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ASHFORD HOSPITALITY TRUST INC（AHT）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.1倍（$273.0M vs $259.0M），Forestar Group Inc.净利率更高（5.6% vs -26.8%，领先32.4%），Forestar Group Inc.同比增速更快（9.0% vs -6.0%），ASHFORD HOSPITALITY TRUST INC自由现金流更多（$-86.8M vs $-157.1M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
AHT vs FOR — 直观对比
营收规模更大
FOR
是对方的1.1倍
$259.0M
营收增速更快
FOR
高出15.0%
-6.0%
净利率更高
FOR
高出32.4%
-26.8%
自由现金流更多
AHT
多$70.3M
$-157.1M
两年增速更快
AHT
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $273.0M |
| 净利润 | $-69.3M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | -2.6% | 7.6% |
| 净利率 | -26.8% | 5.6% |
| 营收同比 | -6.0% | 9.0% |
| 净利润同比 | 44.2% | -6.7% |
| 每股收益（稀释后） | $-12.85 | $0.30 |
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AHTFOR
| Q4 25 | $259.0M | $273.0M | ||
| Q3 25 | $266.1M | $670.5M | ||
| Q2 25 | $302.0M | $390.5M | ||
| Q1 25 | $277.4M | $351.0M | ||
| Q4 24 | $275.5M | $250.4M | ||
| Q3 24 | $276.6M | $551.3M | ||
| Q2 24 | $316.5M | $318.4M | ||
| Q1 24 | $303.9M | $333.8M |
净利润AHTFOR
| Q4 25 | $-69.3M | $15.4M | ||
| Q3 25 | $-60.1M | $86.9M | ||
| Q2 25 | $-30.4M | $32.9M | ||
| Q1 25 | $-20.0M | $31.6M | ||
| Q4 24 | $-124.2M | $16.5M | ||
| Q3 24 | $-57.9M | $81.5M | ||
| Q2 24 | $50.3M | $38.7M | ||
| Q1 24 | $71.6M | $45.0M |
毛利率AHTFOR
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
营业利润率AHTFOR
| Q4 25 | -2.6% | 7.6% | ||
| Q3 25 | 4.6% | 16.9% | ||
| Q2 25 | 16.3% | 11.2% | ||
| Q1 25 | 22.2% | 11.6% | ||
| Q4 24 | -17.8% | 8.7% | ||
| Q3 24 | 7.3% | 19.7% | ||
| Q2 24 | 42.8% | 16.2% | ||
| Q1 24 | 50.2% | 17.6% |
净利率AHTFOR
| Q4 25 | -26.8% | 5.6% | ||
| Q3 25 | -22.6% | 13.0% | ||
| Q2 25 | -10.1% | 8.4% | ||
| Q1 25 | -7.2% | 9.0% | ||
| Q4 24 | -45.1% | 6.6% | ||
| Q3 24 | -20.9% | 14.8% | ||
| Q2 24 | 15.9% | 12.2% | ||
| Q1 24 | 23.5% | 13.5% |
每股收益（稀释后）AHTFOR
| Q4 25 | $-12.85 | $0.30 | ||
| Q3 25 | $-11.35 | $1.70 | ||
| Q2 25 | $-6.88 | $0.65 | ||
| Q1 25 | $-4.91 | $0.62 | ||
| Q4 24 | $-13.64 | $0.32 | ||
| Q3 24 | $-12.39 | $1.59 | ||
| Q2 24 | $2.50 | $0.76 | ||
| Q1 24 | $5.99 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | $2.5B | $793.2M |
| 股东权益账面价值 | $-626.4M | $1.8B |
| 总资产 | $2.8B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资AHTFOR
| Q4 25 | $66.1M | $211.7M | ||
| Q3 25 | $81.9M | $379.2M | ||
| Q2 25 | $100.0M | $189.2M | ||
| Q1 25 | $85.8M | $174.3M | ||
| Q4 24 | $112.9M | $132.0M | ||
| Q3 24 | $119.7M | $481.2M | ||
| Q2 24 | $121.8M | $359.2M | ||
| Q1 24 | $111.1M | $416.2M |
总债务AHTFOR
| Q4 25 | $2.5B | $793.2M | ||
| Q3 25 | $2.6B | $802.7M | ||
| Q2 25 | $2.6B | $872.8M | ||
| Q1 25 | $2.7B | $872.5M | ||
| Q4 24 | $2.6B | $806.8M | ||
| Q3 24 | $2.7B | $706.4M | ||
| Q2 24 | $2.8B | $706.1M | ||
| Q1 24 | $2.9B | $705.7M |
股东权益AHTFOR
| Q4 25 | $-626.4M | $1.8B | ||
| Q3 25 | $-548.7M | $1.8B | ||
| Q2 25 | $-485.5M | $1.7B | ||
| Q1 25 | $-446.1M | $1.6B | ||
| Q4 24 | $-419.2M | $1.6B | ||
| Q3 24 | $-288.4M | $1.6B | ||
| Q2 24 | $-225.9M | $1.5B | ||
| Q1 24 | $-276.8M | $1.5B |
总资产AHTFOR
| Q4 25 | $2.8B | $3.2B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $3.1B | $3.1B | ||
| Q1 25 | $3.1B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.3B | $2.7B | ||
| Q1 24 | $3.5B | $2.6B |
负债/权益比AHTFOR
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-157.1M |
| 自由现金流率自由现金流/营收 | -33.5% | -57.5% |
| 资本支出强度资本支出/营收 | 27.5% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $93.0M |
8季度趋势，按日历期对齐
经营现金流AHTFOR
| Q4 25 | $-15.7M | $-157.0M | ||
| Q3 25 | $5.5M | $256.3M | ||
| Q2 25 | $16.3M | $15.8M | ||
| Q1 25 | $-25.0M | $-19.8M | ||
| Q4 24 | $-23.6M | $-450.0M | ||
| Q3 24 | $795.0K | $119.2M | ||
| Q2 24 | $8.0M | $-61.7M | ||
| Q1 24 | $-46.5M | $-59.2M |
自由现金流AHTFOR
| Q4 25 | $-86.8M | $-157.1M | ||
| Q3 25 | $-226.0K | $255.6M | ||
| Q2 25 | $-3.6M | $15.0M | ||
| Q1 25 | $-44.8M | $-20.5M | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | $118.4M | ||
| Q2 24 | $-22.9M | $-62.3M | ||
| Q1 24 | $-80.4M | $-59.8M |
自由现金流率AHTFOR
| Q4 25 | -33.5% | -57.5% | ||
| Q3 25 | -0.1% | 38.1% | ||
| Q2 25 | -1.2% | 3.8% | ||
| Q1 25 | -16.2% | -5.8% | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | 21.5% | ||
| Q2 24 | -7.2% | -19.6% | ||
| Q1 24 | -26.5% | -17.9% |
资本支出强度AHTFOR
| Q4 25 | 27.5% | 0.0% | ||
| Q3 25 | 2.1% | 0.1% | ||
| Q2 25 | 6.6% | 0.2% | ||
| Q1 25 | 7.2% | 0.2% | ||
| Q4 24 | 39.2% | 0.0% | ||
| Q3 24 | 8.2% | 0.1% | ||
| Q2 24 | 9.8% | 0.2% | ||
| Q1 24 | 11.2% | 0.2% |
现金转化率AHTFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | 0.16× | -1.59× | ||
| Q1 24 | -0.65× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
