vs
ASHFORD HOSPITALITY TRUST INC（AHT）与亚什兰（ASH）财务数据对比。点击上方公司名可切换其他公司
亚什兰的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.5倍（$386.0M vs $259.0M），亚什兰净利率更高（-3.1% vs -26.8%，领先23.7%），亚什兰同比增速更快（-4.7% vs -6.0%），亚什兰自由现金流更多（$111.0M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -18.1%）
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。
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
AHT vs ASH — 直观对比
营收规模更大
ASH
是对方的1.5倍
$259.0M
营收增速更快
ASH
高出1.3%
-6.0%
净利率更高
ASH
高出23.7%
-26.8%
自由现金流更多
ASH
多$197.8M
$-86.8M
两年增速更快
AHT
近两年复合增速
-18.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $386.0M |
| 净利润 | $-69.3M | $-12.0M |
| 毛利率 | — | 27.2% |
| 营业利润率 | -2.6% | -1.6% |
| 净利率 | -26.8% | -3.1% |
| 营收同比 | -6.0% | -4.7% |
| 净利润同比 | 44.2% | 92.7% |
| 每股收益（稀释后） | $-12.85 | $-0.26 |
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AHTASH
| Q4 25 | $259.0M | $386.0M | ||
| Q3 25 | $266.1M | $477.0M | ||
| Q2 25 | $302.0M | $463.0M | ||
| Q1 25 | $277.4M | $479.0M | ||
| Q4 24 | $275.5M | $405.0M | ||
| Q3 24 | $276.6M | $521.0M | ||
| Q2 24 | $316.5M | $544.0M | ||
| Q1 24 | $303.9M | $575.0M |
净利润AHTASH
| Q4 25 | $-69.3M | $-12.0M | ||
| Q3 25 | $-60.1M | $31.0M | ||
| Q2 25 | $-30.4M | $-742.0M | ||
| Q1 25 | $-20.0M | $31.0M | ||
| Q4 24 | $-124.2M | $-165.0M | ||
| Q3 24 | $-57.9M | $17.0M | ||
| Q2 24 | $50.3M | $6.0M | ||
| Q1 24 | $71.6M | $120.0M |
毛利率AHTASH
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 27.4% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 34.2% | ||
| Q1 24 | — | 28.0% |
营业利润率AHTASH
| Q4 25 | -2.6% | -1.6% | ||
| Q3 25 | 4.6% | 12.8% | ||
| Q2 25 | 16.3% | -152.9% | ||
| Q1 25 | 22.2% | 10.6% | ||
| Q4 24 | -17.8% | -44.2% | ||
| Q3 24 | 7.3% | 6.1% | ||
| Q2 24 | 42.8% | -11.2% | ||
| Q1 24 | 50.2% | 3.7% |
净利率AHTASH
| Q4 25 | -26.8% | -3.1% | ||
| Q3 25 | -22.6% | 6.5% | ||
| Q2 25 | -10.1% | -160.3% | ||
| Q1 25 | -7.2% | 6.5% | ||
| Q4 24 | -45.1% | -40.7% | ||
| Q3 24 | -20.9% | 3.3% | ||
| Q2 24 | 15.9% | 1.1% | ||
| Q1 24 | 23.5% | 20.9% |
每股收益（稀释后）AHTASH
| Q4 25 | $-12.85 | $-0.26 | ||
| Q3 25 | $-11.35 | $0.83 | ||
| Q2 25 | $-6.88 | $-16.21 | ||
| Q1 25 | $-4.91 | $0.65 | ||
| Q4 24 | $-13.64 | $-3.50 | ||
| Q3 24 | $-12.39 | $0.34 | ||
| Q2 24 | $2.50 | $0.12 | ||
| Q1 24 | $5.99 | $2.39 |
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 | $304.0M |
| 总债务越低越好 | $2.5B | $1.4B |
| 股东权益账面价值 | $-626.4M | $1.9B |
| 总资产 | $2.8B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.74× |
8季度趋势，按日历期对齐
现金及短期投资AHTASH
