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ASHFORD HOSPITALITY TRUST INC（AHT）与百胜餐饮集团（LCUT）财务数据对比。点击上方公司名可切换其他公司
ASHFORD HOSPITALITY TRUST INC的季度营收约是百胜餐饮集团的1.3倍（$259.0M vs $204.1M），百胜餐饮集团净利率更高（8.9% vs -26.8%，领先35.7%），百胜餐饮集团同比增速更快（-5.2% vs -6.0%），百胜餐饮集团自由现金流更多（$2.6M vs $-86.8M），过去两年百胜餐饮集团的营收复合增速更高（19.8% 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。
百胜餐饮集团是美国跨国快餐企业，1977年百事可乐收购肯德基、必胜客、塔可Bell后将其整合为旗下子公司，1997年百事剥离该业务板块后正式独立为百胜集团。集团目前运营肯德基、必胜客、塔可Bell、哈比特汉堡等多个餐饮品牌，同时布局相关餐饮科技业务，门店网络遍布全球多个国家和地区。
AHT vs LCUT — 直观对比
营收规模更大
AHT
是对方的1.3倍
$204.1M
营收增速更快
LCUT
高出0.8%
-6.0%
净利率更高
LCUT
高出35.7%
-26.8%
自由现金流更多
LCUT
多$89.4M
$-86.8M
两年增速更快
LCUT
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $204.1M |
| 净利润 | $-69.3M | $18.2M |
| 毛利率 | — | 38.6% |
| 营业利润率 | -2.6% | 9.8% |
| 净利率 | -26.8% | 8.9% |
| 营收同比 | -6.0% | -5.2% |
| 净利润同比 | 44.2% | 103.5% |
| 每股收益（稀释后） | $-12.85 | $0.83 |
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AHTLCUT
| Q4 25 | $259.0M | $204.1M | ||
| Q3 25 | $266.1M | $171.9M | ||
| Q2 25 | $302.0M | $131.9M | ||
| Q1 25 | $277.4M | $140.1M | ||
| Q4 24 | $275.5M | $215.2M | ||
| Q3 24 | $276.6M | $183.8M | ||
| Q2 24 | $316.5M | $141.7M | ||
| Q1 24 | $303.9M | $142.2M |
净利润AHTLCUT
| Q4 25 | $-69.3M | $18.2M | ||
| Q3 25 | $-60.1M | $-1.2M | ||
| Q2 25 | $-30.4M | $-39.7M | ||
| Q1 25 | $-20.0M | $-4.2M | ||
| Q4 24 | $-124.2M | $8.9M | ||
| Q3 24 | $-57.9M | $344.0K | ||
| Q2 24 | $50.3M | $-18.2M | ||
| Q1 24 | $71.6M | $-6.3M |
毛利率AHTLCUT
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 35.1% | ||
| Q2 25 | — | 38.6% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.7% | ||
| Q2 24 | — | 38.5% | ||
| Q1 24 | — | 40.5% |
营业利润率AHTLCUT
| Q4 25 | -2.6% | 9.8% | ||
| Q3 25 | 4.6% | 3.9% | ||
| Q2 25 | 16.3% | -28.2% | ||
| Q1 25 | 22.2% | 0.8% | ||
| Q4 24 | -17.8% | 7.2% | ||
| Q3 24 | 7.3% | 4.7% | ||
| Q2 24 | 42.8% | 0.8% | ||
| Q1 24 | 50.2% | 1.3% |
净利率AHTLCUT
| Q4 25 | -26.8% | 8.9% | ||
| Q3 25 | -22.6% | -0.7% | ||
| Q2 25 | -10.1% | -30.1% | ||
| Q1 25 | -7.2% | -3.0% | ||
| Q4 24 | -45.1% | 4.1% | ||
| Q3 24 | -20.9% | 0.2% | ||
| Q2 24 | 15.9% | -12.8% | ||
| Q1 24 | 23.5% | -4.4% |
每股收益（稀释后）AHTLCUT
| Q4 25 | $-12.85 | $0.83 | ||
| Q3 25 | $-11.35 | $-0.05 | ||
| Q2 25 | $-6.88 | $-1.83 | ||
| Q1 25 | $-4.91 | $-0.19 | ||
| Q4 24 | $-13.64 | $0.41 | ||
| Q3 24 | $-12.39 | $0.02 | ||
| Q2 24 | $2.50 | $-0.85 | ||
| Q1 24 | $5.99 | $-0.29 |
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 | $4.3M |
| 总债务越低越好 | $2.5B | $135.0M |
| 股东权益账面价值 | $-626.4M | $202.3M |
| 总资产 | $2.8B | $572.6M |
