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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Piedmont Realty Trust, Inc. (PDM). 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 $142.9M, roughly 1.8× Piedmont Realty Trust, Inc.). ASHFORD HOSPITALITY TRUST INC runs the higher net margin — -26.8% vs -30.3%, a 3.5% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (-0.3% vs -6.0%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% 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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
AHT vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $142.9M |
| Net Profit | $-69.3M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | — |
| Net Margin | -26.8% | -30.3% |
| Revenue YoY | -6.0% | -0.3% |
| Net Profit YoY | 44.2% | -44.3% |
| EPS (diluted) | $-12.85 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $266.1M | $139.2M | ||
| Q2 25 | $302.0M | $140.3M | ||
| Q1 25 | $277.4M | $142.7M | ||
| Q4 24 | $275.5M | $143.2M | ||
| Q3 24 | $276.6M | $139.3M | ||
| Q2 24 | $316.5M | $143.3M | ||
| Q1 24 | $303.9M | $144.5M |
| Q4 25 | $-69.3M | $-43.2M | ||
| Q3 25 | $-60.1M | $-13.5M | ||
| Q2 25 | $-30.4M | $-16.8M | ||
| Q1 25 | $-20.0M | $-10.1M | ||
| Q4 24 | $-124.2M | $-30.0M | ||
| Q3 24 | $-57.9M | $-11.5M | ||
| Q2 24 | $50.3M | $-9.8M | ||
| Q1 24 | $71.6M | $-27.8M |
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 42.8% | — | ||
| Q1 24 | 50.2% | — |
| Q4 25 | -26.8% | -30.3% | ||
| Q3 25 | -22.6% | -9.7% | ||
| Q2 25 | -10.1% | -12.0% | ||
| Q1 25 | -7.2% | -7.1% | ||
| Q4 24 | -45.1% | -20.9% | ||
| Q3 24 | -20.9% | -8.3% | ||
| Q2 24 | 15.9% | -6.8% | ||
| Q1 24 | 23.5% | -19.2% |
| Q4 25 | $-12.85 | $-0.34 | ||
| Q3 25 | $-11.35 | $-0.11 | ||
| Q2 25 | $-6.88 | $-0.14 | ||
| Q1 25 | $-4.91 | $-0.08 | ||
| Q4 24 | $-13.64 | $-0.25 | ||
| Q3 24 | $-12.39 | $-0.09 | ||
| Q2 24 | $2.50 | $-0.08 | ||
| Q1 24 | $5.99 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | $2.5B | $2.2B |
| Stockholders' EquityBook value | $-626.4M | $1.5B |
| Total Assets | $2.8B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $731.0K | ||
| Q3 25 | $81.9M | $3.0M | ||
| Q2 25 | $100.0M | $3.3M | ||
| Q1 25 | $85.8M | $2.9M | ||
| Q4 24 | $112.9M | $109.6M | ||
| Q3 24 | $119.7M | $133.6M | ||
| Q2 24 | $121.8M | $138.5M | ||
| Q1 24 | $111.1M | $3.5M |
| Q4 25 | $2.5B | $2.2B | ||
| Q3 25 | $2.6B | $2.2B | ||
| Q2 25 | $2.6B | $2.2B | ||
| Q1 25 | $2.7B | $2.2B | ||
| Q4 24 | $2.6B | $2.2B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.8B | $2.2B | ||
| Q1 24 | $2.9B | $2.1B |
| Q4 25 | $-626.4M | $1.5B | ||
| Q3 25 | $-548.7M | $1.5B | ||
| Q2 25 | $-485.5M | $1.5B | ||
| Q1 25 | $-446.1M | $1.6B | ||
| Q4 24 | $-419.2M | $1.6B | ||
| Q3 24 | $-288.4M | $1.6B | ||
| Q2 24 | $-225.9M | $1.7B | ||
| Q1 24 | $-276.8M | $1.7B |
| Q4 25 | $2.8B | $4.0B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $3.1B | $4.0B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.2B | $4.1B | ||
| Q3 24 | $3.3B | $4.1B | ||
| Q2 24 | $3.3B | $4.2B | ||
| Q1 24 | $3.5B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $140.6M | ||
| Q3 25 | $5.5M | $35.8M | ||
| Q2 25 | $16.3M | $50.1M | ||
| Q1 25 | $-25.0M | $3.7M | ||
| Q4 24 | $-23.6M | $198.1M | ||
| Q3 24 | $795.0K | $42.9M | ||
| Q2 24 | $8.0M | $66.8M | ||
| Q1 24 | $-46.5M | $23.4M |
| 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 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
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% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
