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ASHFORD HOSPITALITY TRUST INC（AHT）与Dave & Buster's Entertainment, Inc.（PLAY）财务数据对比。点击上方公司名可切换其他公司
Dave & Buster's Entertainment, Inc.的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.7倍（$448.2M vs $259.0M），Dave & Buster's Entertainment, Inc.净利率更高（-9.4% vs -26.8%，领先17.4%），Dave & Buster's Entertainment, Inc.同比增速更快（-1.1% vs -6.0%），Dave & Buster's Entertainment, Inc.自由现金流更多（$-20.6M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -13.5%）
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。
戴夫与巴斯特娱乐是总部位于美国达拉斯的餐饮娱乐企业，旗下每家门店都配备全套服务餐厅、酒吧以及名为“百万美元 midway”的游戏游乐区。截至2024年2月，该公司共开设162家门店，其中美国本土158家，波多黎各和加拿大各设2家门店，主打餐饮与休闲娱乐融合的消费体验。
AHT vs PLAY — 直观对比
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $448.2M |
| 净利润 | $-69.3M | $-42.1M |
| 毛利率 | — | 85.8% |
| 营业利润率 | -2.6% | -3.6% |
| 净利率 | -26.8% | -9.4% |
| 营收同比 | -6.0% | -1.1% |
| 净利润同比 | 44.2% | -28.7% |
| 每股收益（稀释后） | $-12.85 | $-1.22 |
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
| Q4 25 | $259.0M | $448.2M | ||
| Q3 25 | $266.1M | $557.4M | ||
| Q2 25 | $302.0M | $567.7M | ||
| Q1 25 | $277.4M | $534.5M | ||
| Q4 24 | $275.5M | $453.0M | ||
| Q3 24 | $276.6M | $557.1M | ||
| Q2 24 | $316.5M | $588.1M | ||
| Q1 24 | $303.9M | $599.0M |
| Q4 25 | $-69.3M | $-42.1M | ||
| Q3 25 | $-60.1M | $11.4M | ||
| Q2 25 | $-30.4M | $21.7M | ||
| Q1 25 | $-20.0M | $9.3M | ||
| Q4 24 | $-124.2M | $-32.7M | ||
| Q3 24 | $-57.9M | $40.3M | ||
| Q2 24 | $50.3M | $41.4M | ||
| Q1 24 | $71.6M | $36.1M |
| Q4 25 | — | 85.8% | ||
| Q3 25 | — | 86.3% | ||
| Q2 25 | — | 85.5% | ||
| Q1 25 | — | 85.5% | ||
| Q4 24 | — | 85.0% | ||
| Q3 24 | — | 85.3% | ||
| Q2 24 | — | 85.2% | ||
| Q1 24 | — | 84.1% |
| Q4 25 | -2.6% | -3.6% | ||
| Q3 25 | 4.6% | 9.5% | ||
| Q2 25 | 16.3% | 11.1% | ||
| Q1 25 | 22.2% | 8.3% | ||
| Q4 24 | -17.8% | 1.4% | ||
| Q3 24 | 7.3% | 15.2% | ||
| Q2 24 | 42.8% | 14.5% | ||
| Q1 24 | 50.2% | 14.9% |
| Q4 25 | -26.8% | -9.4% | ||
| Q3 25 | -22.6% | 2.0% | ||
| Q2 25 | -10.1% | 3.8% | ||
| Q1 25 | -7.2% | 1.7% | ||
| Q4 24 | -45.1% | -7.2% | ||
| Q3 24 | -20.9% | 7.2% | ||
| Q2 24 | 15.9% | 7.0% | ||
| Q1 24 | 23.5% | 6.0% |
| Q4 25 | $-12.85 | $-1.22 | ||
| Q3 25 | $-11.35 | $0.32 | ||
| Q2 25 | $-6.88 | $0.62 | ||
| Q1 25 | $-4.91 | $0.32 | ||
| Q4 24 | $-13.64 | $-0.84 | ||
| Q3 24 | $-12.39 | $0.99 | ||
| Q2 24 | $2.50 | $0.99 | ||
| Q1 24 | $5.99 | $0.95 |
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 | $13.6M |
| 总债务越低越好 | $2.5B | $1.6B |
| 股东权益账面价值 | $-626.4M | $130.8M |
| 总资产 | $2.8B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 12.17× |
8季度趋势，按日历期对齐
| Q4 25 | $66.1M | $13.6M | ||
| Q3 25 | $81.9M | $12.0M | ||
