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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Terreno Realty Corp (TRNO). 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 $137.5M, roughly 1.9× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -26.8%, a 141.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -6.0%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
AHT vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $137.5M |
| Net Profit | $-69.3M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | — |
| Net Margin | -26.8% | 115.1% |
| Revenue YoY | -6.0% | 32.6% |
| Net Profit YoY | 44.2% | 107.9% |
| EPS (diluted) | $-12.85 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $266.1M | $116.2M | ||
| Q2 25 | $302.0M | $112.2M | ||
| Q1 25 | $277.4M | $110.4M | ||
| Q4 24 | $275.5M | $103.7M | ||
| Q3 24 | $276.6M | $99.6M | ||
| Q2 24 | $316.5M | $94.2M | ||
| Q1 24 | $303.9M | $85.0M |
| Q4 25 | $-69.3M | $158.2M | ||
| Q3 25 | $-60.1M | $103.4M | ||
| Q2 25 | $-30.4M | $93.3M | ||
| Q1 25 | $-20.0M | $48.1M | ||
| Q4 24 | $-124.2M | $76.1M | ||
| Q3 24 | $-57.9M | $36.6M | ||
| Q2 24 | $50.3M | $35.7M | ||
| Q1 24 | $71.6M | $36.1M |
| 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% | 115.1% | ||
| Q3 25 | -22.6% | 88.9% | ||
| Q2 25 | -10.1% | 83.1% | ||
| Q1 25 | -7.2% | 43.6% | ||
| Q4 24 | -45.1% | 73.4% | ||
| Q3 24 | -20.9% | 36.8% | ||
| Q2 24 | 15.9% | 37.9% | ||
| Q1 24 | 23.5% | 42.4% |
| Q4 25 | $-12.85 | $1.54 | ||
| Q3 25 | $-11.35 | $1.00 | ||
| Q2 25 | $-6.88 | $0.90 | ||
| Q1 25 | $-4.91 | $0.47 | ||
| Q4 24 | $-13.64 | $0.78 | ||
| Q3 24 | $-12.39 | $0.37 | ||
| Q2 24 | $2.50 | $0.37 | ||
| Q1 24 | $5.99 | $0.40 |
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 | $943.3M |
| Stockholders' EquityBook value | $-626.4M | $4.1B |
| Total Assets | $2.8B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $25.0M | ||
| Q3 25 | $81.9M | $26.2M | ||
| Q2 25 | $100.0M | $128.4M | ||
| Q1 25 | $85.8M | $156.5M | ||
| Q4 24 | $112.9M | $18.1M | ||
| Q3 24 | $119.7M | $243.7M | ||
| Q2 24 | $121.8M | $182.0M | ||
| Q1 24 | $111.1M | $649.6M |
| Q4 25 | $2.5B | $943.3M | ||
| Q3 25 | $2.6B | $1.0B | ||
| Q2 25 | $2.6B | $742.4M | ||
| Q1 25 | $2.7B | $741.9M | ||
| Q4 24 | $2.6B | $823.4M | ||
| Q3 24 | $2.7B | $672.2M | ||
| Q2 24 | $2.8B | $772.0M | ||
| Q1 24 | $2.9B | $771.8M |
| Q4 25 | $-626.4M | $4.1B | ||
| Q3 25 | $-548.7M | $4.0B | ||
| Q2 25 | $-485.5M | $3.9B | ||
| Q1 25 | $-446.1M | $3.9B | ||
| Q4 24 | $-419.2M | $3.7B | ||
| Q3 24 | $-288.4M | $3.6B | ||
| Q2 24 | $-225.9M | $3.4B | ||
| Q1 24 | $-276.8M | $3.4B |
| Q4 25 | $2.8B | $5.4B | ||
| Q3 25 | $3.0B | $5.3B | ||
| Q2 25 | $3.1B | $5.0B | ||
| Q1 25 | $3.1B | $4.9B | ||
| Q4 24 | $3.2B | $4.8B | ||
| Q3 24 | $3.3B | $4.6B | ||
| Q2 24 | $3.3B | $4.5B | ||
| Q1 24 | $3.5B | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $271.9M | ||
| Q3 25 | $5.5M | $79.5M | ||
| Q2 25 | $16.3M | $60.6M | ||
| Q1 25 | $-25.0M | $61.4M | ||
| Q4 24 | $-23.6M | $232.7M | ||
| Q3 24 | $795.0K | $70.0M | ||
| Q2 24 | $8.0M | $64.3M | ||
| Q1 24 | $-46.5M | $47.0M |
| 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% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 11.2% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | 0.16× | 1.80× | ||
| Q1 24 | -0.65× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
