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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Pangaea Logistics Solutions Ltd. (PANL). 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 $183.9M, roughly 1.4× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs -26.8%, a 33.2% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs -6.0%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
AHT vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $183.9M |
| Net Profit | $-69.3M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 9.5% |
| Net Margin | -26.8% | 6.5% |
| Revenue YoY | -6.0% | 24.9% |
| Net Profit YoY | 44.2% | 40.9% |
| EPS (diluted) | $-12.85 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $266.1M | $168.7M | ||
| Q2 25 | $302.0M | $156.7M | ||
| Q1 25 | $277.4M | $122.8M | ||
| Q4 24 | $275.5M | $147.2M | ||
| Q3 24 | $276.6M | $153.1M | ||
| Q2 24 | $316.5M | $131.5M | ||
| Q1 24 | $303.9M | $104.7M |
| Q4 25 | $-69.3M | $11.9M | ||
| Q3 25 | $-60.1M | $12.2M | ||
| Q2 25 | $-30.4M | $-2.7M | ||
| Q1 25 | $-20.0M | $-2.0M | ||
| Q4 24 | $-124.2M | $8.4M | ||
| Q3 24 | $-57.9M | $5.1M | ||
| Q2 24 | $50.3M | $3.7M | ||
| Q1 24 | $71.6M | $11.7M |
| Q4 25 | -2.6% | 9.5% | ||
| Q3 25 | 4.6% | 10.0% | ||
| Q2 25 | 16.3% | 2.3% | ||
| Q1 25 | 22.2% | 2.4% | ||
| Q4 24 | -17.8% | 10.1% | ||
| Q3 24 | 7.3% | 9.8% | ||
| Q2 24 | 42.8% | 5.8% | ||
| Q1 24 | 50.2% | 10.5% |
| Q4 25 | -26.8% | 6.5% | ||
| Q3 25 | -22.6% | 7.2% | ||
| Q2 25 | -10.1% | -1.8% | ||
| Q1 25 | -7.2% | -1.6% | ||
| Q4 24 | -45.1% | 5.7% | ||
| Q3 24 | -20.9% | 3.3% | ||
| Q2 24 | 15.9% | 2.8% | ||
| Q1 24 | 23.5% | 11.1% |
| Q4 25 | $-12.85 | $0.18 | ||
| Q3 25 | $-11.35 | $0.19 | ||
| Q2 25 | $-6.88 | $-0.04 | ||
| Q1 25 | $-4.91 | $-0.03 | ||
| Q4 24 | $-13.64 | $0.19 | ||
| Q3 24 | $-12.39 | $0.11 | ||
| Q2 24 | $2.50 | $0.08 | ||
| Q1 24 | $5.99 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | $2.5B | $249.6M |
| Stockholders' EquityBook value | $-626.4M | $429.3M |
| Total Assets | $2.8B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $103.1M | ||
| Q3 25 | $81.9M | $94.0M | ||
| Q2 25 | $100.0M | $59.3M | ||
| Q1 25 | $85.8M | $63.9M | ||
| Q4 24 | $112.9M | $86.8M | ||
| Q3 24 | $119.7M | $93.1M | ||
| Q2 24 | $121.8M | $77.9M | ||
| Q1 24 | $111.1M | $95.9M |
| Q4 25 | $2.5B | $249.6M | ||
| Q3 25 | $2.6B | $256.2M | ||
| Q2 25 | $2.6B | $244.7M | ||
| Q1 25 | $2.7B | $251.0M | ||
| Q4 24 | $2.6B | $257.2M | ||
| Q3 24 | $2.7B | $133.6M | ||
| Q2 24 | $2.8B | $90.5M | ||
| Q1 24 | $2.9B | $95.9M |
| Q4 25 | $-626.4M | $429.3M | ||
| Q3 25 | $-548.7M | $420.3M | ||
| Q2 25 | $-485.5M | $414.4M | ||
| Q1 25 | $-446.1M | $420.8M | ||
| Q4 24 | $-419.2M | $427.8M | ||
| Q3 24 | $-288.4M | $332.6M | ||
| Q2 24 | $-225.9M | $331.5M | ||
| Q1 24 | $-276.8M | $332.0M |
| Q4 25 | $2.8B | $928.1M | ||
| Q3 25 | $3.0B | $932.1M | ||
| Q2 25 | $3.1B | $916.0M | ||
| Q1 25 | $3.1B | $918.0M | ||
| Q4 24 | $3.2B | $936.5M | ||
| Q3 24 | $3.3B | $749.2M | ||
| Q2 24 | $3.3B | $692.9M | ||
| Q1 24 | $3.5B | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $15.1M | ||
| Q3 25 | $5.5M | $28.6M | ||
| Q2 25 | $16.3M | $14.4M | ||
| Q1 25 | $-25.0M | $-4.4M | ||
| Q4 24 | $-23.6M | $19.3M | ||
| Q3 24 | $795.0K | $28.5M | ||
| Q2 24 | $8.0M | $9.0M | ||
| Q1 24 | $-46.5M | $9.0M |
| 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 24 | $-80.4M | — |
| 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 24 | -26.5% | — |
| 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 24 | 11.2% | — |
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | 0.16× | 2.43× | ||
| Q1 24 | -0.65× | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