| Q4 25 | $66.1M | $304.0M | ||
| Q3 25 | $81.9M | $215.0M | ||
| Q2 25 | $100.0M | $207.0M | ||
| Q1 25 | $85.8M | $168.0M | ||
| Q4 24 | $112.9M | $219.0M | ||
| Q3 24 | $119.7M | $300.0M | ||
| Q2 24 | $121.8M | $399.0M | ||
| Q1 24 | $111.1M | $439.0M |
总债务AHTASH
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.7B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $2.8B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
股东权益AHTASH
| Q4 25 | $-626.4M | $1.9B | ||
| Q3 25 | $-548.7M | $1.9B | ||
| Q2 25 | $-485.5M | $1.9B | ||
| Q1 25 | $-446.1M | $2.6B | ||
| Q4 24 | $-419.2M | $2.6B | ||
| Q3 24 | $-288.4M | $2.9B | ||
| Q2 24 | $-225.9M | $3.0B | ||
| Q1 24 | $-276.8M | $3.1B |
总资产AHTASH
| Q4 25 | $2.8B | $4.5B | ||
| Q3 25 | $3.0B | $4.6B | ||
| Q2 25 | $3.1B | $4.6B | ||
| Q1 25 | $3.1B | $5.2B | ||
| Q4 24 | $3.2B | $5.2B | ||
| Q3 24 | $3.3B | $5.6B | ||
| Q2 24 | $3.3B | $5.7B | ||
| Q1 24 | $3.5B | $5.9B |
负债/权益比AHTASH
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | — | 0.42× |
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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $111.0M |
| 自由现金流率自由现金流/营收 | -33.5% | 28.8% |
| 资本支出强度资本支出/营收 | 27.5% | 3.6% |
| 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 | $200.0M |
8季度趋势，按日历期对齐
经营现金流AHTASH
| Q4 25 | $-15.7M | $125.0M | ||
| Q3 25 | $5.5M | $40.0M | ||
| Q2 25 | $16.3M | $115.0M | ||
| Q1 25 | $-25.0M | $9.0M | ||
| Q4 24 | $-23.6M | $-30.0M | ||
| Q3 24 | $795.0K | $80.0M | ||
| Q2 24 | $8.0M | $127.0M | ||
| Q1 24 | $-46.5M | $54.0M |
自由现金流AHTASH
| Q4 25 | $-86.8M | $111.0M | ||
| Q3 25 | $-226.0K | $6.0M | ||
| Q2 25 | $-3.6M | $95.0M | ||
| Q1 25 | $-44.8M | $-12.0M | ||
| Q4 24 | $-131.6M | $-53.0M | ||
| Q3 24 | $-21.8M | $42.0M | ||
| Q2 24 | $-22.9M | $98.0M | ||
| Q1 24 | $-80.4M | $20.0M |
自由现金流率AHTASH
| Q4 25 | -33.5% | 28.8% | ||
| Q3 25 | -0.1% | 1.3% | ||
| Q2 25 | -1.2% | 20.5% | ||
| Q1 25 | -16.2% | -2.5% | ||
| Q4 24 | -47.8% | -13.1% | ||
| Q3 24 | -7.9% | 8.1% | ||
| Q2 24 | -7.2% | 18.0% | ||
| Q1 24 | -26.5% | 3.5% |
资本支出强度AHTASH
| Q4 25 | 27.5% | 3.6% | ||
| Q3 25 | 2.1% | 7.1% | ||
| Q2 25 | 6.6% | 4.3% | ||
| Q1 25 | 7.2% | 4.4% | ||
| Q4 24 | 39.2% | 5.7% | ||
| Q3 24 | 8.2% | 7.3% | ||
| Q2 24 | 9.8% | 5.3% | ||
| Q1 24 | 11.2% | 5.9% |
现金转化率AHTASH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.71× | ||
| Q2 24 | 0.16× | 21.17× | ||
| Q1 24 | -0.65× | 0.45× |
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% |
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
