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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $259.0M, roughly 1.6× ASHFORD HOSPITALITY TRUST INC). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -26.8%, a 62.5% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -6.0%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AHT vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $425.9M |
| Net Profit | $-69.3M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 81.5% |
| Net Margin | -26.8% | 35.7% |
| Revenue YoY | -6.0% | 1.7% |
| Net Profit YoY | 44.2% | — |
| EPS (diluted) | $-12.85 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $259.0M | $637.9M | ||
| Q3 25 | $266.1M | $443.1M | ||
| Q2 25 | $302.0M | $527.4M | ||
| Q1 25 | $277.4M | $734.8M | ||
| Q4 24 | $275.5M | $513.8M | ||
| Q3 24 | $276.6M | $310.0M | ||
| Q2 24 | $316.5M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-69.3M | $181.6M | ||
| Q3 25 | $-60.1M | $107.3M | ||
| Q2 25 | $-30.4M | $149.8M | ||
| Q1 25 | $-20.0M | $216.4M | ||
| Q4 24 | $-124.2M | $45.0M | ||
| Q3 24 | $-57.9M | $-167.6M | ||
| Q2 24 | $50.3M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -2.6% | 43.3% | ||
| Q3 25 | 4.6% | 40.6% | ||
| Q2 25 | 16.3% | 43.7% | ||
| Q1 25 | 22.2% | 43.2% | ||
| Q4 24 | -17.8% | 16.8% | ||
| Q3 24 | 7.3% | -63.4% | ||
| Q2 24 | 42.8% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -26.8% | 28.5% | ||
| Q3 25 | -22.6% | 24.2% | ||
| Q2 25 | -10.1% | 28.4% | ||
| Q1 25 | -7.2% | 29.4% | ||
| Q4 24 | -45.1% | 8.8% | ||
| Q3 24 | -20.9% | -54.1% | ||
| Q2 24 | 15.9% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-12.85 | $1.98 | ||
| Q3 25 | $-11.35 | $1.18 | ||
| Q2 25 | $-6.88 | $1.64 | ||
| Q1 25 | $-4.91 | $2.37 | ||
| Q4 24 | $-13.64 | $0.49 | ||
| Q3 24 | $-12.39 | $-1.81 | ||
| Q2 24 | $2.50 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $-626.4M | — |
| Total Assets | $2.8B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $66.1M | $271.4M | ||
| Q3 25 | $81.9M | $43.2M | ||
| Q2 25 | $100.0M | $39.3M | ||
| Q1 25 | $85.8M | $40.0M | ||
| Q4 24 | $112.9M | $48.7M | ||
| Q3 24 | $119.7M | $38.2M | ||
| Q2 24 | $121.8M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | $2.6B | $2.7B | ||
| Q1 25 | $2.7B | $2.7B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $2.8B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $-626.4M | $3.6B | ||
| Q3 25 | $-548.7M | $3.1B | ||
| Q2 25 | $-485.5M | $3.0B | ||
| Q1 25 | $-446.1M | $2.8B | ||
| Q4 24 | $-419.2M | $-76.2M | ||
| Q3 24 | $-288.4M | $-15.5M | ||
| Q2 24 | $-225.9M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.8B | $9.2B | ||
| Q3 25 | $3.0B | $8.7B | ||
| Q2 25 | $3.1B | $8.4B | ||
| Q1 25 | $3.1B | $8.5B | ||
| Q4 24 | $3.2B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.3B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $-15.7M | $274.9M | ||
| Q3 25 | $5.5M | $237.8M | ||
| Q2 25 | $16.3M | $388.4M | ||
| Q1 25 | $-25.0M | $253.8M | ||
| Q4 24 | $-23.6M | $220.1M | ||
| Q3 24 | $795.0K | $197.9M | ||
| Q2 24 | $8.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-86.8M | $-2.7M | ||
| Q3 25 | $-226.0K | $-47.8M | ||
| Q2 25 | $-3.6M | $195.3M | ||
| Q1 25 | $-44.8M | $59.9M | ||
| Q4 24 | $-131.6M | $-20.3M | ||
| Q3 24 | $-21.8M | $-49.1M | ||
| Q2 24 | $-22.9M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -33.5% | -0.4% | ||
| Q3 25 | -0.1% | -10.8% | ||
| Q2 25 | -1.2% | 37.0% | ||
| Q1 25 | -16.2% | 8.2% | ||
| Q4 24 | -47.8% | -4.0% | ||
| Q3 24 | -7.9% | -15.8% | ||
| Q2 24 | -7.2% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 27.5% | 43.5% | ||
| Q3 25 | 2.1% | 64.4% | ||
| Q2 25 | 6.6% | 36.6% | ||
| Q1 25 | 7.2% | 26.4% | ||
| Q4 24 | 39.2% | 46.8% | ||
| Q3 24 | 8.2% | 79.7% | ||
| Q2 24 | 9.8% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
