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ASHFORD HOSPITALITY TRUST INC（AHT）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
世纪互联的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.4倍（$362.7M vs $259.0M），世纪互联净利率更高（-10.7% vs -26.8%，领先16.1%），ASHFORD HOSPITALITY TRUST INC自由现金流更多（$-86.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% 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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
AHT vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$259.0M
净利率更高
VNET
高出16.1%
-26.8%
自由现金流更多
AHT
多$106.3M
$-193.1M
两年增速更快
VNET
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $362.7M |
| 净利润 | $-69.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -2.6% | 0.5% |
| 净利率 | -26.8% | -10.7% |
| 营收同比 | -6.0% | — |
| 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AHTVNET
| Q4 25 | $259.0M | — | ||
| Q3 25 | $266.1M | $362.7M | ||
| Q2 25 | $302.0M | — | ||
| Q1 25 | $277.4M | $309.5M | ||
| Q4 24 | $275.5M | — | ||
| Q3 24 | $276.6M | $302.2M | ||
| Q2 24 | $316.5M | $274.4M | ||
| Q1 24 | $303.9M | $262.9M |
净利润AHTVNET
| Q4 25 | $-69.3M | — | ||
| Q3 25 | $-60.1M | $-38.7M | ||
| Q2 25 | $-30.4M | — | ||
| Q1 25 | $-20.0M | $-2.4M | ||
| Q4 24 | $-124.2M | — | ||
| Q3 24 | $-57.9M | $-2.1M | ||
| Q2 24 | $50.3M | $-1.1M | ||
| Q1 24 | $71.6M | $-22.0M |
毛利率AHTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率AHTVNET
| Q4 25 | -2.6% | — | ||
| Q3 25 | 4.6% | 0.5% | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 22.2% | 0.1% | ||
| Q4 24 | -17.8% | — | ||
| Q3 24 | 7.3% | 24.5% | ||
| Q2 24 | 42.8% | 0.2% | ||
| Q1 24 | 50.2% | 0.2% |
净利率AHTVNET
| Q4 25 | -26.8% | — | ||
| Q3 25 | -22.6% | -10.7% | ||
| Q2 25 | -10.1% | — | ||
| Q1 25 | -7.2% | -0.8% | ||
| Q4 24 | -45.1% | — | ||
| Q3 24 | -20.9% | -0.7% | ||
| Q2 24 | 15.9% | -0.4% | ||
| Q1 24 | 23.5% | -8.4% |
每股收益（稀释后）AHTVNET
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | — | ||
| Q2 25 | $-6.88 | — | ||
| Q1 25 | $-4.91 | — | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | — | ||
| Q2 24 | $2.50 | — | ||
| 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 | $492.1M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | $890.8M |
| 总资产 | $2.8B | $6.1B |
| 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AHTVNET
| Q4 25 | $66.1M | — | ||
| Q3 25 | $81.9M | $492.1M | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $85.8M | $544.3M | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $119.7M | $219.5M | ||
| Q2 24 | $121.8M | $247.2M | ||
| Q1 24 | $111.1M | $246.9M |
总债务AHTVNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $1.2B | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
股东权益AHTVNET
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | $890.8M | ||
| Q2 25 | $-485.5M | — | ||
| Q1 25 | $-446.1M | $927.8M | ||
| Q4 24 | $-419.2M | — | ||
| Q3 24 | $-288.4M | $902.9M | ||
| Q2 24 | $-225.9M | $900.6M | ||
| Q1 24 | $-276.8M | $895.1M |
总资产AHTVNET
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.0B | $6.1B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.1B | $5.4B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.3B | $4.0B | ||
| Q1 24 | $3.5B | $3.9B |
负债/权益比AHTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| 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 | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | -33.5% | -53.2% |
| 资本支出强度资本支出/营收 | 27.5% | 84.6% |
| 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 | $-589.7M |
8季度趋势，按日历期对齐
经营现金流AHTVNET
| Q4 25 | $-15.7M | — | ||
| Q3 25 | $5.5M | $113.8M | ||
| Q2 25 | $16.3M | — | ||
| Q1 25 | $-25.0M | $27.0M | ||
| Q4 24 | $-23.6M | — | ||
| Q3 24 | $795.0K | $108.3M | ||
| Q2 24 | $8.0M | $55.8M | ||
| Q1 24 | $-46.5M | $37.1M |
自由现金流AHTVNET
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | $-193.1M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | $-220.0M | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | $-95.0M | ||
| Q2 24 | $-22.9M | $-81.6M | ||
| Q1 24 | $-80.4M | $-102.2M |
自由现金流率AHTVNET
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | -53.2% | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | -71.1% | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | -31.4% | ||
| Q2 24 | -7.2% | -29.8% | ||
| Q1 24 | -26.5% | -38.9% |
资本支出强度AHTVNET
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | 84.6% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | 79.8% | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | 67.3% | ||
| Q2 24 | 9.8% | 50.1% | ||
| Q1 24 | 11.2% | 53.0% |
现金转化率AHTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| 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% |
VNET
暂无分部数据
