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ASHFORD HOSPITALITY TRUST INC（AHT）与GIBRALTAR INDUSTRIES, INC.（ROCK）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GIBRALTAR INDUSTRIES, INC.的1.2倍（$259.0M vs $225.0M），GIBRALTAR INDUSTRIES, INC.同比增速更快（24.9% vs -6.0%），GIBRALTAR INDUSTRIES, INC.自由现金流更多（$26.2M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -12.3%）
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。
直布罗陀工业公司是专业建筑、基础设施及可再生能源产品制造商与分销商，主营通风系统、屋面配件、太阳能安装支架、园林景观产品等，主要服务北美地区住宅、商业建筑及清洁能源市场，专注提供创新可持续的客户解决方案。
AHT vs ROCK — 直观对比
营收规模更大
AHT
是对方的1.2倍
$225.0M
营收增速更快
ROCK
高出30.9%
-6.0%
自由现金流更多
ROCK
多$113.0M
$-86.8M
两年增速更快
AHT
近两年复合增速
-12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $225.0M |
| 净利润 | $-69.3M | — |
| 毛利率 | — | 25.3% |
| 营业利润率 | -2.6% | 7.9% |
| 净利率 | -26.8% | — |
| 营收同比 | -6.0% | 24.9% |
| 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AHTROCK
| Q4 25 | $259.0M | $225.0M | ||
| Q3 25 | $266.1M | $310.9M | ||
| Q2 25 | $302.0M | $309.5M | ||
| Q1 25 | $277.4M | $290.0M | ||
| Q4 24 | $275.5M | $180.1M | ||
| Q3 24 | $276.6M | $277.1M | ||
| Q2 24 | $316.5M | $273.6M | ||
| Q1 24 | $303.9M | $292.5M |
净利润AHTROCK
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-89.1M | ||
| Q2 25 | $-30.4M | $26.0M | ||
| Q1 25 | $-20.0M | $21.1M | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | $34.0M | ||
| Q2 24 | $50.3M | $32.2M | ||
| Q1 24 | $71.6M | $24.9M |
毛利率AHTROCK
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 26.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 30.5% | ||
| Q1 24 | — | 28.9% |
营业利润率AHTROCK
| Q4 25 | -2.6% | 7.9% | ||
| Q3 25 | 4.6% | 12.8% | ||
| Q2 25 | 16.3% | 12.8% | ||
| Q1 25 | 22.2% | 8.8% | ||
| Q4 24 | -17.8% | 13.3% | ||
| Q3 24 | 7.3% | 15.6% | ||
| Q2 24 | 42.8% | 14.9% | ||
| Q1 24 | 50.2% | 10.8% |
净利率AHTROCK
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -28.6% | ||
| Q2 25 | -10.1% | 8.4% | ||
| Q1 25 | -7.2% | 7.3% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | 12.3% | ||
| Q2 24 | 15.9% | 11.8% | ||
| Q1 24 | 23.5% | 8.5% |
每股收益（稀释后）AHTROCK
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | $-2.98 | ||
| Q2 25 | $-6.88 | $0.87 | ||
| Q1 25 | $-4.91 | — | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | $1.11 | ||
| Q2 24 | $2.50 | $1.05 | ||
| 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 | $115.7M |
| 总债务越低越好 | $2.5B | $0 |
| 股东权益账面价值 | $-626.4M | $950.4M |
| 总资产 | $2.8B | $1.4B |
| 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AHTROCK
| Q4 25 | $66.1M | $115.7M | ||
| Q3 25 | $81.9M | $89.4M | ||
| Q2 25 | $100.0M | $43.3M | ||
| Q1 25 | $85.8M | $25.1M | ||
| Q4 24 | $112.9M | $269.5M | ||
| Q3 24 | $119.7M | $228.9M | ||
| Q2 24 | $121.8M | $179.1M | ||
| Q1 24 | $111.1M | $146.7M |
总债务AHTROCK
| Q4 25 | $2.5B | $0 | ||
| Q3 25 | $2.6B | $0 | ||
| Q2 25 | $2.6B | $0 | ||
| Q1 25 | $2.7B | $0 | ||
| Q4 24 | $2.6B | $0 | ||
| Q3 24 | $2.7B | $0 | ||
| Q2 24 | $2.8B | $0 | ||
| Q1 24 | $2.9B | $0 |
股东权益AHTROCK
| Q4 25 | $-626.4M | $950.4M | ||
| Q3 25 | $-548.7M | $951.8M | ||
| Q2 25 | $-485.5M | $1.0B | ||
| Q1 25 | $-446.1M | $1.0B | ||
| Q4 24 | $-419.2M | $1.0B | ||
| Q3 24 | $-288.4M | $1.0B | ||
| Q2 24 | $-225.9M | $975.7M | ||
| Q1 24 | $-276.8M | $940.2M |
总资产AHTROCK
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $3.0B | $1.4B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.3B | $1.4B | ||
| Q1 24 | $3.5B | $1.3B |
负债/权益比AHTROCK
| Q4 25 | — | 0.00× | ||
| 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 | $35.5M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $26.2M |
| 自由现金流率自由现金流/营收 | -33.5% | 11.7% |
| 资本支出强度资本支出/营收 | 27.5% | 4.1% |
| 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 | $120.6M |
8季度趋势，按日历期对齐
经营现金流AHTROCK
| Q4 25 | $-15.7M | $35.5M | ||
| Q3 25 | $5.5M | $73.0M | ||
| Q2 25 | $16.3M | $44.9M | ||
| Q1 25 | $-25.0M | $13.7M | ||
| Q4 24 | $-23.6M | $19.9M | ||
| Q3 24 | $795.0K | $64.7M | ||
| Q2 24 | $8.0M | $36.5M | ||
| Q1 24 | $-46.5M | $53.2M |
自由现金流AHTROCK
| Q4 25 | $-86.8M | $26.2M | ||
| Q3 25 | $-226.0K | $64.8M | ||
| Q2 25 | $-3.6M | $27.3M | ||
| Q1 25 | $-44.8M | $2.3M | ||
| Q4 24 | $-131.6M | $14.1M | ||
| Q3 24 | $-21.8M | $60.5M | ||
| Q2 24 | $-22.9M | $33.5M | ||
| Q1 24 | $-80.4M | $48.8M |
自由现金流率AHTROCK
| Q4 25 | -33.5% | 11.7% | ||
| Q3 25 | -0.1% | 20.8% | ||
| Q2 25 | -1.2% | 8.8% | ||
| Q1 25 | -16.2% | 0.8% | ||
| Q4 24 | -47.8% | 7.8% | ||
| Q3 24 | -7.9% | 21.8% | ||
| Q2 24 | -7.2% | 12.2% | ||
| Q1 24 | -26.5% | 16.7% |
资本支出强度AHTROCK
| Q4 25 | 27.5% | 4.1% | ||
| Q3 25 | 2.1% | 2.6% | ||
| Q2 25 | 6.6% | 5.7% | ||
| Q1 25 | 7.2% | 3.9% | ||
| Q4 24 | 39.2% | 3.3% | ||
| Q3 24 | 8.2% | 1.5% | ||
| Q2 24 | 9.8% | 1.1% | ||
| Q1 24 | 11.2% | 1.5% |
现金转化率AHTROCK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | 0.16× | 1.13× | ||
| Q1 24 | -0.65× | 2.13× |
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% |
ROCK
| Transferred At Point In Time | $183.5M | 82% |
| Infrastructure | $22.5M | 10% |
| Other | $18.9M | 8% |
