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Ashford Hospitality Trust (AHT) Financials

Ashford Hospitality Trust logo
$3.26 +0.01 (+0.15%)
Closing price 03:58 PM Eastern
Extended Trading
$3.26 0.00 (0.00%)
As of 04:04 PM Eastern
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Annual Income Statements for Ashford Hospitality Trust

Annual Income Statements for Ashford Hospitality Trust

This table shows Ashford Hospitality Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 237 -89 -123 -170 -156 -521 -268 -153 -194 -83 -215
Consolidated Net Income / (Loss)		 306 -59 -89 -156 -143 -633 -271 -141 -181 -65 -188
Net Income / (Loss) Continuing Operations		 306 -59 -89 -156 -143 -633 -271 -141 -181 -65 -188
Total Pre-Tax Income 		311 -57 -91 -154 -141 -635 -265 -135 -180 -64 -188
Total Revenue		 1,337 1,492 1,439 1,197 1,263 244 663 1,052 1,046 1,064 886
Net Interest Income / (Expense)		 0.00 0.00 0.00 -233 -259 -247 -156 -203 -318 -266 -251
Total Interest Income		 0.00 0.00 0.00 3.95 3.07 0.67 0.21 4.78 8.98 6.94 4.74
Investment Securities Interest Income		 - - - 3.95 3.07 0.67 0.21 4.78 8.98 6.94 4.74
Total Interest Expense		 0.00 0.00 0.00 237 262 247 156 208 327 273 256
Long-Term Debt Interest Expense		 - - - 237 262 247 156 208 327 273 256
Total Non-Interest Income		 1,337 1,492 1,439 1,430 1,522 491 819 1,255 1,364 1,331 1,138
Net Realized & Unrealized Capital Gains on Investments		 - - - -0.84 19 491 14 14 -3.33 158 33
Other Non-Interest Income		 1,286 1,492 1,439 1,431 1,503 - 805 1,241 1,368 1,172 1,104
Total Non-Interest Expense		 1,393 1,573 1,533 1,351 1,415 879 929 1,187 1,226 1,128 1,075
Net Occupancy & Equipment Expense		 687 - - - - 435 - - 925 815 768
Other Operating Expenses		 211 1,001 974 1,059 1,112 158 713 963 135 147 130
Depreciation Expense		 210 244 247 258 269 253 219 202 188 153 141
Impairment Charge		 20 18 10 23 34 92 - 0.00 0.00 59 68
Other Special Charges		 194 236 229 9.86 0.95 -58 -2.73 22 -22 -46 -32
Nonoperating Income / (Expense), net		 367 23 2.92 0.06 10 - 0.76 0.42 0.31 0.11 0.00
Income Tax Expense		 4.71 1.53 -2.22 2.78 1.22 -1.34 5.95 6.34 0.90 1.00 -0.14
Preferred Stock Dividends Declared		 34 42 56 43 43 -23 0.25 13 15 22 35
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.03 -0.01 -0.11 -29 -29 -89 -4.04 -1.23 -0.01 -4.03 -5.06
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 36 -12 -22 - - - - - -2.24 -0.68 -3.26
Basic Earnings per Share		 $2.43 ($0.95) ($1.30) ($17.52) ($157.74) ($329.97) ($12.37) ($44.61) ($56.11) ($17.54) ($35.99)
Weighted Average Basic Shares Outstanding		 96.29M 0.00 95.21M 9.73M 998K 1.58M 21.63M 3.43M 3.45M 4.71M 5.97M
Diluted Earnings per Share		 $2.35 ($0.95) ($1.30) ($17.52) ($157.74) ($329.97) ($12.43) ($44.61) ($56.11) ($17.54) ($35.99)
Weighted Average Diluted Shares Outstanding		 114.88M 0.00 95.21M 9.73M 998K 1.58M 21.84M 3.43M 3.45M 4.71M 5.97M
Weighted Average Basic & Diluted Shares Outstanding		 100.80M 94.43M 0.00 0.00 102.00M 103.36M 34.49M 34.50M 39.63M 5.78M 6.48M

Quarterly Income Statements for Ashford Hospitality Trust

This table shows Ashford Hospitality Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -69 -31 67 44 -63 -131 -28 -40 -69 -78 -71
Consolidated Net Income / (Loss)		 -64 -30 72 51 -59 -129 -22 -32 -63 -71 -65
Net Income / (Loss) Continuing Operations		 -64 -30 72 51 -59 -129 -22 -32 -63 -71 -65
Total Pre-Tax Income 		-64 -31 73 54 -60 -131 -22 -32 -62 -72 -65
Total Revenue		 254 231 224 263 216 361 219 242 213 213 203
Net Interest Income / (Expense)		 -86 -82 -84 -67 -65 -51 -66 -69 -62 -55 -73
Total Interest Income		 1.89 2.22 1.98 1.69 1.77 1.50 1.21 1.25 1.20 1.07 0.92
Investment Securities Interest Income		 1.89 2.22 1.98 1.69 1.77 1.50 1.21 1.25 1.20 1.07 0.92
Total Interest Expense		 88 84 86 68 67 52 67 71 63 56 74
Long-Term Debt Interest Expense		 88 84 86 68 67 52 67 71 63 56 74
Total Non-Interest Income		 340 313 308 329 281 412 284 311 275 268 276
Net Realized & Unrealized Capital Gains on Investments		 -2.82 -7.11 308 13 4.78 -167 6.88 9.11 8.60 8.80 8.35
Other Non-Interest Income		 343 320 - 316 277 - 277 302 266 259 268
Total Non-Interest Expense		 319 262 151 208 276 493 241 274 275 285 271
Net Occupancy & Equipment Expense		 - - 211 207 195 202 188 199 193 - 181
Other Operating Expenses		 266 -665 41 36 35 36 32 34 34 -159 37
Depreciation Expense		 46 47 41 37 38 37 37 35 35 34 32
Impairment Charge		 - - - 0.00 0.00 - 0.00 1.45 18 - 113
Other Special Charges		 6.62 -45 -141 -72 8.38 158 -17 4.71 -4.85 -15 -91
Nonoperating Income / (Expense), net		 0.03 0.03 - 0.04 0.04 - 0.00 0.00 0.00 - 3.22
Income Tax Expense		 0.13 -1.51 0.30 3.46 -0.45 -2.32 0.32 0.12 0.26 -0.84 0.75
Preferred Stock Dividends Declared		 5.06 1.92 4.12 5.93 5.25 6.93 7.79 9.55 8.85 8.98 7.31
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.89 1.83 0.84 0.56 -1.22 -4.21 -1.78 -2.04 -2.58 1.79 -0.66
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - -0.45 - - - -1.03
Basic Earnings per Share		 ($19.91) ($9.07) $17.45 $10.20 ($12.39) ($27.87) ($4.91) ($6.88) ($11.35) ($13.11) ($11.03)
Weighted Average Basic Shares Outstanding		 3.45M 3.45M 3.85M 4.32M 5.10M 4.71M 5.65M 5.80M 6.08M 5.97M 6.44M
Diluted Earnings per Share		 ($19.91) ($9.07) $5.99 $2.50 ($12.39) ($27.87) ($4.91) ($6.88) ($11.35) ($13.11) ($11.03)
Weighted Average Diluted Shares Outstanding		 3.45M 3.45M 11.67M 18.94M 5.10M 4.71M 5.65M 5.90M 6.08M 5.97M 6.44M
Weighted Average Basic & Diluted Shares Outstanding		 34.51M 39.63M 42.41M 50.20M 5.52M 5.78M 5.86M 6.13M 6.41M 6.48M 6.48M

