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ASHFORD HOSPITALITY TRUST INC（AHT）与B&G Foods, Inc.（BGS）财务数据对比。点击上方公司名可切换其他公司
B&G Foods, Inc.的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.7倍（$439.3M vs $259.0M），B&G Foods, Inc.净利率更高（-4.4% vs -26.8%，领先22.4%），B&G Foods, Inc.同比增速更快（-4.7% vs -6.0%），B&G Foods, Inc.自由现金流更多（$-70.7M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -12.8%）
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。
B&G Foods是总部位于美国新泽西州帕西帕尼的品牌食品控股企业，创立于1996年，成立初衷是收购1889年诞生于曼哈顿的酸黄瓜、调味酱及调味品生产商Bloch & Guggenheimer，如今在北美食品领域拥有众多知名品牌。
AHT vs BGS — 直观对比
营收规模更大
BGS
是对方的1.7倍
$259.0M
营收增速更快
BGS
高出1.3%
-6.0%
净利率更高
BGS
高出22.4%
-26.8%
自由现金流更多
BGS
多$16.1M
$-86.8M
两年增速更快
AHT
近两年复合增速
-12.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $439.3M |
| 净利润 | $-69.3M | $-19.1M |
| 毛利率 | — | 22.5% |
| 营业利润率 | -2.6% | 2.5% |
| 净利率 | -26.8% | -4.4% |
| 营收同比 | -6.0% | -4.7% |
| 净利润同比 | 44.2% | -356.5% |
| 每股收益（稀释后） | $-12.85 | $-0.24 |
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AHTBGS
| Q4 25 | $259.0M | — | ||
| Q3 25 | $266.1M | $439.3M | ||
| Q2 25 | $302.0M | $424.4M | ||
| Q1 25 | $277.4M | $425.4M | ||
| Q4 24 | $275.5M | $551.6M | ||
| Q3 24 | $276.6M | $461.1M | ||
| Q2 24 | $316.5M | $444.6M | ||
| Q1 24 | $303.9M | $475.2M |
净利润AHTBGS
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-19.1M | ||
| Q2 25 | $-30.4M | $-9.8M | ||
| Q1 25 | $-20.0M | $835.0K | ||
| Q4 24 | $-124.2M | $-222.4M | ||
| Q3 24 | $-57.9M | $7.5M | ||
| Q2 24 | $50.3M | $3.9M | ||
| Q1 24 | $71.6M | $-40.2M |
毛利率AHTBGS
| Q4 25 | — | — | ||
| Q3 25 | — | 22.5% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 21.2% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 22.9% |
营业利润率AHTBGS
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | 2.5% | ||
| Q2 25 | 16.3% | 5.2% | ||
| Q1 25 | 22.2% | 8.4% | ||
| Q4 24 | -17.8% | -46.6% | ||
| Q3 24 | 7.3% | 11.1% | ||
| Q2 24 | 42.8% | 9.9% | ||
| Q1 24 | 50.2% | -3.3% |
净利率AHTBGS
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -4.4% | ||
| Q2 25 | -10.1% | -2.3% | ||
| Q1 25 | -7.2% | 0.2% | ||
| Q4 24 | -45.1% | -40.3% | ||
| Q3 24 | -20.9% | 1.6% | ||
| Q2 24 | 15.9% | 0.9% | ||
| Q1 24 | 23.5% | -8.5% |
每股收益（稀释后）AHTBGS
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | $-0.24 | ||
| Q2 25 | $-6.88 | $-0.12 | ||
| Q1 25 | $-4.91 | $0.01 | ||
| Q4 24 | $-13.64 | $-2.81 | ||
| Q3 24 | $-12.39 | $0.09 | ||
| Q2 24 | $2.50 | $0.05 | ||
| Q1 24 | $5.99 | $-0.51 |
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 | $60.9M |
| 总债务越低越好 | $2.5B | $2.0B |
| 股东权益账面价值 | $-626.4M | $470.7M |
| 总资产 | $2.8B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 4.30× |
8季度趋势，按日历期对齐
现金及短期投资AHTBGS
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | $60.9M | ||
| Q2 25 | $100.0M | $54.1M | ||
| Q1 25 | $85.8M | $61.2M | ||
| Q4 24 | $112.9M | $50.6M | ||
| Q3 24 | $119.7M | $54.7M | ||
| Q2 24 | $121.8M | $40.3M | ||
| Q1 24 | $111.1M | $42.5M |
总债务AHTBGS
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $2.0B | ||
| Q2 25 | $2.6B | $2.0B | ||
| Q1 25 | $2.7B | $2.0B | ||
| Q4 24 | $2.6B | $2.0B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $2.8B | $2.0B | ||
| Q1 24 | $2.9B | $2.0B |
股东权益AHTBGS
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | $470.7M | ||
| Q2 25 | $-485.5M | $501.4M | ||
| Q1 25 | $-446.1M | $513.1M | ||
| Q4 24 | $-419.2M | $524.8M | ||
| Q3 24 | $-288.4M | $755.3M | ||
| Q2 24 | $-225.9M | $765.0M | ||
| Q1 24 | $-276.8M | $781.2M |
总资产AHTBGS
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $3.1B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.3B | $3.4B | ||
| Q2 24 | $3.3B | $3.4B | ||
| Q1 24 | $3.5B | $3.4B |
负债/权益比AHTBGS
| Q4 25 | — | — | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.91× | ||
| Q4 24 | — | 3.85× | ||
| Q3 24 | — | 2.75× | ||
| Q2 24 | — | 2.67× | ||
| Q1 24 | — | 2.61× |
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 | $-64.6M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-70.7M |
| 自由现金流率自由现金流/营收 | -33.5% | -16.1% |
| 资本支出强度资本支出/营收 | 27.5% | 1.4% |
| 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 | $54.8M |
8季度趋势，按日历期对齐
经营现金流AHTBGS
| Q4 25 | $-15.7M | — | ||
| Q3 25 | $5.5M | $-64.6M | ||
| Q2 25 | $16.3M | $17.8M | ||
| Q1 25 | $-25.0M | $52.7M | ||
| Q4 24 | $-23.6M | $80.3M | ||
| Q3 24 | $795.0K | $4.2M | ||
| Q2 24 | $8.0M | $11.3M | ||
| Q1 24 | $-46.5M | $35.1M |
自由现金流AHTBGS
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | $-70.7M | ||
| Q2 25 | $-3.6M | $11.5M | ||
| Q1 25 | $-44.8M | $42.4M | ||
| Q4 24 | $-131.6M | $71.7M | ||
| Q3 24 | $-21.8M | $-679.0K | ||
| Q2 24 | $-22.9M | $5.2M | ||
| Q1 24 | $-80.4M | $27.5M |
自由现金流率AHTBGS
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | -16.1% | ||
| Q2 25 | -1.2% | 2.7% | ||
| Q1 25 | -16.2% | 10.0% | ||
| Q4 24 | -47.8% | 13.0% | ||
| Q3 24 | -7.9% | -0.1% | ||
| Q2 24 | -7.2% | 1.2% | ||
| Q1 24 | -26.5% | 5.8% |
资本支出强度AHTBGS
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | 1.4% | ||
| Q2 25 | 6.6% | 1.5% | ||
| Q1 25 | 7.2% | 2.4% | ||
| Q4 24 | 39.2% | 1.6% | ||
| Q3 24 | 8.2% | 1.0% | ||
| Q2 24 | 9.8% | 1.4% | ||
| Q1 24 | 11.2% | 1.6% |
现金转化率AHTBGS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 63.17× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | 0.16× | 2.87× | ||
| 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% |
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
