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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Varex Imaging Corp (VREX). 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 $209.6M, roughly 1.2× Varex Imaging Corp). Varex Imaging Corp runs the higher net margin — 1.1% vs -26.8%, a 27.9% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -6.0%). Varex Imaging Corp produced more free cash flow last quarter ($-26.8M vs $-86.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% 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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
AHT vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $209.6M |
| Net Profit | $-69.3M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | -2.6% | 7.3% |
| Net Margin | -26.8% | 1.1% |
| Revenue YoY | -6.0% | 4.9% |
| Net Profit YoY | 44.2% | 866.7% |
| EPS (diluted) | $-12.85 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $259.0M | $228.9M | ||
| Q3 25 | $266.1M | $203.0M | ||
| Q2 25 | $302.0M | $212.9M | ||
| Q1 25 | $277.4M | $199.8M | ||
| Q4 24 | $275.5M | — | ||
| Q3 24 | $276.6M | $205.7M | ||
| Q2 24 | $316.5M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $-69.3M | $12.2M | ||
| Q3 25 | $-60.1M | $-89.1M | ||
| Q2 25 | $-30.4M | $6.9M | ||
| Q1 25 | $-20.0M | $-300.0K | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | $-51.1M | ||
| Q2 24 | $50.3M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | -2.6% | 8.6% | ||
| Q3 25 | 4.6% | -39.8% | ||
| Q2 25 | 16.3% | 10.4% | ||
| Q1 25 | 22.2% | 5.6% | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | 5.3% | ||
| Q2 24 | 42.8% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | -26.8% | 5.3% | ||
| Q3 25 | -22.6% | -43.9% | ||
| Q2 25 | -10.1% | 3.2% | ||
| Q1 25 | -7.2% | -0.2% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | -24.8% | ||
| Q2 24 | 15.9% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-12.85 | $0.29 | ||
| Q3 25 | $-11.35 | $-2.15 | ||
| Q2 25 | $-6.88 | $0.17 | ||
| Q1 25 | $-4.91 | $-0.01 | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | $-1.25 | ||
| Q2 24 | $2.50 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $2.5B | $367.6M |
| Stockholders' EquityBook value | $-626.4M | $476.9M |
| Total Assets | $2.8B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $66.1M | $155.1M | ||
| Q3 25 | $81.9M | $152.6M | ||
| Q2 25 | $100.0M | $223.0M | ||
| Q1 25 | $85.8M | $212.6M | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | $200.5M | ||
| Q2 24 | $121.8M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $2.5B | $367.5M | ||
| Q3 25 | $2.6B | $367.5M | ||
| Q2 25 | $2.6B | $567.2M | ||
| Q1 25 | $2.7B | $567.0M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $443.4M | ||
| Q2 24 | $2.8B | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $-626.4M | $472.6M | ||
| Q3 25 | $-548.7M | $455.3M | ||
| Q2 25 | $-485.5M | $549.7M | ||
| Q1 25 | $-446.1M | $540.2M | ||
| Q4 24 | $-419.2M | — | ||
| Q3 24 | $-288.4M | $529.1M | ||
| Q2 24 | $-225.9M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $3.0B | $1.1B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.3B | $1.2B | ||
| Q2 24 | $3.3B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $-86.8M | $-26.8M |
| FCF MarginFCF / Revenue | -33.5% | -12.8% |
| Capex IntensityCapex / Revenue | 27.5% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-15.7M | $7.9M | ||
| Q3 25 | $5.5M | $7.7M | ||
| Q2 25 | $16.3M | $16.6M | ||
| Q1 25 | $-25.0M | $9.5M | ||
| Q4 24 | $-23.6M | — | ||
| Q3 24 | $795.0K | $25.9M | ||
| Q2 24 | $8.0M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-86.8M | $2.3M | ||
| Q3 25 | $-226.0K | $1.4M | ||
| Q2 25 | $-3.6M | $9.8M | ||
| Q1 25 | $-44.8M | $5.3M | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | $19.9M | ||
| Q2 24 | $-22.9M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | -33.5% | 1.0% | ||
| Q3 25 | -0.1% | 0.7% | ||
| Q2 25 | -1.2% | 4.6% | ||
| Q1 25 | -16.2% | 2.7% | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | 9.7% | ||
| Q2 24 | -7.2% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 27.5% | 2.4% | ||
| Q3 25 | 2.1% | 3.1% | ||
| Q2 25 | 6.6% | 3.2% | ||
| Q1 25 | 7.2% | 2.1% | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | 2.9% | ||
| Q2 24 | 9.8% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