Annual Cash Flow Statements for Ashford Hospitality Trust

This table details how cash moves in and out of Ashford Hospitality Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 68 124 -20 -32 -42 -231 524 -133 -247 -91 -4.08
Net Cash From Operating Activities		 204 180 207 182 177 -150 -144 39 14 -24 -16
Net Cash From Continuing Operating Activities		 204 180 207 182 177 -150 -144 39 14 -24 -16
Net Income / (Loss) Continuing Operations		 306 -59 -89 -156 -143 -633 -271 -141 -181 -65 -188
Consolidated Net Income / (Loss)		 306 -59 -89 -156 -143 -633 -271 -141 -181 -65 -188
Provision For Loan Losses		 1.06 1.19 2.19 2.15 3.13 1.81 2.11 3.34 3.60 2.25 2.10
Depreciation Expense		 210 244 247 258 269 253 219 202 188 153 141
Amortization Expense		 23 35 14 30 32 10 -1.21 10 28 19 22
Non-Cash Adjustments to Reconcile Net Income		 -373 -69 45 61 25 63 -18 -9.60 -59 -196 -49
Changes in Operating Assets and Liabilities, net		 36 28 -12 -14 -9.27 156 -75 -25 35 63 56
Net Cash From Investing Activities		 -780 -22 -64 -330 -253 -7.60 -34 -70 -90 191 191
Net Cash From Continuing Investing Activities		 -780 -22 -64 -330 -253 -7.60 -34 -70 -90 191 191
Purchase of Property, Leasehold Improvements and Equipment		 -175 -204 -222 -207 -159 -46 -37 -104 -137 -108 -71
Sale and/or Maturity of Investments		 8.28 188 109 41 116 40 12 41 37 304 262
Other Investing Activities, net		 7.50 0.00 51 -0.33 3.53 0.00 -0.09 0.00 11 -4.69 -0.03
Net Cash From Financing Activities		 645 -34 -164 116 34 -74 703 -102 -172 -259 -179
Net Cash From Continuing Financing Activities		 645 -34 -164 116 34 -74 703 -102 -172 -259 -179
Issuance of Debt		 2,278 488 705 2,706 405 88 378 1.55 135 64 560
Issuance of Preferred Equity		 0.00 266 222 - - 0.00 0.00 1.12 80 85 40
Issuance of Common Equity		 111 0.00 0.00 15 0.00 32 563 0.00 1.03 8.91 0.06
Repayment of Debt		 -1,598 -579 -769 -2,519 -282 -165 -217 -54 -410 -410 -759
Repurchase of Preferred Equity		 0.00 -116 -218 - - - 0.00 0.00 -0.08 0.00 0.00
Repurchase of Common Equity		 -52 -0.73 -1.27 -1.60 -1.12 -0.40 -0.05 -0.32 -0.09 -0.05 -0.73
Payment of Dividends		 -91 -91 -102 -97 -86 -29 -19 -12 -15 -23 -24
Other Financing Activities, Net		 -2.18 -0.13 -0.78 -3.11 -1.08 -0.08 -1.74 -37 38 16 4.83
Cash Interest Paid		 166 202 211 215 234 91 220 218 325 269 224
Cash Income Taxes Paid		 8.73 1.88 -0.25 1.89 -1.06 1.02 3.53 12 -2.64 -0.29 -1.95

Quarterly Cash Flow Statements for Ashford Hospitality Trust

This table details how cash moves in and out of Ashford Hospitality Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -65 -45 -63 -2.13 -12 -13 4.50 31 -7.02 -32 4.62
Net Cash From Operating Activities		 0.76 -22 -46 7.97 0.80 14 -25 16 5.49 -13 30
Net Cash From Continuing Operating Activities		 0.76 -22 -46 7.97 0.80 14 -25 16 5.49 -13 30
Net Income / (Loss) Continuing Operations		 -64 -30 72 51 -59 -129 -22 -32 -63 -71 -65
Consolidated Net Income / (Loss)		 -64 -30 72 51 -59 -129 -22 -32 -63 -71 -65
Provision For Loan Losses		 1.39 0.72 0.59 0.55 0.67 0.45 0.40 0.51 0.67 0.53 0.38
Depreciation Expense		 46 47 41 37 38 37 37 35 35 34 32
Amortization Expense		 8.65 7.77 2.98 6.96 3.50 5.81 9.52 8.10 3.92 0.26 5.20
Non-Cash Adjustments to Reconcile Net Income		 -2.48 -51 -145 -100 -7.31 57 -39 -15 -8.39 13 0.79
Changes in Operating Assets and Liabilities, net		 12 4.27 -18 13 25 43 -11 19 37 10 57
Net Cash From Investing Activities		 -16 -24 -17 250 -21 -21 100 6.32 27 58 197
Net Cash From Continuing Investing Activities		 -16 -24 -17 250 -21 -21 100 6.32 27 58 197
Purchase of Property, Leasehold Improvements and Equipment		 -31 -38 -34 -31 -23 -21 -20 -20 -5.72 -26 -17
Sale and/or Maturity of Investments		 21 15 19 282 3.24 -0.03 119 26 33 83 214
Other Investing Activities, net		 -0.25 -7.07 -1.89 -0.75 -2.06 - -0.07 0.04 0.00 - 0.00
Net Cash From Financing Activities		 -49 0.11 0.13 -260 8.34 -6.99 -70 8.21 -40 -78 -222
Net Cash From Continuing Financing Activities		 -49 0.11 0.13 -260 8.34 -6.99 -70 8.21 -40 -78 -222
Issuance of Debt		 2.08 33 0.00 28 - 36 472 35 53 0.22 0.00
Issuance of Preferred Equity		 25 19 21 21 26 17 24 4.44 7.90 3.66 0.00
Issuance of Common Equity		 - 1.03 2.05 5.73 1.10 0.03 0.05 - 0.01 - 0.00
Repayment of Debt		 -86 -57 -24 -309 -20 -57 -557 -27 -100 -75 -222
Repurchase of Common Equity		 - - - - - - 0.00 - -0.69 -0.04 -0.00
Payment of Dividends		 -3.98 -4.29 -4.59 -4.88 -7.75 -5.67 -5.65 -5.97 -6.12 -6.23 0.00
Other Financing Activities, Net		 14 7.59 5.78 -1.69 9.17 3.13 -2.56 1.98 5.34 -0.02 -0.23
Cash Interest Paid		 83 83 76 67 64 62 55 57 56 57 51
Cash Income Taxes Paid		 -2.96 0.30 -0.40 1.46 2.68 -4.02 -0.02 -1.76 -0.00 -0.18 -1.05

