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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and SPS COMMERCE INC (SPSC). 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 $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -26.8%, a 40.2% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -6.0%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-86.8M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
AHT vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $192.7M |
| Net Profit | $-69.3M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -2.6% | 18.0% |
| Net Margin | -26.8% | 13.4% |
| Revenue YoY | -6.0% | 12.7% |
| Net Profit YoY | 44.2% | 47.2% |
| EPS (diluted) | $-12.85 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $266.1M | $189.9M | ||
| Q2 25 | $302.0M | $187.4M | ||
| Q1 25 | $277.4M | $181.5M | ||
| Q4 24 | $275.5M | $170.9M | ||
| Q3 24 | $276.6M | $163.7M | ||
| Q2 24 | $316.5M | $153.6M | ||
| Q1 24 | $303.9M | $149.6M |
| Q4 25 | $-69.3M | $25.8M | ||
| Q3 25 | $-60.1M | $25.6M | ||
| Q2 25 | $-30.4M | $19.7M | ||
| Q1 25 | $-20.0M | $22.2M | ||
| Q4 24 | $-124.2M | $17.6M | ||
| Q3 24 | $-57.9M | $23.5M | ||
| Q2 24 | $50.3M | $18.0M | ||
| Q1 24 | $71.6M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -2.6% | 18.0% | ||
| Q3 25 | 4.6% | 16.4% | ||
| Q2 25 | 16.3% | 14.1% | ||
| Q1 25 | 22.2% | 14.3% | ||
| Q4 24 | -17.8% | 14.5% | ||
| Q3 24 | 7.3% | 15.6% | ||
| Q2 24 | 42.8% | 15.1% | ||
| Q1 24 | 50.2% | 10.3% |
| Q4 25 | -26.8% | 13.4% | ||
| Q3 25 | -22.6% | 13.5% | ||
| Q2 25 | -10.1% | 10.5% | ||
| Q1 25 | -7.2% | 12.2% | ||
| Q4 24 | -45.1% | 10.3% | ||
| Q3 24 | -20.9% | 14.3% | ||
| Q2 24 | 15.9% | 11.7% | ||
| Q1 24 | 23.5% | 12.0% |
| Q4 25 | $-12.85 | $0.69 | ||
| Q3 25 | $-11.35 | $0.67 | ||
| Q2 25 | $-6.88 | $0.52 | ||
| Q1 25 | $-4.91 | $0.58 | ||
| Q4 24 | $-13.64 | $0.46 | ||
| Q3 24 | $-12.39 | $0.62 | ||
| Q2 24 | $2.50 | $0.48 | ||
| Q1 24 | $5.99 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $973.9M |
| Total Assets | $2.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $151.4M | ||
| Q3 25 | $81.9M | $133.7M | ||
| Q2 25 | $100.0M | $107.6M | ||
| Q1 25 | $85.8M | $94.9M | ||
| Q4 24 | $112.9M | $241.0M | ||
| Q3 24 | $119.7M | $205.8M | ||
| Q2 24 | $121.8M | $271.8M | ||
| Q1 24 | $111.1M | $290.8M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $-626.4M | $973.9M | ||
| Q3 25 | $-548.7M | $958.9M | ||
| Q2 25 | $-485.5M | $949.8M | ||
| Q1 25 | $-446.1M | $920.9M | ||
| Q4 24 | $-419.2M | $854.7M | ||
| Q3 24 | $-288.4M | $829.4M | ||
| Q2 24 | $-225.9M | $703.4M | ||
| Q1 24 | $-276.8M | $683.0M |
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.3B | $854.5M | ||
| Q1 24 | $3.5B | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-86.8M | $38.2M |
| FCF MarginFCF / Revenue | -33.5% | 19.8% |
| Capex IntensityCapex / Revenue | 27.5% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $45.9M | ||
| Q3 25 | $5.5M | $60.6M | ||
| Q2 25 | $16.3M | $32.3M | ||
| Q1 25 | $-25.0M | $40.0M | ||
| Q4 24 | $-23.6M | $40.6M | ||
| Q3 24 | $795.0K | $53.3M | ||
| Q2 24 | $8.0M | $29.4M | ||
| Q1 24 | $-46.5M | $34.1M |
| Q4 25 | $-86.8M | $38.2M | ||
| Q3 25 | $-226.0K | $54.6M | ||
| Q2 25 | $-3.6M | $25.7M | ||
| Q1 25 | $-44.8M | $33.8M | ||
| Q4 24 | $-131.6M | $34.3M | ||
| Q3 24 | $-21.8M | $48.1M | ||
| Q2 24 | $-22.9M | $24.4M | ||
| Q1 24 | $-80.4M | $30.5M |
| Q4 25 | -33.5% | 19.8% | ||
| Q3 25 | -0.1% | 28.7% | ||
| Q2 25 | -1.2% | 13.7% | ||
| Q1 25 | -16.2% | 18.6% | ||
| Q4 24 | -47.8% | 20.1% | ||
| Q3 24 | -7.9% | 29.4% | ||
| Q2 24 | -7.2% | 15.9% | ||
| Q1 24 | -26.5% | 20.4% |
| Q4 25 | 27.5% | 4.0% | ||
| Q3 25 | 2.1% | 3.2% | ||
| Q2 25 | 6.6% | 3.6% | ||
| Q1 25 | 7.2% | 3.4% | ||
| Q4 24 | 39.2% | 3.6% | ||
| Q3 24 | 8.2% | 3.2% | ||
| Q2 24 | 9.8% | 3.3% | ||
| Q1 24 | 11.2% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | 0.16× | 1.63× | ||
| Q1 24 | -0.65× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
