Ashford Hospitality Tr Inc Financials

AHT

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

3/9

Ashford Hospitality Tr Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.39x

For every $1 of reported earnings, Ashford Hospitality Tr Inc generates $0.39 in operating cash flow (-$23.6M OCF vs -$60.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

0.9x

Ashford Hospitality Tr Inc earns $0.9 in operating income for every $1 of interest expense ($259.2M vs $273.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Ashford Hospitality Tr Inc (AHT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$1.2B

YoY-14.3%

5Y CAGR-4.8%

10Y CAGR+4.0%

Ashford Hospitality Tr Inc generated $1.2B in revenue in fiscal year 2024. This represents a decrease of 14.3% from the prior year.

EBITDA

$412.0M

YoY+29.5%

5Y CAGR+1.4%

10Y CAGR+8.2%

Ashford Hospitality Tr Inc's EBITDA was $412.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.5% from the prior year.

Free Cash Flow

N/A

Net Income

-$60.3M

YoY+66.2%

Ashford Hospitality Tr Inc reported -$60.3M in net income in fiscal year 2024. This represents an increase of 66.2% from the prior year.

EPS (Diluted)

$-17.54

YoY+68.7%

Ashford Hospitality Tr Inc earned $-17.54 per diluted share (EPS) in fiscal year 2024. This represents an increase of 68.7% from the prior year.

Cash & Debt

$112.9M

YoY-31.7%

5Y CAGR-15.5%

10Y CAGR-6.2%

Ashford Hospitality Tr Inc held $112.9M in cash against $2.6B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+50.6%

Ashford Hospitality Tr Inc had 6M shares outstanding in fiscal year 2024. This represents an increase of 50.6% from the prior year.

Gross Margin

30.5%

YoY-1.9pp

5Y CAGR-6.2pp

Ashford Hospitality Tr Inc's gross margin was 30.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.

Operating Margin

22.1%

YoY+12.6pp

5Y CAGR+14.5pp

10Y CAGR+12.5pp

Ashford Hospitality Tr Inc's operating margin was 22.1% in fiscal year 2024, reflecting core business profitability. This is up 12.6 percentage points from the prior year.

Net Margin

-5.1%

YoY+7.9pp

5Y CAGR+2.4pp

10Y CAGR-1.2pp

Ashford Hospitality Tr Inc's net profit margin was -5.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 7.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$49K

YoY-45.6%

5Y CAGR-45.6%

10Y CAGR-20.0%

Ashford Hospitality Tr Inc spent $49K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 45.6% from the prior year.

Capital Expenditures

N/A

AHT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.2B-14.3%	$1.4B+10.2%	$1.2B+54.1%	$805.4M+58.5%	$508.2M-66.2%	$1.5B
Cost of Revenue	$815.4M-11.9%	$925.4M+10.7%	$836.0M+44.9%	$576.8M+32.7%	$434.7M-54.4%	$952.7M
Gross Profit	$357.1M-19.2%	$442.1M+9.2%	$404.9M+77.1%	$228.6M+210.7%	$73.6M-86.6%	$550.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.7M+52.4%	$16.2M+63.8%	$9.9M-38.8%	$16.2M-42.4%	$28.0M+152.5%	$11.1M
Operating Income	$259.2M+98.7%	$130.4M+71.1%	$76.3M+160.9%	-$125.2M+73.1%	-$465.4M-505.6%	$114.7M
Interest Expense	$273.4M-16.4%	$327.0M+57.3%	$207.9M+33.2%	$156.1M-36.9%	$247.4M-5.6%	$262.0M
Income Tax	$997K+10.8%	$900K-85.8%	$6.3M+6.5%	$5.9M+545.5%	-$1.3M-209.6%	$1.2M
Net Income	-$60.3M+66.2%	-$178.5M-27.7%	-$139.8M+47.6%	-$267.0M+50.9%	-$543.9M-378.6%	-$113.6M
EPS (Diluted)	$-17.54+68.7%	$-56.11	$-44.61-258.9%	$-12.43	$-329.97-109.2%	$-157.74