Annual Balance Sheets for Ashford Hospitality Trust

This table presents Ashford Hospitality Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,965 4,892 4,670 4,686 4,691 3,734 4,098 3,917 3,462 3,161 2,834
Cash and Due from Banks		 215 347 355 319 263 93 592 417 165 113 66
Restricted Cash		 154 144 117 121 136 74 100 142 146 100 150
Trading Account Securities		 66 62 4.97 29 19 3.07 12 67 24 10 7.68
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,420 4,161 4,036 4,105 - 3,427 3,231 3,118 2,952 2,319 2,085
Deferred Acquisition Cost		 3.85 2.85 2.78 3.45 2.90 1.85 5.00 2.67 1.81 1.79 1.53
Other Assets		 72 151 127 77 4,250 119 124 140 151 596 498
Total Liabilities & Shareholders' Equity		 4,965 4,892 4,670 4,686 4,691 3,734 4,098 3,917 3,462 3,161 2,834
Total Liabilities		 4,035 3,951 3,921 4,152 4,352 3,995 4,078 4,044 3,687 3,373 3,207
Accrued Interest Payable		 - - - - 10 99 15 15 13 10 14
Other Short-Term Payables		 147 153 159 165 21 0.87 3.10 3.12 3.57 3.95 4.25
Long-Term Debt		 3,841 3,724 3,696 3,927 4,107 3,729 3,888 3,839 3,396 2,944 2,799
Other Long-Term Liabilities		 47 74 66 60 215 166 172 186 247 415 389
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 118 133 116 81 70 23 23 24 107 194 238
Total Equity & Noncontrolling Interests		 812 792 633 453 269 -283 -2.65 -150 -331 -406 -611
Total Preferred & Common Equity		 811 792 633 452 269 -284 -2.65 -150 -346 -419 -626
Preferred Stock		 0.16 0.22 0.23 0.23 0.23 0.15 0.07 0.07 0.06 0.06 0.06
Total Common Equity		 811 791 632 452 269 -284 -2.72 -150 -346 -419 -626
Common Stock		 1,598 1,765 1,786 1,815 1,827 1,810 2,380 2,384 2,383 2,393 2,402
Retained Earnings		 -787 -974 -1,154 -1,363 -1,558 -2,093 -2,383 -2,534 -2,729 -2,812 -3,028
Noncontrolling Interest		 0.77 0.76 0.65 0.62 0.50 0.17 - 0.00 15 13 16

Quarterly Balance Sheets for Ashford Hospitality Trust

This table presents Ashford Hospitality Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 3,719 3,539 3,346 3,269 3,082 3,059 3,008 2,605
Cash and Due from Banks		 184 111 122 120 86 100 82 78
Restricted Cash		 172 133 125 114 139 154 164 141
Trading Account Securities		 36 22 26 13 10 9.65 8.35 8.28
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 3,123 2,538 2,503 2,484 2,299 2,244 2,195 1,807
Deferred Acquisition Cost		 1.86 1.75 1.67 1.82 1.82 1.71 1.67 1.21
Other Assets		 173 709 543 506 524 529 530 545
Total Liabilities & Shareholders' Equity		 3,719 3,539 3,346 3,269 3,082 3,059 3,008 2,605
Total Liabilities		 3,930 3,670 3,403 3,363 3,299 3,307 3,308 3,044
Accrued Interest Payable		 25 13 12 11 18 20 14 32
Other Short-Term Payables		 3.57 - - 3.83 4.13 4.17 4.22 4.25
Long-Term Debt		 3,632 3,290 2,759 3,057 2,966 2,946 2,911 2,539
Other Long-Term Liabilities		 244 368 632 265 284 338 379 469
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 87 129 152 178 218 225 233 242
Total Equity & Noncontrolling Interests		 -298 -260 -208 -272 -434 -473 -533 -680
Total Preferred & Common Equity		 -311 -277 -226 -288 -446 -486 -549 -695
Preferred Stock		 0.07 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Total Common Equity		 -311 -277 -226 -288 -446 -486 -549 -695
Common Stock		 2,386 2,384 2,390 2,391 2,394 2,395 2,401 2,402
Retained Earnings		 -2,697 -2,661 -2,616 -2,680 -2,840 -2,880 -2,950 -3,097
Noncontrolling Interest		 13 17 18 17 12 12 16 15

