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ASHFORD HOSPITALITY TRUST INC（AHT）与Dayforce（DAY）财务数据对比。点击上方公司名可切换其他公司
Dayforce的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.9倍（$481.6M vs $259.0M），ASHFORD HOSPITALITY TRUST INC净利率更高（-26.8% vs -40.9%，领先14.1%），Dayforce同比增速更快（9.5% vs -6.0%），过去两年Dayforce的营收复合增速更高（9.8% 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。
Dayforce前身为知名人力资源服务商Ceridian，是一家总部位于美国的人力资源软件及服务企业，面向各行业不同规模的客户提供覆盖薪酬核算、人员管理、考勤等多场景的HR SaaS产品及配套专业服务，助力企业提升人力资源运营效率。
AHT vs DAY — 直观对比
营收规模更大
DAY
是对方的1.9倍
$259.0M
营收增速更快
DAY
高出15.4%
-6.0%
净利率更高
AHT
高出14.1%
-40.9%
两年增速更快
DAY
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $481.6M |
| 净利润 | $-69.3M | $-196.8M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 6.3% |
| 净利率 | -26.8% | -40.9% |
| 营收同比 | -6.0% | 9.5% |
| 净利润同比 | 44.2% | -9940.0% |
| 每股收益（稀释后） | $-12.85 | $-1.23 |
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AHTDAY
| Q4 25 | $259.0M | — | ||
| Q3 25 | $266.1M | $481.6M | ||
| Q2 25 | $302.0M | $464.7M | ||
| Q1 25 | $277.4M | $481.8M | ||
| Q4 24 | $275.5M | $465.2M | ||
| Q3 24 | $276.6M | $440.0M | ||
| Q2 24 | $316.5M | $423.3M | ||
| Q1 24 | $303.9M | $431.5M |
净利润AHTDAY
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-196.8M | ||
| Q2 25 | $-30.4M | $21.3M | ||
| Q1 25 | $-20.0M | $14.9M | ||
| Q4 24 | $-124.2M | $10.8M | ||
| Q3 24 | $-57.9M | $2.0M | ||
| Q2 24 | $50.3M | $-1.8M | ||
| Q1 24 | $71.6M | $7.1M |
毛利率AHTDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 47.0% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 47.6% |
营业利润率AHTDAY
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | 6.3% | ||
| Q2 25 | 16.3% | 9.1% | ||
| Q1 25 | 22.2% | 6.4% | ||
| Q4 24 | -17.8% | 6.1% | ||
| Q3 24 | 7.3% | 4.7% | ||
| Q2 24 | 42.8% | 3.3% | ||
| Q1 24 | 50.2% | 9.4% |
净利率AHTDAY
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -40.9% | ||
| Q2 25 | -10.1% | 4.6% | ||
| Q1 25 | -7.2% | 3.1% | ||
| Q4 24 | -45.1% | 2.3% | ||
| Q3 24 | -20.9% | 0.5% | ||
| Q2 24 | 15.9% | -0.4% | ||
| Q1 24 | 23.5% | 1.6% |
每股收益（稀释后）AHTDAY
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | $-1.23 | ||
| Q2 25 | $-6.88 | $0.13 | ||
| Q1 25 | $-4.91 | $0.09 | ||
| Q4 24 | $-13.64 | $0.07 | ||
| Q3 24 | $-12.39 | $0.01 | ||
| Q2 24 | $2.50 | $-0.01 | ||
| Q1 24 | $5.99 | $0.04 |
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 | $627.6M |
| 总债务越低越好 | $2.5B | $631.1M |
| 股东权益账面价值 | $-626.4M | $2.7B |
| 总资产 | $2.8B | $8.7B |
| 负债/权益比越低杠杆越低 | — | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资AHTDAY
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | $627.6M | ||
| Q2 25 | $100.0M | $625.2M | ||
| Q1 25 | $85.8M | $557.3M | ||
| Q4 24 | $112.9M | $579.7M | ||
| Q3 24 | $119.7M | $494.1M | ||
| Q2 24 | $121.8M | $465.4M | ||
| Q1 24 | $111.1M | $392.5M |
总债务AHTDAY
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $631.1M | ||
| Q2 25 | $2.6B | $631.8M | ||
| Q1 25 | $2.7B | $632.4M | ||
| Q4 24 | $2.6B | $1.2B | ||
| Q3 24 | $2.7B | $1.2B | ||
| Q2 24 | $2.8B | $1.2B | ||
| Q1 24 | $2.9B | $1.2B |
股东权益AHTDAY
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | $2.7B | ||
| Q2 25 | $-485.5M | $2.7B | ||
| Q1 25 | $-446.1M | $2.6B | ||
| Q4 24 | $-419.2M | $2.5B | ||
| Q3 24 | $-288.4M | $2.6B | ||
| Q2 24 | $-225.9M | $2.5B | ||
| Q1 24 | $-276.8M | $2.4B |
总资产AHTDAY
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.0B | $8.7B | ||
| Q2 25 | $3.1B | $8.5B | ||
| Q1 25 | $3.1B | $9.5B | ||
| Q4 24 | $3.2B | $9.1B | ||
| Q3 24 | $3.3B | $8.1B | ||
| Q2 24 | $3.3B | $9.0B | ||
| Q1 24 | $3.5B | $10.8B |
负债/权益比AHTDAY
| Q4 25 | — | — | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.50× |
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 | $31.2M |
| 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AHTDAY
| Q4 25 | $-15.7M | — | ||
| Q3 25 | $5.5M | $31.2M | ||
| Q2 25 | $16.3M | $112.7M | ||
| Q1 25 | $-25.0M | $49.6M | ||
| Q4 24 | $-23.6M | $81.0M | ||
| Q3 24 | $795.0K | $91.8M | ||
| Q2 24 | $8.0M | $99.2M | ||
| Q1 24 | $-46.5M | $9.1M |
自由现金流AHTDAY
| 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AHTDAY
| 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AHTDAY
| 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AHTDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 5.29× | ||
| Q1 25 | — | 3.33× | ||
| Q4 24 | — | 7.50× | ||
| Q3 24 | — | 45.90× | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | 1.28× |
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% |
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
