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ASHFORD HOSPITALITY TRUST INC（AHT）与MARCUS CORP（MCS）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MARCUS CORP的1.3倍（$259.0M vs $193.5M），MARCUS CORP同比增速更快（2.8% vs -6.0%），MARCUS CORP自由现金流更多（$26.4M vs $-86.8M），过去两年MARCUS CORP的营收复合增速更高（18.2% 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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
AHT vs MCS — 直观对比
营收规模更大
AHT
是对方的1.3倍
$193.5M
营收增速更快
MCS
高出8.7%
-6.0%
自由现金流更多
MCS
多$113.2M
$-86.8M
两年增速更快
MCS
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $193.5M |
| 净利润 | $-69.3M | — |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 0.9% |
| 净利率 | -26.8% | — |
| 营收同比 | -6.0% | 2.8% |
| 净利润同比 | 44.2% | — |
| 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AHTMCS
| Q4 25 | $259.0M | $193.5M | ||
| Q3 25 | $266.1M | $210.2M | ||
| Q2 25 | $302.0M | $206.0M | ||
| Q1 25 | $277.4M | $148.8M | ||
| Q4 24 | $275.5M | $188.3M | ||
| Q3 24 | $276.6M | $232.7M | ||
| Q2 24 | $316.5M | $176.0M | ||
| Q1 24 | $303.9M | $138.5M |
净利润AHTMCS
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $16.2M | ||
| Q2 25 | $-30.4M | $7.3M | ||
| Q1 25 | $-20.0M | $-16.8M | ||
| Q4 24 | $-124.2M | $986.0K | ||
| Q3 24 | $-57.9M | $23.3M | ||
| Q2 24 | $50.3M | $-20.2M | ||
| Q1 24 | $71.6M | $-11.9M |
营业利润率AHTMCS
| Q4 25 | -2.6% | 0.9% | ||
| Q3 25 | 4.6% | 10.8% | ||
| Q2 25 | 16.3% | 6.3% | ||
| Q1 25 | 22.2% | -13.7% | ||
| Q4 24 | -17.8% | -1.2% | ||
| Q3 24 | 7.3% | 14.1% | ||
| Q2 24 | 42.8% | 1.3% | ||
| Q1 24 | 50.2% | -12.0% |
净利率AHTMCS
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | 7.7% | ||
| Q2 25 | -10.1% | 3.6% | ||
| Q1 25 | -7.2% | -11.3% | ||
| Q4 24 | -45.1% | 0.5% | ||
| Q3 24 | -20.9% | 10.0% | ||
| Q2 24 | 15.9% | -11.5% | ||
| Q1 24 | 23.5% | -8.6% |
每股收益（稀释后）AHTMCS
| 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 | — | ||
| Q1 24 | $5.99 | — |
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 | $23.4M |
| 总债务越低越好 | $2.5B | $159.0M |
| 股东权益账面价值 | $-626.4M | $457.4M |
| 总资产 | $2.8B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资AHTMCS
| Q4 25 | $66.1M | $23.4M | ||
| Q3 25 | $81.9M | $7.4M | ||
| Q2 25 | $100.0M | $14.9M | ||
| Q1 25 | $85.8M | $11.9M | ||
| Q4 24 | $112.9M | $40.8M | ||
| Q3 24 | $119.7M | $28.4M | ||
| Q2 24 | $121.8M | $32.8M | ||
| Q1 24 | $111.1M | $17.3M |
总债务AHTMCS
| Q4 25 | $2.5B | $159.0M | ||
| Q3 25 | $2.6B | $162.0M | ||
| Q2 25 | $2.6B | $179.9M | ||
| Q1 25 | $2.7B | $198.9M | ||
| Q4 24 | $2.6B | $159.1M | ||
| Q3 24 | $2.7B | $173.1M | ||
| Q2 24 | $2.8B | $175.7M | ||
| Q1 24 | $2.9B | $169.8M |
股东权益AHTMCS
| Q4 25 | $-626.4M | $457.4M | ||
| Q3 25 | $-548.7M | $454.3M | ||
| Q2 25 | $-485.5M | $448.4M | ||
| Q1 25 | $-446.1M | $441.8M | ||
| Q4 24 | $-419.2M | $464.9M | ||
| Q3 24 | $-288.4M | $462.3M | ||
| Q2 24 | $-225.9M | $449.4M | ||
| Q1 24 | $-276.8M | $459.3M |
总资产AHTMCS
| Q4 25 | $2.8B | $1.0B | ||
| Q3 25 | $3.0B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $3.1B | $1.0B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.5B | $1.0B |
负债/权益比AHTMCS
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.37× |
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 | $48.8M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $26.4M |
| 自由现金流率自由现金流/营收 | -33.5% | 13.6% |
| 资本支出强度资本支出/营收 | 27.5% | 11.6% |
| 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 | $989.0K |
8季度趋势，按日历期对齐
经营现金流AHTMCS
| Q4 25 | $-15.7M | $48.8M | ||
| Q3 25 | $5.5M | $39.1M | ||
| Q2 25 | $16.3M | $31.6M | ||
| Q1 25 | $-25.0M | $-35.3M | ||
| Q4 24 | $-23.6M | $52.6M | ||
| Q3 24 | $795.0K | $30.5M | ||
| Q2 24 | $8.0M | $36.0M | ||
| Q1 24 | $-46.5M | $-15.1M |
自由现金流AHTMCS
| Q4 25 | $-86.8M | $26.4M | ||
| Q3 25 | $-226.0K | $18.2M | ||
| Q2 25 | $-3.6M | $14.7M | ||
| Q1 25 | $-44.8M | $-58.3M | ||
| Q4 24 | $-131.6M | $27.1M | ||
| Q3 24 | $-21.8M | $12.0M | ||
| Q2 24 | $-22.9M | $16.1M | ||
| Q1 24 | $-80.4M | $-30.5M |
自由现金流率AHTMCS
| Q4 25 | -33.5% | 13.6% | ||
| Q3 25 | -0.1% | 8.7% | ||
| Q2 25 | -1.2% | 7.1% | ||
| Q1 25 | -16.2% | -39.2% | ||
| Q4 24 | -47.8% | 14.4% | ||
| Q3 24 | -7.9% | 5.2% | ||
| Q2 24 | -7.2% | 9.2% | ||
| Q1 24 | -26.5% | -22.0% |
资本支出强度AHTMCS
| Q4 25 | 27.5% | 11.6% | ||
| Q3 25 | 2.1% | 9.9% | ||
| Q2 25 | 6.6% | 8.2% | ||
| Q1 25 | 7.2% | 15.5% | ||
| Q4 24 | 39.2% | 13.5% | ||
| Q3 24 | 8.2% | 7.9% | ||
| Q2 24 | 9.8% | 11.3% | ||
| Q1 24 | 11.2% | 11.1% |
现金转化率AHTMCS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.41× | ||
| Q2 25 | — | 4.32× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 53.31× | ||
| Q3 24 | — | 1.31× | ||
| 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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