Annual Metrics And Ratios for Ashford Hospitality Trust

This table displays calculated financial ratios and metrics derived from Ashford Hospitality Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - 102,109,649.00 14,628,248.00 33,855,495.00 34,498,993.00 34,513,386.00 5,520,951.00 6,411,532.00
DEI Adjusted Shares Outstanding		 - - - - 102,110.00 146,282.00 3,385,549.00 3,449,899.00 3,451,339.00 5,520,951.00 6,411,532.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - -1,397.31 -4,328.78 -80.06 -40.89 -52.37 -11.78 -29.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 115.47% -11.05% -4.52% -1.35% 5.52% -80.66% 171.51% 58.58% -0.56% 1.74% -16.73%
EBITDA Growth		 543.62% -58.73% -22.75% -23.77% 1,241.60% -154.05% 87.03% 259.36% -53.40% 201.40% -123.35%
EBIT Growth		 838.63% -116.11% -66.43% -81.40% 176.91% -901.70% 58.10% 49.17% -33.30% 64.41% -193.66%
NOPAT Growth		 805.36% -116.80% -58.14% -89.30% 221.52% -317.61% 58.10% 49.17% -33.30% 64.41% -193.66%
Net Income Growth		 901.98% -119.18% -51.00% -76.10% 26.16% -343.81% 57.20% 47.96% -28.13% 64.03% -189.43%
EPS Growth		 413.33% -140.43% -36.84% -34.62% 28.15% -343.81% 96.23% 47.96% -28.13% 68.74% -105.19%
Operating Cash Flow Growth		 82.88% -11.72% 15.39% -12.45% -4.79% -184.38% 3.57% 127.20% -63.31% -263.95% 33.59%
Free Cash Flow Firm Growth		 -1,204.85% 103.90% 71.36% -244.25% -7,444.63% 137.13% -112.57% 116.23% 307.49% -4.61% -55.88%
Invested Capital Growth		 79.04% -2.57% -4.37% 0.36% -1.14% -60.99% 12.67% -5.02% -14.55% -13.86% -11.20%
Revenue Q/Q Growth		 47.21% -20.42% -0.06% 0.28% 216.49% -32.41% 29.49% 4.56% -1.00% 18.92% 7.84%
EBITDA Q/Q Growth		 3.65% -7.73% 3.90% -14.40% 1,263.25% -47.56% 68.53% -19.32% 938.73% -50.91% 66.91%
EBIT Q/Q Growth		 -5.01% -106.22% 16.40% -23.90% 186.52% -17.74% 25.53% -5.22% 14.04% -276.69% 24.07%
NOPAT Q/Q Growth		 -4.95% -102.07% 18.29% -23.40% 170.49% -17.74% 23.86% -6.12% 13.89% -230.92% 24.10%
Net Income Q/Q Growth		 -3.09% -107.94% 16.95% -21.37% 52.73% -19.19% 23.06% -0.24% 12.95% -289.62% 23.66%
EPS Q/Q Growth		 -1.67% -46.15% 7.80% -10.06% 52.73% -19.19% -24.92% -0.24% 12.95% -617.40% 18.30%
Operating Cash Flow Q/Q Growth		 34.18% -31.23% 24.07% 9.25% -26.10% -109.25% 12.17% 343.16% -59.76% 60.25% -243.14%
Free Cash Flow Firm Q/Q Growth		 -10.98% 21.57% 585.31% -38.43% -34,972.19% 845.04% 3.85% -27.84% 103.76% -19.66% -2.14%
Invested Capital Q/Q Growth		 2.04% 1.23% -1.55% -1.14% 293.06% -3.48% -2.30% -1.54% -7.27% -7.80% -7.10%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 32.19% 14.94% 12.09% 9.34% 49.53% -152.14% -7.27% 7.30% 3.42% 10.14% -2.84%
EBIT Margin		 18.55% -3.36% -5.86% -10.77% -18.16% -259.69% -40.07% -12.84% -17.22% -6.02% -21.25%
Profit (Net Income) Margin		 17.91% -3.86% -6.11% -10.91% -20.79% -259.14% -40.86% -13.41% -17.28% -6.11% -21.23%
Tax Burden Percent		 98.68% 102.68% 97.56% 101.81% 302.58% 99.79% 102.24% 104.70% 100.50% 101.56% 99.92%
Interest Burden Percent		 97.85% 111.95% 106.89% 99.44% 93.10% 100.00% 99.71% 99.69% 99.83% 99.83% 100.00%
Effective Tax Rate		 1.52% -2.68% 2.44% -1.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.40% -1.11% -1.83% -3.53% -2.39% -7.19% -5.05% -2.48% -3.66% -1.52% -5.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.19% -1.28% -1.98% -3.51% -6.50% -9.54% -7.28% -3.69% -5.17% -2.16% -7.07%
Return on Net Nonoperating Assets (RNNOA)		 28.97% -5.22% -8.78% -20.84% -89.37% -1,947.78% 230.53% 266.88% 106.63% 31.34% 69.44%
Return on Equity (ROE)		 37.37% -6.34% -10.60% -24.36% -98.06% -1,954.97% 225.48% 264.39% 102.96% 29.82% 64.32%
Cash Return on Invested Capital (CROIC)		 -48.25% 1.49% 2.64% -3.89% -301.06% 80.56% -16.96% 2.67% 12.02% 13.37% 6.75%
Operating Return on Assets (OROA)		 8.19% -1.04% -1.78% -3.30% -4.59% -15.06% -6.79% -3.37% -4.88% -1.94% -6.28%
Return on Assets (ROA)		 7.91% -1.19% -1.86% -3.34% -9.13% -15.03% -6.92% -3.52% -4.90% -1.96% -6.28%
Return on Common Equity (ROCE)		 30.59% -5.47% -9.01% -20.59% -80.97% 378.83% 268.70% 379.54% 145.59% 52.33% 114.98%
Return on Equity Simple (ROE_SIMPLE)		 - - - - -159.26% 223.26% 0.00% 93.80% 52.25% 15.51% 30.04%
Net Operating Profit after Tax (NOPAT)		 313 -53 -83 -157 -106 -444 -186 -95 -126 -45 -132
NOPAT Margin		 18.27% -3.45% -5.72% -10.97% -10.89% -181.78% -28.05% -8.99% -12.05% -4.22% -14.87%
Net Nonoperating Expense Percent (NNEP)		 0.21% 0.17% 0.15% -0.02% 7.58% 2.36% 2.23% 1.20% 1.51% 0.63% 1.96%
SG&A Expenses to Revenue		 40.16% 0.00% 0.00% 0.00% 0.00% 177.89% 0.00% 0.00% 88.46% 76.60% 86.68%
Operating Expenses to Revenue		 81.45% 103.36% 105.86% 110.77% 5,229.74% 359.69% 140.07% 112.84% 117.22% 106.02% 121.25%
Earnings before Interest and Taxes (EBIT)		 317 -51 -85 -154 -63 -635 -266 -135 -180 -64 -188
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 551 227 176 134 688 -372 -48 77 36 108 -25
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.64 0.71 0.84 0.78 2.23 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.65 0.72 0.85 0.80 2.23 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.30 0.37 0.37 0.25 11.30 0.02 0.05 0.15 0.06 0.04 0.03
Price to Earnings (P/E)		 2.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 10.58% 9.94% 8.52% 13.20% 34.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 45.48% -15.75% -23.08% -48.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.86 0.85 0.87 0.88 2.68 1.03 0.83 0.93 1.03 1.09 1.18
Enterprise Value to Revenue (EV/Rev)		 2.41 2.58 2.67 2.74 331.57 14.69 4.90 3.29 3.13 2.80 3.23
Enterprise Value to EBITDA (EV/EBITDA)		 7.47 17.29 22.06 29.31 25.54 0.00 0.00 45.00 91.42 27.60 0.00
