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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and VARONIS SYSTEMS INC (VRNS). 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 $173.1M, roughly 1.5× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -6.0%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-86.8M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
AHT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $173.1M |
| Net Profit | $-69.3M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -2.6% | -1.7% |
| Net Margin | -26.8% | — |
| Revenue YoY | -6.0% | 26.9% |
| Net Profit YoY | 44.2% | — |
| EPS (diluted) | $-12.85 | — |
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 | — | $173.1M | ||
| Q4 25 | $259.0M | $173.4M | ||
| Q3 25 | $266.1M | $161.6M | ||
| Q2 25 | $302.0M | $152.2M | ||
| Q1 25 | $277.4M | $136.4M | ||
| Q4 24 | $275.5M | $158.5M | ||
| Q3 24 | $276.6M | $148.1M | ||
| Q2 24 | $316.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-69.3M | $-27.8M | ||
| Q3 25 | $-60.1M | $-29.9M | ||
| Q2 25 | $-30.4M | $-35.8M | ||
| Q1 25 | $-20.0M | $-35.8M | ||
| Q4 24 | $-124.2M | $-13.0M | ||
| Q3 24 | $-57.9M | $-18.3M | ||
| Q2 24 | $50.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -2.6% | -17.5% | ||
| Q3 25 | 4.6% | -22.2% | ||
| Q2 25 | 16.3% | -24.0% | ||
| Q1 25 | 22.2% | -32.1% | ||
| Q4 24 | -17.8% | -11.1% | ||
| Q3 24 | 7.3% | -16.0% | ||
| Q2 24 | 42.8% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -26.8% | -16.0% | ||
| Q3 25 | -22.6% | -18.5% | ||
| Q2 25 | -10.1% | -23.5% | ||
| Q1 25 | -7.2% | -26.2% | ||
| Q4 24 | -45.1% | -8.2% | ||
| Q3 24 | -20.9% | -12.4% | ||
| Q2 24 | 15.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-12.85 | $-0.23 | ||
| Q3 25 | $-11.35 | $-0.26 | ||
| Q2 25 | $-6.88 | $-0.32 | ||
| Q1 25 | $-4.91 | $-0.32 | ||
| Q4 24 | $-13.64 | $-0.12 | ||
| Q3 24 | $-12.39 | $-0.16 | ||
| Q2 24 | $2.50 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $453.5M |
| Total Assets | $2.8B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $66.1M | $883.7M | ||
| Q3 25 | $81.9M | $671.3M | ||
| Q2 25 | $100.0M | $770.9M | ||
| Q1 25 | $85.8M | $567.6M | ||
| Q4 24 | $112.9M | $529.0M | ||
| Q3 24 | $119.7M | $844.8M | ||
| Q2 24 | $121.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-626.4M | $598.7M | ||
| Q3 25 | $-548.7M | $604.8M | ||
| Q2 25 | $-485.5M | $341.5M | ||
| Q1 25 | $-446.1M | $367.7M | ||
| Q4 24 | $-419.2M | $455.7M | ||
| Q3 24 | $-288.4M | $428.6M | ||
| Q2 24 | $-225.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $3.1B | $1.6B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.3B | $1.5B | ||
| Q2 24 | $3.3B | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $49.0M |
| FCF MarginFCF / Revenue | -33.5% | 28.3% |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-15.7M | $24.7M | ||
| Q3 25 | $5.5M | $33.4M | ||
| Q2 25 | $16.3M | $21.3M | ||
| Q1 25 | $-25.0M | $68.0M | ||
| Q4 24 | $-23.6M | $24.3M | ||
| Q3 24 | $795.0K | $22.5M | ||
| Q2 24 | $8.0M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-86.8M | $20.7M | ||
| Q3 25 | $-226.0K | $30.4M | ||
| Q2 25 | $-3.6M | $18.0M | ||
| Q1 25 | $-44.8M | $65.7M | ||
| Q4 24 | $-131.6M | $19.9M | ||
| Q3 24 | $-21.8M | $21.3M | ||
| Q2 24 | $-22.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -33.5% | 12.0% | ||
| Q3 25 | -0.1% | 18.8% | ||
| Q2 25 | -1.2% | 11.8% | ||
| Q1 25 | -16.2% | 48.1% | ||
| Q4 24 | -47.8% | 12.6% | ||
| Q3 24 | -7.9% | 14.4% | ||
| Q2 24 | -7.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 2.3% | ||
| Q3 25 | 2.1% | 1.8% | ||
| Q2 25 | 6.6% | 2.2% | ||
| Q1 25 | 7.2% | 1.7% | ||
| Q4 24 | 39.2% | 2.7% | ||
| Q3 24 | 8.2% | 0.8% | ||
| Q2 24 | 9.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
