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ASHFORD HOSPITALITY TRUST INC（AHT）与Regency Centers（REG）财务数据对比。点击上方公司名可切换其他公司
Regency Centers的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.6倍（$404.2M vs $259.0M），Regency Centers净利率更高（50.1% vs -26.8%，领先76.9%），Regency Centers同比增速更快（8.5% vs -6.0%），过去两年Regency Centers的营收复合增速更高（5.4% 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。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
AHT vs REG — 直观对比
营收规模更大
REG
是对方的1.6倍
$259.0M
营收增速更快
REG
高出14.5%
-6.0%
净利率更高
REG
高出76.9%
-26.8%
两年增速更快
REG
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $404.2M |
| 净利润 | $-69.3M | $202.5M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 71.0% |
| 净利率 | -26.8% | 50.1% |
| 营收同比 | -6.0% | 8.5% |
| 净利润同比 | 44.2% | 134.1% |
| 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AHTREG
| Q4 25 | $259.0M | $404.2M | ||
| Q3 25 | $266.1M | $387.6M | ||
| Q2 25 | $302.0M | $380.8M | ||
| Q1 25 | $277.4M | $380.9M | ||
| Q4 24 | $275.5M | $372.5M | ||
| Q3 24 | $276.6M | $360.3M | ||
| Q2 24 | $316.5M | $357.3M | ||
| Q1 24 | $303.9M | $363.9M |
净利润AHTREG
| Q4 25 | $-69.3M | $202.5M | ||
| Q3 25 | $-60.1M | $109.4M | ||
| Q2 25 | $-30.4M | $106.0M | ||
| Q1 25 | $-20.0M | $109.6M | ||
| Q4 24 | $-124.2M | $86.5M | ||
| Q3 24 | $-57.9M | $101.5M | ||
| Q2 24 | $50.3M | $102.7M | ||
| Q1 24 | $71.6M | $109.8M |
营业利润率AHTREG
| Q4 25 | -2.6% | 71.0% | ||
| Q3 25 | 4.6% | 72.7% | ||
| Q2 25 | 16.3% | 73.8% | ||
| Q1 25 | 22.2% | 71.8% | ||
| Q4 24 | -17.8% | 71.1% | ||
| Q3 24 | 7.3% | 72.5% | ||
| Q2 24 | 42.8% | 72.3% | ||
| Q1 24 | 50.2% | 72.3% |
净利率AHTREG
| Q4 25 | -26.8% | 50.1% | ||
| Q3 25 | -22.6% | 28.2% | ||
| Q2 25 | -10.1% | 27.8% | ||
| Q1 25 | -7.2% | 28.8% | ||
| Q4 24 | -45.1% | 23.2% | ||
| Q3 24 | -20.9% | 28.2% | ||
| Q2 24 | 15.9% | 28.7% | ||
| Q1 24 | 23.5% | 30.2% |
每股收益（稀释后）AHTREG
| 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 | — |
| 总债务越低越好 | $2.5B | $4.7B |
| 股东权益账面价值 | $-626.4M | $6.9B |
| 总资产 | $2.8B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资AHTREG
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | — | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $85.8M | — | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | — | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $111.1M | — |
总债务AHTREG
| Q4 25 | $2.5B | $4.7B | ||
| Q3 25 | $2.6B | $4.9B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.7B | $4.6B | ||
| Q4 24 | $2.6B | $4.4B | ||
| Q3 24 | $2.7B | $4.4B | ||
| Q2 24 | $2.8B | $4.4B | ||
| Q1 24 | $2.9B | $4.4B |
股东权益AHTREG
| Q4 25 | $-626.4M | $6.9B | ||
| Q3 25 | $-548.7M | $6.8B | ||
| Q2 25 | $-485.5M | $6.7B | ||
| Q1 25 | $-446.1M | $6.7B | ||
| Q4 24 | $-419.2M | $6.7B | ||
| Q3 24 | $-288.4M | $6.8B | ||
| Q2 24 | $-225.9M | $6.8B | ||
| Q1 24 | $-276.8M | $7.0B |
总资产AHTREG
| Q4 25 | $2.8B | $13.0B | ||
| Q3 25 | $3.0B | $13.1B | ||
| Q2 25 | $3.1B | $12.7B | ||
| Q1 25 | $3.1B | $12.6B | ||
| Q4 24 | $3.2B | $12.4B | ||
| Q3 24 | $3.3B | $12.4B | ||
| Q2 24 | $3.3B | $12.4B | ||
| Q1 24 | $3.5B | $12.7B |
负债/权益比AHTREG
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.63× |
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 | $203.9M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | — |
| 自由现金流率自由现金流/营收 | -33.5% | — |
| 资本支出强度资本支出/营收 | 27.5% | — |
| 现金转化率经营现金流/净利润 | — | 1.01× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | — |
8季度趋势，按日历期对齐
经营现金流AHTREG
| Q4 25 | $-15.7M | $203.9M | ||
| Q3 25 | $5.5M | $218.7M | ||
| Q2 25 | $16.3M | $244.0M | ||
| Q1 25 | $-25.0M | $161.0M | ||
| Q4 24 | $-23.6M | $191.4M | ||
| Q3 24 | $795.0K | $227.6M | ||
| Q2 24 | $8.0M | $203.5M | ||
| Q1 24 | $-46.5M | $167.8M |
自由现金流AHTREG
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | — | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | — | ||
| Q2 24 | $-22.9M | — | ||
| Q1 24 | $-80.4M | — |
自由现金流率AHTREG
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | — | ||
| Q2 24 | -7.2% | — | ||
| Q1 24 | -26.5% | — |
资本支出强度AHTREG
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 11.2% | — |
现金转化率AHTREG
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 2.00× | ||
| Q2 25 | — | 2.30× | ||
| Q1 25 | — | 1.47× | ||
| Q4 24 | — | 2.21× | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | 0.16× | 1.98× | ||
| Q1 24 | -0.65× | 1.53× |
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% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