Enterprise Value to EBIT (EV/EBIT)		 12.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 13.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.21 21.87 18.68 21.61 67.35 0.00 0.00 88.14 227.48 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 56.11 32.27 0.00 0.00 0.72 0.00 34.04 7.91 7.55 16.45
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.13 4.03 4.93 7.36 36.33 -14.31 193.54 -30.27 -15.14 -13.90 -7.50
Long-Term Debt to Equity		 4.13 4.03 4.93 7.36 36.33 -14.31 193.54 -30.27 -15.14 -13.90 -7.50
Financial Leverage		 3.54 4.08 4.43 5.94 27.61 204.10 -31.68 -72.41 -20.61 -14.54 -9.82
Leverage Ratio		 4.72 5.31 5.71 7.29 32.23 107.15 -32.58 -75.12 -21.02 -15.19 -10.25
Compound Leverage Factor		 4.62 5.95 6.10 7.25 20.00 107.15 -32.49 -74.89 -20.98 -15.16 -10.25
Debt to Total Capital		 80.51% 80.10% 83.15% 88.04% 277.11% 107.51% 99.49% 103.42% 107.07% 107.75% 115.38%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 80.51% 80.10% 83.15% 88.04% 277.11% 107.51% 99.49% 103.42% 107.07% 107.75% 115.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.01% 0.01% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 2.50% 2.87% 2.63% 1.82% 4.75% 0.67% 0.58% 0.64% 3.83% 7.59% 10.43%
Common Equity to Total Capital		 16.99% 17.02% 14.22% 10.13% 12.08% -8.18% -0.07% -4.05% -10.91% -15.35% -25.82%
Debt to EBITDA		 6.98 16.39 21.06 29.35 82.65 -10.03 -80.64 49.96 94.85 27.28 -111.09
Net Debt to EBITDA		 6.31 14.23 18.37 26.07 74.63 -9.58 -66.29 42.68 86.15 25.31 -102.53
Long-Term Debt to EBITDA		 6.98 16.39 21.06 29.35 82.64 -10.03 -80.64 49.96 94.85 27.28 -111.09
Debt to NOPAT		 12.29 -70.93 -44.53 -24.99 7.34 -8.39 -20.89 -40.58 -26.93 -65.59 -21.24
Net Debt to NOPAT		 11.11 -61.58 -38.85 -22.20 -19.79 -8.02 -17.17 -34.67 -24.46 -60.85 -19.60
Long-Term Debt to NOPAT		 12.29 -70.93 -44.53 -24.99 -21.91 -8.39 -20.89 -40.58 -26.93 -65.59 -21.24
Noncontrolling Interest Sharing Ratio		 18.14% 13.64% 14.97% 15.48% 34.87% 119.38% -19.17% -43.55% -41.40% -75.49% -78.74%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,794 70 120 -173 -13,410 4,979 -626 102 414 395 174
Operating Cash Flow to CapEx		 116.22% 88.08% 93.43% 87.57% 222.60% -323.62% -392.43% 37.81% 10.47% -21.84% -22.02%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -17.31 20.13 -4.01 0.49 1.27 1.44 0.68
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.68 -0.60 -0.92 0.19 0.04 -0.09 -0.06
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.07 -0.79 -1.16 -0.31 -0.38 -0.48 -0.34
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.44 0.31 0.30 0.31 0.59 0.06 0.17 0.26 0.28 0.32 0.30
Fixed Asset Turnover		 0.52 0.35 0.35 0.35 0.00 0.00 0.20 0.33 0.34 0.40 0.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,772 4,650 4,447 4,463 8,891 3,468 3,908 3,712 3,172 2,732 2,426
Invested Capital Turnover		 0.46 0.32 0.32 0.32 0.62 0.04 0.18 0.28 0.30 0.36 0.34
Increase / (Decrease) in Invested Capital		 2,107 -123 -203 16 8,858 -5,423 440 -196 -540 -440 -306
Enterprise Value (EV)		 4,114 3,930 3,874 3,923 7,871 3,589 3,251 3,457 3,273 2,979 2,864
Market Capitalization		 521 563 531 352 313 3.79 33 154 67 40 27
Book Value per Share		 $7.06 $8.48 $6.70 $4.67 $5.32 ($19.40) ($0.08) ($4.36) ($10.02) ($75.95) ($97.70)
Tangible Book Value per Share		 $6.96 $8.37 $6.60 $4.57 $7.99 ($19.45) ($0.10) ($4.38) ($10.05) ($75.95) ($97.70)
Total Capital		 4,772 4,650 4,447 4,463 13,337 3,468 3,908 3,712 3,172 2,732 2,426
Total Debt		 3,842 3,725 3,697 3,929 12,320 3,729 3,888 3,839 3,396 2,944 2,799
Total Long-Term Debt		 3,842 3,725 3,697 3,929 8,213 3,729 3,888 3,839 3,396 2,944 2,799
Net Debt		 3,473 3,233 3,226 3,489 11,125 3,562 3,196 3,280 3,085 2,731 2,584
Capital Expenditures (CapEx)		 175 204 222 207 478 46 37 104 137 108 71
Net Nonoperating Expense (NNE)		 6.13 6.27 5.72 -0.88 305 189 85 46 55 20 56
Net Nonoperating Obligations (NNO)		 3,842 3,725 3,697 3,929 12,320 3,729 3,888 3,839 3,396 2,944 2,799
Total Depreciation and Amortization (D&A)		 233 278 261 288 602 263 218 212 216 172 163
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.43 ($0.95) ($1.30) ($1.75) ($1,580.00) ($3,300.00) ($123.70) ($44.60) ($56.10) ($17.54) ($35.99)
Adjusted Weighted Average Basic Shares Outstanding		 96.29M 93.30M 94.30M 96.90M 99.84K 157.56K 2.16M 3.43M 3.45M 4.71M 5.97M
Adjusted Diluted Earnings per Share		 $2.35 ($0.95) ($1.30) ($1.75) ($1,580.00) ($3,300.00) ($124.30) ($44.60) ($56.10) ($17.54) ($35.99)
Adjusted Weighted Average Diluted Shares Outstanding		 114.88M 93.30M 94.30M 96.90M 99.84K 157.56K 2.18M 3.43M 3.45M 4.71M 5.97M
Adjusted Basic & Diluted Earnings per Share		 $2.35 ($0.95) ($1.30) ($1.75) ($1,580.00) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 100.80M 94.43M 95.21M 97.28M 102.00K 1.03M 3.45M 3.45M 3.96M 5.78M 6.48M
Normalized Net Operating Profit after Tax (NOPAT)		 529 142 155 81 124 -421 -188 -79 -142 -36 -107
Normalized NOPAT Margin		 30.93% 9.34% 10.65% 5.65% 826.34% -172.13% -28.34% -7.51% -13.54% -3.36% -12.08%
Pre Tax Income Margin		 18.15% -3.76% -6.26% -10.71% -31.81% -259.69% -39.96% -12.81% -17.19% -6.01% -21.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 -0.58 -2.57 -1.70 -0.65 -0.55 -0.23 -0.73
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 -0.41 -1.80 -1.19 -0.46 -0.39 -0.16 -0.51
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -1.19 -2.75 -1.94 -1.15 -0.97 -0.63 -1.01
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -1.01 -1.98 -1.43 -0.95 -0.81 -0.56 -0.79
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.79% -155.60% -114.46% -62.34% -181.27% -4.52% -6.87% -8.80% -8.27% -35.19% -12.73%
Augmented Payout Ratio		 46.86% -156.84% -115.89% -63.36% -183.63% -4.58% -6.89% -9.03% -8.32% -35.26% -13.12%

