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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and HALOZYME THERAPEUTICS, INC. (HALO). Click either name above to swap in a different company.
HALOZYME THERAPEUTICS, INC. is the larger business by last-quarter revenue ($451.8M vs $259.0M, roughly 1.7× ASHFORD HOSPITALITY TRUST INC). ASHFORD HOSPITALITY TRUST INC runs the higher net margin — -26.8% vs -31.3%, a 4.6% gap on every dollar of revenue. On growth, HALOZYME THERAPEUTICS, INC. posted the faster year-over-year revenue change (51.6% vs -6.0%). HALOZYME THERAPEUTICS, INC. produced more free cash flow last quarter ($217.6M vs $-86.8M). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% 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.
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
AHT vs HALO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $451.8M |
| Net Profit | $-69.3M | $-141.6M |
| Gross Margin | — | 82.6% |
| Operating Margin | -2.6% | -20.6% |
| Net Margin | -26.8% | -31.3% |
| Revenue YoY | -6.0% | 51.6% |
| Net Profit YoY | 44.2% | -203.3% |
| EPS (diluted) | $-12.85 | $-1.13 |
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 | $451.8M | ||
| Q3 25 | $266.1M | $354.3M | ||
| Q2 25 | $302.0M | $325.7M | ||
| Q1 25 | $277.4M | $264.9M | ||
| Q4 24 | $275.5M | $298.0M | ||
| Q3 24 | $276.6M | $290.1M | ||
| Q2 24 | $316.5M | $231.4M | ||
| Q1 24 | $303.9M | $195.9M |
| Q4 25 | $-69.3M | $-141.6M | ||
| Q3 25 | $-60.1M | $175.2M | ||
| Q2 25 | $-30.4M | $165.2M | ||
| Q1 25 | $-20.0M | $118.1M | ||
| Q4 24 | $-124.2M | $137.0M | ||
| Q3 24 | $-57.9M | $137.0M | ||
| Q2 24 | $50.3M | $93.2M | ||
| Q1 24 | $71.6M | $76.8M |
| Q4 25 | — | 82.6% | ||
| Q3 25 | — | 84.4% | ||
| Q2 25 | — | 85.8% | ||
| Q1 25 | — | 81.7% | ||
| Q4 24 | — | 85.9% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 82.9% | ||
| Q1 24 | — | 85.5% |
| Q4 25 | -2.6% | -20.6% | ||
| Q3 25 | 4.6% | 61.5% | ||
| Q2 25 | 16.3% | 62.2% | ||
| Q1 25 | 22.2% | 53.4% | ||
| Q4 24 | -17.8% | 58.9% | ||
| Q3 24 | 7.3% | 56.3% | ||
| Q2 24 | 42.8% | 50.7% | ||
| Q1 24 | 50.2% | 48.8% |
| Q4 25 | -26.8% | -31.3% | ||
| Q3 25 | -22.6% | 49.5% | ||
| Q2 25 | -10.1% | 50.7% | ||
| Q1 25 | -7.2% | 44.6% | ||
| Q4 24 | -45.1% | 46.0% | ||
| Q3 24 | -20.9% | 47.2% | ||
| Q2 24 | 15.9% | 40.3% | ||
| Q1 24 | 23.5% | 39.2% |
| Q4 25 | $-12.85 | $-1.13 | ||
| Q3 25 | $-11.35 | $1.43 | ||
| Q2 25 | $-6.88 | $1.33 | ||
| Q1 25 | $-4.91 | $0.93 | ||
| Q4 24 | $-13.64 | $1.06 | ||
| Q3 24 | $-12.39 | $1.05 | ||
| Q2 24 | $2.50 | $0.72 | ||
| Q1 24 | $5.99 | $0.60 |
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 | $133.8M |
| Total DebtLower is stronger | $2.5B | $2.1B |
| Stockholders' EquityBook value | $-626.4M | $48.8M |
| Total Assets | $2.8B | $2.5B |
| Debt / EquityLower = less leverage | — | 43.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $133.8M | ||
| Q3 25 | $81.9M | $419.7M | ||
| Q2 25 | $100.0M | $61.9M | ||
| Q1 25 | $85.8M | $176.3M | ||
| Q4 24 | $112.9M | $115.8M | ||
| Q3 24 | $119.7M | $154.3M | ||
| Q2 24 | $121.8M | $187.9M | ||
| Q1 24 | $111.1M | $164.6M |
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $2.8B | $1.5B | ||
| Q1 24 | $2.9B | $1.5B |
| Q4 25 | $-626.4M | $48.8M | ||
| Q3 25 | $-548.7M | $503.9M | ||
| Q2 25 | $-485.5M | $332.7M | ||
| Q1 25 | $-446.1M | $482.3M | ||
| Q4 24 | $-419.2M | $363.8M | ||
| Q3 24 | $-288.4M | $452.7M | ||
| Q2 24 | $-225.9M | $289.4M | ||
| Q1 24 | $-276.8M | $177.8M |
| Q4 25 | $2.8B | $2.5B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $3.1B | $2.2B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.3B | $2.1B | ||
| Q2 24 | $3.3B | $2.0B | ||
| Q1 24 | $3.5B | $1.8B |
| Q4 25 | — | 43.89× | ||
| Q3 25 | — | 3.00× | ||
| Q2 25 | — | 4.54× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 4.14× | ||
| Q3 24 | — | 3.32× | ||
| Q2 24 | — | 5.19× | ||
| Q1 24 | — | 8.44× |
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 | $219.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $217.6M |
| FCF MarginFCF / Revenue | -33.5% | 48.2% |
| Capex IntensityCapex / Revenue | 27.5% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $644.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $219.0M | ||
| Q3 25 | $5.5M | $178.6M | ||
| Q2 25 | $16.3M | $99.7M | ||
| Q1 25 | $-25.0M | $154.2M | ||
| Q4 24 | $-23.6M | $178.5M | ||
| Q3 24 | $795.0K | $115.4M | ||
| Q2 24 | $8.0M | $55.8M | ||
| Q1 24 | $-46.5M | $129.4M |
| Q4 25 | $-86.8M | $217.6M | ||
| Q3 25 | $-226.0K | $175.6M | ||
| Q2 25 | $-3.6M | $98.1M | ||
| Q1 25 | $-44.8M | $153.3M | ||
| Q4 24 | $-131.6M | $175.4M | ||
| Q3 24 | $-21.8M | $113.9M | ||
| Q2 24 | $-22.9M | $53.2M | ||
| Q1 24 | $-80.4M | $125.9M |
| Q4 25 | -33.5% | 48.2% | ||
| Q3 25 | -0.1% | 49.6% | ||
| Q2 25 | -1.2% | 30.1% | ||
| Q1 25 | -16.2% | 57.9% | ||
| Q4 24 | -47.8% | 58.9% | ||
| Q3 24 | -7.9% | 39.3% | ||
| Q2 24 | -7.2% | 23.0% | ||
| Q1 24 | -26.5% | 64.3% |
| Q4 25 | 27.5% | 0.3% | ||
| Q3 25 | 2.1% | 0.9% | ||
| Q2 25 | 6.6% | 0.5% | ||
| Q1 25 | 7.2% | 0.4% | ||
| Q4 24 | 39.2% | 1.0% | ||
| Q3 24 | 8.2% | 0.5% | ||
| Q2 24 | 9.8% | 1.1% | ||
| Q1 24 | 11.2% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 0.16× | 0.60× | ||
| Q1 24 | -0.65× | 1.68× |
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% |
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
