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ASHFORD HOSPITALITY TRUST INC（AHT）与JOHNSON OUTDOORS INC（JOUT）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JOHNSON OUTDOORS INC的1.8倍（$259.0M vs $140.9M），JOHNSON OUTDOORS INC净利率更高（-2.3% vs -26.8%，领先24.4%），JOHNSON OUTDOORS INC同比增速更快（30.9% vs -6.0%），JOHNSON OUTDOORS INC自由现金流更多（$-42.7M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -10.5%）
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。
强生户外公司（Johnson Outdoors）主营水上载具、潜水装备、露营用具、户外服饰等户外休闲用品的研发生产，业务网点遍布全球24个地区，现有员工约1400人，年销售额超3.15亿美元，自1999年起由海伦·约翰逊-莱波尔德执掌公司。
AHT vs JOUT — 直观对比
营收规模更大
AHT
是对方的1.8倍
$140.9M
营收增速更快
JOUT
高出36.9%
-6.0%
净利率更高
JOUT
高出24.4%
-26.8%
自由现金流更多
JOUT
多$44.1M
$-86.8M
两年增速更快
AHT
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $140.9M |
| 净利润 | $-69.3M | $-3.3M |
| 毛利率 | — | 36.6% |
| 营业利润率 | -2.6% | -2.1% |
| 净利率 | -26.8% | -2.3% |
| 营收同比 | -6.0% | 30.9% |
| 净利润同比 | 44.2% | 78.4% |
| 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AHTJOUT
| Q1 26 | — | $140.9M | ||
| Q4 25 | $259.0M | $135.8M | ||
| Q3 25 | $266.1M | — | ||
| Q2 25 | $302.0M | $180.7M | ||
| Q1 25 | $277.4M | $168.3M | ||
| Q4 24 | $275.5M | $107.6M | ||
| Q3 24 | $276.6M | $105.9M | ||
| Q2 24 | $316.5M | $172.5M |
净利润AHTJOUT
| Q1 26 | — | $-3.3M | ||
| Q4 25 | $-69.3M | $-29.1M | ||
| Q3 25 | $-60.1M | — | ||
| Q2 25 | $-30.4M | $7.7M | ||
| Q1 25 | $-20.0M | $2.3M | ||
| Q4 24 | $-124.2M | $-15.3M | ||
| Q3 24 | $-57.9M | $-34.3M | ||
| Q2 24 | $50.3M | $1.6M |
毛利率AHTJOUT
| Q1 26 | — | 36.6% | ||
| Q4 25 | — | 36.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | — | 35.8% |
营业利润率AHTJOUT
| Q1 26 | — | -2.1% | ||
| Q4 25 | -2.6% | -6.0% | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 16.3% | 4.1% | ||
| Q1 25 | 22.2% | 2.9% | ||
| Q4 24 | -17.8% | -18.8% | ||
| Q3 24 | 7.3% | -40.4% | ||
| Q2 24 | 42.8% | -0.3% |
净利率AHTJOUT
| Q1 26 | — | -2.3% | ||
| Q4 25 | -26.8% | -21.4% | ||
| Q3 25 | -22.6% | — | ||
| Q2 25 | -10.1% | 4.3% | ||
| Q1 25 | -7.2% | 1.4% | ||
| Q4 24 | -45.1% | -14.2% | ||
| Q3 24 | -20.9% | -32.4% | ||
| Q2 24 | 15.9% | 0.9% |
每股收益（稀释后）AHTJOUT
| Q1 26 | — | — | ||
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | — | ||
| Q2 25 | $-6.88 | — | ||
| Q1 25 | $-4.91 | — | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | — | ||
| 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 | $130.7M |
| 总债务越低越好 | $2.5B | $0 |
| 股东权益账面价值 | $-626.4M | $413.5M |
| 总资产 | $2.8B | $600.1M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资AHTJOUT
| Q1 26 | — | $130.7M | ||
| Q4 25 | $66.1M | $176.4M | ||
| Q3 25 | $81.9M | — | ||
| Q2 25 | $100.0M | $161.0M | ||
| Q1 25 | $85.8M | $94.0M | ||
| Q4 24 | $112.9M | $101.6M | ||
| Q3 24 | $119.7M | $162.0M | ||
| Q2 24 | $121.8M | $148.4M |
总债务AHTJOUT
| Q1 26 | — | $0 | ||
| Q4 25 | $2.5B | $0 | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | $0 | ||
| Q1 25 | $2.7B | $0 | ||
| Q4 24 | $2.6B | $0 | ||
| Q3 24 | $2.7B | $0 | ||
| Q2 24 | $2.8B | $0 |
股东权益AHTJOUT
| Q1 26 | — | $413.5M | ||
| Q4 25 | $-626.4M | $418.4M | ||
| Q3 25 | $-548.7M | — | ||
| Q2 25 | $-485.5M | $450.5M | ||
| Q1 25 | $-446.1M | $441.1M | ||
| Q4 24 | $-419.2M | $440.3M | ||
| Q3 24 | $-288.4M | $463.4M | ||
| Q2 24 | $-225.9M | $498.7M |
总资产AHTJOUT
| Q1 26 | — | $600.1M | ||
| Q4 25 | $2.8B | $604.1M | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.1B | $634.5M | ||
| Q1 25 | $3.1B | $624.5M | ||
| Q4 24 | $3.2B | $612.9M | ||
| Q3 24 | $3.3B | $635.2M | ||
| Q2 24 | $3.3B | $679.8M |
负债/权益比AHTJOUT
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
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 | $-38.4M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-42.7M |
| 自由现金流率自由现金流/营收 | -33.5% | -30.3% |
| 资本支出强度资本支出/营收 | 27.5% | 3.0% |
| 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 | $38.5M |
8季度趋势，按日历期对齐
经营现金流AHTJOUT
| Q1 26 | — | $-38.4M | ||
| Q4 25 | $-15.7M | $23.4M | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $16.3M | $71.4M | ||
| Q1 25 | $-25.0M | $-1.7M | ||
| Q4 24 | $-23.6M | $-36.9M | ||
| Q3 24 | $795.0K | $19.1M | ||
| Q2 24 | $8.0M | $73.7M |
自由现金流AHTJOUT
| Q1 26 | — | $-42.7M | ||
| Q4 25 | $-86.8M | $19.2M | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | $66.9M | ||
| Q1 25 | $-44.8M | $-5.0M | ||
| Q4 24 | $-131.6M | $-41.0M | ||
| Q3 24 | $-21.8M | $13.5M | ||
| Q2 24 | $-22.9M | $67.4M |
自由现金流率AHTJOUT
| Q1 26 | — | -30.3% | ||
| Q4 25 | -33.5% | 14.2% | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | 37.0% | ||
| Q1 25 | -16.2% | -2.9% | ||
| Q4 24 | -47.8% | -38.1% | ||
| Q3 24 | -7.9% | 12.8% | ||
| Q2 24 | -7.2% | 39.1% |
资本支出强度AHTJOUT
| Q1 26 | — | 3.0% | ||
| Q4 25 | 27.5% | 3.1% | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | 2.5% | ||
| Q1 25 | 7.2% | 2.0% | ||
| Q4 24 | 39.2% | 3.8% | ||
| Q3 24 | 8.2% | 5.3% | ||
| Q2 24 | 9.8% | 3.6% |
现金转化率AHTJOUT
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 9.22× | ||
| Q1 25 | — | -0.72× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 45.41× |
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% |
JOUT
| Fishing Segment | $112.1M | 80% |
| Diving Segment | $18.0M | 13% |
| Camping Watercraft Recreation Segment | $10.6M | 8% |
