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ASHFORD HOSPITALITY TRUST INC（AHT）与Antero Midstream Corp（AM）财务数据对比。点击上方公司名可切换其他公司
Antero Midstream Corp的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.1倍（$291.1M vs $259.0M），Antero Midstream Corp净利率更高（41.5% vs -26.8%，领先68.2%），ASHFORD HOSPITALITY TRUST INC同比增速更快（-6.0% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $-86.8M），过去两年Antero Midstream Corp的营收复合增速更高（3.9% vs -7.7%）
阿什福德酒店信托是一家总部位于美国的房地产投资信托，主要投资美国核心城市、郊区及度假区的高端全服务酒店资产，旗下物业多由全球知名酒店品牌运营，服务商务与休闲旅客，专注实现长期资产增值与稳定股东回报。
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
AHT vs AM — 直观对比
营收规模更大
AM
是对方的1.1倍
$259.0M
营收增速更快
AHT
高出1.4%
-7.3%
净利率更高
AM
高出68.2%
-26.8%
自由现金流更多
AM
多$273.7M
$-86.8M
两年增速更快
AM
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $291.1M |
| 净利润 | $-69.3M | $120.7M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 60.9% |
| 净利率 | -26.8% | 41.5% |
| 营收同比 | -6.0% | -7.3% |
| 净利润同比 | 44.2% | 2.1% |
| 每股收益（稀释后） | $-12.85 | $0.25 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AHTAM
| Q1 26 | — | $291.1M | ||
| Q4 25 | $259.0M | $297.0M | ||
| Q3 25 | $266.1M | $294.8M | ||
| Q2 25 | $302.0M | $305.5M | ||
| Q1 25 | $277.4M | $291.1M | ||
| Q4 24 | $275.5M | $287.5M | ||
| Q3 24 | $276.6M | $269.9M | ||
| Q2 24 | $316.5M | $269.8M |
净利润AHTAM
| Q1 26 | — | $120.7M | ||
| Q4 25 | $-69.3M | $51.9M | ||
| Q3 25 | $-60.1M | $116.0M | ||
| Q2 25 | $-30.4M | $124.5M | ||
| Q1 25 | $-20.0M | $120.7M | ||
| Q4 24 | $-124.2M | $111.2M | ||
| Q3 24 | $-57.9M | $99.7M | ||
| Q2 24 | $50.3M | $86.0M |
营业利润率AHTAM
| Q1 26 | — | 60.9% | ||
| Q4 25 | -2.6% | 33.8% | ||
| Q3 25 | 4.6% | 61.2% | ||
| Q2 25 | 16.3% | 61.0% | ||
| Q1 25 | 22.2% | 60.9% | ||
| Q4 24 | -17.8% | 61.8% | ||
| Q3 24 | 7.3% | 60.2% | ||
| Q2 24 | 42.8% | 56.6% |
净利率AHTAM
| Q1 26 | — | 41.5% | ||
| Q4 25 | -26.8% | 17.5% | ||
| Q3 25 | -22.6% | 39.3% | ||
| Q2 25 | -10.1% | 40.8% | ||
| Q1 25 | -7.2% | 41.5% | ||
| Q4 24 | -45.1% | 38.7% | ||
| Q3 24 | -20.9% | 37.0% | ||
| Q2 24 | 15.9% | 31.9% |
每股收益（稀释后）AHTAM
| Q1 26 | — | $0.25 | ||
| Q4 25 | $-12.85 | $0.11 | ||
| Q3 25 | $-11.35 | $0.24 | ||
| Q2 25 | $-6.88 | $0.26 | ||
| Q1 25 | $-4.91 | $0.25 | ||
| Q4 24 | $-13.64 | $0.23 | ||
| Q3 24 | $-12.39 | $0.21 | ||
| Q2 24 | $2.50 | $0.18 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $66.1M | $180.4M |
| 总债务越低越好 | $2.5B | $3.2B |
| 股东权益账面价值 | $-626.4M | $2.0B |
| 总资产 | $2.8B | $5.9B |
| 负债/权益比越低杠杆越低 | — | 1.63× |
8季度趋势，按日历期对齐
现金及短期投资AHTAM
| Q1 26 | — | $180.4M | ||
| Q4 25 | $66.1M | $180.4M | ||
| Q3 25 | $81.9M | — | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $85.8M | — | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | — | ||
| Q2 24 | $121.8M | — |
总债务AHTAM
| Q1 26 | — | $3.2B | ||
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $2.6B | $3.0B | ||
| Q2 25 | $2.6B | $3.0B | ||
| Q1 25 | $2.7B | $3.1B | ||
| Q4 24 | $2.6B | $3.1B | ||
| Q3 24 | $2.7B | $3.2B | ||
| Q2 24 | $2.8B | $3.2B |
股东权益AHTAM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-626.4M | $2.0B | ||
| Q3 25 | $-548.7M | $2.1B | ||
| Q2 25 | $-485.5M | $2.1B | ||
| Q1 25 | $-446.1M | $2.1B | ||
| Q4 24 | $-419.2M | $2.1B | ||
| Q3 24 | $-288.4M | $2.1B | ||
| Q2 24 | $-225.9M | $2.1B |
总资产AHTAM
| Q1 26 | — | $5.9B | ||
| Q4 25 | $2.8B | $5.9B | ||
| Q3 25 | $3.0B | $5.7B | ||
| Q2 25 | $3.1B | $5.7B | ||
| Q1 25 | $3.1B | $5.8B | ||
| Q4 24 | $3.2B | $5.8B | ||
| Q3 24 | $3.3B | $5.8B | ||
| Q2 24 | $3.3B | $5.8B |
负债/权益比AHTAM
| Q1 26 | — | 1.63× | ||
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 1.45× | ||
| Q1 25 | — | 1.49× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 1.50× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-15.7M | $198.9M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $186.9M |
| 自由现金流率自由现金流/营收 | -33.5% | 64.2% |
| 资本支出强度资本支出/营收 | 27.5% | 11.1% |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | — |
8季度趋势，按日历期对齐
经营现金流AHTAM
| Q1 26 | — | $198.9M | ||
| Q4 25 | $-15.7M | $255.5M | ||
| Q3 25 | $5.5M | $212.8M | ||
| Q2 25 | $16.3M | $265.2M | ||
| Q1 25 | $-25.0M | $198.9M | ||
| Q4 24 | $-23.6M | $232.7M | ||
| Q3 24 | $795.0K | $184.9M | ||
| Q2 24 | $8.0M | $215.8M |
自由现金流AHTAM
| Q1 26 | — | $186.9M | ||
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | — | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | $184.3M | ||
| Q2 24 | $-22.9M | $147.2M |
自由现金流率AHTAM
| Q1 26 | — | 64.2% | ||
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | 68.3% | ||
| Q2 24 | -7.2% | 54.6% |
资本支出强度AHTAM
| Q1 26 | — | 11.1% | ||
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 39.2% | 0.0% | ||
| Q3 24 | 8.2% | 0.2% | ||
| Q2 24 | 9.8% | 25.4% |
现金转化率AHTAM
| Q1 26 | — | 1.65× | ||
| Q4 25 | — | 4.92× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.13× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | — | 2.09× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | 0.16× | 2.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
