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ASHFORD HOSPITALITY TRUST INC（AHT）与CSW INDUSTRIALS, INC.（CSW）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CSW INDUSTRIALS, INC.的1.1倍（$259.0M vs $233.0M），CSW INDUSTRIALS, INC.净利率更高（4.4% vs -26.8%，领先31.2%），CSW INDUSTRIALS, INC.同比增速更快（20.3% vs -6.0%），CSW INDUSTRIALS, INC.自由现金流更多（$22.7M vs $-86.8M），过去两年CSW INDUSTRIALS, INC.的营收复合增速更高（5.1% 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。
AHT vs CSW — 直观对比
营收规模更大
AHT
是对方的1.1倍
$233.0M
营收增速更快
CSW
高出26.3%
-6.0%
净利率更高
CSW
高出31.2%
-26.8%
自由现金流更多
CSW
多$109.5M
$-86.8M
两年增速更快
CSW
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $233.0M |
| 净利润 | $-69.3M | $10.3M |
| 毛利率 | — | 39.7% |
| 营业利润率 | -2.6% | 7.4% |
| 净利率 | -26.8% | 4.4% |
| 营收同比 | -6.0% | 20.3% |
| 净利润同比 | 44.2% | -61.9% |
| 每股收益（稀释后） | $-12.85 | $0.62 |
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AHTCSW
| Q4 25 | $259.0M | $233.0M | ||
| Q3 25 | $266.1M | $277.0M | ||
| Q2 25 | $302.0M | $263.6M | ||
| Q1 25 | $277.4M | $230.5M | ||
| Q4 24 | $275.5M | $193.6M | ||
| Q3 24 | $276.6M | $227.9M | ||
| Q2 24 | $316.5M | $226.2M | ||
| Q1 24 | $303.9M | $210.9M |
净利润AHTCSW
| Q4 25 | $-69.3M | $10.3M | ||
| Q3 25 | $-60.1M | $40.7M | ||
| Q2 25 | $-30.4M | $40.9M | ||
| Q1 25 | $-20.0M | $35.1M | ||
| Q4 24 | $-124.2M | $26.9M | ||
| Q3 24 | $-57.9M | $36.1M | ||
| Q2 24 | $50.3M | $38.6M | ||
| Q1 24 | $71.6M | $31.8M |
毛利率AHTCSW
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 44.4% |
营业利润率AHTCSW
| Q4 25 | -2.6% | 7.4% | ||
| Q3 25 | 4.6% | 20.5% | ||
| Q2 25 | 16.3% | 20.8% | ||
| Q1 25 | 22.2% | 19.5% | ||
| Q4 24 | -17.8% | 15.3% | ||
| Q3 24 | 7.3% | 22.6% | ||
| Q2 24 | 42.8% | 24.3% | ||
| Q1 24 | 50.2% | 21.0% |
净利率AHTCSW
| Q4 25 | -26.8% | 4.4% | ||
| Q3 25 | -22.6% | 14.7% | ||
| Q2 25 | -10.1% | 15.5% | ||
| Q1 25 | -7.2% | 15.2% | ||
| Q4 24 | -45.1% | 13.9% | ||
| Q3 24 | -20.9% | 15.8% | ||
| Q2 24 | 15.9% | 17.1% | ||
| Q1 24 | 23.5% | 15.1% |
每股收益（稀释后）AHTCSW
| Q4 25 | $-12.85 | $0.62 | ||
| Q3 25 | $-11.35 | $2.41 | ||
| Q2 25 | $-6.88 | $2.43 | ||
| Q1 25 | $-4.91 | $2.05 | ||
| Q4 24 | $-13.64 | $1.60 | ||
| Q3 24 | $-12.39 | $2.26 | ||
| Q2 24 | $2.50 | $2.47 | ||
| Q1 24 | $5.99 | $2.03 |
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 | $40.2M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $1.1B |
| 总资产 | $2.8B | $2.3B |
| 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AHTCSW
| Q4 25 | $66.1M | $40.2M | ||
| Q3 25 | $81.9M | $31.5M | ||
| Q2 25 | $100.0M | $38.0M | ||
| Q1 25 | $85.8M | $225.8M | ||
| Q4 24 | $112.9M | $213.8M | ||
| Q3 24 | $119.7M | $273.2M | ||
| Q2 24 | $121.8M | $18.9M | ||
| Q1 24 | $111.1M | $22.2M |
总债务AHTCSW
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | $800.1M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | $166.0M |
股东权益AHTCSW
| Q4 25 | $-626.4M | $1.1B | ||
| Q3 25 | $-548.7M | $1.1B | ||
| Q2 25 | $-485.5M | $1.1B | ||
| Q1 25 | $-446.1M | $1.1B | ||
| Q4 24 | $-419.2M | $1.0B | ||
| Q3 24 | $-288.4M | $1.0B | ||
| Q2 24 | $-225.9M | $650.2M | ||
| Q1 24 | $-276.8M | $615.7M |
总资产AHTCSW
| Q4 25 | $2.8B | $2.3B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.5B | $1.0B |
负债/权益比AHTCSW
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $22.7M |
| 自由现金流率自由现金流/营收 | -33.5% | 9.8% |
| 资本支出强度资本支出/营收 | 27.5% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 2.81× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $162.0M |
8季度趋势，按日历期对齐
经营现金流AHTCSW
| Q4 25 | $-15.7M | $28.9M | ||
| Q3 25 | $5.5M | $61.8M | ||
| Q2 25 | $16.3M | $60.6M | ||
| Q1 25 | $-25.0M | $27.3M | ||
| Q4 24 | $-23.6M | $11.6M | ||
| Q3 24 | $795.0K | $66.8M | ||
| Q2 24 | $8.0M | $62.7M | ||
| Q1 24 | $-46.5M | $22.4M |
自由现金流AHTCSW
| Q4 25 | $-86.8M | $22.7M | ||
| Q3 25 | $-226.0K | $58.7M | ||
| Q2 25 | $-3.6M | $57.7M | ||
| Q1 25 | $-44.8M | $22.8M | ||
| Q4 24 | $-131.6M | $8.5M | ||
| Q3 24 | $-21.8M | $61.3M | ||
| Q2 24 | $-22.9M | $59.6M | ||
| Q1 24 | $-80.4M | $17.5M |
自由现金流率AHTCSW
| Q4 25 | -33.5% | 9.8% | ||
| Q3 25 | -0.1% | 21.2% | ||
| Q2 25 | -1.2% | 21.9% | ||
| Q1 25 | -16.2% | 9.9% | ||
| Q4 24 | -47.8% | 4.4% | ||
| Q3 24 | -7.9% | 26.9% | ||
| Q2 24 | -7.2% | 26.3% | ||
| Q1 24 | -26.5% | 8.3% |
资本支出强度AHTCSW
| Q4 25 | 27.5% | 2.6% | ||
| Q3 25 | 2.1% | 1.1% | ||
| Q2 25 | 6.6% | 1.1% | ||
| Q1 25 | 7.2% | 2.0% | ||
| Q4 24 | 39.2% | 1.6% | ||
| Q3 24 | 8.2% | 2.4% | ||
| Q2 24 | 9.8% | 1.4% | ||
| Q1 24 | 11.2% | 2.3% |
现金转化率AHTCSW
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | 0.16× | 1.62× | ||
| Q1 24 | -0.65× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
