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ASHFORD HOSPITALITY TRUST INC（AHT）与猫途鹰（TRIP）财务数据对比。点击上方公司名可切换其他公司
猫途鹰的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.6倍（$411.0M vs $259.0M），猫途鹰净利率更高（-9.2% vs -26.8%，领先17.5%），猫途鹰同比增速更快（0.0% vs -6.0%），ASHFORD HOSPITALITY TRUST INC自由现金流更多（$-86.8M vs $-122.0M），过去两年猫途鹰的营收复合增速更高（2.0% 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。
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AHT vs TRIP — 直观对比
营收规模更大
TRIP
是对方的1.6倍
$259.0M
营收增速更快
TRIP
高出6.0%
-6.0%
净利率更高
TRIP
高出17.5%
-26.8%
自由现金流更多
AHT
多$35.2M
$-122.0M
两年增速更快
TRIP
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $411.0M |
| 净利润 | $-69.3M | $-38.0M |
| 毛利率 | — | 91.5% |
| 营业利润率 | -2.6% | -8.3% |
| 净利率 | -26.8% | -9.2% |
| 营收同比 | -6.0% | 0.0% |
| 净利润同比 | 44.2% | -3900.0% |
| 每股收益（稀释后） | $-12.85 | $-0.32 |
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AHTTRIP
| Q4 25 | $259.0M | $411.0M | ||
| Q3 25 | $266.1M | $553.0M | ||
| Q2 25 | $302.0M | $529.0M | ||
| Q1 25 | $277.4M | $398.0M | ||
| Q4 24 | $275.5M | $411.0M | ||
| Q3 24 | $276.6M | $532.0M | ||
| Q2 24 | $316.5M | $497.0M | ||
| Q1 24 | $303.9M | $395.0M |
净利润AHTTRIP
| Q4 25 | $-69.3M | $-38.0M | ||
| Q3 25 | $-60.1M | $53.0M | ||
| Q2 25 | $-30.4M | $36.0M | ||
| Q1 25 | $-20.0M | $-11.0M | ||
| Q4 24 | $-124.2M | $1.0M | ||
| Q3 24 | $-57.9M | $39.0M | ||
| Q2 24 | $50.3M | $24.0M | ||
| Q1 24 | $71.6M | $-59.0M |
毛利率AHTTRIP
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率AHTTRIP
| Q4 25 | -2.6% | -8.3% | ||
| Q3 25 | 4.6% | 12.7% | ||
| Q2 25 | 16.3% | 11.2% | ||
| Q1 25 | 22.2% | -3.8% | ||
| Q4 24 | -17.8% | 0.2% | ||
| Q3 24 | 7.3% | 13.2% | ||
| Q2 24 | 42.8% | 7.2% | ||
| Q1 24 | 50.2% | -3.8% |
净利率AHTTRIP
| Q4 25 | -26.8% | -9.2% | ||
| Q3 25 | -22.6% | 9.6% | ||
| Q2 25 | -10.1% | 6.8% | ||
| Q1 25 | -7.2% | -2.8% | ||
| Q4 24 | -45.1% | 0.2% | ||
| Q3 24 | -20.9% | 7.3% | ||
| Q2 24 | 15.9% | 4.8% | ||
| Q1 24 | 23.5% | -14.9% |
每股收益（稀释后）AHTTRIP
| Q4 25 | $-12.85 | $-0.32 | ||
| Q3 25 | $-11.35 | $0.43 | ||
| Q2 25 | $-6.88 | $0.28 | ||
| Q1 25 | $-4.91 | $-0.08 | ||
| Q4 24 | $-13.64 | $0.03 | ||
| Q3 24 | $-12.39 | $0.27 | ||
| Q2 24 | $2.50 | $0.17 | ||
| Q1 24 | $5.99 | $-0.43 |
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 | $1.0B |
| 总债务越低越好 | $2.5B | $819.0M |
| 股东权益账面价值 | $-626.4M | $645.0M |
| 总资产 | $2.8B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资AHTTRIP
