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ASHFORD HOSPITALITY TRUST INC（AHT）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.8倍（$461.6M vs $259.0M），BOSTON BEER CO INC同比增速更快（-4.1% vs -6.0%），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
AHT vs SAM — 直观对比
营收规模更大
SAM
是对方的1.8倍
$259.0M
营收增速更快
SAM
高出1.9%
-6.0%
两年增速更快
AHT
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $461.6M |
| 净利润 | $-69.3M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | -2.6% | 12.4% |
| 净利率 | -26.8% | — |
| 营收同比 | -6.0% | -4.1% |
| 净利润同比 | 44.2% | — |
| 每股收益（稀释后） | $-12.85 | $2.16 |
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AHTSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $259.0M | $385.7M | ||
| Q3 25 | $266.1M | $537.5M | ||
| Q2 25 | $302.0M | $587.9M | ||
| Q1 25 | $277.4M | $453.9M | ||
| Q4 24 | $275.5M | $402.3M | ||
| Q3 24 | $276.6M | $605.5M | ||
| Q2 24 | $316.5M | $579.1M |
净利润AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | $-69.3M | $-22.5M | ||
| Q3 25 | $-60.1M | $46.2M | ||
| Q2 25 | $-30.4M | $60.4M | ||
| Q1 25 | $-20.0M | $24.4M | ||
| Q4 24 | $-124.2M | $-38.8M | ||
| Q3 24 | $-57.9M | $33.5M | ||
| Q2 24 | $50.3M | $52.3M |
毛利率AHTSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率AHTSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -2.6% | -8.6% | ||
| Q3 25 | 4.6% | 11.5% | ||
| Q2 25 | 16.3% | 14.0% | ||
| Q1 25 | 22.2% | 7.4% | ||
| Q4 24 | -17.8% | -13.9% | ||
| Q3 24 | 7.3% | 7.6% | ||
| Q2 24 | 42.8% | 12.2% |
净利率AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | -26.8% | -5.8% | ||
| Q3 25 | -22.6% | 8.6% | ||
| Q2 25 | -10.1% | 10.3% | ||
| Q1 25 | -7.2% | 5.4% | ||
| Q4 24 | -45.1% | -9.6% | ||
| Q3 24 | -20.9% | 5.5% | ||
| Q2 24 | 15.9% | 9.0% |
每股收益（稀释后）AHTSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-12.85 | $-1.97 | ||
| Q3 25 | $-11.35 | $4.25 | ||
| Q2 25 | $-6.88 | $5.45 | ||
| Q1 25 | $-4.91 | $2.16 | ||
| Q4 24 | $-13.64 | $-3.23 | ||
| Q3 24 | $-12.39 | $2.86 | ||
| Q2 24 | $2.50 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $682.6M |
| 总资产 | $2.8B | $1.2B |
| 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AHTSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $66.1M | $223.4M | ||
| Q3 25 | $81.9M | $250.5M | ||
| Q2 25 | $100.0M | $212.4M | ||
| Q1 25 | $85.8M | $152.5M | ||
| Q4 24 | $112.9M | $211.8M | ||
| Q3 24 | $119.7M | $255.6M | ||
| Q2 24 | $121.8M | $219.3M |
总债务AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — |
股东权益AHTSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $-626.4M | $846.3M | ||
| Q3 25 | $-548.7M | $911.0M | ||
| Q2 25 | $-485.5M | $912.3M | ||
| Q1 25 | $-446.1M | $897.0M | ||
| Q4 24 | $-419.2M | $916.2M | ||
| Q3 24 | $-288.4M | $1.0B | ||
| Q2 24 | $-225.9M | $1.0B |
总资产AHTSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $3.1B | $1.2B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.3B | $1.4B |
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 | — |
| 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AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $39.9M | ||
| Q3 25 | $5.5M | $101.8M | ||
| Q2 25 | $16.3M | $126.5M | ||
| Q1 25 | $-25.0M | $1.9M | ||
| Q4 24 | $-23.6M | $41.9M | ||
| Q3 24 | $795.0K | $115.9M | ||
| Q2 24 | $8.0M | $96.0M |
自由现金流AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | $-86.8M | $22.1M | ||
| Q3 25 | $-226.0K | $89.2M | ||
| Q2 25 | $-3.6M | $112.2M | ||
| Q1 25 | $-44.8M | $-8.0M | ||
| Q4 24 | $-131.6M | $18.4M | ||
| Q3 24 | $-21.8M | $99.2M | ||
| Q2 24 | $-22.9M | $75.6M |
自由现金流率AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | -33.5% | 5.7% | ||
| Q3 25 | -0.1% | 16.6% | ||
| Q2 25 | -1.2% | 19.1% | ||
| Q1 25 | -16.2% | -1.8% | ||
| Q4 24 | -47.8% | 4.6% | ||
| Q3 24 | -7.9% | 16.4% | ||
| Q2 24 | -7.2% | 13.1% |
资本支出强度AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 4.6% | ||
| Q3 25 | 2.1% | 2.3% | ||
| Q2 25 | 6.6% | 2.4% | ||
| Q1 25 | 7.2% | 2.2% | ||
| Q4 24 | 39.2% | 5.8% | ||
| Q3 24 | 8.2% | 2.8% | ||
| Q2 24 | 9.8% | 3.5% |
现金转化率AHTSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | 0.16× | 1.83× |
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% |
SAM
暂无分部数据
