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ASHFORD HOSPITALITY TRUST INC（AHT）与福尼克斯（PLAB）财务数据对比。点击上方公司名可切换其他公司
ASHFORD HOSPITALITY TRUST INC的季度营收约是福尼克斯的1.2倍（$259.0M vs $210.4M），福尼克斯净利率更高（10.9% vs -26.8%，领先37.6%），福尼克斯同比增速更快（-5.5% vs -6.0%），福尼克斯自由现金流更多（$25.2M vs $-86.8M），过去两年福尼克斯的营收复合增速更高（-3.8% 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。
福尼克斯是美国半导体光掩模制造商，2009年时位居全球第三大光掩模供应商，同时也是电子束产业倡议组织的成员，专注于为半导体行业提供关键的掩模产品，支撑芯片制造环节的图形转移需求。
AHT vs PLAB — 直观对比
营收规模更大
AHT
是对方的1.2倍
$210.4M
营收增速更快
PLAB
高出0.5%
-6.0%
净利率更高
PLAB
高出37.6%
-26.8%
自由现金流更多
PLAB
多$112.0M
$-86.8M
两年增速更快
PLAB
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $210.4M |
| 净利润 | $-69.3M | $22.9M |
| 毛利率 | — | 33.7% |
| 营业利润率 | -2.6% | 22.9% |
| 净利率 | -26.8% | 10.9% |
| 营收同比 | -6.0% | -5.5% |
| 净利润同比 | 44.2% | -32.4% |
| 每股收益（稀释后） | $-12.85 | $0.39 |
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AHTPLAB
| Q4 25 | $259.0M | — | ||
| Q3 25 | $266.1M | $210.4M | ||
| Q2 25 | $302.0M | $211.0M | ||
| Q1 25 | $277.4M | $212.1M | ||
| Q4 24 | $275.5M | $222.6M | ||
| Q3 24 | $276.6M | $211.0M | ||
| Q2 24 | $316.5M | $217.0M | ||
| Q1 24 | $303.9M | $216.3M |
净利润AHTPLAB
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $22.9M | ||
| Q2 25 | $-30.4M | $8.9M | ||
| Q1 25 | $-20.0M | $42.9M | ||
| Q4 24 | $-124.2M | $33.9M | ||
| Q3 24 | $-57.9M | $34.4M | ||
| Q2 24 | $50.3M | $36.3M | ||
| Q1 24 | $71.6M | $26.2M |
毛利率AHTPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 36.6% |
营业利润率AHTPLAB
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | 22.9% | ||
| Q2 25 | 16.3% | 26.4% | ||
| Q1 25 | 22.2% | 24.6% | ||
| Q4 24 | -17.8% | 25.1% | ||
| Q3 24 | 7.3% | 24.7% | ||
| Q2 24 | 42.8% | 25.8% | ||
| Q1 24 | 50.2% | 26.6% |
净利率AHTPLAB
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | 10.9% | ||
| Q2 25 | -10.1% | 4.2% | ||
| Q1 25 | -7.2% | 20.2% | ||
| Q4 24 | -45.1% | 15.2% | ||
| Q3 24 | -20.9% | 16.3% | ||
| Q2 24 | 15.9% | 16.7% | ||
| Q1 24 | 23.5% | 12.1% |
每股收益（稀释后）AHTPLAB
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | $0.39 | ||
| Q2 25 | $-6.88 | $0.15 | ||
| Q1 25 | $-4.91 | $0.68 | ||
| Q4 24 | $-13.64 | $0.54 | ||
| Q3 24 | $-12.39 | $0.55 | ||
| Q2 24 | $2.50 | $0.58 | ||
| Q1 24 | $5.99 | $0.42 |
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 | $575.8M |
| 总债务越低越好 | $2.5B | $16.0K |
| 股东权益账面价值 | $-626.4M | $1.1B |
| 总资产 | $2.8B | $1.8B |
| 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AHTPLAB
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | $575.8M | ||
| Q2 25 | $100.0M | $558.4M | ||
| Q1 25 | $85.8M | $642.2M | ||
| Q4 24 | $112.9M | $640.7M | ||
| Q3 24 | $119.7M | $606.4M | ||
| Q2 24 | $121.8M | $559.9M | ||
| Q1 24 | $111.1M | $521.5M |
总债务AHTPLAB
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $16.0K | ||
| Q2 25 | $2.6B | $19.0K | ||
| Q1 25 | $2.7B | $21.0K | ||
| Q4 24 | $2.6B | $25.0K | ||
| Q3 24 | $2.7B | $28.0K | ||
| Q2 24 | $2.8B | $2.5M | ||
| Q1 24 | $2.9B | $2.7M |
股东权益AHTPLAB
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | $1.1B | ||
| Q2 25 | $-485.5M | $1.1B | ||
| Q1 25 | $-446.1M | $1.1B | ||
| Q4 24 | $-419.2M | $1.1B | ||
| Q3 24 | $-288.4M | $1.1B | ||
| Q2 24 | $-225.9M | $1.0B | ||
| Q1 24 | $-276.8M | $1.0B |
总资产AHTPLAB
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $3.3B | $1.6B | ||
| Q1 24 | $3.5B | $1.6B |
负债/权益比AHTPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 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 | $50.1M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $25.2M |
| 自由现金流率自由现金流/营收 | -33.5% | 12.0% |
| 资本支出强度资本支出/营收 | 27.5% | 11.8% |
| 现金转化率经营现金流/净利润 | — | 2.19× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $64.5M |
8季度趋势，按日历期对齐
经营现金流AHTPLAB
| Q4 25 | $-15.7M | — | ||
| Q3 25 | $5.5M | $50.1M | ||
| Q2 25 | $16.3M | $31.5M | ||
| Q1 25 | $-25.0M | $78.5M | ||
| Q4 24 | $-23.6M | $68.4M | ||
| Q3 24 | $795.0K | $75.1M | ||
| Q2 24 | $8.0M | $76.5M | ||
| Q1 24 | $-46.5M | $41.5M |
自由现金流AHTPLAB
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | $25.2M | ||
| Q2 25 | $-3.6M | $-29.1M | ||
| Q1 25 | $-44.8M | $43.3M | ||
| Q4 24 | $-131.6M | $25.2M | ||
| Q3 24 | $-21.8M | $50.7M | ||
| Q2 24 | $-22.9M | $56.5M | ||
| Q1 24 | $-80.4M | $-1.8M |
自由现金流率AHTPLAB
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | 12.0% | ||
| Q2 25 | -1.2% | -13.8% | ||
| Q1 25 | -16.2% | 20.4% | ||
| Q4 24 | -47.8% | 11.3% | ||
| Q3 24 | -7.9% | 24.0% | ||
| Q2 24 | -7.2% | 26.0% | ||
| Q1 24 | -26.5% | -0.8% |
资本支出强度AHTPLAB
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | 11.8% | ||
| Q2 25 | 6.6% | 28.7% | ||
| Q1 25 | 7.2% | 16.6% | ||
| Q4 24 | 39.2% | 19.4% | ||
| Q3 24 | 8.2% | 11.6% | ||
| Q2 24 | 9.8% | 9.2% | ||
| Q1 24 | 11.2% | 20.0% |
现金转化率AHTPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 2.19× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | 0.16× | 2.11× | ||
| Q1 24 | -0.65× | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