Quarterly Metrics And Ratios for Ashford Hospitality Trust

This table displays calculated financial ratios and metrics derived from Ashford Hospitality Trust's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 34,493,344.00 34,513,386.00 39,625,211.00 42,406,378.00 50,196,580.00 5,520,951.00 5,775,167.00 5,860,754.00 6,132,193.00 6,411,532.00 6,476,491.00
DEI Adjusted Shares Outstanding		 3,449,334.00 3,451,339.00 3,962,521.00 4,240,638.00 5,019,658.00 5,520,951.00 5,775,167.00 5,860,754.00 6,132,193.00 6,411,532.00 6,476,491.00
DEI Earnings Per Adjusted Shares Outstanding		 -18.69 -8.64 18.27 11.98 -11.78 -23.38 -3.84 -5.54 -10.23 -11.04 -10.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -8.58% -11.38% -10.83% -15.09% -14.99% 56.33% -2.41% -7.99% -1.54% -41.06% -6.95%
EBITDA Growth		 -128.07% 355.97% 1,348.90% 211.32% -88.22% -479.63% -78.51% -88.76% -30.45% 57.79% -223.00%
EBIT Growth		 -259.40% 48.43% 218.35% 335.74% 7.38% -319.34% -130.09% -159.60% -4.79% 45.50% -210.44%
NOPAT Growth		 -259.40% 48.35% 268.37% 415.33% 7.38% -319.23% -121.15% -144.56% -4.79% 45.49% -210.44%
Net Income Growth		 -188.72% 47.42% 217.69% 303.59% 8.26% -333.16% -130.66% -163.84% -6.08% 45.16% -194.88%
EPS Growth		 -188.72% 47.42% 217.69% 303.59% 8.26% -207.28% -181.97% -375.20% 8.39% 52.96% -124.64%
Operating Cash Flow Growth		 -80.20% -7,473.08% -1,104.63% -74.03% 4.61% 165.11% 46.20% 105.20% 590.82% -188.73% 218.13%
Free Cash Flow Firm Growth		 40.09% 237.09% 163.19% 267.75% 36.41% -32.89% -24.08% -102.03% -25.87% -26.41% 52.70%
Invested Capital Growth		 -9.27% -14.55% -12.39% -23.69% -13.36% -13.86% -12.96% -0.17% -11.87% -11.20% -23.61%
Revenue Q/Q Growth		 -17.75% -9.17% 16.72% 17.24% -17.65% 67.03% -39.49% 10.53% -11.87% 0.00% -4.47%
EBITDA Q/Q Growth		 -130.88% 338.47% 392.98% -15.36% -118.67% -380.99% 128.28% -55.73% -316.64% -55.61% 17.58%
EBIT Q/Q Growth		 -179.77% 51.29% 334.26% -25.42% -209.92% -120.52% 83.35% -47.71% -93.27% -14.68% 5.17%
NOPAT Q/Q Growth		 -179.77% 51.29% 430.32% -29.87% -182.18% -120.46% 83.35% -47.71% -93.27% -14.68% 5.17%
Net Income Q/Q Growth		 -158.25% 53.76% 342.94% -29.82% -216.37% -118.34% 82.81% -46.13% -93.36% -12.87% 7.54%
EPS Q/Q Growth		 -158.25% 53.76% 342.94% -29.82% -216.37% -124.94% 82.38% -40.12% -64.97% -15.51% 15.87%
Operating Cash Flow Q/Q Growth		 -97.52% -2,949.87% -114.48% 117.15% -90.02% 1,673.84% -277.22% 165.40% -66.40% -327.82% 335.96%
Free Cash Flow Firm Q/Q Growth		 25.88% 70.12% 0.19% 71.39% -53.31% -16.30% 13.34% -104.58% 1,804.76% -16.91% 135.20%
Invested Capital Q/Q Growth		 -3.41% -7.27% -0.40% -14.46% 9.66% -7.80% 0.64% -1.89% -3.19% -7.10% -13.43%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -3.83% 10.07% 51.88% 37.45% -8.49% -24.45% 11.43% 4.58% -11.25% -17.51% -15.10%
EBIT Margin		 -25.29% -13.56% 32.45% 20.65% -27.56% -36.38% -10.01% -13.37% -29.33% -33.64% -33.39%
Profit (Net Income) Margin		 -25.33% -12.90% 32.32% 19.34% -27.33% -35.73% -10.15% -13.42% -29.45% -33.24% -32.17%
Tax Burden Percent		 100.20% 95.18% 99.58% 93.63% 99.25% 98.24% 101.45% 100.37% 100.41% 98.83% 101.16%
Interest Burden Percent		 99.95% 99.89% 100.00% 100.07% 99.94% 99.97% 100.00% 100.00% 100.00% 100.00% 95.26%
Effective Tax Rate		 0.00% 0.00% 0.42% 6.37% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -5.20% -2.89% 9.36% 5.78% -5.41% -9.18% -2.51% -2.86% -6.05% -8.09% -8.40%
ROIC Less NNEP Spread (ROIC-NNEP)		 -5.72% -3.10% 9.36% 5.78% -5.93% -10.35% -2.73% -3.21% -6.69% -8.81% -9.05%
Return on Net Nonoperating Assets (RNNOA)		 152.67% 63.95% -212.77% -161.88% 129.87% 150.49% 49.22% 60.06% 101.43% 86.49% 76.04%
Return on Equity (ROE)		 147.46% 61.06% -203.41% -156.11% 124.46% 141.31% 46.71% 57.20% 95.37% 78.40% 67.65%
Cash Return on Invested Capital (CROIC)		 5.65% 12.02% 12.26% 27.80% 15.39% 13.37% 10.10% -6.19% 6.38% 6.75% 20.01%
Operating Return on Assets (OROA)		 -6.95% -3.85% 8.63% 5.39% -7.06% -11.69% -3.20% -3.45% -7.68% -9.95% -10.23%
Return on Assets (ROA)		 -6.96% -3.66% 8.59% 5.05% -7.00% -11.48% -3.25% -3.46% -7.71% -9.83% -9.86%
Return on Common Equity (ROCE)		 211.67% 86.35% -320.99% -316.85% 244.40% 247.98% 97.31% 133.70% 202.83% 140.13% 117.90%
Return on Equity Simple (ROE_SIMPLE)		 66.72% 0.00% 16.91% -12.82% -11.89% 0.00% 35.78% 50.02% 44.91% 0.00% 33.29%
Net Operating Profit after Tax (NOPAT)		 -45 -22 72 51 -42 -92 -15 -23 -44 -50 -48
NOPAT Margin		 -17.70% -9.49% 32.32% 19.33% -19.29% -25.46% -7.01% -9.36% -20.53% -23.54% -23.37%
Net Nonoperating Expense Percent (NNEP)		 0.52% 0.22% 0.00% 0.00% 0.52% 1.17% 0.22% 0.34% 0.64% 0.72% 0.65%
SG&A Expenses to Revenue		 0.00% 0.00% 94.13% 78.97% 90.07% 55.96% 86.20% 82.27% 90.74% 0.00% 89.03%
Operating Expenses to Revenue		 125.29% 113.56% 67.55% 79.36% 127.56% 136.38% 110.01% 113.37% 129.33% 133.64% 133.39%
Earnings before Interest and Taxes (EBIT)		 -64 -31 73 54 -60 -131 -22 -32 -62 -72 -68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.76 23 116 98 -18 -88 25 11 -24 -37 -31
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.08 0.06 0.06 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.02
Price to Earnings (P/E)		 0.00 0.00 0.00 3.48 2.17 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 28.72% 46.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.01 1.03 1.03 1.01 1.03 1.09 1.10 1.10 1.13 1.18 1.24
Enterprise Value to Revenue (EV/Rev)		 3.27 3.13 3.31 2.92 3.41 2.80 2.84 3.59 3.59 3.23 2.98
Enterprise Value to EBITDA (EV/EBITDA)		 1,003.18 91.42 20.08 11.92 13.90 27.60 180.77 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 86.33 84.19 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 94.03 89.12 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 96.69 227.48 0.00 0.00 0.00 0.00 0.00 474.44 269.55 0.00 66.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.03 7.91 7.83 3.14 6.22 7.55 10.10 0.00 16.58 16.45 5.35
