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ASHFORD HOSPITALITY TRUST INC（AHT）与Thryv Holdings, Inc.（THRY）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Thryv Holdings, Inc.的1.5倍（$259.0M vs $167.7M），Thryv Holdings, Inc.净利率更高（2.7% vs -26.8%，领先29.5%），ASHFORD HOSPITALITY TRUST INC同比增速更快（-6.0% vs -7.5%），Thryv Holdings, Inc.自由现金流更多（$-5.5M vs $-86.8M），过去两年ASHFORD HOSPITALITY TRUST INC的营收复合增速更高（-7.7% vs -13.5%）
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。
Thryv Holdings, Inc.是一家上市软件服务（SaaS）企业，面向中小企业提供客户关系管理与网络声誉管理软件解决方案。公司总部位于得克萨斯州达拉斯，业务覆盖美国48个州，现有员工超过2400名，其前身是多家黄页企业组成的集团。
AHT vs THRY — 直观对比
营收规模更大
AHT
是对方的1.5倍
$167.7M
营收增速更快
AHT
高出1.6%
-7.5%
净利率更高
THRY
高出29.5%
-26.8%
自由现金流更多
THRY
多$81.4M
$-86.8M
两年增速更快
AHT
近两年复合增速
-13.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $167.7M |
| 净利润 | $-69.3M | $4.5M |
| 毛利率 | — | 65.2% |
| 营业利润率 | -2.6% | 37.3% |
| 净利率 | -26.8% | 2.7% |
| 营收同比 | -6.0% | -7.5% |
| 净利润同比 | 44.2% | 147.2% |
| 每股收益（稀释后） | $-12.85 | $0.10 |
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AHTTHRY
| Q1 26 | — | $167.7M | ||
| Q4 25 | $259.0M | $191.6M | ||
| Q3 25 | $266.1M | $201.6M | ||
| Q2 25 | $302.0M | $210.5M | ||
| Q1 25 | $277.4M | $181.4M | ||
| Q4 24 | $275.5M | $186.6M | ||
| Q3 24 | $276.6M | $179.9M | ||
| Q2 24 | $316.5M | $224.1M |
净利润AHTTHRY
| Q1 26 | — | $4.5M | ||
| Q4 25 | $-69.3M | $-9.7M | ||
| Q3 25 | $-60.1M | $5.7M | ||
| Q2 25 | $-30.4M | $13.9M | ||
| Q1 25 | $-20.0M | $-9.6M | ||
| Q4 24 | $-124.2M | $7.9M | ||
| Q3 24 | $-57.9M | $-96.1M | ||
| Q2 24 | $50.3M | $5.5M |
毛利率AHTTHRY
| Q1 26 | — | 65.2% | ||
| Q4 25 | — | 68.0% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 69.7% | ||
| Q1 25 | — | 65.8% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 62.3% | ||
| Q2 24 | — | 66.3% |
营业利润率AHTTHRY
| Q1 26 | — | 37.3% | ||
| Q4 25 | -2.6% | 5.3% | ||
| Q3 25 | 4.6% | 9.9% | ||
| Q2 25 | 16.3% | 14.0% | ||
| Q1 25 | 22.2% | -1.7% | ||
| Q4 24 | -17.8% | -3.9% | ||
| Q3 24 | 7.3% | -49.2% | ||
| Q2 24 | 42.8% | 14.0% |
净利率AHTTHRY
| Q1 26 | — | 2.7% | ||
| Q4 25 | -26.8% | -5.0% | ||
| Q3 25 | -22.6% | 2.8% | ||
| Q2 25 | -10.1% | 6.6% | ||
| Q1 25 | -7.2% | -5.3% | ||
| Q4 24 | -45.1% | 4.2% | ||
| Q3 24 | -20.9% | -53.4% | ||
| Q2 24 | 15.9% | 2.5% |
每股收益（稀释后）AHTTHRY
| Q1 26 | — | $0.10 | ||
| Q4 25 | $-12.85 | $-0.21 | ||
| Q3 25 | $-11.35 | $0.13 | ||
| Q2 25 | $-6.88 | $0.31 | ||
| Q1 25 | $-4.91 | $-0.22 | ||
| Q4 24 | $-13.64 | $0.28 | ||
| Q3 24 | $-12.39 | $-2.65 | ||
| Q2 24 | $2.50 | $0.15 |
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 | $8.0M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $225.4M |
| 总资产 | $2.8B | $693.7M |