| 负债/权益比越低杠杆越低 | — | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资AHTLCUT
| Q4 25 | $66.1M | $4.3M | ||
| Q3 25 | $81.9M | $12.1M | ||
| Q2 25 | $100.0M | $12.0M | ||
| Q1 25 | $85.8M | $10.4M | ||
| Q4 24 | $112.9M | $2.9M | ||
| Q3 24 | $119.7M | $6.0M | ||
| Q2 24 | $121.8M | $3.4M | ||
| Q1 24 | $111.1M | $4.6M |
总债务AHTLCUT
| Q4 25 | $2.5B | $135.0M | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | $142.5M | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
股东权益AHTLCUT
| Q4 25 | $-626.4M | $202.3M | ||
| Q3 25 | $-548.7M | $184.6M | ||
| Q2 25 | $-485.5M | $185.8M | ||
| Q1 25 | $-446.1M | $225.7M | ||
| Q4 24 | $-419.2M | $229.9M | ||
| Q3 24 | $-288.4M | $220.9M | ||
| Q2 24 | $-225.9M | $219.8M | ||
| Q1 24 | $-276.8M | $223.7M |
总资产AHTLCUT
| Q4 25 | $2.8B | $572.6M | ||
| Q3 25 | $3.0B | $581.1M | ||
| Q2 25 | $3.1B | $551.9M | ||
| Q1 25 | $3.1B | $594.6M | ||
| Q4 24 | $3.2B | $634.3M | ||
| Q3 24 | $3.3B | $668.7M | ||
| Q2 24 | $3.3B | $617.0M | ||
| Q1 24 | $3.5B | $602.7M |
负债/权益比AHTLCUT
| Q4 25 | — | 0.67× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $3.7M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $2.6M |
| 自由现金流率自由现金流/营收 | -33.5% | 1.3% |
| 资本支出强度资本支出/营收 | 27.5% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 0.21× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $3.3M |
8季度趋势，按日历期对齐
经营现金流AHTLCUT
| Q4 25 | $-15.7M | $3.7M | ||
| Q3 25 | $5.5M | $-22.2M | ||
| Q2 25 | $16.3M | $9.3M | ||
| Q1 25 | $-25.0M | $16.7M | ||
| Q4 24 | $-23.6M | $20.3M | ||
| Q3 24 | $795.0K | $-22.7M | ||
| Q2 24 | $8.0M | $10.4M | ||
| Q1 24 | $-46.5M | $10.5M |
自由现金流AHTLCUT
| Q4 25 | $-86.8M | $2.6M | ||
| Q3 25 | $-226.0K | $-22.7M | ||
| Q2 25 | $-3.6M | $8.2M | ||
| Q1 25 | $-44.8M | $15.1M | ||
| Q4 24 | $-131.6M | $19.7M | ||
| Q3 24 | $-21.8M | $-23.2M | ||
| Q2 24 | $-22.9M | $9.9M | ||
| Q1 24 | $-80.4M | $9.9M |
自由现金流率AHTLCUT
| Q4 25 | -33.5% | 1.3% | ||
| Q3 25 | -0.1% | -13.2% | ||
| Q2 25 | -1.2% | 6.2% | ||
| Q1 25 | -16.2% | 10.8% | ||
| Q4 24 | -47.8% | 9.1% | ||
| Q3 24 | -7.9% | -12.6% | ||
| Q2 24 | -7.2% | 7.0% | ||
| Q1 24 | -26.5% | 7.0% |
资本支出强度AHTLCUT
| Q4 25 | 27.5% | 0.6% | ||
| Q3 25 | 2.1% | 0.3% | ||
| Q2 25 | 6.6% | 0.9% | ||
| Q1 25 | 7.2% | 1.1% | ||
| Q4 24 | 39.2% | 0.3% | ||
| Q3 24 | 8.2% | 0.3% | ||
| Q2 24 | 9.8% | 0.4% | ||
| Q1 24 | 11.2% | 0.4% |
现金转化率AHTLCUT
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.28× | ||
| Q3 24 | — | -65.89× | ||
| 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% |
LCUT
| Kitchenware | $114.3M | 56% |
| Tableware | $41.7M | 20% |
| Home Solutions | $29.4M | 14% |
| Other | $18.8M | 9% |
