ASHFORD HOSPITALITY TRUST INC AHT
Ashford Hospitality Trust, Inc., together with its subsidiaries is a REIT. While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room ("RevPAR") generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership ("Ashford Trust OP"), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.17B | $1.37B | $1.24B | $805.4M | $508.2M | $1.50B | $1.43B | $1.44B | $1.49B |
| Cost of revenue | — | — | — | — | — | — | $952.7M | $900.6M | $907.3M | $938.4M |
| Gross profit | — | — | — | — | — | — | $550.1M | $530.2M | $532.0M | $553.6M |
| SG&A | $20.8M | $24.7M | $16.2M | $9.9M | $16.2M | $28.0M | $11.1M | $10.9M | $13.3M | $8.4M |
| Total operating expenses | $1.11B | $1.17B | $1.25B | $1.16B | $932.0M | $936.9M | $1.41B | $1.34B | $1.30B | $1.34B |
| Operating income | $116.4M | $259.2M | $130.4M | $76.3M | -$125.2M | -$465.4M | $114.7M | $90.4M | $149.0M | $187.3M |
| Interest expense | — | — | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Pre-tax income | -$188.3M | -$64.0M | -$179.8M | -$134.7M | -$265.1M | -$634.6M | -$141.5M | -$153.5M | -$91.0M | -$57.2M |
| Income tax | $143.0K | $997.0K | $900.0K | $6.3M | $5.9M | $1.3M | $1.2M | $2.8M | $2.2M | $1.5M |
| Net income | -$179.8M | -$60.3M | -$178.5M | -$139.8M | -$267.0M | -$543.9M | -$113.6M | -$127.0M | -$67.0M | -$46.3M |
| EPS, basic | -35.99 | -17.54 | -56.11 | -44.61 | -12.37 | -329.97 | -157.74 | -17.52 | -1.30 | -0.95 |
| EPS, diluted | -35.99 | -17.54 | -56.11 | -44.61 | -12.43 | -329.97 | -157.74 | -17.52 | -1.30 | -0.95 |
| Shares, diluted (wtd. avg.) | $6.0M | $4.7M | $3.5M | $3.4M | $21.8M | $1.6M | $998.0K | $9.7M | $95.2M | $94.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $66.1M | $112.9M | $165.2M | $417.1M | $592.1M | $92.9M | $262.6M | $319.2M | $354.8M | $347.1M |
| Short-term investments | — | — | — | — | — | — | — | $21.8M | $26.9M | $53.2M |
| Inventory | $3.6M | $3.6M | $3.7M | $3.9M | $3.3M | $2.4M | $4.3M | $4.2M | $4.2M | $4.5M |
| Property, plant and equipment | — | — | — | — | $3.23B | $3.43B | $4.11B | $4.11B | $4.04B | $4.16B |
| Other intangibles | $797.0K | $797.0K | $797.0K | $797.0K | $797.0K | $797.0K | $797.0K | $9.8M | $9.9M | $10.1M |
| Total assets | $2.83B | $3.16B | $3.46B | $3.92B | $4.10B | $3.73B | $4.69B | $4.69B | $4.67B | $4.89B |
| Long-term debt | $2.53B | $2.63B | $3.04B | $3.84B | $3.89B | $3.73B | $4.11B | $3.93B | $3.70B | $3.72B |
| Total liabilities | $3.21B | $3.37B | $3.69B | $4.04B | $4.08B | $3.99B | $4.35B | $4.15B | $3.92B | $3.97B |
| Retained earnings | -$3.03B | -$2.81B | -$2.73B | -$2.53B | -$2.38B | -$2.09B | -$1.56B | -$1.36B | -$1.15B | -$974.0M |
| Total equity | -$626.4M | -$419.2M | -$331.0M | -$150.4M | -$2.7M | -$283.5M | $269.3M | $453.1M | $633.1M | $792.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.7M | -$23.6M | $14.4M | $39.2M | -$144.2M | -$149.5M | $177.2M | $181.6M | $207.4M | $179.7M |
| Depreciation and amortisation | $141.3M | $152.8M | $187.8M | $201.8M | $218.9M | $252.8M | $269.0M | $258.5M | $246.7M | $243.9M |
| Stock-based compensation | -$761.0K | $2.1M | $4.0M | $6.0M | $10.0M | $10.7M | $19.7M | $26.9M | $12.3M | $9.7M |
| Capital expenditure | $71.2M | $108.0M | $137.4M | $103.8M | $36.7M | $46.2M | $159.2M | $207.3M | $222.0M | $204.0M |
| Investing cash flow | $190.8M | $191.3M | -$89.8M | -$70.3M | -$34.0M | -$7.6M | -$253.2M | -$329.6M | -$63.9M | -$21.9M |
| Financing cash flow | -$179.2M | -$258.8M | -$172.1M | -$101.5M | $702.6M | -$73.8M | $34.4M | $115.8M | -$163.9M | -$34.1M |
| Dividends paid | $24.0M | $20.4M | $14.9M | $12.4M | $18.6M | $28.6M | $86.2M | $97.4M | $101.6M | $91.5M |
| Buybacks | $44.0K | $49.0K | $90.0K | $316.0K | $46.0K | $399.0K | $1.0M | $1.6M | $1.3M | $729.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001232582-26-000067.
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