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ASHFORD HOSPITALITY TRUST INC（AHT）与Bandwidth Inc.（BAND）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Bandwidth Inc.的1.2倍（$259.0M vs $207.7M），Bandwidth Inc.同比增速更快（-1.1% vs -6.0%），过去两年Bandwidth Inc.的营收复合增速更高（10.2% 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。
Bandwidth Inc.是一家通信平台即服务提供商，依托自有全球IP语音网络，为客户提供语音、短信及应急服务相关的软件API产品，帮助开发者便捷集成通信功能，全球客户可借助其方案快速搭建符合需求的通信服务体系。
AHT vs BAND — 直观对比
营收规模更大
AHT
是对方的1.2倍
$207.7M
营收增速更快
BAND
高出4.9%
-6.0%
两年增速更快
BAND
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $207.7M |
| 净利润 | $-69.3M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | -2.6% | -1.9% |
| 净利率 | -26.8% | — |
| 营收同比 | -6.0% | -1.1% |
| 净利润同比 | 44.2% | — |
| 每股收益（稀释后） | $-12.85 | $-0.10 |
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AHTBAND
| Q4 25 | $259.0M | $207.7M | ||
| Q3 25 | $266.1M | $191.9M | ||
| Q2 25 | $302.0M | $180.0M | ||
| Q1 25 | $277.4M | $174.2M | ||
| Q4 24 | $275.5M | $210.0M | ||
| Q3 24 | $276.6M | $193.9M | ||
| Q2 24 | $316.5M | $173.6M | ||
| Q1 24 | $303.9M | $171.0M |
净利润AHTBAND
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-1.2M | ||
| Q2 25 | $-30.4M | $-4.9M | ||
| Q1 25 | $-20.0M | $-3.7M | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | $413.0K | ||
| Q2 24 | $50.3M | $4.1M | ||
| Q1 24 | $71.6M | $-9.2M |
毛利率AHTBAND
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 38.5% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 41.0% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.3% |
营业利润率AHTBAND
| Q4 25 | -2.6% | -1.9% | ||
| Q3 25 | 4.6% | -1.0% | ||
| Q2 25 | 16.3% | -2.1% | ||
| Q1 25 | 22.2% | -2.7% | ||
| Q4 24 | -17.8% | -1.3% | ||
| Q3 24 | 7.3% | -0.5% | ||
| Q2 24 | 42.8% | -3.5% | ||
| Q1 24 | 50.2% | -6.1% |
净利率AHTBAND
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -0.6% | ||
| Q2 25 | -10.1% | -2.7% | ||
| Q1 25 | -7.2% | -2.1% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | 0.2% | ||
| Q2 24 | 15.9% | 2.3% | ||
| Q1 24 | 23.5% | -5.4% |
每股收益（稀释后）AHTBAND
| Q4 25 | $-12.85 | $-0.10 | ||
| Q3 25 | $-11.35 | $-0.04 | ||
| Q2 25 | $-6.88 | $-0.16 | ||
| Q1 25 | $-4.91 | $-0.13 | ||
| Q4 24 | $-13.64 | $0.27 | ||
| Q3 24 | $-12.39 | $0.01 | ||
| Q2 24 | $2.50 | $-0.17 | ||
| Q1 24 | $5.99 | $-0.35 |
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 | $111.3M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $400.0M |
| 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
现金及短期投资AHTBAND
| Q4 25 | $66.1M | $111.3M | ||
| Q3 25 | $81.9M | $80.4M | ||
| Q2 25 | $100.0M | $68.1M | ||
| Q1 25 | $85.8M | $41.7M | ||
| Q4 24 | $112.9M | $83.8M | ||
| Q3 24 | $119.7M | $79.9M | ||
| Q2 24 | $121.8M | $76.4M | ||
| Q1 24 | $111.1M | $147.2M |
总债务AHTBAND
| 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 | — |
股东权益AHTBAND
| Q4 25 | $-626.4M | $400.0M | ||
| Q3 25 | $-548.7M | $392.7M | ||
| Q2 25 | $-485.5M | $384.5M | ||
| Q1 25 | $-446.1M | $345.4M | ||
| Q4 24 | $-419.2M | $312.5M | ||
| Q3 24 | $-288.4M | $336.6M | ||
| Q2 24 | $-225.9M | $307.4M | ||
| Q1 24 | $-276.8M | $298.2M |
总资产AHTBAND
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $3.0B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $3.1B | $964.4M | ||
| Q4 24 | $3.2B | $989.2M | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.3B | $1.0B | ||
| Q1 24 | $3.5B | $1.1B |
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 | $38.6M |
| 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 | — | — |
| 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AHTBAND
| Q4 25 | $-15.7M | $38.6M | ||
| Q3 25 | $5.5M | $22.2M | ||
| Q2 25 | $16.3M | $31.7M | ||
| Q1 25 | $-25.0M | $-3.1M | ||
| Q4 24 | $-23.6M | $36.5M | ||
| Q3 24 | $795.0K | $20.5M | ||
| Q2 24 | $8.0M | $24.4M | ||
| Q1 24 | $-46.5M | $2.5M |
自由现金流AHTBAND
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | — | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | — | ||
| Q2 24 | $-22.9M | — | ||
| Q1 24 | $-80.4M | — |
自由现金流率AHTBAND
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | — | ||
| Q2 24 | -7.2% | — | ||
| Q1 24 | -26.5% | — |
资本支出强度AHTBAND
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 11.2% | — |
现金转化率AHTBAND
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 49.55× | ||
| Q2 24 | 0.16× | 6.03× | ||
| 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% |
BAND
| Messaging Surcharges | $192.4M | 93% |
| Other | $15.2M | 7% |
