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ASHFORD HOSPITALITY TRUST INC（AHT）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
ASHFORD HOSPITALITY TRUST INC的季度营收约是六旗的1.1倍（$259.0M vs $225.6M），ASHFORD HOSPITALITY TRUST INC净利率更高（-26.8% vs -119.0%，领先92.3%），六旗同比增速更快（11.7% vs -6.0%）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
AHT vs FUN — 直观对比
营收规模更大
AHT
是对方的1.1倍
$225.6M
营收增速更快
FUN
高出17.7%
-6.0%
净利率更高
AHT
高出92.3%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $225.6M |
| 净利润 | $-69.3M | $-268.6M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | — |
| 净利率 | -26.8% | -119.0% |
| 营收同比 | -6.0% | 11.7% |
| 净利润同比 | 44.2% | -22.2% |
| 每股收益（稀释后） | $-12.85 | — |
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AHTFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $259.0M | $650.1M | ||
| Q3 25 | $266.1M | $1.3B | ||
| Q2 25 | $302.0M | $930.4M | ||
| Q1 25 | $277.4M | $202.1M | ||
| Q4 24 | $275.5M | — | ||
| Q3 24 | $276.6M | $1.3B | ||
| Q2 24 | $316.5M | $571.6M |
净利润AHTFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $-69.3M | $-92.4M | ||
| Q3 25 | $-60.1M | $-1.2B | ||
| Q2 25 | $-30.4M | $-99.6M | ||
| Q1 25 | $-20.0M | $-219.7M | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | $111.0M | ||
| Q2 24 | $50.3M | $55.6M |
毛利率AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 91.9% | ||
| Q2 24 | — | 90.7% |
营业利润率AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | -3.8% | ||
| Q3 25 | 4.6% | -83.7% | ||
| Q2 25 | 16.3% | 8.0% | ||
| Q1 25 | 22.2% | -158.9% | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | 19.5% | ||
| Q2 24 | 42.8% | 21.6% |
净利率AHTFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | -26.8% | -14.2% | ||
| Q3 25 | -22.6% | -90.1% | ||
| Q2 25 | -10.1% | -10.7% | ||
| Q1 25 | -7.2% | -108.7% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | 8.2% | ||
| Q2 24 | 15.9% | 9.7% |
每股收益（稀释后）AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | $-12.85 | $-0.93 | ||
| Q3 25 | $-11.35 | $-11.77 | ||
| Q2 25 | $-6.88 | $-0.99 | ||
| Q1 25 | $-4.91 | $-2.20 | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | $1.10 | ||
| Q2 24 | $2.50 | — |
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 | $116.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $279.2M |
| 总资产 | $2.8B | $7.7B |
| 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AHTFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $66.1M | $91.1M | ||
| Q3 25 | $81.9M | $70.7M | ||
| Q2 25 | $100.0M | $107.4M | ||
| Q1 25 | $85.8M | $61.5M | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | $89.7M | ||
| Q2 24 | $121.8M | $52.9M |
总债务AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $5.2B | ||
| Q3 25 | $2.6B | $5.0B | ||
| Q2 25 | $2.6B | $5.3B | ||
| Q1 25 | $2.7B | $5.0B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $4.6B | ||
| Q2 24 | $2.8B | $2.3B |
股东权益AHTFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $-626.4M | $549.8M | ||
| Q3 25 | $-548.7M | $614.3M | ||
| Q2 25 | $-485.5M | $1.8B | ||
| Q1 25 | $-446.1M | $1.8B | ||
| Q4 24 | $-419.2M | — | ||
| Q3 24 | $-288.4M | $2.3B | ||
| Q2 24 | $-225.9M | — |
总资产AHTFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $2.8B | $7.8B | ||
| Q3 25 | $3.0B | $7.9B | ||
| Q2 25 | $3.1B | $9.5B | ||
| Q1 25 | $3.1B | $9.2B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.3B | $9.4B | ||
| Q2 24 | $3.3B | $2.3B |
负债/权益比AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | — |
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 | — |
| 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AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $-37.7M | ||
| Q3 25 | $5.5M | $356.2M | ||
| Q2 25 | $16.3M | $187.0M | ||
| Q1 25 | $-25.0M | $-178.0M | ||
| Q4 24 | $-23.6M | — | ||
| Q3 24 | $795.0K | $337.4M | ||
| Q2 24 | $8.0M | — |
自由现金流AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | $-86.8M | $-109.3M | ||
| Q3 25 | $-226.0K | $256.2M | ||
| Q2 25 | $-3.6M | $18.8M | ||
| Q1 25 | $-44.8M | $-318.0M | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | $227.7M | ||
| Q2 24 | $-22.9M | — |
自由现金流率AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | -33.5% | -16.8% | ||
| Q3 25 | -0.1% | 19.4% | ||
| Q2 25 | -1.2% | 2.0% | ||
| Q1 25 | -16.2% | -157.4% | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | 16.9% | ||
| Q2 24 | -7.2% | — |
资本支出强度AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 11.0% | ||
| Q3 25 | 2.1% | 7.6% | ||
| Q2 25 | 6.6% | 18.1% | ||
| Q1 25 | 7.2% | 69.3% | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | 8.1% | ||
| Q2 24 | 9.8% | — |
现金转化率AHTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.04× | ||
| Q2 24 | 0.16× | — |
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% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
