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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $259.0M, roughly 1.3× ASHFORD HOSPITALITY TRUST INC). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -26.8%, a 30.1% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -6.0%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $-86.8M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
AHT vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $335.6M |
| Net Profit | $-69.3M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | -2.6% | 4.4% |
| Net Margin | -26.8% | 3.4% |
| Revenue YoY | -6.0% | 1.6% |
| Net Profit YoY | 44.2% | 14.0% |
| EPS (diluted) | $-12.85 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $266.1M | $336.1M | ||
| Q2 25 | $302.0M | $328.7M | ||
| Q1 25 | $277.4M | $335.8M | ||
| Q4 24 | $275.5M | $330.2M | ||
| Q3 24 | $276.6M | $322.7M | ||
| Q2 24 | $316.5M | $309.1M | ||
| Q1 24 | $303.9M | $308.1M |
| Q4 25 | $-69.3M | $11.3M | ||
| Q3 25 | $-60.1M | $11.8M | ||
| Q2 25 | $-30.4M | $11.6M | ||
| Q1 25 | $-20.0M | $13.1M | ||
| Q4 24 | $-124.2M | $9.9M | ||
| Q3 24 | $-57.9M | $9.0M | ||
| Q2 24 | $50.3M | $9.2M | ||
| Q1 24 | $71.6M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | -2.6% | 4.4% | ||
| Q3 25 | 4.6% | 4.6% | ||
| Q2 25 | 16.3% | 4.7% | ||
| Q1 25 | 22.2% | 5.2% | ||
| Q4 24 | -17.8% | 4.0% | ||
| Q3 24 | 7.3% | 3.7% | ||
| Q2 24 | 42.8% | 4.2% | ||
| Q1 24 | 50.2% | 3.7% |
| Q4 25 | -26.8% | 3.4% | ||
| Q3 25 | -22.6% | 3.5% | ||
| Q2 25 | -10.1% | 3.5% | ||
| Q1 25 | -7.2% | 3.9% | ||
| Q4 24 | -45.1% | 3.0% | ||
| Q3 24 | -20.9% | 2.8% | ||
| Q2 24 | 15.9% | 3.0% | ||
| Q1 24 | 23.5% | 2.6% |
| Q4 25 | $-12.85 | $0.49 | ||
| Q3 25 | $-11.35 | $0.51 | ||
| Q2 25 | $-6.88 | $0.50 | ||
| Q1 25 | $-4.91 | $0.56 | ||
| Q4 24 | $-13.64 | $0.43 | ||
| Q3 24 | $-12.39 | $0.38 | ||
| Q2 24 | $2.50 | $0.40 | ||
| Q1 24 | $5.99 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $220.0M |
| Total Assets | $2.8B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $23.2M | ||
| Q3 25 | $81.9M | $17.1M | ||
| Q2 25 | $100.0M | $13.2M | ||
| Q1 25 | $85.8M | $21.2M | ||
| Q4 24 | $112.9M | $6.3M | ||
| Q3 24 | $119.7M | $8.9M | ||
| Q2 24 | $121.8M | $13.9M | ||
| Q1 24 | $111.1M | $11.0M |
| 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 24 | $2.9B | — |
| Q4 25 | $-626.4M | $220.0M | ||
| Q3 25 | $-548.7M | $212.4M | ||
| Q2 25 | $-485.5M | $202.5M | ||
| Q1 25 | $-446.1M | $193.0M | ||
| Q4 24 | $-419.2M | $181.9M | ||
| Q3 24 | $-288.4M | $174.3M | ||
| Q2 24 | $-225.9M | $167.8M | ||
| Q1 24 | $-276.8M | $160.0M |
| Q4 25 | $2.8B | $668.6M | ||
| Q3 25 | $3.0B | $670.5M | ||
| Q2 25 | $3.1B | $659.0M | ||
| Q1 25 | $3.1B | $664.6M | ||
| Q4 24 | $3.2B | $648.9M | ||
| Q3 24 | $3.3B | $655.5M | ||
| Q2 24 | $3.3B | $654.4M | ||
| Q1 24 | $3.5B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $-86.8M | $11.6M |
| FCF MarginFCF / Revenue | -33.5% | 3.4% |
| Capex IntensityCapex / Revenue | 27.5% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $21.1M | ||
| Q3 25 | $5.5M | $15.6M | ||
| Q2 25 | $16.3M | $2.9M | ||
| Q1 25 | $-25.0M | $34.1M | ||
| Q4 24 | $-23.6M | $2.7M | ||
| Q3 24 | $795.0K | $24.5M | ||
| Q2 24 | $8.0M | $12.4M | ||
| Q1 24 | $-46.5M | $20.2M |
| Q4 25 | $-86.8M | $11.6M | ||
| Q3 25 | $-226.0K | $7.5M | ||
| Q2 25 | $-3.6M | $-4.2M | ||
| Q1 25 | $-44.8M | $27.6M | ||
| Q4 24 | $-131.6M | $-6.9M | ||
| Q3 24 | $-21.8M | $18.0M | ||
| Q2 24 | $-22.9M | $3.6M | ||
| Q1 24 | $-80.4M | $9.8M |
| Q4 25 | -33.5% | 3.4% | ||
| Q3 25 | -0.1% | 2.2% | ||
| Q2 25 | -1.2% | -1.3% | ||
| Q1 25 | -16.2% | 8.2% | ||
| Q4 24 | -47.8% | -2.1% | ||
| Q3 24 | -7.9% | 5.6% | ||
| Q2 24 | -7.2% | 1.2% | ||
| Q1 24 | -26.5% | 3.2% |
| Q4 25 | 27.5% | 2.9% | ||
| Q3 25 | 2.1% | 2.4% | ||
| Q2 25 | 6.6% | 2.2% | ||
| Q1 25 | 7.2% | 1.9% | ||
| Q4 24 | 39.2% | 2.9% | ||
| Q3 24 | 8.2% | 2.0% | ||
| Q2 24 | 9.8% | 2.9% | ||
| Q1 24 | 11.2% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 0.16× | 1.35× | ||
| Q1 24 | -0.65× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
