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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and UPWORK, INC (UPWK). 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 $198.4M, roughly 1.3× UPWORK, INC). UPWORK, INC runs the higher net margin — 7.9% vs -26.8%, a 34.6% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (3.6% vs -6.0%). UPWORK, INC produced more free cash flow last quarter ($63.2M vs $-86.8M). Over the past eight quarters, UPWORK, INC's revenue compounded faster (1.9% 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.
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
AHT vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $198.4M |
| Net Profit | $-69.3M | $15.6M |
| Gross Margin | — | 78.0% |
| Operating Margin | -2.6% | 14.3% |
| Net Margin | -26.8% | 7.9% |
| Revenue YoY | -6.0% | 3.6% |
| Net Profit YoY | 44.2% | -89.4% |
| EPS (diluted) | $-12.85 | $0.12 |
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 | $198.4M | ||
| Q3 25 | $266.1M | $201.7M | ||
| Q2 25 | $302.0M | $194.9M | ||
| Q1 25 | $277.4M | $192.7M | ||
| Q4 24 | $275.5M | $191.5M | ||
| Q3 24 | $276.6M | $193.8M | ||
| Q2 24 | $316.5M | $193.1M | ||
| Q1 24 | $303.9M | $190.9M |
| Q4 25 | $-69.3M | $15.6M | ||
| Q3 25 | $-60.1M | $29.3M | ||
| Q2 25 | $-30.4M | $32.7M | ||
| Q1 25 | $-20.0M | $37.7M | ||
| Q4 24 | $-124.2M | $147.2M | ||
| Q3 24 | $-57.9M | $27.8M | ||
| Q2 24 | $50.3M | $22.2M | ||
| Q1 24 | $71.6M | $18.4M |
| Q4 25 | — | 78.0% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.7% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 77.6% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.9% |
| Q4 25 | -2.6% | 14.3% | ||
| Q3 25 | 4.6% | 14.8% | ||
| Q2 25 | 16.3% | 16.7% | ||
| Q1 25 | 22.2% | 20.1% | ||
| Q4 24 | -17.8% | 7.1% | ||
| Q3 24 | 7.3% | 10.7% | ||
| Q2 24 | 42.8% | 9.2% | ||
| Q1 24 | 50.2% | 6.8% |
| Q4 25 | -26.8% | 7.9% | ||
| Q3 25 | -22.6% | 14.5% | ||
| Q2 25 | -10.1% | 16.8% | ||
| Q1 25 | -7.2% | 19.6% | ||
| Q4 24 | -45.1% | 76.9% | ||
| Q3 24 | -20.9% | 14.3% | ||
| Q2 24 | 15.9% | 11.5% | ||
| Q1 24 | 23.5% | 9.7% |
| Q4 25 | $-12.85 | $0.12 | ||
| Q3 25 | $-11.35 | $0.21 | ||
| Q2 25 | $-6.88 | $0.24 | ||
| Q1 25 | $-4.91 | $0.27 | ||
| Q4 24 | $-13.64 | $1.02 | ||
| Q3 24 | $-12.39 | $0.20 | ||
| Q2 24 | $2.50 | $0.17 | ||
| Q1 24 | $5.99 | $0.13 |
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 | $672.8M |
| Total DebtLower is stronger | $2.5B | $359.8M |
| Stockholders' EquityBook value | $-626.4M | $630.3M |
| Total Assets | $2.8B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $672.8M | ||
| Q3 25 | $81.9M | $643.1M | ||
| Q2 25 | $100.0M | $634.6M | ||
| Q1 25 | $85.8M | $622.1M | ||
| Q4 24 | $112.9M | $622.1M | ||
| Q3 24 | $119.7M | $601.2M | ||
| Q2 24 | $121.8M | $497.7M | ||
| Q1 24 | $111.1M | $490.6M |
| Q4 25 | $2.5B | $359.8M | ||
| Q3 25 | $2.6B | $359.3M | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | $357.9M | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $-626.4M | $630.3M | ||
| Q3 25 | $-548.7M | $628.1M | ||
| Q2 25 | $-485.5M | $608.7M | ||
| Q1 25 | $-446.1M | $594.3M | ||
| Q4 24 | $-419.2M | $575.4M | ||
| Q3 24 | $-288.4M | $411.2M | ||
| Q2 24 | $-225.9M | $361.1M | ||
| Q1 24 | $-276.8M | $348.9M |
| Q4 25 | $2.8B | $1.3B | ||
| Q3 25 | $3.0B | $1.3B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $3.1B | $1.2B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.3B | $1.1B | ||
| Q2 24 | $3.3B | $1.0B | ||
| Q1 24 | $3.5B | $1.0B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $63.7M |
| Free Cash FlowOCF − Capex | $-86.8M | $63.2M |
| FCF MarginFCF / Revenue | -33.5% | 31.9% |
| Capex IntensityCapex / Revenue | 27.5% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $63.7M | ||
| Q3 25 | $5.5M | $75.1M | ||
| Q2 25 | $16.3M | $72.5M | ||
| Q1 25 | $-25.0M | $37.0M | ||
| Q4 24 | $-23.6M | $38.6M | ||
| Q3 24 | $795.0K | $61.0M | ||
| Q2 24 | $8.0M | $39.2M | ||
| Q1 24 | $-46.5M | $14.8M |
| Q4 25 | $-86.8M | $63.2M | ||
| Q3 25 | $-226.0K | $74.6M | ||
| Q2 25 | $-3.6M | $70.1M | ||
| Q1 25 | $-44.8M | $34.5M | ||
| Q4 24 | $-131.6M | $37.0M | ||
| Q3 24 | $-21.8M | $59.8M | ||
| Q2 24 | $-22.9M | $38.6M | ||
| Q1 24 | $-80.4M | $14.6M |
| Q4 25 | -33.5% | 31.9% | ||
| Q3 25 | -0.1% | 37.0% | ||
| Q2 25 | -1.2% | 36.0% | ||
| Q1 25 | -16.2% | 17.9% | ||
| Q4 24 | -47.8% | 19.3% | ||
| Q3 24 | -7.9% | 30.8% | ||
| Q2 24 | -7.2% | 20.0% | ||
| Q1 24 | -26.5% | 7.7% |
| Q4 25 | 27.5% | 0.2% | ||
| Q3 25 | 2.1% | 0.2% | ||
| Q2 25 | 6.6% | 1.2% | ||
| Q1 25 | 7.2% | 1.3% | ||
| Q4 24 | 39.2% | 0.8% | ||
| Q3 24 | 8.2% | 0.6% | ||
| Q2 24 | 9.8% | 0.3% | ||
| Q1 24 | 11.2% | 0.1% |
| Q4 25 | — | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 2.22× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 2.20× | ||
| Q2 24 | 0.16× | 1.76× | ||
| Q1 24 | -0.65× | 0.80× |
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% |
UPWK
Segment breakdown not available.
