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ASHFORD HOSPITALITY TRUST INC（AHT）与FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的1.8倍（$259.0M vs $143.5M），ASHFORD HOSPITALITY TRUST INC净利率更高（-26.8% vs -68.1%，领先41.3%），FTAI Infrastructure Inc.同比增速更快（77.7% vs -6.0%），FTAI Infrastructure Inc.自由现金流更多（$-68.6M vs $-86.8M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% 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。
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
AHT vs FIP — 直观对比
营收规模更大
AHT
是对方的1.8倍
$143.5M
营收增速更快
FIP
高出83.7%
-6.0%
净利率更高
AHT
高出41.3%
-68.1%
自由现金流更多
FIP
多$18.2M
$-86.8M
两年增速更快
FIP
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $143.5M |
| 净利润 | $-69.3M | $-97.7M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | -45.7% |
| 净利率 | -26.8% | -68.1% |
| 营收同比 | -6.0% | 77.7% |
| 净利润同比 | 44.2% | 21.6% |
| 每股收益（稀释后） | $-12.85 | $-1.04 |
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AHTFIP
| Q4 25 | $259.0M | $143.5M | ||
| Q3 25 | $266.1M | $140.6M | ||
| Q2 25 | $302.0M | $122.3M | ||
| Q1 25 | $277.4M | $96.2M | ||
| Q4 24 | $275.5M | $80.8M | ||
| Q3 24 | $276.6M | $83.3M | ||
| Q2 24 | $316.5M | $84.9M | ||
| Q1 24 | $303.9M | $82.5M |
净利润AHTFIP
| Q4 25 | $-69.3M | $-97.7M | ||
| Q3 25 | $-60.1M | $-104.5M | ||
| Q2 25 | $-30.4M | $-70.0M | ||
| Q1 25 | $-20.0M | $120.2M | ||
| Q4 24 | $-124.2M | $-124.7M | ||
| Q3 24 | $-57.9M | $-43.0M | ||
| Q2 24 | $50.3M | $-48.1M | ||
| Q1 24 | $71.6M | $-50.3M |
营业利润率AHTFIP
| Q4 25 | -2.6% | -45.7% | ||
| Q3 25 | 4.6% | -70.8% | ||
| Q2 25 | 16.3% | -56.4% | ||
| Q1 25 | 22.2% | 81.8% | ||
| Q4 24 | -17.8% | -152.7% | ||
| Q3 24 | 7.3% | -51.7% | ||
| Q2 24 | 42.8% | -56.4% | ||
| Q1 24 | 50.2% | -58.8% |
净利率AHTFIP
| Q4 25 | -26.8% | -68.1% | ||
| Q3 25 | -22.6% | -74.4% | ||
| Q2 25 | -10.1% | -57.2% | ||
| Q1 25 | -7.2% | 125.0% | ||
| Q4 24 | -45.1% | -154.4% | ||
| Q3 24 | -20.9% | -51.6% | ||
| Q2 24 | 15.9% | -56.7% | ||
| Q1 24 | 23.5% | -60.9% |
每股收益（稀释后）AHTFIP
| Q4 25 | $-12.85 | $-1.04 | ||
| Q3 25 | $-11.35 | $-1.38 | ||
| Q2 25 | $-6.88 | $-0.73 | ||
| Q1 25 | $-4.91 | $0.89 | ||
| Q4 24 | $-13.64 | $-1.21 | ||
| Q3 24 | $-12.39 | $-0.45 | ||
| Q2 24 | $2.50 | $-0.52 | ||
| Q1 24 | $5.99 | $-0.54 |
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 | $57.4M |
| 总债务越低越好 | $2.5B | $3.8B |
| 股东权益账面价值 | $-626.4M | $21.3M |
| 总资产 | $2.8B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 176.99× |
8季度趋势，按日历期对齐
现金及短期投资AHTFIP
| Q4 25 | $66.1M | $57.4M | ||
| Q3 25 | $81.9M | $34.7M | ||
| Q2 25 | $100.0M | $33.6M | ||
| Q1 25 | $85.8M | $26.3M | ||
| Q4 24 | $112.9M | $27.8M | ||
| Q3 24 | $119.7M | $20.3M | ||
| Q2 24 | $121.8M | $33.1M | ||
| Q1 24 | $111.1M | $23.0M |
总债务AHTFIP
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.6B | $3.7B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.7B | $2.8B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.9B | $1.3B |
股东权益AHTFIP
| Q4 25 | $-626.4M | $21.3M | ||
| Q3 25 | $-548.7M | $181.1M | ||
| Q2 25 | $-485.5M | $375.5M | ||
| Q1 25 | $-446.1M | $476.2M | ||
| Q4 24 | $-419.2M | $202.7M | ||
| Q3 24 | $-288.4M | $370.8M | ||
| Q2 24 | $-225.9M | $394.8M | ||
| Q1 24 | $-276.8M | $402.5M |
总资产AHTFIP
| Q4 25 | $2.8B | $5.7B | ||
| Q3 25 | $3.0B | $5.5B | ||
| Q2 25 | $3.1B | $4.4B | ||
| Q1 25 | $3.1B | $4.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $2.4B | ||
| Q2 24 | $3.3B | $2.5B | ||
| Q1 24 | $3.5B | $2.3B |
负债/权益比AHTFIP
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $-2.8M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-68.6M |
| 自由现金流率自由现金流/营收 | -33.5% | -47.8% |
| 资本支出强度资本支出/营收 | 27.5% | 45.9% |
| 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 | $-398.5M |
8季度趋势，按日历期对齐
经营现金流AHTFIP
| Q4 25 | $-15.7M | $-2.8M | ||
| Q3 25 | $5.5M | $-24.4M | ||
| Q2 25 | $16.3M | $-5.2M | ||
| Q1 25 | $-25.0M | $-85.7M | ||
| Q4 24 | $-23.6M | $-8.1M | ||
| Q3 24 | $795.0K | $14.2M | ||
| Q2 24 | $8.0M | $-17.6M | ||
| Q1 24 | $-46.5M | $-3.9M |
自由现金流AHTFIP
| Q4 25 | $-86.8M | $-68.6M | ||
| Q3 25 | $-226.0K | $-90.7M | ||
| Q2 25 | $-3.6M | $-87.5M | ||
| Q1 25 | $-44.8M | $-151.7M | ||
| Q4 24 | $-131.6M | $-34.3M | ||
| Q3 24 | $-21.8M | $-11.7M | ||
| Q2 24 | $-22.9M | $-32.1M | ||
| Q1 24 | $-80.4M | $-16.7M |
自由现金流率AHTFIP
| Q4 25 | -33.5% | -47.8% | ||
| Q3 25 | -0.1% | -64.5% | ||
| Q2 25 | -1.2% | -71.6% | ||
| Q1 25 | -16.2% | -157.7% | ||
| Q4 24 | -47.8% | -42.4% | ||
| Q3 24 | -7.9% | -14.0% | ||
| Q2 24 | -7.2% | -37.9% | ||
| Q1 24 | -26.5% | -20.3% |
资本支出强度AHTFIP
| Q4 25 | 27.5% | 45.9% | ||
| Q3 25 | 2.1% | 47.2% | ||
| Q2 25 | 6.6% | 67.3% | ||
| Q1 25 | 7.2% | 68.6% | ||
| Q4 24 | 39.2% | 32.5% | ||
| Q3 24 | 8.2% | 31.1% | ||
| Q2 24 | 9.8% | 17.2% | ||
| Q1 24 | 11.2% | 15.6% |
现金转化率AHTFIP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| 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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
