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ASHFORD HOSPITALITY TRUST INC（AHT）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.6倍（$417.5M vs $259.0M），RAYONIER ADVANCED MATERIALS INC.净利率更高（-5.0% vs -26.8%，领先21.7%），RAYONIER ADVANCED MATERIALS INC.同比增速更快（-1.2% vs -6.0%），过去两年RAYONIER ADVANCED MATERIALS INC.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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
AHT vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.6倍
$259.0M
营收增速更快
RYAM
高出4.8%
-6.0%
净利率更高
RYAM
高出21.7%
-26.8%
两年增速更快
RYAM
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $417.5M |
| 净利润 | $-69.3M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | -2.6% | 2.6% |
| 净利率 | -26.8% | -5.0% |
| 营收同比 | -6.0% | -1.2% |
| 净利润同比 | 44.2% | -31.9% |
| 每股收益（稀释后） | $-12.85 | $-0.33 |
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AHTRYAM
| Q4 25 | $259.0M | $417.5M | ||
| Q3 25 | $266.1M | $352.8M | ||
| Q2 25 | $302.0M | $340.0M | ||
| Q1 25 | $277.4M | $356.0M | ||
| Q4 24 | $275.5M | $422.5M | ||
| Q3 24 | $276.6M | $401.1M | ||
| Q2 24 | $316.5M | $419.0M | ||
| Q1 24 | $303.9M | $387.7M |
净利润AHTRYAM
| Q4 25 | $-69.3M | $-21.1M | ||
| Q3 25 | $-60.1M | $-4.5M | ||
| Q2 25 | $-30.4M | $-363.2M | ||
| Q1 25 | $-20.0M | $-32.0M | ||
| Q4 24 | $-124.2M | $-16.0M | ||
| Q3 24 | $-57.9M | $-32.6M | ||
| Q2 24 | $50.3M | $11.4M | ||
| Q1 24 | $71.6M | $-1.6M |
毛利率AHTRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率AHTRYAM
| Q4 25 | -2.6% | 2.6% | ||
| Q3 25 | 4.6% | 2.8% | ||
| Q2 25 | 16.3% | -0.4% | ||
| Q1 25 | 22.2% | -4.2% | ||
| Q4 24 | -17.8% | 2.6% | ||
| Q3 24 | 7.3% | -4.2% | ||
| Q2 24 | 42.8% | 6.7% | ||
| Q1 24 | 50.2% | 4.4% |
净利率AHTRYAM
| Q4 25 | -26.8% | -5.0% | ||
| Q3 25 | -22.6% | -1.3% | ||
| Q2 25 | -10.1% | -106.8% | ||
| Q1 25 | -7.2% | -9.0% | ||
| Q4 24 | -45.1% | -3.8% | ||
| Q3 24 | -20.9% | -8.1% | ||
| Q2 24 | 15.9% | 2.7% | ||
| Q1 24 | 23.5% | -0.4% |
每股收益（稀释后）AHTRYAM
| Q4 25 | $-12.85 | $-0.33 | ||
| Q3 25 | $-11.35 | $-0.07 | ||
| Q2 25 | $-6.88 | $-5.44 | ||
| Q1 25 | $-4.91 | $-0.49 | ||
| Q4 24 | $-13.64 | $-0.25 | ||
| Q3 24 | $-12.39 | $-0.49 | ||
| Q2 24 | $2.50 | $0.17 | ||
| Q1 24 | $5.99 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $2.5B | $758.1M |
| 股东权益账面价值 | $-626.4M | $316.6M |
| 总资产 | $2.8B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资AHTRYAM
| Q4 25 | $66.1M | $75.4M | ||
| Q3 25 | $81.9M | $77.0M | ||
| Q2 25 | $100.0M | $70.7M | ||
| Q1 25 | $85.8M | $129.9M | ||
| Q4 24 | $112.9M | $125.2M | ||
| Q3 24 | $119.7M | $136.1M | ||
| Q2 24 | $121.8M | $114.1M | ||
| Q1 24 | $111.1M | $54.6M |
总债务AHTRYAM
| Q4 25 | $2.5B | $758.1M | ||
| Q3 25 | $2.6B | $763.5M | ||
| Q2 25 | $2.6B | $720.4M | ||
| Q1 25 | $2.7B | $707.0M | ||
| Q4 24 | $2.6B | $706.4M | ||
| Q3 24 | $2.7B | $747.7M | ||
| Q2 24 | $2.8B | $752.8M | ||
| Q1 24 | $2.9B | $755.6M |
股东权益AHTRYAM
| Q4 25 | $-626.4M | $316.6M | ||
| Q3 25 | $-548.7M | $338.2M | ||
| Q2 25 | $-485.5M | $342.3M | ||
| Q1 25 | $-446.1M | $688.1M | ||
| Q4 24 | $-419.2M | $713.9M | ||
| Q3 24 | $-288.4M | $732.7M | ||
| Q2 24 | $-225.9M | $755.1M | ||
| Q1 24 | $-276.8M | $741.8M |
总资产AHTRYAM
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.3B | $2.2B | ||
| Q2 24 | $3.3B | $2.2B | ||
| Q1 24 | $3.5B | $2.1B |
负债/权益比AHTRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 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 | — | — |
| 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AHTRYAM
| Q4 25 | $-15.7M | $32.3M | ||
| Q3 25 | $5.5M | $-17.8M | ||
| Q2 25 | $16.3M | $-30.2M | ||
| Q1 25 | $-25.0M | $39.6M | ||
| Q4 24 | $-23.6M | $54.9M | ||
| Q3 24 | $795.0K | $49.8M | ||
| Q2 24 | $8.0M | $87.6M | ||
| Q1 24 | $-46.5M | $11.3M |
自由现金流AHTRYAM
| 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AHTRYAM
| 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AHTRYAM
| 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AHTRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
