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AHT-PF

Ashford Hospitality Trust, Inc.

AHT-PF

Ashford Hospitality Trust, Inc. • NYSE
$13.75 ▲ 0.36% (+0.05)
Market Cap $79.37 M
52w High $16.76
52w Low $9.75
Dividend Yield 1.84%
P/E -1.62
Volume 553
Outstanding Shares 5.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $266.061M ▼ $-212.564M ▼ $-60.149M ▼ -22.607% ▼ $-11.35 ▼ $-27.916M ▼
Q2-2025 $302.001M ▲ $25.624M ▲ $-30.396M ▼ -10.065% ▼ $-6.88 ▼ $83.545M ▼
Q1-2025 $277.359M ▲ $-243K ▼ $-19.971M ▲ -7.2% ▲ $-4.91 ▲ $92.306M ▲
Q4-2024 $275.481M ▼ $90.407M ▲ $-124.21M ▼ -45.088% ▼ $-23.83 ▼ $-19.523M ▼
Q3-2024 $276.6M $31.676M $-57.905M -20.935% $-12.39 $56.112M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $246.122M ▲ $3.008B ▼ $3.308B ▲ $-336.683M ▼
Q2-2025 $99.965M ▲ $3.059B ▼ $3.307B ▲ $-282.271M ▼
Q1-2025 $85.787M ▼ $3.082B ▼ $3.299B ▼ $-250.079M ▼
Q4-2024 $112.907M ▼ $3.161B ▼ $3.373B ▲ $-247.697M ▼
Q3-2024 $119.659M $3.269B $3.363B $-133.534M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-32.439M ▼ $16.344M ▲ $6.32M ▼ $8.214M ▲ $30.878M ▲ $16.41M ▲
Q1-2025 $-22.198M ▲ $-24.992M ▼ $99.5M ▲ $-70.006M ▼ $4.502M ▲ $-24.992M ▼
Q4-2024 $-129.099M ▼ $14.102M ▲ $-20.581M ▲ $-6.987M ▼ $-13.466M ▼ $14.102M ▼
Q3-2024 $-59.128M ▼ $795K ▼ $-21.465M ▼ $8.336M ▲ $-12.334M ▼ $34.725M ▲
Q2-2024 $50.254M $7.965M $250.137M $-260.232M $-2.13M $7.965M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Food and Beverage
Food and Beverage
 $50.00M ▲$110.00M ▲$50.00M ▼$60.00M ▲
Hotel
Hotel
 $280.00M ▲$590.00M ▲$280.00M ▼$300.00M ▲
Hotel Other
Hotel Other
 $20.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲
Occupancy
Occupancy
 $210.00M ▲$450.00M ▲$210.00M ▼$230.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has recovered strongly from the pandemic lows and is now much higher than in 2020, but it slipped somewhat in the most recent year, which suggests growth momentum has cooled. Profitability at the hotel level has improved materially, with operating results turning from deep losses to moderate operating income. However, after interest expense and other costs, the company is still posting net losses and negative earnings per share. In plain terms, the core hotel operations look much healthier than a few years ago, but the overall business is not yet consistently profitable once debt costs are included. This leaves results sensitive to any slowdown in travel or further pressure from interest rates.

Balance Sheet

Balance Sheet The balance sheet is highly leveraged: debt is very large relative to the size of the asset base, and reported equity is negative. That means the company has been financed heavily with borrowing rather than with shareholder capital, which limits cushion against downturns. Cash on hand is quite modest compared with total obligations, so liquidity appears tight and the trust depends on ongoing cash generation, asset sales, or refinancing to stay comfortable. Asset levels have been drifting down as properties are sold or written down, reflecting a shift toward deleveraging but also a smaller platform. Overall, financial flexibility looks constrained, and the capital structure is a key risk area to monitor.

Cash Flow

Cash Flow Cash generation has improved from the worst of the pandemic, but it remains fragile. Operating cash flow has hovered around breakeven, occasionally positive but not robust, which means the business does not consistently throw off surplus cash after paying day‑to‑day expenses and interest. Free cash flow has also been thin or negative in several years, suggesting limited room for self‑funded growth or rapid debt paydown. Capital spending has been curtailed in some periods, which helps near‑term cash but can also delay needed property upgrades. The overall picture is of a business still stabilizing its cash flows rather than one with a strong, steady cash engine.

Competitive Edge

Competitive Edge Ashford Hospitality Trust operates in a well‑defined niche: upper‑upscale, full‑service hotels under major brands like Marriott, Hilton, and Hyatt. This provides strong brand recognition and access to established loyalty programs, which is a competitive plus. The company’s strategy emphasizes very active asset management—constantly tweaking pricing, amenities, and costs—which can help it squeeze more value out of each property than more hands‑off owners. However, it competes against much larger, better‑capitalized hotel REITs and hospitality players that may have lower financing costs and more room to invest in their properties. High leverage also reduces Ashford’s flexibility versus peers, especially in a cyclical, interest‑rate‑sensitive industry like hotels.

Innovation and R&D

Innovation and R&D Innovation here is mainly operational rather than technological. The “GRO AHT” initiative is the centerpiece: it targets leaner overhead costs, sharper revenue management, and incremental income from things like food and beverage optimization, dynamic pricing for parking, and monetizing amenities for non‑guests. The trust is also using energy‑saving upgrades and contract renegotiations to trim expenses. While this is not cutting‑edge tech, it is a structured, data‑driven approach to improving hotel performance. The company also invests selectively in hospitality‑related service businesses, which can create some vertical integration benefits. The key uncertainty is execution—whether these many small improvements add up to enough to offset debt costs and a still‑choppy hotel demand environment.

Summary

Ashford Hospitality Trust has made clear progress since the depths of the pandemic: hotel operations are stronger, margins have improved, and management has a detailed plan to extract more value from its portfolio. At the same time, the capital structure is stretched, with high leverage, negative equity, and limited liquidity providing a thin margin for error. Cash flow is better than it was but not yet consistently strong, leaving the company dependent on careful execution, stable travel demand, and manageable financing conditions. Its competitive edge comes from focused, hands‑on asset management in a defined hotel niche, supported by the GRO AHT program. The main watch points are debt reduction, the sustainability of operating gains, and whether ongoing property investments and revenue initiatives can translate into durable, portfolio‑wide cash generation over time.