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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $259.0M, roughly 1.5× ASHFORD HOSPITALITY TRUST INC). INNOVATE Corp. runs the higher net margin — -1.9% vs -26.8%, a 24.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -6.0%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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.
Innovate Corp. is an American public financial services company founded in 1994.
AHT vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $382.7M |
| Net Profit | $-69.3M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -2.6% | 3.7% |
| Net Margin | -26.8% | -1.9% |
| Revenue YoY | -6.0% | 61.7% |
| Net Profit YoY | 44.2% | 55.4% |
| EPS (diluted) | $-12.85 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $266.1M | $347.1M | ||
| Q2 25 | $302.0M | $242.0M | ||
| Q1 25 | $277.4M | $274.2M | ||
| Q4 24 | $275.5M | $236.6M | ||
| Q3 24 | $276.6M | $242.2M | ||
| Q2 24 | $316.5M | $313.1M | ||
| Q1 24 | $303.9M | $315.2M |
| Q4 25 | $-69.3M | $-7.4M | ||
| Q3 25 | $-60.1M | $-8.9M | ||
| Q2 25 | $-30.4M | $-19.8M | ||
| Q1 25 | $-20.0M | $-24.5M | ||
| Q4 24 | $-124.2M | $-16.6M | ||
| Q3 24 | $-57.9M | $-15.0M | ||
| Q2 24 | $50.3M | $14.4M | ||
| Q1 24 | $71.6M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | -2.6% | 3.7% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 16.3% | 2.0% | ||
| Q1 25 | 22.2% | 1.2% | ||
| Q4 24 | -17.8% | 1.1% | ||
| Q3 24 | 7.3% | 2.4% | ||
| Q2 24 | 42.8% | 9.2% | ||
| Q1 24 | 50.2% | 0.9% |
| Q4 25 | -26.8% | -1.9% | ||
| Q3 25 | -22.6% | -2.6% | ||
| Q2 25 | -10.1% | -8.2% | ||
| Q1 25 | -7.2% | -8.9% | ||
| Q4 24 | -45.1% | -7.0% | ||
| Q3 24 | -20.9% | -6.2% | ||
| Q2 24 | 15.9% | 4.6% | ||
| Q1 24 | 23.5% | -5.5% |
| Q4 25 | $-12.85 | $-0.57 | ||
| Q3 25 | $-11.35 | $-0.71 | ||
| Q2 25 | $-6.88 | $-1.67 | ||
| Q1 25 | $-4.91 | $-1.89 | ||
| Q4 24 | $-13.64 | $-0.72 | ||
| Q3 24 | $-12.39 | $-1.18 | ||
| Q2 24 | $2.50 | $1.03 | ||
| Q1 24 | $5.99 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $2.5B | $80.3M |
| Stockholders' EquityBook value | $-626.4M | $-240.1M |
| Total Assets | $2.8B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $112.1M | ||
| Q3 25 | $81.9M | $35.5M | ||
| Q2 25 | $100.0M | $33.4M | ||
| Q1 25 | $85.8M | $33.3M | ||
| Q4 24 | $112.9M | $48.8M | ||
| Q3 24 | $119.7M | $51.0M | ||
| Q2 24 | $121.8M | $80.2M | ||
| Q1 24 | $111.1M | $38.4M |
| Q4 25 | $2.5B | $80.3M | ||
| Q3 25 | $2.6B | $97.3M | ||
| Q2 25 | $2.6B | $160.1M | ||
| Q1 25 | $2.7B | $139.9M | ||
| Q4 24 | $2.6B | $500.6M | ||
| Q3 24 | $2.7B | $502.4M | ||
| Q2 24 | $2.8B | $638.3M | ||
| Q1 24 | $2.9B | $641.5M |
| Q4 25 | $-626.4M | $-240.1M | ||
| Q3 25 | $-548.7M | $-233.3M | ||
| Q2 25 | $-485.5M | $-224.8M | ||
| Q1 25 | $-446.1M | $-204.2M | ||
| Q4 24 | $-419.2M | $-180.4M | ||
| Q3 24 | $-288.4M | $-163.1M | ||
| Q2 24 | $-225.9M | $-149.0M | ||
| Q1 24 | $-276.8M | $-184.4M |
| Q4 25 | $2.8B | $950.1M | ||
| Q3 25 | $3.0B | $913.2M | ||
| Q2 25 | $3.1B | $890.9M | ||
| Q1 25 | $3.1B | $868.0M | ||
| Q4 24 | $3.2B | $891.1M | ||
| Q3 24 | $3.3B | $897.2M | ||
| Q2 24 | $3.3B | $898.9M | ||
| Q1 24 | $3.5B | $943.5M |
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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $5.5M | $19.2M | ||
| Q2 25 | $16.3M | $40.4M | ||
| Q1 25 | $-25.0M | $-14.1M | ||
| Q4 24 | $-23.6M | $41.4M | ||
| Q3 24 | $795.0K | $-28.4M | ||
| Q2 24 | $8.0M | $21.5M | ||
| Q1 24 | $-46.5M | $-25.4M |
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | $19.0M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | $-18.8M | ||
| Q4 24 | $-131.6M | $34.2M | ||
| Q3 24 | $-21.8M | $-31.5M | ||
| Q2 24 | $-22.9M | $18.4M | ||
| Q1 24 | $-80.4M | $-31.0M |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | 5.5% | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | -6.9% | ||
| Q4 24 | -47.8% | 14.5% | ||
| Q3 24 | -7.9% | -13.0% | ||
| Q2 24 | -7.2% | 5.9% | ||
| Q1 24 | -26.5% | -9.8% |
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | 0.1% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | 1.7% | ||
| Q4 24 | 39.2% | 3.0% | ||
| Q3 24 | 8.2% | 1.3% | ||
| Q2 24 | 9.8% | 1.0% | ||
| Q1 24 | 11.2% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
