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ASHFORD HOSPITALITY TRUST INC（AHT）与PLUG POWER INC（PLUG）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PLUG POWER INC的1.1倍（$259.0M vs $225.2M），ASHFORD HOSPITALITY TRUST INC净利率更高（-26.8% vs -375.6%，领先348.9%），PLUG POWER INC同比增速更快（17.6% vs -6.0%），ASHFORD HOSPITALITY TRUST INC自由现金流更多（$-86.8M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% 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。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
AHT vs PLUG — 直观对比
营收规模更大
AHT
是对方的1.1倍
$225.2M
营收增速更快
PLUG
高出23.6%
-6.0%
净利率更高
AHT
高出348.9%
-375.6%
自由现金流更多
AHT
多$66.2M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $225.2M |
| 净利润 | $-69.3M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | -2.6% | -338.9% |
| 净利率 | -26.8% | -375.6% |
| 营收同比 | -6.0% | 17.6% |
| 净利润同比 | 44.2% | 36.7% |
| 每股收益（稀释后） | $-12.85 | $-0.70 |
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AHTPLUG
| Q4 25 | $259.0M | $225.2M | ||
| Q3 25 | $266.1M | $177.1M | ||
| Q2 25 | $302.0M | $174.0M | ||
| Q1 25 | $277.4M | $133.7M | ||
| Q4 24 | $275.5M | $191.5M | ||
| Q3 24 | $276.6M | $173.7M | ||
| Q2 24 | $316.5M | $143.3M | ||
| Q1 24 | $303.9M | $120.3M |
净利润AHTPLUG
| Q4 25 | $-69.3M | $-846.0M | ||
| Q3 25 | $-60.1M | $-361.9M | ||
| Q2 25 | $-30.4M | $-227.1M | ||
| Q1 25 | $-20.0M | $-196.7M | ||
| Q4 24 | $-124.2M | $-1.3B | ||
| Q3 24 | $-57.9M | $-211.2M | ||
| Q2 24 | $50.3M | $-262.3M | ||
| Q1 24 | $71.6M | $-295.8M |
毛利率AHTPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率AHTPLUG
| Q4 25 | -2.6% | -338.9% | ||
| Q3 25 | 4.6% | -197.0% | ||
| Q2 25 | 16.3% | -101.7% | ||
| Q1 25 | 22.2% | -133.5% | ||
| Q4 24 | -17.8% | -678.7% | ||
| Q3 24 | 7.3% | -124.4% | ||
| Q2 24 | 42.8% | -170.7% | ||
| Q1 24 | 50.2% | -215.7% |
净利率AHTPLUG
| Q4 25 | -26.8% | -375.6% | ||
| Q3 25 | -22.6% | -204.4% | ||
| Q2 25 | -10.1% | -130.5% | ||
| Q1 25 | -7.2% | -147.1% | ||
| Q4 24 | -45.1% | -697.5% | ||
| Q3 24 | -20.9% | -121.5% | ||
| Q2 24 | 15.9% | -183.0% | ||
| Q1 24 | 23.5% | -245.9% |
每股收益（稀释后）AHTPLUG
| Q4 25 | $-12.85 | $-0.70 | ||
| Q3 25 | $-11.35 | $-0.31 | ||
| Q2 25 | $-6.88 | $-0.20 | ||
| Q1 25 | $-4.91 | $-0.21 | ||
| Q4 24 | $-13.64 | $-1.61 | ||
| Q3 24 | $-12.39 | $-0.25 | ||
| Q2 24 | $2.50 | $-0.36 | ||
| Q1 24 | $5.99 | $-0.46 |
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 | $368.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $978.1M |
| 总资产 | $2.8B | $2.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AHTPLUG
| Q4 25 | $66.1M | $368.5M | ||
| Q3 25 | $81.9M | $165.9M | ||
| Q2 25 | $100.0M | $140.7M | ||
| Q1 25 | $85.8M | $295.8M | ||
| Q4 24 | $112.9M | $205.7M | ||
| Q3 24 | $119.7M | $93.9M | ||
| Q2 24 | $121.8M | $62.4M | ||
| Q1 24 | $111.1M | $172.9M |
总债务AHTPLUG
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $3.9M | ||
| Q2 24 | $2.8B | $3.7M | ||
| Q1 24 | $2.9B | $3.8M |
股东权益AHTPLUG
| Q4 25 | $-626.4M | $978.1M | ||
| Q3 25 | $-548.7M | $1.4B | ||
| Q2 25 | $-485.5M | $1.7B | ||
| Q1 25 | $-446.1M | $1.9B | ||
| Q4 24 | $-419.2M | $1.7B | ||
| Q3 24 | $-288.4M | $3.0B | ||
| Q2 24 | $-225.9M | $3.0B | ||
| Q1 24 | $-276.8M | $2.9B |
总资产AHTPLUG
| Q4 25 | $2.8B | $2.6B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $3.1B | $3.4B | ||
| Q1 25 | $3.1B | $3.6B | ||
| Q4 24 | $3.2B | $3.6B | ||
| Q3 24 | $3.3B | $4.7B | ||
| Q2 24 | $3.3B | $4.8B | ||
| Q1 24 | $3.5B | $4.8B |
负债/权益比AHTPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-153.0M |
| 自由现金流率自由现金流/营收 | -33.5% | -67.9% |
| 资本支出强度资本支出/营收 | 27.5% | 1.9% |
| 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 | $-647.0M |
8季度趋势，按日历期对齐
经营现金流AHTPLUG
| Q4 25 | $-15.7M | $-148.6M | ||
| Q3 25 | $5.5M | $-89.8M | ||
| Q2 25 | $16.3M | $-191.8M | ||
| Q1 25 | $-25.0M | $-105.6M | ||
| Q4 24 | $-23.6M | $-131.2M | ||
| Q3 24 | $795.0K | $-174.9M | ||
| Q2 24 | $8.0M | $-254.7M | ||
| Q1 24 | $-46.5M | $-167.7M |
自由现金流AHTPLUG
| Q4 25 | $-86.8M | $-153.0M | ||
| Q3 25 | $-226.0K | $-117.5M | ||
| Q2 25 | $-3.6M | $-230.4M | ||
| Q1 25 | $-44.8M | $-146.0M | ||
| Q4 24 | $-131.6M | $-165.2M | ||
| Q3 24 | $-21.8M | $-234.2M | ||
| Q2 24 | $-22.9M | $-356.0M | ||
| Q1 24 | $-80.4M | $-260.3M |
自由现金流率AHTPLUG
| Q4 25 | -33.5% | -67.9% | ||
| Q3 25 | -0.1% | -66.4% | ||
| Q2 25 | -1.2% | -132.5% | ||
| Q1 25 | -16.2% | -109.2% | ||
| Q4 24 | -47.8% | -86.3% | ||
| Q3 24 | -7.9% | -134.8% | ||
| Q2 24 | -7.2% | -248.4% | ||
| Q1 24 | -26.5% | -216.5% |
资本支出强度AHTPLUG
| Q4 25 | 27.5% | 1.9% | ||
| Q3 25 | 2.1% | 15.6% | ||
| Q2 25 | 6.6% | 22.2% | ||
| Q1 25 | 7.2% | 30.3% | ||
| Q4 24 | 39.2% | 17.7% | ||
| Q3 24 | 8.2% | 34.1% | ||
| Q2 24 | 9.8% | 70.7% | ||
| Q1 24 | 11.2% | 77.0% |
现金转化率AHTPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
