Logo

AHT-PH

Ashford Hospitality Trust, Inc.

AHT-PH

Ashford Hospitality Trust, Inc. • NYSE
$13.83 ▲ 0.61% (+0.08)
Market Cap $79.85 M
52w High $16.84
52w Low $10.10
Dividend Yield 1.88%
P/E -1.63
Volume 6.23K
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 Q1-2024Q2-2024Q1-2025Q2-2025
Food and Beverage
Food and Beverage
 $60.00M ▲$60.00M ▲$50.00M ▼$60.00M ▲
Hotel
Hotel
 $300.00M ▲$320.00M ▲$280.00M ▼$300.00M ▲
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Occupancy
Occupancy
 $230.00M ▲$240.00M ▲$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 trough and has generally trended higher, although it eased somewhat in the most recent year. Profitability at the operating level has improved a lot: the business has moved from material operating losses to solid operating income and healthier cash-style earnings. However, after interest costs and other non‑operating items, the company is still reporting bottom‑line losses every year. This points to a business that is operationally much healthier than it was, but still burdened by its capital structure and unable so far to convert that operating recovery into consistent net profits.

Balance Sheet

Balance Sheet The balance sheet remains highly leveraged, with debt making up the bulk of the capital structure and shareholders’ equity still meaningfully negative. Assets have stayed relatively stable over time, but they are financed largely with borrowed money, reflecting a heavy debt load accumulated over the years. Cash on hand is modest and has drifted down from earlier peaks, leaving only a small liquidity cushion. Overall, the balance sheet shows a hotel REIT that has not yet rebuilt its equity base and continues to carry significant financial risk despite operational improvements.

Cash Flow

Cash Flow Cash generation from the core business has hovered around breakeven, occasionally turning slightly positive but not yet showing a strong, sustained surplus. After taking into account modest investment spending on properties, free cash flow has also been close to flat or slightly negative. This suggests that while day‑to‑day operations can roughly cover their own costs, there is limited excess cash to reduce debt, build cash reserves, or fund growth without asset sales or external capital. The cash‑flow profile is improving compared with the depths of the pandemic but remains fragile and sensitive to changes in hotel performance or financing costs.

Competitive Edge

Competitive Edge Ashford Hospitality Trust focuses on upper‑upscale, full‑service hotels, often under major brands such as Hilton, Hyatt, and Marriott. This gives it access to powerful reservation systems, loyalty programs, and brand marketing, which help support occupancy and pricing. A key differentiator is its ecosystem with Ashford Inc. and Remington, which provides integrated advisory, asset management, and property management capabilities. This structure gives Ashford deep, specialized expertise in hotel operations, repositioning, and capital markets. On the other hand, the external management model can raise governance questions, and the company operates in a highly cyclical, competitive industry with limited structural barriers to entry beyond scale and relationships.

Innovation and R&D

Innovation and R&D Innovation here is more strategic than technological. The “GRO AHT” program is focused on squeezing more earnings out of the existing portfolio through tighter cost control, smarter pricing, and better use of ancillary revenue streams like food and beverage, parking, and retail. The company also emphasizes capital recycling: selling selected hotels to pay down debt and reinvesting only where it sees clear value‑add potential. Renovations, brand conversions, and repositionings—such as upgrading properties into higher‑profile brand families—are central to its playbook. Rather than building new tech platforms, Ashford leans on established hotel brand systems and concentrates on execution, operational discipline, and opportunistic transactions to drive improvement.

Summary

Ashford Hospitality Trust has staged a notable operational recovery since the pandemic, with stronger revenue and a return to positive operating results, but it still posts net losses once financing costs are included. The balance sheet remains the main pressure point: high leverage, negative equity, and limited cash leave little room for error and make the company sensitive to interest rates and market conditions. Cash flow is close to breakeven, showing better health than in prior years but not yet the robustness typically associated with a comfortably positioned REIT. Competitively, Ashford benefits from its relationships with major hotel brands and an integrated advisory and management platform that supports complex renovations and portfolio optimization. Its innovation is centered on operational efficiency and strategic capital allocation rather than new technology. Overall, this is a hotel REIT in rehabilitation: operationally much stronger than during the crisis years, but still working through the legacy of a stretched balance sheet and striving to turn improved hotel performance into durable financial stability.