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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Millrose Properties, Inc. (MRP). 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 $194.9M, roughly 1.3× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs -26.8%, a 89.8% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs -6.0%).
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.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
AHT vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $194.9M |
| Net Profit | $-69.3M | $122.9M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 85.2% |
| Net Margin | -26.8% | 63.0% |
| Revenue YoY | -6.0% | 135.7% |
| Net Profit YoY | 44.2% | 208.7% |
| EPS (diluted) | $-12.85 | $0.74 |
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.
| Q1 26 | — | $194.9M | ||
| Q4 25 | $259.0M | $189.5M | ||
| Q3 25 | $266.1M | $179.3M | ||
| Q2 25 | $302.0M | $149.0M | ||
| Q1 25 | $277.4M | $82.7M | ||
| Q4 24 | $275.5M | — | ||
| Q3 24 | $276.6M | — | ||
| Q2 24 | $316.5M | — |
| Q1 26 | — | $122.9M | ||
| Q4 25 | $-69.3M | $122.2M | ||
| Q3 25 | $-60.1M | $105.1M | ||
| Q2 25 | $-30.4M | $112.8M | ||
| Q1 25 | $-20.0M | $39.8M | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | — | ||
| Q2 24 | $50.3M | — |
| Q1 26 | — | 85.2% | ||
| Q4 25 | -2.6% | 84.8% | ||
| Q3 25 | 4.6% | 85.3% | ||
| Q2 25 | 16.3% | 85.1% | ||
| Q1 25 | 22.2% | 55.2% | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 42.8% | — |
| Q1 26 | — | 63.0% | ||
| Q4 25 | -26.8% | 64.5% | ||
| Q3 25 | -22.6% | 58.6% | ||
| Q2 25 | -10.1% | 75.7% | ||
| Q1 25 | -7.2% | 48.1% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | — | ||
| Q2 24 | 15.9% | — |
| Q1 26 | — | $0.74 | ||
| Q4 25 | $-12.85 | $0.74 | ||
| Q3 25 | $-11.35 | $0.63 | ||
| Q2 25 | $-6.88 | $0.68 | ||
| Q1 25 | $-4.91 | $0.39 | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | — | ||
| Q2 24 | $2.50 | — |
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 | — |
| Stockholders' EquityBook value | $-626.4M | $5.9B |
| Total Assets | $2.8B | $9.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $66.1M | $35.0M | ||
| Q3 25 | $81.9M | $242.6M | ||
| Q2 25 | $100.0M | $66.6M | ||
| Q1 25 | $85.8M | $89.5M | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | — | ||
| Q2 24 | $121.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — |
| Q1 26 | — | $5.9B | ||
| Q4 25 | $-626.4M | $5.9B | ||
| Q3 25 | $-548.7M | $5.9B | ||
| Q2 25 | $-485.5M | $5.9B | ||
| Q1 25 | $-446.1M | $5.9B | ||
| Q4 24 | $-419.2M | — | ||
| Q3 24 | $-288.4M | — | ||
| Q2 24 | $-225.9M | — |
| Q1 26 | — | $9.6B | ||
| Q4 25 | $2.8B | $9.3B | ||
| Q3 25 | $3.0B | $9.0B | ||
| Q2 25 | $3.1B | $8.0B | ||
| Q1 25 | $3.1B | $7.2B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.3B | — | ||
| Q2 24 | $3.3B | — |
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 | — |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $3.7B | ||
| Q3 25 | $5.5M | $123.1M | ||
| Q2 25 | $16.3M | $109.1M | ||
| Q1 25 | $-25.0M | $21.3M | ||
| Q4 24 | $-23.6M | — | ||
| Q3 24 | $795.0K | — | ||
| Q2 24 | $8.0M | — |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 30.05× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — |
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% |
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