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -17.19 -15.14 -25.12 -48.96 -32.51 -13.90 -13.72 -11.88 -9.72 -7.50 -5.79
Long-Term Debt to Equity		 -17.19 -15.14 -25.12 -48.96 -32.51 -13.90 -13.72 -11.88 -9.72 -7.50 -5.79
Financial Leverage		 -26.67 -20.61 -22.73 -28.01 -21.90 -14.54 -18.02 -18.74 -15.16 -9.82 -8.41
Leverage Ratio		 -27.46 -21.02 -23.67 -30.92 -22.88 -15.19 -19.08 -21.04 -15.95 -10.25 -8.69
Compound Leverage Factor		 -27.44 -21.00 -23.67 -30.94 -22.87 -15.18 -19.08 -21.04 -15.95 -10.25 -8.27
Debt to Total Capital		 106.18% 107.07% 104.15% 102.09% 103.17% 107.75% 107.86% 109.20% 111.47% 115.38% 120.89%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 106.18% 107.07% 104.15% 102.09% 103.17% 107.75% 107.86% 109.20% 111.47% 115.38% 120.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 2.92% 3.83% 4.62% 6.27% 6.56% 7.59% 8.36% 8.80% 9.54% 10.43% 12.21%
Common Equity to Total Capital		 -9.10% -10.91% -8.76% -8.36% -9.73% -15.35% -16.23% -18.00% -21.01% -25.82% -33.10%
Debt to EBITDA		 1,053.59 94.85 20.35 12.08 13.91 27.28 177.98 -41.76 -38.24 -111.09 -31.38
Net Debt to EBITDA		 950.29 86.15 18.84 11.00 12.84 25.31 164.48 -38.16 -35.00 -102.53 -28.67
Long-Term Debt to EBITDA		 1,053.59 94.85 20.35 12.08 13.91 27.28 177.98 -41.76 -38.24 -111.09 -31.38
Debt to NOPAT		 -24.80 -26.93 -102.56 95.25 89.18 -65.59 -26.71 -17.16 -16.76 -21.24 -15.48
Net Debt to NOPAT		 -22.37 -24.46 -94.96 86.75 82.35 -60.85 -24.69 -15.68 -15.35 -19.60 -14.14
Long-Term Debt to NOPAT		 -24.80 -26.93 -102.56 95.25 89.18 -65.59 -26.71 -17.16 -16.76 -21.24 -15.48
Noncontrolling Interest Sharing Ratio		 -43.54% -41.40% -57.81% -102.97% -96.37% -75.49% -108.31% -133.73% -112.67% -78.74% -74.29%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 305 518 519 890 415 348 394 -18 308 256 602
Operating Cash Flow to CapEx		 2.41% -57.08% -136.91% 25.79% 3.51% 68.61% -125.90% 82.06% 96.05% -48.75% 174.05%
Free Cash Flow to Firm to Interest Expense		 3.47 6.18 6.03 13.00 6.22 6.68 5.90 -0.26 4.90 4.58 8.18
Operating Cash Flow to Interest Expense		 0.01 -0.26 -0.54 0.12 0.01 0.27 -0.37 0.23 0.09 -0.22 0.40
Operating Cash Flow Less CapEx to Interest Expense		 -0.35 -0.71 -0.93 -0.34 -0.33 -0.12 -0.67 -0.05 0.00 -0.68 0.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.28 0.27 0.26 0.26 0.32 0.32 0.26 0.26 0.30 0.31
Fixed Asset Turnover		 0.34 0.34 0.35 0.33 0.32 0.40 0.44 0.35 0.35 0.40 0.42
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,420 3,172 3,159 2,702 2,963 2,732 2,750 2,698 2,612 2,426 2,100
Invested Capital Turnover		 0.29 0.30 0.29 0.30 0.28 0.36 0.36 0.31 0.29 0.34 0.36
Increase / (Decrease) in Invested Capital		 -350 -540 -447 -839 -457 -440 -409 -4.56 -352 -306 -649
Enterprise Value (EV)		 3,458 3,273 3,246 2,723 3,055 2,979 3,012 2,965 2,951 2,864 2,594
Market Capitalization		 82 67 54 41 38 40 41 35 36 27 18
Book Value per Share		 ($9.02) ($10.02) ($6.99) ($5.33) ($5.75) ($75.95) ($77.26) ($82.85) ($89.49) ($97.70) ($107.34)
Tangible Book Value per Share		 ($9.05) ($10.05) ($7.01) ($5.35) ($5.76) ($75.95) ($77.39) ($82.85) ($89.49) ($97.70) ($107.34)
Total Capital		 3,420 3,172 3,159 2,702 2,963 2,732 2,750 2,698 2,612 2,426 2,100
Total Debt		 3,632 3,396 3,290 2,759 3,057 2,944 2,966 2,946 2,911 2,799 2,539
Total Long-Term Debt		 3,632 3,396 3,290 2,759 3,057 2,944 2,966 2,946 2,911 2,799 2,539
Net Debt		 3,276 3,085 3,046 2,512 2,823 2,731 2,741 2,692 2,665 2,584 2,320
Capital Expenditures (CapEx)		 31 38 34 31 23 21 20 20 5.72 26 17
Net Nonoperating Expense (NNE)		 19 7.86 0.00 -0.03 17 37 6.88 9.82 19 21 18
Net Nonoperating Obligations (NNO)		 3,632 3,396 3,290 2,759 3,057 2,944 2,966 2,946 2,911 2,799 2,539
Total Depreciation and Amortization (D&A)		 55 55 44 44 41 43 47 43 39 34 37
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($19.90) ($90.70) $17.40 $10.20 ($12.39) ($27.87) ($4.91) ($6.88) ($11.35) ($13.11) ($11.03)
Adjusted Weighted Average Basic Shares Outstanding		 3.45M 345.20K 3.85M 4.32M 5.10M 4.71M 5.65M 5.80M 6.08M 5.97M 6.44M
Adjusted Diluted Earnings per Share		 ($19.90) ($90.70) $6.00 $2.50 ($12.39) ($27.87) ($4.91) ($6.88) ($11.35) ($13.11) ($11.03)
Adjusted Weighted Average Diluted Shares Outstanding		 3.45M 345.20K 11.67M 18.94M 5.10M 4.71M 5.65M 5.90M 6.08M 5.97M 6.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($90.70) $0.00 $0.00 $0.00 ($27.87) $0.00 $0.00 $0.00 ($13.11) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.45M 3.96M 4.24M 5.02M 5.52M 5.78M 5.86M 6.13M 6.41M 6.48M 6.48M
Normalized Net Operating Profit after Tax (NOPAT)		 -40 -53 -68 -16 -36 19 -27 -18 -34 -61 -32
Normalized NOPAT Margin		 -15.88% -23.06% -30.32% -6.23% -16.58% 5.13% -12.52% -7.58% -16.09% -28.44% -15.90%
Pre Tax Income Margin		 -25.28% -13.55% 32.45% 20.66% -27.54% -36.37% -10.01% -13.37% -29.33% -33.64% -31.80%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.73 -0.37 0.84 0.79 -0.89 -2.53 -0.33 -0.46 -0.99 -1.28 -0.92
NOPAT to Interest Expense		 -0.51 -0.26 0.84 0.74 -0.62 -1.77 -0.23 -0.32 -0.70 -0.90 -0.65
EBIT Less CapEx to Interest Expense		 -1.09 -0.83 0.45 0.34 -1.23 -2.92 -0.62 -0.74 -1.08 -1.74 -1.15
NOPAT Less CapEx to Interest Expense		 -0.87 -0.71 0.45 0.29 -0.96 -2.16 -0.53 -0.60 -0.79 -1.36 -0.88
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -6.63% -8.27% -34.97% 61.24% 62.73% -35.19% -15.00% -10.30% -9.49% -12.73% -7.91%
Augmented Payout Ratio		 -6.67% -8.32% -34.97% 61.41% 62.87% -35.26% -15.00% -10.31% -9.77% -13.12% -8.23%

