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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and ONESPAWORLD HOLDINGS Ltd (OSW). 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 $242.1M, roughly 1.1× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -26.8%, a 31.8% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs -6.0%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-86.8M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
AHT vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $242.1M |
| Net Profit | $-69.3M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 6.8% |
| Net Margin | -26.8% | 5.0% |
| Revenue YoY | -6.0% | 11.5% |
| Net Profit YoY | 44.2% | -16.2% |
| EPS (diluted) | $-12.85 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $266.1M | $258.5M | ||
| Q2 25 | $302.0M | $240.7M | ||
| Q1 25 | $277.4M | $219.6M | ||
| Q4 24 | $275.5M | $217.2M | ||
| Q3 24 | $276.6M | $241.7M | ||
| Q2 24 | $316.5M | $224.9M | ||
| Q1 24 | $303.9M | $211.2M |
| Q4 25 | $-69.3M | $12.1M | ||
| Q3 25 | $-60.1M | $24.3M | ||
| Q2 25 | $-30.4M | $19.9M | ||
| Q1 25 | $-20.0M | $15.3M | ||
| Q4 24 | $-124.2M | $14.4M | ||
| Q3 24 | $-57.9M | $21.6M | ||
| Q2 24 | $50.3M | $15.8M | ||
| Q1 24 | $71.6M | $21.2M |
| Q4 25 | -2.6% | 6.8% | ||
| Q3 25 | 4.6% | 10.2% | ||
| Q2 25 | 16.3% | 9.2% | ||
| Q1 25 | 22.2% | 7.7% | ||
| Q4 24 | -17.8% | 7.9% | ||
| Q3 24 | 7.3% | 10.3% | ||
| Q2 24 | 42.8% | 8.4% | ||
| Q1 24 | 50.2% | 8.0% |
| Q4 25 | -26.8% | 5.0% | ||
| Q3 25 | -22.6% | 9.4% | ||
| Q2 25 | -10.1% | 8.3% | ||
| Q1 25 | -7.2% | 7.0% | ||
| Q4 24 | -45.1% | 6.6% | ||
| Q3 24 | -20.9% | 8.9% | ||
| Q2 24 | 15.9% | 7.0% | ||
| Q1 24 | 23.5% | 10.0% |
| Q4 25 | $-12.85 | $0.12 | ||
| Q3 25 | $-11.35 | $0.23 | ||
| Q2 25 | $-6.88 | $0.19 | ||
| Q1 25 | $-4.91 | $0.15 | ||
| Q4 24 | $-13.64 | $0.13 | ||
| Q3 24 | $-12.39 | $0.20 | ||
| Q2 24 | $2.50 | $0.15 | ||
| Q1 24 | $5.99 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $2.5B | $84.0M |
| Stockholders' EquityBook value | $-626.4M | $542.6M |
| Total Assets | $2.8B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $16.3M | ||
| Q3 25 | $81.9M | $29.6M | ||
| Q2 25 | $100.0M | $35.0M | ||
| Q1 25 | $85.8M | $22.6M | ||
| Q4 24 | $112.9M | $57.4M | ||
| Q3 24 | $119.7M | $48.8M | ||
| Q2 24 | $121.8M | $62.5M | ||
| Q1 24 | $111.1M | $65.4M |
| Q4 25 | $2.5B | $84.0M | ||
| Q3 25 | $2.6B | $85.2M | ||
| Q2 25 | $2.6B | $96.2M | ||
| Q1 25 | $2.7B | $97.4M | ||
| Q4 24 | $2.6B | $98.6M | ||
| Q3 24 | $2.7B | $98.7M | ||
| Q2 24 | $2.8B | $123.8M | ||
| Q1 24 | $2.9B | $138.6M |
| Q4 25 | $-626.4M | $542.6M | ||
| Q3 25 | $-548.7M | $552.8M | ||
| Q2 25 | $-485.5M | $548.3M | ||
| Q1 25 | $-446.1M | $530.6M | ||
| Q4 24 | $-419.2M | $554.5M | ||
| Q3 24 | $-288.4M | $540.1M | ||
| Q2 24 | $-225.9M | $532.7M | ||
| Q1 24 | $-276.8M | $515.5M |
| Q4 25 | $2.8B | $707.1M | ||
| Q3 25 | $3.0B | $732.6M | ||
| Q2 25 | $3.1B | $731.8M | ||
| Q1 25 | $3.1B | $708.7M | ||
| Q4 24 | $3.2B | $746.4M | ||
| Q3 24 | $3.3B | $734.0M | ||
| Q2 24 | $3.3B | $756.8M | ||
| Q1 24 | $3.5B | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $14.9M |
| FCF MarginFCF / Revenue | -33.5% | 6.2% |
| Capex IntensityCapex / Revenue | 27.5% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $20.0M | ||
| Q3 25 | $5.5M | $33.2M | ||
| Q2 25 | $16.3M | $20.3M | ||
| Q1 25 | $-25.0M | $10.1M | ||
| Q4 24 | $-23.6M | $16.6M | ||
| Q3 24 | $795.0K | $28.6M | ||
| Q2 24 | $8.0M | $18.7M | ||
| Q1 24 | $-46.5M | $15.0M |
| Q4 25 | $-86.8M | $14.9M | ||
| Q3 25 | $-226.0K | $27.6M | ||
| Q2 25 | $-3.6M | $17.6M | ||
| Q1 25 | $-44.8M | $8.4M | ||
| Q4 24 | $-131.6M | $13.2M | ||
| Q3 24 | $-21.8M | $27.5M | ||
| Q2 24 | $-22.9M | $17.6M | ||
| Q1 24 | $-80.4M | $13.7M |
| Q4 25 | -33.5% | 6.2% | ||
| Q3 25 | -0.1% | 10.7% | ||
| Q2 25 | -1.2% | 7.3% | ||
| Q1 25 | -16.2% | 3.8% | ||
| Q4 24 | -47.8% | 6.1% | ||
| Q3 24 | -7.9% | 11.4% | ||
| Q2 24 | -7.2% | 7.8% | ||
| Q1 24 | -26.5% | 6.5% |
| Q4 25 | 27.5% | 2.1% | ||
| Q3 25 | 2.1% | 2.2% | ||
| Q2 25 | 6.6% | 1.1% | ||
| Q1 25 | 7.2% | 0.8% | ||
| Q4 24 | 39.2% | 1.5% | ||
| Q3 24 | 8.2% | 0.5% | ||
| Q2 24 | 9.8% | 0.5% | ||
| Q1 24 | 11.2% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 0.16× | 1.19× | ||
| Q1 24 | -0.65× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
