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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $259.0M, roughly 1.5× ASHFORD HOSPITALITY TRUST INC). P3 Health Partners Inc. runs the higher net margin — -19.6% vs -26.8%, a 7.1% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -6.0%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% 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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
AHT vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $384.8M |
| Net Profit | $-69.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -40.0% |
| Net Margin | -26.8% | -19.6% |
| Revenue YoY | -6.0% | 3.8% |
| Net Profit YoY | 44.2% | -28.8% |
| EPS (diluted) | $-12.85 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $266.1M | $345.3M | ||
| Q2 25 | $302.0M | $355.8M | ||
| Q1 25 | $277.4M | $373.2M | ||
| Q4 24 | $275.5M | $370.7M | ||
| Q3 24 | $276.6M | $362.1M | ||
| Q2 24 | $316.5M | $379.2M | ||
| Q1 24 | $303.9M | $388.5M |
| Q4 25 | $-69.3M | $-75.5M | ||
| Q3 25 | $-60.1M | $-31.6M | ||
| Q2 25 | $-30.4M | $-20.4M | ||
| Q1 25 | $-20.0M | $-20.5M | ||
| Q4 24 | $-124.2M | $-58.6M | ||
| Q3 24 | $-57.9M | $-46.5M | ||
| Q2 24 | $50.3M | $-12.0M | ||
| Q1 24 | $71.6M | $-18.7M |
| Q4 25 | -2.6% | -40.0% | ||
| Q3 25 | 4.6% | -12.8% | ||
| Q2 25 | 16.3% | -9.6% | ||
| Q1 25 | 22.2% | -10.2% | ||
| Q4 24 | -17.8% | -37.4% | ||
| Q3 24 | 7.3% | -29.5% | ||
| Q2 24 | 42.8% | -8.3% | ||
| Q1 24 | 50.2% | -11.3% |
| Q4 25 | -26.8% | -19.6% | ||
| Q3 25 | -22.6% | -9.1% | ||
| Q2 25 | -10.1% | -5.7% | ||
| Q1 25 | -7.2% | -5.5% | ||
| Q4 24 | -45.1% | -15.8% | ||
| Q3 24 | -20.9% | -12.8% | ||
| Q2 24 | 15.9% | -3.2% | ||
| Q1 24 | 23.5% | -4.8% |
| Q4 25 | $-12.85 | $-23.08 | ||
| Q3 25 | $-11.35 | $-9.67 | ||
| Q2 25 | $-6.88 | $-6.23 | ||
| Q1 25 | $-4.91 | $-6.28 | ||
| Q4 24 | $-13.64 | $-23.13 | ||
| Q3 24 | $-12.39 | $-15.70 | ||
| Q2 24 | $2.50 | $-7.37 | ||
| Q1 24 | $5.99 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $2.5B | $228.4M |
| Stockholders' EquityBook value | $-626.4M | $-155.2M |
| Total Assets | $2.8B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $25.0M | ||
| Q3 25 | $81.9M | $37.7M | ||
| Q2 25 | $100.0M | $38.6M | ||
| Q1 25 | $85.8M | $40.1M | ||
| Q4 24 | $112.9M | $38.8M | ||
| Q3 24 | $119.7M | $63.0M | ||
| Q2 24 | $121.8M | $73.1M | ||
| Q1 24 | $111.1M | $27.3M |
| Q4 25 | $2.5B | $228.4M | ||
| Q3 25 | $2.6B | $252.8M | ||
| Q2 25 | $2.6B | $182.0M | ||
| Q1 25 | $2.7B | $171.1M | ||
| Q4 24 | $2.6B | $108.9M | ||
| Q3 24 | $2.7B | $133.2M | ||
| Q2 24 | $2.8B | $133.1M | ||
| Q1 24 | $2.9B | $118.1M |
| Q4 25 | $-626.4M | $-155.2M | ||
| Q3 25 | $-548.7M | $-18.7M | ||
| Q2 25 | $-485.5M | $44.5M | ||
| Q1 25 | $-446.1M | $63.3M | ||
| Q4 24 | $-419.2M | $75.9M | ||
| Q3 24 | $-288.4M | $120.5M | ||
| Q2 24 | $-225.9M | $166.8M | ||
| Q1 24 | $-276.8M | $146.6M |
| Q4 25 | $2.8B | $656.6M | ||
| Q3 25 | $3.0B | $683.6M | ||
| Q2 25 | $3.1B | $731.6M | ||
| Q1 25 | $3.1B | $783.9M | ||
| Q4 24 | $3.2B | $783.4M | ||
| Q3 24 | $3.3B | $833.3M | ||
| Q2 24 | $3.3B | $892.8M | ||
| Q1 24 | $3.5B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| 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 | $-25.7M | ||
| Q3 25 | $5.5M | $-15.4M | ||
| Q2 25 | $16.3M | $-16.6M | ||
| Q1 25 | $-25.0M | $-33.5M | ||
| Q4 24 | $-23.6M | $-57.2M | ||
| Q3 24 | $795.0K | $-22.6M | ||
| Q2 24 | $8.0M | $-10.2M | ||
| Q1 24 | $-46.5M | $-20.0M |
| 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% | 0.0% | ||
| Q3 24 | 8.2% | 0.0% | ||
| Q2 24 | 9.8% | 0.0% | ||
| Q1 24 | 11.2% | 0.0% |
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