| Q2 25 | $100.0M | $11.9M | ||
| Q1 25 | $85.8M | $6.9M | ||
| Q4 24 | $112.9M | $8.6M | ||
| Q3 24 | $119.7M | $13.1M | ||
| Q2 24 | $121.8M | $32.1M | ||
| Q1 24 | $111.1M | $37.3M |
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $2.8B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
| Q4 25 | $-626.4M | $130.8M | ||
| Q3 25 | $-548.7M | $166.2M | ||
| Q2 25 | $-485.5M | $146.8M | ||
| Q1 25 | $-446.1M | $145.8M | ||
| Q4 24 | $-419.2M | $226.6M | ||
| Q3 24 | $-288.4M | $284.4M | ||
| Q2 24 | $-225.9M | $292.5M | ||
| Q1 24 | $-276.8M | $251.2M |
| Q4 25 | $2.8B | $4.1B | ||
| Q3 25 | $3.0B | $4.1B | ||
| Q2 25 | $3.1B | $4.1B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.3B | $3.8B | ||
| Q2 24 | $3.3B | $3.8B | ||
| Q1 24 | $3.5B | $3.8B |
| Q4 25 | — | 12.17× | ||
| Q3 25 | — | 9.57× | ||
| Q2 25 | — | 10.98× | ||
| Q1 25 | — | 10.45× | ||
| Q4 24 | — | 6.58× | ||
| Q3 24 | — | 4.72× | ||
| Q2 24 | — | 4.58× | ||
| Q1 24 | — | 5.33× |
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 | $58.0M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-20.6M |
| 自由现金流率自由现金流/营收 | -33.5% | -4.6% |
| 资本支出强度资本支出/营收 | 27.5% | 17.5% |
| 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 | $-195.6M |
8季度趋势，按日历期对齐
| Q4 25 | $-15.7M | $58.0M | ||
| Q3 25 | $5.5M | $34.0M | ||
| Q2 25 | $16.3M | $95.8M | ||
| Q1 25 | $-25.0M | $108.9M | ||
| Q4 24 | $-23.6M | $-7.2M | ||
| Q3 24 | $795.0K | $101.8M | ||
| Q2 24 | $8.0M | $108.8M | ||
| Q1 24 | $-46.5M | $97.2M |
| Q4 25 | $-86.8M | $-20.6M | ||
| Q3 25 | $-226.0K | $-55.2M | ||
| Q2 25 | $-3.6M | $-58.8M | ||
| Q1 25 | $-44.8M | $-61.0M | ||
| Q4 24 | $-131.6M | $-138.4M | ||
| Q3 24 | $-21.8M | $-14.3M | ||
| Q2 24 | $-22.9M | $-4.2M | ||
| Q1 24 | $-80.4M | $-25.4M |
| Q4 25 | -33.5% | -4.6% | ||
| Q3 25 | -0.1% | -9.9% | ||
| Q2 25 | -1.2% | -10.4% | ||
| Q1 25 | -16.2% | -11.4% | ||
| Q4 24 | -47.8% | -30.6% | ||
| Q3 24 | -7.9% | -2.6% | ||
| Q2 24 | -7.2% | -0.7% | ||
| Q1 24 | -26.5% | -4.2% |
| Q4 25 | 27.5% | 17.5% | ||
| Q3 25 | 2.1% | 16.0% | ||
| Q2 25 | 6.6% | 27.2% | ||
| Q1 25 | 7.2% | 31.8% | ||
| Q4 24 | 39.2% | 29.0% | ||
| Q3 24 | 8.2% | 20.8% | ||
| Q2 24 | 9.8% | 19.2% | ||
| Q1 24 | 11.2% | 20.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.98× | ||
| Q2 25 | — | 4.41× | ||
| Q1 25 | — | 11.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.53× | ||
| Q2 24 | 0.16× | 2.63× | ||
| Q1 24 | -0.65× | 2.69× |
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% |
PLAY
| Game Play Credit Usage | $273.1M | 61% |
| Food And Nonalcoholic Beverages | $115.1M | 26% |
| Alcoholic Beverage | $53.7M | 12% |
| Other Entertainment | $6.3M | 1% |
| Gift Card Revenue | $3.5M | 1% |