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$266.1M-11.9%	$302.0M+8.9%	$277.4M+0.7%	$275.5M-13.0%	$316.5M+4.1%	$303.9M-5.0%	$319.9M-6.7%	$343.0M
Cost of Revenue	$193.3M-2.8%	$198.8M+5.5%	$188.5M-6.8%	$202.2M-2.5%	$207.4M-1.6%	$210.9M-7.1%	$227.0M-2.4%	$232.6M
Gross Profit	$72.8M-29.4%	$103.2M+16.1%	$88.9M+21.3%	$73.3M-32.8%	$109.0M+17.2%	$93.0M+0.2%	$92.9M-15.9%	$110.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.3M+33.1%	$5.5M+26.6%	$4.3M+4.7%	$4.1M-42.5%	$7.2M-13.0%	$8.3M+72.5%	$4.8M+23.8%	$3.9M
Operating Income	$12.2M-75.2%	$49.3M-19.9%	$61.5M+225.7%	-$49.0M-136.1%	$135.5M-11.1%	$152.5M+815.8%	$16.7M-55.3%	$37.2M
Interest Expense	$62.9M-11.0%	$70.7M+5.8%	$66.8M+4.1%	$64.2M-6.2%	$68.4M-7.5%	$74.0M-11.8%	$83.9M-4.3%	$87.6M
Income Tax	$259K+117.6%	$119K-62.5%	$317K+113.7%	-$2.3M-167.0%	$3.5M+1040.3%	$303K+120.1%	-$1.5M-1289.0%	$127K
Net Income	-$60.1M-97.9%	-$30.4M-52.2%	-$20.0M+83.9%	-$124.2M-347.2%	$50.3M-29.8%	$71.6M+343.4%	-$29.4M+53.8%	-$63.6M
EPS (Diluted)	$-11.35-65.0%	$-6.88-40.1%	$-4.91+64.0%	$-13.64	$2.50-58.3%	$5.99	$-33.47	$-19.91

AHT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.2B-8.7%	$3.5B-11.6%	$3.9B-4.4%	$4.1B+9.7%	$3.7B-20.4%	$4.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$112.9M-31.7%	$165.2M-60.4%	$417.1M-29.6%	$592.1M+537.3%	$92.9M-64.6%	$262.6M
Inventory	$3.6M-1.3%	$3.7M-4.6%	$3.9M+17.2%	$3.3M+34.5%	$2.4M-43.7%	$4.3M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$39.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.4B-8.5%	$3.7B-8.8%	$4.0B-0.8%	$4.1B+2.1%	$4.0B-8.2%	$4.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.6B-13.5%	$3.0B-20.8%	$3.8B-1.3%	$3.9B+4.3%	$3.7B-9.2%	$4.1B
Total Equity	-$419.2M-21.2%	-$345.9M-130.0%	-$150.4M-5566.5%	-$2.7M+99.1%	-$283.6M-205.5%	$268.8M
Retained Earnings	-$2.8B-3.0%	-$2.7B-7.7%	-$2.5B-6.3%	-$2.4B-13.8%	-$2.1B-34.4%	-$1.6B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$3.0B-1.7%	$3.1B-0.7%	$3.1B-2.5%	$3.2B-5.5%	$3.3B-5.4%	$3.5B+2.2%	$3.5B-6.9%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$81.9M-18.1%	$100.0M+16.5%	$85.8M-24.0%	$112.9M-7.3%	$121.8M+9.6%	$111.1M-32.8%	$165.2M-10.3%	$184.2M
Inventory	$3.7M+1.7%	$3.7M+0.1%	$3.7M+1.5%	$3.6M+0.5%	$3.6M-3.8%	$3.8M+2.0%	$3.7M-6.7%	$3.9M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.3B0.0%	$3.3B+0.3%	$3.3B-2.2%	$3.4B-0.9%	$3.4B-7.3%	$3.7B-0.4%	$3.7B-6.2%	$3.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.6B-1.3%	$2.6B-0.2%	$2.7B+0.8%	$2.6B-4.7%	$2.8B-6.0%	$2.9B-3.5%	$3.0B-16.3%	$3.6B
Total Equity	-$548.7M-13.0%	-$485.5M-8.8%	-$446.1M-6.4%	-$419.2M-85.6%	-$225.9M+18.4%	-$276.8M+20.0%	-$345.9M-11.2%	-$311.2M
Retained Earnings	-$2.9B-2.4%	-$2.9B-1.4%	-$2.8B-1.0%	-$2.8B-7.5%	-$2.6B+1.7%	-$2.7B+2.5%	-$2.7B-1.2%	-$2.7B

