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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and ONE Group Hospitality, Inc. (STKS). 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 $207.0M, roughly 1.3× ONE Group Hospitality, Inc.). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -26.8%, a 23.7% gap on every dollar of revenue. On growth, ASHFORD HOSPITALITY TRUST INC posted the faster year-over-year revenue change (-6.0% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K vs $-86.8M). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
AHT vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $207.0M |
| Net Profit | $-69.3M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 2.2% |
| Net Margin | -26.8% | -3.1% |
| Revenue YoY | -6.0% | -6.7% |
| Net Profit YoY | 44.2% | -531.8% |
| EPS (diluted) | $-12.85 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $266.1M | $180.2M | ||
| Q2 25 | $302.0M | $207.4M | ||
| Q1 25 | $277.4M | $211.1M | ||
| Q4 24 | $275.5M | $221.9M | ||
| Q3 24 | $276.6M | $194.0M | ||
| Q2 24 | $316.5M | $172.5M | ||
| Q1 24 | $303.9M | $85.0M |
| Q4 25 | $-69.3M | $-6.4M | ||
| Q3 25 | $-60.1M | $-76.7M | ||
| Q2 25 | $-30.4M | $-10.1M | ||
| Q1 25 | $-20.0M | $975.0K | ||
| Q4 24 | $-124.2M | $1.5M | ||
| Q3 24 | $-57.9M | $-9.3M | ||
| Q2 24 | $50.3M | $-7.3M | ||
| Q1 24 | $71.6M | $-2.1M |
| Q4 25 | -2.6% | 2.2% | ||
| Q3 25 | 4.6% | -4.4% | ||
| Q2 25 | 16.3% | 0.3% | ||
| Q1 25 | 22.2% | 5.1% | ||
| Q4 24 | -17.8% | 5.5% | ||
| Q3 24 | 7.3% | -1.9% | ||
| Q2 24 | 42.8% | 0.6% | ||
| Q1 24 | 50.2% | -0.7% |
| Q4 25 | -26.8% | -3.1% | ||
| Q3 25 | -22.6% | -42.6% | ||
| Q2 25 | -10.1% | -4.9% | ||
| Q1 25 | -7.2% | 0.5% | ||
| Q4 24 | -45.1% | 0.7% | ||
| Q3 24 | -20.9% | -4.8% | ||
| Q2 24 | 15.9% | -4.3% | ||
| Q1 24 | 23.5% | -2.4% |
| Q4 25 | $-12.85 | $-0.50 | ||
| Q3 25 | $-11.35 | $-2.75 | ||
| Q2 25 | $-6.88 | $-0.59 | ||
| Q1 25 | $-4.91 | $-0.21 | ||
| Q4 24 | $-13.64 | $-0.18 | ||
| Q3 24 | $-12.39 | $-0.53 | ||
| Q2 24 | $2.50 | $-0.38 | ||
| Q1 24 | $5.99 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | $2.5B | $354.2M |
| Stockholders' EquityBook value | $-626.4M | $-75.8M |
| Total Assets | $2.8B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $4.2M | ||
| Q3 25 | $81.9M | $5.5M | ||
| Q2 25 | $100.0M | $4.7M | ||
| Q1 25 | $85.8M | $21.4M | ||
| Q4 24 | $112.9M | $27.6M | ||
| Q3 24 | $119.7M | $28.2M | ||
| Q2 24 | $121.8M | $32.2M | ||
| Q1 24 | $111.1M | $15.4M |
| Q4 25 | $2.5B | $354.2M | ||
| Q3 25 | $2.6B | $355.0M | ||
| Q2 25 | $2.6B | $347.4M | ||
| Q1 25 | $2.7B | $348.3M | ||
| Q4 24 | $2.6B | $348.3M | ||
| Q3 24 | $2.7B | $349.1M | ||
| Q2 24 | $2.8B | $350.0M | ||
| Q1 24 | $2.9B | $73.5M |
| Q4 25 | $-626.4M | $-75.8M | ||
| Q3 25 | $-548.7M | $-61.5M | ||
| Q2 25 | $-485.5M | $23.0M | ||
| Q1 25 | $-446.1M | $40.5M | ||
| Q4 24 | $-419.2M | $45.9M | ||
| Q3 24 | $-288.4M | $51.4M | ||
| Q2 24 | $-225.9M | $68.1M | ||
| Q1 24 | $-276.8M | $68.3M |
| Q4 25 | $2.8B | $884.2M | ||
| Q3 25 | $3.0B | $879.5M | ||
| Q2 25 | $3.1B | $935.7M | ||
| Q1 25 | $3.1B | $956.0M | ||
| Q4 24 | $3.2B | $960.1M | ||
| Q3 24 | $3.3B | $953.5M | ||
| Q2 24 | $3.3B | $945.9M | ||
| Q1 24 | $3.5B | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-86.8M | $-329.0K |
| FCF MarginFCF / Revenue | -33.5% | -0.2% |
| Capex IntensityCapex / Revenue | 27.5% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $13.1M | ||
| Q3 25 | $5.5M | $5.9M | ||
| Q2 25 | $16.3M | $2.8M | ||
| Q1 25 | $-25.0M | $8.5M | ||
| Q4 24 | $-23.6M | $18.5M | ||
| Q3 24 | $795.0K | $19.1M | ||
| Q2 24 | $8.0M | $-3.8M | ||
| Q1 24 | $-46.5M | $10.4M |
| Q4 25 | $-86.8M | $-329.0K | ||
| Q3 25 | $-226.0K | $-6.1M | ||
| Q2 25 | $-3.6M | $-15.0M | ||
| Q1 25 | $-44.8M | $-5.8M | ||
| Q4 24 | $-131.6M | $733.0K | ||
| Q3 24 | $-21.8M | $287.0K | ||
| Q2 24 | $-22.9M | $-23.0M | ||
| Q1 24 | $-80.4M | $-5.4M |
| Q4 25 | -33.5% | -0.2% | ||
| Q3 25 | -0.1% | -3.4% | ||
| Q2 25 | -1.2% | -7.2% | ||
| Q1 25 | -16.2% | -2.7% | ||
| Q4 24 | -47.8% | 0.3% | ||
| Q3 24 | -7.9% | 0.1% | ||
| Q2 24 | -7.2% | -13.3% | ||
| Q1 24 | -26.5% | -6.4% |
| Q4 25 | 27.5% | 6.5% | ||
| Q3 25 | 2.1% | 6.7% | ||
| Q2 25 | 6.6% | 8.6% | ||
| Q1 25 | 7.2% | 6.8% | ||
| Q4 24 | 39.2% | 8.0% | ||
| Q3 24 | 8.2% | 9.7% | ||
| Q2 24 | 9.8% | 11.1% | ||
| Q1 24 | 11.2% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