| Q4 25 | $66.1M | $1.0B | ||
| Q3 25 | $81.9M | $1.2B | ||
| Q2 25 | $100.0M | $1.2B | ||
| Q1 25 | $85.8M | $1.2B | ||
| Q4 24 | $112.9M | $1.1B | ||
| Q3 24 | $119.7M | $1.1B | ||
| Q2 24 | $121.8M | $1.2B | ||
| Q1 24 | $111.1M | $1.2B |
总债务AHTTRIP
| Q4 25 | $2.5B | $819.0M | ||
| Q3 25 | $2.6B | $821.0M | ||
| Q2 25 | $2.6B | $822.0M | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $2.6B | $831.0M | ||
| Q3 24 | $2.7B | $832.0M | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
股东权益AHTTRIP
| Q4 25 | $-626.4M | $645.0M | ||
| Q3 25 | $-548.7M | $707.0M | ||
| Q2 25 | $-485.5M | $627.0M | ||
| Q1 25 | $-446.1M | $643.0M | ||
| Q4 24 | $-419.2M | $943.0M | ||
| Q3 24 | $-288.4M | $944.0M | ||
| Q2 24 | $-225.9M | $857.0M | ||
| Q1 24 | $-276.8M | $825.0M |
总资产AHTTRIP
| Q4 25 | $2.8B | $2.6B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $3.1B | $2.8B | ||
| Q4 24 | $3.2B | $2.6B | ||
| Q3 24 | $3.3B | $2.7B | ||
| Q2 24 | $3.3B | $2.8B | ||
| Q1 24 | $3.5B | $2.7B |
负债/权益比AHTTRIP
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-122.0M |
| 自由现金流率自由现金流/营收 | -33.5% | -29.7% |
| 资本支出强度资本支出/营收 | 27.5% | 4.6% |
| 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 | $163.0M |
8季度趋势，按日历期对齐
经营现金流AHTTRIP
| Q4 25 | $-15.7M | $-103.0M | ||
| Q3 25 | $5.5M | $44.0M | ||
| Q2 25 | $16.3M | $202.0M | ||
| Q1 25 | $-25.0M | $102.0M | ||
| Q4 24 | $-23.6M | $-3.0M | ||
| Q3 24 | $795.0K | $-43.0M | ||
| Q2 24 | $8.0M | $51.0M | ||
| Q1 24 | $-46.5M | $139.0M |
自由现金流AHTTRIP
| Q4 25 | $-86.8M | $-122.0M | ||
| Q3 25 | $-226.0K | $25.0M | ||
| Q2 25 | $-3.6M | $177.0M | ||
| Q1 25 | $-44.8M | $83.0M | ||
| Q4 24 | $-131.6M | $-26.0M | ||
| Q3 24 | $-21.8M | $-63.0M | ||
| Q2 24 | $-22.9M | $36.0M | ||
| Q1 24 | $-80.4M | $123.0M |
自由现金流率AHTTRIP
| Q4 25 | -33.5% | -29.7% | ||
| Q3 25 | -0.1% | 4.5% | ||
| Q2 25 | -1.2% | 33.5% | ||
| Q1 25 | -16.2% | 20.9% | ||
| Q4 24 | -47.8% | -6.3% | ||
| Q3 24 | -7.9% | -11.8% | ||
| Q2 24 | -7.2% | 7.2% | ||
| Q1 24 | -26.5% | 31.1% |
资本支出强度AHTTRIP
| Q4 25 | 27.5% | 4.6% | ||
| Q3 25 | 2.1% | 3.4% | ||
| Q2 25 | 6.6% | 4.7% | ||
| Q1 25 | 7.2% | 4.8% | ||
| Q4 24 | 39.2% | 5.6% | ||
| Q3 24 | 8.2% | 3.8% | ||
| Q2 24 | 9.8% | 3.0% | ||
| Q1 24 | 11.2% | 4.1% |
现金转化率AHTTRIP
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | 0.16× | 2.13× | ||
| 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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
