.1%, a 41.3% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -6.0%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-86.8M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
AHT vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $143.5M |
| Net Profit | $-69.3M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -45.7% |
| Net Margin | -26.8% | -68.1% |
| Revenue YoY | -6.0% | 77.7% |
| Net Profit YoY | 44.2% | 21.6% |
| EPS (diluted) | $-12.85 | $-1.04 |
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 | $143.5M | ||
| Q3 25 | $266.1M | $140.6M | ||
| Q2 25 | $302.0M | $122.3M | ||
| Q1 25 | $277.4M | $96.2M | ||
| Q4 24 | $275.5M | $80.8M | ||
| Q3 24 | $276.6M | $83.3M | ||
| Q2 24 | $316.5M | $84.9M | ||
| Q1 24 | $303.9M | $82.5M |
| Q4 25 | $-69.3M | $-97.7M | ||
| Q3 25 | $-60.1M | $-104.5M | ||
| Q2 25 | $-30.4M | $-70.0M | ||
| Q1 25 | $-20.0M | $120.2M | ||
| Q4 24 | $-124.2M | $-124.7M | ||
| Q3 24 | $-57.9M | $-43.0M | ||
| Q2 24 | $50.3M | $-48.1M | ||
| Q1 24 | $71.6M | $-50.3M |
| Q4 25 | -2.6% | -45.7% | ||
| Q3 25 | 4.6% | -70.8% | ||
| Q2 25 | 16.3% | -56.4% | ||
| Q1 25 | 22.2% | 81.8% | ||
| Q4 24 | -17.8% | -152.7% | ||
| Q3 24 | 7.3% | -51.7% | ||
| Q2 24 | 42.8% | -56.4% | ||
| Q1 24 | 50.2% | -58.8% |
| Q4 25 | -26.8% | -68.1% | ||
| Q3 25 | -22.6% | -74.4% | ||
| Q2 25 | -10.1% | -57.2% | ||
| Q1 25 | -7.2% | 125.0% | ||
| Q4 24 | -45.1% | -154.4% | ||
| Q3 24 | -20.9% | -51.6% | ||
| Q2 24 | 15.9% | -56.7% | ||
| Q1 24 | 23.5% | -60.9% |
| Q4 25 | $-12.85 | $-1.04 | ||
| Q3 25 | $-11.35 | $-1.38 | ||
| Q2 25 | $-6.88 | $-0.73 | ||
| Q1 25 | $-4.91 | $0.89 | ||
| Q4 24 | $-13.64 | $-1.21 | ||
| Q3 24 | $-12.39 | $-0.45 | ||
| Q2 24 | $2.50 | $-0.52 | ||
| Q1 24 | $5.99 | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | $2.5B | $3.8B |
| Stockholders' EquityBook value | $-626.4M | $21.3M |
| Total Assets | $2.8B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $57.4M | ||
| Q3 25 | $81.9M | $34.7M | ||
| Q2 25 | $100.0M | $33.6M | ||
| Q1 25 | $85.8M | $26.3M | ||
| Q4 24 | $112.9M | $27.8M | ||
| Q3 24 | $119.7M | $20.3M | ||
| Q2 24 | $121.8M | $33.1M | ||
| Q1 24 | $111.1M | $23.0M |
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.6B | $3.7B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.7B | $2.8B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.9B | $1.3B |
| Q4 25 | $-626.4M | $21.3M | ||
| Q3 25 | $-548.7M | $181.1M | ||
| Q2 25 | $-485.5M | $375.5M | ||
| Q1 25 | $-446.1M | $476.2M | ||
| Q4 24 | $-419.2M | $202.7M | ||
| Q3 24 | $-288.4M | $370.8M | ||
| Q2 24 | $-225.9M | $394.8M | ||
| Q1 24 | $-276.8M | $402.5M |
| Q4 25 | $2.8B | $5.7B | ||
| Q3 25 | $3.0B | $5.5B | ||
| Q2 25 | $3.1B | $4.4B | ||
| Q1 25 | $3.1B | $4.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $2.4B | ||
| Q2 24 | $3.3B | $2.5B | ||
| Q1 24 | $3.5B | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $-86.8M | $-68.6M |
| FCF MarginFCF / Revenue | -33.5% | -47.8% |
| Capex IntensityCapex / Revenue | 27.5% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $-2.8M | ||
| Q3 25 | $5.5M | $-24.4M | ||
| Q2 25 | $16.3M | $-5.2M | ||
| Q1 25 | $-25.0M | $-85.7M | ||
| Q4 24 | $-23.6M | $-8.1M | ||
| Q3 24 | $795.0K | $14.2M | ||
| Q2 24 | $8.0M | $-17.6M | ||
| Q1 24 | $-46.5M | $-3.9M |
| Q4 25 | $-86.8M | $-68.6M | ||
| Q3 25 | $-226.0K | $-90.7M | ||
| Q2 25 | $-3.6M | $-87.5M | ||
| Q1 25 | $-44.8M | $-151.7M | ||
| Q4 24 | $-131.6M | $-34.3M | ||
| Q3 24 | $-21.8M | $-11.7M | ||
| Q2 24 | $-22.9M | $-32.1M | ||
| Q1 24 | $-80.4M | $-16.7M |
| Q4 25 | -33.5% | -47.8% | ||
| Q3 25 | -0.1% | -64.5% | ||
| Q2 25 | -1.2% | -71.6% | ||
| Q1 25 | -16.2% | -157.7% | ||
| Q4 24 | -47.8% | -42.4% | ||
| Q3 24 | -7.9% | -14.0% | ||
| Q2 24 | -7.2% | -37.9% | ||
| Q1 24 | -26.5% | -20.3% |
| Q4 25 | 27.5% | 45.9% | ||
| Q3 25 | 2.1% | 47.2% | ||
| Q2 25 | 6.6% | 67.3% | ||
| Q1 25 | 7.2% | 68.6% | ||
| Q4 24 | 39.2% | 32.5% | ||
| Q3 24 | 8.2% | 31.1% | ||
| Q2 24 | 9.8% | 17.2% | ||
| Q1 24 | 11.2% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| 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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