Financials Breakdown Chart

Key Financial Trends

Ashford Hospitality Trust (NYSE:AHT) continues to show a mixed but clearly high-risk financial profile. The company generated positive operating cash flow in Q1 2026 and had a meaningful boost from investing activity, but profitability remains deeply negative, leverage is very high, and equity is still in deficit.

Compared with recent quarters, AHT’s revenue mix remains heavily dependent on non-interest income and investment-related gains, while the core business is still burdened by large occupancy costs, interest expense, and recurring special charges/impairments. The balance sheet also shows that liabilities continue to exceed assets by a wide margin.

  • Q1 2026 operating cash flow turned positive at $29.5 million, a sharp improvement from the negative operating cash flow in Q4 2025.
  • The company generated strong cash from investing activities in Q1 2026, helped by $214.1 million from sales/maturities of investments.
  • Cash and equivalents remained solid at $78.0 million, while restricted cash added another $141.2 million in Q1 2026.
  • Total revenue in Q1 2026 was $203.4 million, supported by $276.1 million of non-interest income, showing the company can still produce substantial top-line activity.
  • Q1 2026 net change in cash and equivalents was only $4.6 million, so operating and investing strength was largely offset by financing outflows.
  • Debt was reduced in Q1 2026 through $221.8 million of repayments, but leverage remains elevated overall.
  • Weighted average shares were roughly flat sequentially in the latest quarter, suggesting limited dilution in the near term.
  • The company’s cash flow remains heavily influenced by investment sales and portfolio turnover rather than steady recurring earnings.
  • Q1 2026 net income was a loss of $65.5 million, and basic EPS came in at -$11.03.
  • Interest expense remains very heavy at $73.6 million in Q1 2026, far above interest income of just $0.9 million.
  • Balance sheet leverage is still extreme, with $2.54 billion of long-term debt against $2.61 billion of total assets.
  • AHT’s balance sheet remains in deficit, with total equity of -$680.3 million in Q1 2026.
  • Q1 2026 net income was weaker than Q4 2025’s loss of $70.8 million only by a modest amount, showing the business is still far from sustained profitability.
  • Recent history shows volatile results: Q1 2024 was profitable, but subsequent quarters returned to large losses and inconsistent operating cash flow.
  • The company continues to report significant occupancy and equipment expense, which was $181.1 million in Q1 2026.

Over the last four years, the main trend is clear: AHT has struggled to sustain profitability despite periodic quarters of strong revenue and cash generation. Revenue can swing widely because of investment gains and other non-interest income, but the underlying earnings picture remains pressured by high debt service, large property-related expenses, and recurring special charges.

For retail investors, the key takeaway is that AHT is still a highly leveraged turnaround story. The latest quarter shows some cash flow improvement, but the company’s negative equity position and persistent losses make the stock suitable only for investors with a high tolerance for risk.

07/20/26 03:06 PM ETAI Generated. May Contain Errors.

Ashford Hospitality Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ashford Hospitality Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ashford Hospitality Trust's net income appears to be on an upward trend, with a most recent value of -$188.16 million in 2025, falling from $306.41 million in 2015. The previous period was -$65.01 million in 2024. Check out Ashford Hospitality Trust's forecast to explore projected trends and price targets.

Over the last 10 years, Ashford Hospitality Trust's total revenue changed from $1.34 billion in 2015 to $886.28 million in 2025, a change of -33.7%.

Ashford Hospitality Trust's total liabilities were at $3.21 billion at the end of 2025, a 4.9% decrease from 2024, and a 20.5% decrease since 2015.

In the past 10 years, Ashford Hospitality Trust's cash and equivalents has ranged from $66.15 million in 2025 to $592.11 million in 2021, and is currently $66.15 million as of their latest financial filing in 2025.

Over the last 10 years, Ashford Hospitality Trust's book value per share changed from 7.06 in 2015 to -97.70 in 2025, a change of -1,484.1%.


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Financial statements for NYSE:AHT last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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