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ASHFORD HOSPITALITY TRUST INC（AHT）与APPFOLIO INC（APPF）财务数据对比。点击上方公司名可切换其他公司
APPFOLIO INC的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.0倍（$262.2M vs $259.0M），APPFOLIO INC净利率更高（16.2% vs -26.8%，领先42.9%），APPFOLIO INC同比增速更快（20.4% vs -6.0%），过去两年APPFOLIO INC的营收复合增速更高（15.3% 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。
AppFolio Inc.是一家2006年成立的美国企业，专注服务房地产行业，为客户提供软件即服务（SaaS）类应用产品及相关配套服务，助力房地产相关经营主体优化管理流程、提升运营效率。
AHT vs APPF — 直观对比
营收规模更大
APPF
是对方的1.0倍
$259.0M
营收增速更快
APPF
高出26.4%
-6.0%
净利率更高
APPF
高出42.9%
-26.8%
两年增速更快
APPF
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $262.2M |
| 净利润 | $-69.3M | $42.4M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 19.4% |
| 净利率 | -26.8% | 16.2% |
| 营收同比 | -6.0% | 20.4% |
| 净利润同比 | 44.2% | 35.2% |
| 每股收益（稀释后） | $-12.85 | $1.18 |
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AHTAPPF
| Q1 26 | — | $262.2M | ||
| Q4 25 | $259.0M | $248.2M | ||
| Q3 25 | $266.1M | $249.4M | ||
| Q2 25 | $302.0M | $235.6M | ||
| Q1 25 | $277.4M | $217.7M | ||
| Q4 24 | $275.5M | $203.7M | ||
| Q3 24 | $276.6M | $205.7M | ||
| Q2 24 | $316.5M | $197.4M |
净利润AHTAPPF
| Q1 26 | — | $42.4M | ||
| Q4 25 | $-69.3M | $39.9M | ||
| Q3 25 | $-60.1M | $33.6M | ||
| Q2 25 | $-30.4M | $36.0M | ||
| Q1 25 | $-20.0M | $31.4M | ||
| Q4 24 | $-124.2M | $102.7M | ||
| Q3 24 | $-57.9M | $33.0M | ||
| Q2 24 | $50.3M | $29.7M |
营业利润率AHTAPPF
| Q1 26 | — | 19.4% | ||
| Q4 25 | -2.6% | 17.6% | ||
| Q3 25 | 4.6% | 14.1% | ||
| Q2 25 | 16.3% | 17.2% | ||
| Q1 25 | 22.2% | 15.5% | ||
| Q4 24 | -17.8% | 11.3% | ||
| Q3 24 | 7.3% | 20.7% | ||
| Q2 24 | 42.8% | 18.3% |
净利率AHTAPPF
| Q1 26 | — | 16.2% | ||
| Q4 25 | -26.8% | 16.1% | ||
| Q3 25 | -22.6% | 13.5% | ||
| Q2 25 | -10.1% | 15.3% | ||
| Q1 25 | -7.2% | 14.4% | ||
| Q4 24 | -45.1% | 50.4% | ||
| Q3 24 | -20.9% | 16.0% | ||
| Q2 24 | 15.9% | 15.0% |
每股收益（稀释后）AHTAPPF
| Q1 26 | — | $1.18 | ||
| Q4 25 | $-12.85 | $1.10 | ||
| Q3 25 | $-11.35 | $0.93 | ||
| Q2 25 | $-6.88 | $0.99 | ||
| Q1 25 | $-4.91 | $0.86 | ||
| Q4 24 | $-13.64 | $2.79 | ||
| Q3 24 | $-12.39 | $0.90 | ||
| Q2 24 | $2.50 | $0.81 |
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 | $147.4M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $470.2M |
| 总资产 | $2.8B | $580.6M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AHTAPPF
| Q1 26 | — | $147.4M | ||
| Q4 25 | $66.1M | $107.0M | ||
| Q3 25 | $81.9M | $76.1M | ||
| Q2 25 | $100.0M | $73.5M | ||
| Q1 25 | $85.8M | $56.9M | ||
| Q4 24 | $112.9M | $42.5M | ||
| Q3 24 | $119.7M | $62.4M | ||
| Q2 24 | $121.8M | $59.6M |
总债务AHTAPPF
| 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 | — |
股东权益AHTAPPF
| Q1 26 | — | $470.2M | ||
| Q4 25 | $-626.4M | $542.6M | ||
| Q3 25 | $-548.7M | $498.9M | ||
| Q2 25 | $-485.5M | $455.6M | ||
| Q1 25 | $-446.1M | $462.1M | ||
| Q4 24 | $-419.2M | $519.3M | ||
| Q3 24 | $-288.4M | $412.8M | ||
| Q2 24 | $-225.9M | $371.4M |
总资产AHTAPPF
| Q1 26 | — | $580.6M | ||
| Q4 25 | $2.8B | $689.0M | ||
| Q3 25 | $3.0B | $640.5M | ||
| Q2 25 | $3.1B | $567.4M | ||
| Q1 25 | $3.1B | $564.7M | ||
| Q4 24 | $3.2B | $626.7M | ||
| Q3 24 | $3.3B | $523.3M | ||
| Q2 24 | $3.3B | $479.3M |
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 | $34.3M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | — |
| 自由现金流率自由现金流/营收 | -33.5% | — |
| 资本支出强度资本支出/营收 | 27.5% | — |
| 现金转化率经营现金流/净利润 | — | 0.81× |
| 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AHTAPPF
| Q1 26 | — | $34.3M | ||
| Q4 25 | $-15.7M | $65.0M | ||
| Q3 25 | $5.5M | $86.0M | ||
| Q2 25 | $16.3M | $52.6M | ||
| Q1 25 | $-25.0M | $38.5M | ||
| Q4 24 | $-23.6M | $36.6M | ||
| Q3 24 | $795.0K | $57.8M | ||
| Q2 24 | $8.0M | $50.9M |
自由现金流AHTAPPF
| Q1 26 | — | — | ||
| Q4 25 | $-86.8M | $63.7M | ||
| Q3 25 | $-226.0K | $84.7M | ||
| Q2 25 | $-3.6M | $52.4M | ||
| Q1 25 | $-44.8M | $38.2M | ||
| Q4 24 | $-131.6M | $36.4M | ||
| Q3 24 | $-21.8M | $57.4M | ||
| Q2 24 | $-22.9M | $50.8M |
自由现金流率AHTAPPF
| Q1 26 | — | — | ||
| Q4 25 | -33.5% | 25.7% | ||
| Q3 25 | -0.1% | 34.0% | ||
| Q2 25 | -1.2% | 22.2% | ||
| Q1 25 | -16.2% | 17.6% | ||
| Q4 24 | -47.8% | 17.9% | ||
| Q3 24 | -7.9% | 27.9% | ||
| Q2 24 | -7.2% | 25.8% |
资本支出强度AHTAPPF
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 0.5% | ||
| Q3 25 | 2.1% | 0.5% | ||
| Q2 25 | 6.6% | 0.1% | ||
| Q1 25 | 7.2% | 0.1% | ||
| Q4 24 | 39.2% | 0.1% | ||
| Q3 24 | 8.2% | 0.2% | ||
| Q2 24 | 9.8% | 0.0% |
现金转化率AHTAPPF
| Q1 26 | — | 0.81× | ||
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 1.46× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 1.75× | ||
| Q2 24 | 0.16× | 1.71× |
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% |
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