| 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AHTTHRY
| Q1 26 | — | $8.0M | ||
| Q4 25 | $66.1M | $10.8M | ||
| Q3 25 | $81.9M | $11.6M | ||
| Q2 25 | $100.0M | $10.8M | ||
| Q1 25 | $85.8M | $11.0M | ||
| Q4 24 | $112.9M | $16.3M | ||
| Q3 24 | $119.7M | $12.5M | ||
| Q2 24 | $121.8M | $15.5M |
总债务AHTTHRY
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $253.5M | ||
| Q3 25 | $2.6B | $268.2M | ||
| Q2 25 | $2.6B | $275.6M | ||
| Q1 25 | $2.7B | $299.0M | ||
| Q4 24 | $2.6B | $284.3M | ||
| Q3 24 | $2.7B | $307.8M | ||
| Q2 24 | $2.8B | $342.1M |
股东权益AHTTHRY
| Q1 26 | — | $225.4M | ||
| Q4 25 | $-626.4M | $218.1M | ||
| Q3 25 | $-548.7M | $221.1M | ||
| Q2 25 | $-485.5M | $214.9M | ||
| Q1 25 | $-446.1M | $193.2M | ||
| Q4 24 | $-419.2M | $196.9M | ||
| Q3 24 | $-288.4M | $94.5M | ||
| Q2 24 | $-225.9M | $183.1M |
总资产AHTTHRY
| Q1 26 | — | $693.7M | ||
| Q4 25 | $2.8B | $688.6M | ||
| Q3 25 | $3.0B | $701.8M | ||
| Q2 25 | $3.1B | $687.7M | ||
| Q1 25 | $3.1B | $703.7M | ||
| Q4 24 | $3.2B | $712.2M | ||
| Q3 24 | $3.3B | $654.8M | ||
| Q2 24 | $3.3B | $785.5M |
负债/权益比AHTTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 3.26× | ||
| Q2 24 | — | 1.87× |
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 | $-5.5M |
| 自由现金流率自由现金流/营收 | -33.5% | -3.3% |
| 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 | $43.3M |
8季度趋势，按日历期对齐
经营现金流AHTTHRY
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $22.2M | ||
| Q3 25 | $5.5M | $22.2M | ||
| Q2 25 | $16.3M | $29.6M | ||
| Q1 25 | $-25.0M | $-10.5M | ||
| Q4 24 | $-23.6M | $26.1M | ||
| Q3 24 | $795.0K | $36.0M | ||
| Q2 24 | $8.0M | $22.2M |
自由现金流AHTTHRY
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $-86.8M | $12.3M | ||
| Q3 25 | $-226.0K | $14.6M | ||
| Q2 25 | $-3.6M | $21.8M | ||
| Q1 25 | $-44.8M | $-17.6M | ||
| Q4 24 | $-131.6M | $17.3M | ||
| Q3 24 | $-21.8M | $27.5M | ||
| Q2 24 | $-22.9M | $13.3M |
自由现金流率AHTTHRY
| Q1 26 | — | -3.3% | ||
| Q4 25 | -33.5% | 6.4% | ||
| Q3 25 | -0.1% | 7.2% | ||
| Q2 25 | -1.2% | 10.4% | ||
| Q1 25 | -16.2% | -9.7% | ||
| Q4 24 | -47.8% | 9.3% | ||
| Q3 24 | -7.9% | 15.3% | ||
| Q2 24 | -7.2% | 5.9% |
资本支出强度AHTTHRY
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 5.2% | ||
| Q3 25 | 2.1% | 3.8% | ||
| Q2 25 | 6.6% | 3.7% | ||
| Q1 25 | 7.2% | 3.9% | ||
| Q4 24 | 39.2% | 4.7% | ||
| Q3 24 | 8.2% | 4.7% | ||
| Q2 24 | 9.8% | 4.0% |
现金转化率AHTTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 3.93× | ||
| Q2 25 | — | 2.12× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.32× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 4.01× |
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% |
THRY
| SaaS | $116.7M | 70% |
| Other | $50.9M | 30% |
