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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $259.0M, roughly 1.5× ASHFORD HOSPITALITY TRUST INC). Paylocity Holding Corp runs the higher net margin — 13.0% vs -26.8%, a 39.7% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs -6.0%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $-86.8M). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% 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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
AHT vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $387.0M |
| Net Profit | $-69.3M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | -2.6% | 18.2% |
| Net Margin | -26.8% | 13.0% |
| Revenue YoY | -6.0% | 11.3% |
| Net Profit YoY | 44.2% | 34.0% |
| EPS (diluted) | $-12.85 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $266.1M | $378.9M | ||
| Q2 25 | $302.0M | $369.9M | ||
| Q1 25 | $277.4M | $421.1M | ||
| Q4 24 | $275.5M | $347.7M | ||
| Q3 24 | $276.6M | $333.1M | ||
| Q2 24 | $316.5M | $324.7M | ||
| Q1 24 | $303.9M | $366.8M |
| Q4 25 | $-69.3M | $50.2M | ||
| Q3 25 | $-60.1M | $48.0M | ||
| Q2 25 | $-30.4M | $48.6M | ||
| Q1 25 | $-20.0M | $91.5M | ||
| Q4 24 | $-124.2M | $37.5M | ||
| Q3 24 | $-57.9M | $49.6M | ||
| Q2 24 | $50.3M | $48.8M | ||
| Q1 24 | $71.6M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | -2.6% | 18.2% | ||
| Q3 25 | 4.6% | 19.6% | ||
| Q2 25 | 16.3% | 17.9% | ||
| Q1 25 | 22.2% | 30.2% | ||
| Q4 24 | -17.8% | 13.4% | ||
| Q3 24 | 7.3% | 19.3% | ||
| Q2 24 | 42.8% | 19.4% | ||
| Q1 24 | 50.2% | 29.0% |
| Q4 25 | -26.8% | 13.0% | ||
| Q3 25 | -22.6% | 12.7% | ||
| Q2 25 | -10.1% | 13.1% | ||
| Q1 25 | -7.2% | 21.7% | ||
| Q4 24 | -45.1% | 10.8% | ||
| Q3 24 | -20.9% | 14.9% | ||
| Q2 24 | 15.9% | 15.0% | ||
| Q1 24 | 23.5% | 23.3% |
| Q4 25 | $-12.85 | $0.92 | ||
| Q3 25 | $-11.35 | $0.86 | ||
| Q2 25 | $-6.88 | $0.87 | ||
| Q1 25 | $-4.91 | $1.61 | ||
| Q4 24 | $-13.64 | $0.66 | ||
| Q3 24 | $-12.39 | $0.88 | ||
| Q2 24 | $2.50 | $0.85 | ||
| Q1 24 | $5.99 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $2.5B | $81.3M |
| Stockholders' EquityBook value | $-626.4M | $1.1B |
| Total Assets | $2.8B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $162.5M | ||
| Q3 25 | $81.9M | $165.2M | ||
| Q2 25 | $100.0M | $398.1M | ||
| Q1 25 | $85.8M | $477.8M | ||
| Q4 24 | $112.9M | $482.4M | ||
| Q3 24 | $119.7M | $778.5M | ||
| Q2 24 | $121.8M | $401.8M | ||
| Q1 24 | $111.1M | $492.7M |
| Q4 25 | $2.5B | $81.3M | ||
| Q3 25 | $2.6B | $81.3M | ||
| Q2 25 | $2.6B | $162.5M | ||
| Q1 25 | $2.7B | $243.8M | ||
| Q4 24 | $2.6B | $325.0M | ||
| Q3 24 | $2.7B | $325.0M | ||
| Q2 24 | $2.8B | $0 | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $-626.4M | $1.1B | ||
| Q3 25 | $-548.7M | $1.1B | ||
| Q2 25 | $-485.5M | $1.2B | ||
| Q1 25 | $-446.1M | $1.2B | ||
| Q4 24 | $-419.2M | $1.2B | ||
| Q3 24 | $-288.4M | $1.1B | ||
| Q2 24 | $-225.9M | $1.0B | ||
| Q1 24 | $-276.8M | $1.1B |
| Q4 25 | $2.8B | $7.0B | ||
| Q3 25 | $3.0B | $4.2B | ||
| Q2 25 | $3.1B | $4.4B | ||
| Q1 25 | $3.1B | $5.2B | ||
| Q4 24 | $3.2B | $5.3B | ||
| Q3 24 | $3.3B | $4.0B | ||
| Q2 24 | $3.3B | $4.2B | ||
| Q1 24 | $3.5B | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
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 | $117.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $113.6M |
| FCF MarginFCF / Revenue | -33.5% | 29.4% |
| Capex IntensityCapex / Revenue | 27.5% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $117.0M | ||
| Q3 25 | $5.5M | $86.5M | ||
| Q2 25 | $16.3M | $86.6M | ||
| Q1 25 | $-25.0M | $186.0M | ||
| Q4 24 | $-23.6M | $54.2M | ||
| Q3 24 | $795.0K | $91.5M | ||
| Q2 24 | $8.0M | $79.9M | ||
| Q1 24 | $-46.5M | $167.5M |
| Q4 25 | $-86.8M | $113.6M | ||
| Q3 25 | $-226.0K | $82.7M | ||
| Q2 25 | $-3.6M | $81.1M | ||
| Q1 25 | $-44.8M | $183.7M | ||
| Q4 24 | $-131.6M | $51.2M | ||
| Q3 24 | $-21.8M | $89.1M | ||
| Q2 24 | $-22.9M | $73.6M | ||
| Q1 24 | $-80.4M | $162.0M |
| Q4 25 | -33.5% | 29.4% | ||
| Q3 25 | -0.1% | 21.8% | ||
| Q2 25 | -1.2% | 21.9% | ||
| Q1 25 | -16.2% | 43.6% | ||
| Q4 24 | -47.8% | 14.7% | ||
| Q3 24 | -7.9% | 26.8% | ||
| Q2 24 | -7.2% | 22.7% | ||
| Q1 24 | -26.5% | 44.2% |
| Q4 25 | 27.5% | 0.9% | ||
| Q3 25 | 2.1% | 1.0% | ||
| Q2 25 | 6.6% | 1.5% | ||
| Q1 25 | 7.2% | 0.5% | ||
| Q4 24 | 39.2% | 0.9% | ||
| Q3 24 | 8.2% | 0.7% | ||
| Q2 24 | 9.8% | 1.9% | ||
| Q1 24 | 11.2% | 1.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | 0.16× | 1.64× | ||
| Q1 24 | -0.65× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
