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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Limbach Holdings, Inc. (LMB). 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 $186.9M, roughly 1.4× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -26.8%, a 33.4% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -6.0%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-86.8M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
AHT vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $186.9M |
| Net Profit | $-69.3M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | -2.6% | 9.4% |
| Net Margin | -26.8% | 6.6% |
| Revenue YoY | -6.0% | 30.1% |
| Net Profit YoY | 44.2% | 25.0% |
| EPS (diluted) | $-12.85 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $266.1M | $184.6M | ||
| Q2 25 | $302.0M | $142.2M | ||
| Q1 25 | $277.4M | $133.1M | ||
| Q4 24 | $275.5M | $143.7M | ||
| Q3 24 | $276.6M | $133.9M | ||
| Q2 24 | $316.5M | $122.2M | ||
| Q1 24 | $303.9M | $119.0M |
| Q4 25 | $-69.3M | $12.3M | ||
| Q3 25 | $-60.1M | $8.8M | ||
| Q2 25 | $-30.4M | $7.8M | ||
| Q1 25 | $-20.0M | $10.2M | ||
| Q4 24 | $-124.2M | $9.8M | ||
| Q3 24 | $-57.9M | $7.5M | ||
| Q2 24 | $50.3M | $6.0M | ||
| Q1 24 | $71.6M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -2.6% | 9.4% | ||
| Q3 25 | 4.6% | 7.2% | ||
| Q2 25 | 16.3% | 7.5% | ||
| Q1 25 | 22.2% | 5.9% | ||
| Q4 24 | -17.8% | 9.1% | ||
| Q3 24 | 7.3% | 8.1% | ||
| Q2 24 | 42.8% | 6.7% | ||
| Q1 24 | 50.2% | 5.5% |
| Q4 25 | -26.8% | 6.6% | ||
| Q3 25 | -22.6% | 4.8% | ||
| Q2 25 | -10.1% | 5.5% | ||
| Q1 25 | -7.2% | 7.7% | ||
| Q4 24 | -45.1% | 6.9% | ||
| Q3 24 | -20.9% | 5.6% | ||
| Q2 24 | 15.9% | 4.9% | ||
| Q1 24 | 23.5% | 6.4% |
| Q4 25 | $-12.85 | $1.01 | ||
| Q3 25 | $-11.35 | $0.73 | ||
| Q2 25 | $-6.88 | $0.64 | ||
| Q1 25 | $-4.91 | $0.85 | ||
| Q4 24 | $-13.64 | $0.81 | ||
| Q3 24 | $-12.39 | $0.62 | ||
| Q2 24 | $2.50 | $0.50 | ||
| Q1 24 | $5.99 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | $2.5B | $30.5M |
| Stockholders' EquityBook value | $-626.4M | $195.7M |
| Total Assets | $2.8B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $11.3M | ||
| Q3 25 | $81.9M | $9.8M | ||
| Q2 25 | $100.0M | $38.9M | ||
| Q1 25 | $85.8M | $38.1M | ||
| Q4 24 | $112.9M | $44.9M | ||
| Q3 24 | $119.7M | $51.2M | ||
| Q2 24 | $121.8M | $59.5M | ||
| Q1 24 | $111.1M | $48.2M |
| Q4 25 | $2.5B | $30.5M | ||
| Q3 25 | $2.6B | $56.3M | ||
| Q2 25 | $2.6B | $28.4M | ||
| Q1 25 | $2.7B | $23.7M | ||
| Q4 24 | $2.6B | $23.6M | ||
| Q3 24 | $2.7B | $20.5M | ||
| Q2 24 | $2.8B | $19.7M | ||
| Q1 24 | $2.9B | $19.4M |
| Q4 25 | $-626.4M | $195.7M | ||
| Q3 25 | $-548.7M | $181.6M | ||
| Q2 25 | $-485.5M | $170.5M | ||
| Q1 25 | $-446.1M | $161.1M | ||
| Q4 24 | $-419.2M | $153.5M | ||
| Q3 24 | $-288.4M | $142.2M | ||
| Q2 24 | $-225.9M | $133.0M | ||
| Q1 24 | $-276.8M | $125.5M |
| Q4 25 | $2.8B | $381.1M | ||
| Q3 25 | $3.0B | $409.1M | ||
| Q2 25 | $3.1B | $343.0M | ||
| Q1 25 | $3.1B | $336.4M | ||
| Q4 24 | $3.2B | $352.1M | ||
| Q3 24 | $3.3B | $324.4M | ||
| Q2 24 | $3.3B | $303.9M | ||
| Q1 24 | $3.5B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-86.8M | $27.9M |
| FCF MarginFCF / Revenue | -33.5% | 14.9% |
| Capex IntensityCapex / Revenue | 27.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $28.1M | ||
| Q3 25 | $5.5M | $13.3M | ||
| Q2 25 | $16.3M | $2.0M | ||
| Q1 25 | $-25.0M | $2.2M | ||
| Q4 24 | $-23.6M | $19.3M | ||
| Q3 24 | $795.0K | $4.9M | ||
| Q2 24 | $8.0M | $16.5M | ||
| Q1 24 | $-46.5M | $-3.9M |
| Q4 25 | $-86.8M | $27.9M | ||
| Q3 25 | $-226.0K | $12.8M | ||
| Q2 25 | $-3.6M | $1.2M | ||
| Q1 25 | $-44.8M | $11.0K | ||
| Q4 24 | $-131.6M | $18.0M | ||
| Q3 24 | $-21.8M | $4.6M | ||
| Q2 24 | $-22.9M | $13.2M | ||
| Q1 24 | $-80.4M | $-6.5M |
| Q4 25 | -33.5% | 14.9% | ||
| Q3 25 | -0.1% | 7.0% | ||
| Q2 25 | -1.2% | 0.8% | ||
| Q1 25 | -16.2% | 0.0% | ||
| Q4 24 | -47.8% | 12.5% | ||
| Q3 24 | -7.9% | 3.4% | ||
| Q2 24 | -7.2% | 10.8% | ||
| Q1 24 | -26.5% | -5.5% |
| Q4 25 | 27.5% | 0.1% | ||
| Q3 25 | 2.1% | 0.3% | ||
| Q2 25 | 6.6% | 0.6% | ||
| Q1 25 | 7.2% | 1.7% | ||
| Q4 24 | 39.2% | 0.9% | ||
| Q3 24 | 8.2% | 0.3% | ||
| Q2 24 | 9.8% | 2.7% | ||
| Q1 24 | 11.2% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 0.16× | 2.77× | ||
| Q1 24 | -0.65× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
