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ASHFORD HOSPITALITY TRUST INC（AHT）与Apellis Pharmaceuticals, Inc.（APLS）财务数据对比。点击上方公司名可切换其他公司
ASHFORD HOSPITALITY TRUST INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$259.0M vs $199.9M），ASHFORD HOSPITALITY TRUST INC净利率更高（-26.8% vs -29.5%，领先2.7%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -6.0%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-86.8M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% 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。
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
AHT vs APLS — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $199.9M |
| 净利润 | $-69.3M | $-59.0M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | -25.6% |
| 净利率 | -26.8% | -29.5% |
| 营收同比 | -6.0% | -5.9% |
| 净利润同比 | 44.2% | -62.2% |
| 每股收益（稀释后） | $-12.85 | $-0.40 |
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
| Q4 25 | $259.0M | $199.9M | ||
| Q3 25 | $266.1M | $458.6M | ||
| Q2 25 | $302.0M | $178.5M | ||
| Q1 25 | $277.4M | $166.8M | ||
| Q4 24 | $275.5M | $212.5M | ||
| Q3 24 | $276.6M | $196.8M | ||
| Q2 24 | $316.5M | $199.7M | ||
| Q1 24 | $303.9M | $172.3M |
| Q4 25 | $-69.3M | $-59.0M | ||
| Q3 25 | $-60.1M | $215.7M | ||
| Q2 25 | $-30.4M | $-42.2M | ||
| Q1 25 | $-20.0M | $-92.2M | ||
| Q4 24 | $-124.2M | $-36.4M | ||
| Q3 24 | $-57.9M | $-57.4M | ||
| Q2 24 | $50.3M | $-37.7M | ||
| Q1 24 | $71.6M | $-66.4M |
| Q4 25 | -2.6% | -25.6% | ||
| Q3 25 | 4.6% | 48.7% | ||
| Q2 25 | 16.3% | -18.6% | ||
| Q1 25 | 22.2% | -50.0% | ||
| Q4 24 | -17.8% | -12.3% | ||
| Q3 24 | 7.3% | -24.0% | ||
| Q2 24 | 42.8% | -14.7% | ||
| Q1 24 | 50.2% | -36.0% |
| Q4 25 | -26.8% | -29.5% | ||
| Q3 25 | -22.6% | 47.0% | ||
| Q2 25 | -10.1% | -23.6% | ||
| Q1 25 | -7.2% | -55.3% | ||
| Q4 24 | -45.1% | -17.1% | ||
| Q3 24 | -20.9% | -29.2% | ||
| Q2 24 | 15.9% | -18.9% | ||
| Q1 24 | 23.5% | -38.5% |
| Q4 25 | $-12.85 | $-0.40 | ||
| Q3 25 | $-11.35 | $1.67 | ||
| Q2 25 | $-6.88 | $-0.33 | ||
| Q1 25 | $-4.91 | $-0.74 | ||
| Q4 24 | $-13.64 | $-0.30 | ||
| Q3 24 | $-12.39 | $-0.46 | ||
| Q2 24 | $2.50 | $-0.30 | ||
| Q1 24 | $5.99 | $-0.54 |
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 | $466.2M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $370.1M |
| 总资产 | $2.8B | $1.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $66.1M | $466.2M | ||
| Q3 25 | $81.9M | $479.2M | ||
| Q2 25 | $100.0M | $370.0M | ||
| Q1 25 | $85.8M | $358.4M | ||
| Q4 24 | $112.9M | $411.3M | ||
| Q3 24 | $119.7M | $396.9M | ||
| Q2 24 | $121.8M | $360.1M | ||
| Q1 24 | $111.1M | $325.9M |
| 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 24 | $2.9B | $93.1M |
| Q4 25 | $-626.4M | $370.1M | ||
| Q3 25 | $-548.7M | $401.2M | ||
| Q2 25 | $-485.5M | $156.3M | ||
| Q1 25 | $-446.1M | $164.2M | ||
| Q4 24 | $-419.2M | $228.5M | ||
| Q3 24 | $-288.4M | $237.1M | ||
| Q2 24 | $-225.9M | $264.3M | ||
| Q1 24 | $-276.8M | $266.7M |
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $3.0B | $1.1B | ||
| Q2 25 | $3.1B | $821.4M | ||
| Q1 25 | $3.1B | $807.3M | ||
| Q4 24 | $3.2B | $885.1M | ||
| Q3 24 | $3.3B | $901.9M | ||
| Q2 24 | $3.3B | $904.5M | ||
| Q1 24 | $3.5B | $831.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.35× |
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 | $-14.2M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-14.3M |
| 自由现金流率自由现金流/营收 | -33.5% | -7.1% |
| 资本支出强度资本支出/营收 | 27.5% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $45.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-15.7M | $-14.2M | ||
| Q3 25 | $5.5M | $108.5M | ||
| Q2 25 | $16.3M | $4.4M | ||
| Q1 25 | $-25.0M | $-53.4M | ||
| Q4 24 | $-23.6M | $19.4M | ||
| Q3 24 | $795.0K | $34.1M | ||
| Q2 24 | $8.0M | $-8.3M | ||
| Q1 24 | $-46.5M | $-133.0M |
| Q4 25 | $-86.8M | $-14.3M | ||
| Q3 25 | $-226.0K | $108.3M | ||
| Q2 25 | $-3.6M | $4.4M | ||
| Q1 25 | $-44.8M | $-53.4M | ||
| Q4 24 | $-131.6M | $19.3M | ||
| Q3 24 | $-21.8M | — | ||
| Q2 24 | $-22.9M | $-8.4M | ||
| Q1 24 | $-80.4M | $-133.3M |
| Q4 25 | -33.5% | -7.1% | ||
| Q3 25 | -0.1% | 23.6% | ||
| Q2 25 | -1.2% | 2.5% | ||
| Q1 25 | -16.2% | -32.0% | ||
| Q4 24 | -47.8% | 9.1% | ||
| Q3 24 | -7.9% | — | ||
| Q2 24 | -7.2% | -4.2% | ||
| Q1 24 | -26.5% | -77.3% |
| Q4 25 | 27.5% | 0.1% | ||
| Q3 25 | 2.1% | 0.0% | ||
| Q2 25 | 6.6% | 0.0% | ||
| Q1 25 | 7.2% | 0.0% | ||
| Q4 24 | 39.2% | 0.0% | ||
| Q3 24 | 8.2% | 0.0% | ||
| Q2 24 | 9.8% | 0.0% | ||
| Q1 24 | 11.2% | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
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% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