AHT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$23.6M-263.9%	$14.4M-63.3%	$39.2M+127.2%	-$144.2M+3.6%	-$149.5M-184.4%	$177.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$191.3M+313.1%	-$89.8M-27.6%	-$70.3M-106.6%	-$34.0M-347.7%	-$7.6M+97.0%	-$253.2M
Financing Cash Flow	-$258.8M-50.3%	-$172.1M-69.6%	-$101.5M-114.4%	$702.6M+1052.5%	-$73.8M-314.5%	$34.4M
Dividends Paid	$20.4M+36.3%	$14.9M+20.3%	$12.4M-33.3%	$18.6M-34.9%	$28.6M-66.8%	$86.2M
Share Buybacks	$49K-45.6%	$90K-71.5%	$316K+587.0%	$46K-88.5%	$399K-61.3%	$1.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$5.5M-66.4%	$16.3M+165.4%	-$25.0M-277.2%	$14.1M+77.0%	$8.0M+117.1%	-$46.5M-114.5%	-$21.7M-2949.9%	$760K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$27.3M+332.1%	$6.3M-93.6%	$99.5M+583.5%	-$20.6M-108.2%	$250.1M+1588.2%	-$16.8M+29.5%	-$23.8M-46.3%	-$16.3M
Financing Cash Flow	-$39.8M-584.8%	$8.2M+111.7%	-$70.0M-901.9%	-$7.0M+97.3%	-$260.2M-195763.2%	$133K+19.8%	$111K+100.2%	-$49.1M
Dividends Paid	$6.1M+2.5%	$6.0M+5.7%	$5.6M-0.3%	$5.7M+16.1%	$4.9M+6.4%	$4.6M+6.8%	$4.3M+8.0%	$4.0M
Share Buybacks	$0	N/A	N/A	$0-100.0%	$49K	$0	$0	$0

AHT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	30.5%-1.9pp	32.3%-0.3pp	32.6%+4.2pp	28.4%+13.9pp	14.5%-22.1pp	36.6%
Operating Margin	22.1%+12.6pp	9.5%+3.4pp	6.2%+21.7pp	-15.5%+76.0pp	-91.6%-99.2pp	7.6%
Net Margin	-5.1%+7.9pp	-13.1%-1.8pp	-11.3%+21.9pp	-33.1%+73.9pp	-107.0%-99.5pp	-7.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.9%+3.3pp	-5.2%-1.6pp	-3.6%+2.9pp	-6.5%+8.0pp	-14.6%-12.1pp	-2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-6.27+2.5	-8.79+16.7	-25.52+1439.4	-1464.89-1451.7	-13.15-28.4	15.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	27.4%-6.8pp	34.2%+2.1pp	32.0%+5.4pp	26.6%-7.8pp	34.4%+3.8pp	30.6%+1.6pp	29.0%-3.1pp	32.2%
Operating Margin	4.6%-11.7pp	16.3%-5.9pp	22.2%+40.0pp	-17.8%-60.6pp	42.8%-7.4pp	50.2%+45.0pp	5.2%-5.6pp	10.8%
Net Margin	-22.6%-12.6pp	-10.1%-2.9pp	-7.2%+37.9pp	-45.1%-61.0pp	15.9%-7.7pp	23.5%+32.7pp	-9.2%+9.3pp	-18.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.0%-1.0pp	-1.0%-0.3pp	-0.7%+3.3pp	-3.9%-5.4pp	1.5%-0.5pp	2.0%+2.9pp	-0.9%+0.9pp	-1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-4.76+0.7	-5.45+0.5	-5.94+0.3	-6.27+5.9	-12.21-1.6	-10.60-1.8	-8.79+2.9	-11.67
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$419.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Summit Hotel Pptys Inc INN

$501.6M

Rlj Lodging Tr RLJ

$1.2B

Xenia Hotels & Resorts Inc XHR

$1.5B

Service Properties Trust SVC

$378.2M

Pebblebrok Hotel PEB

$1.4B

Frequently Asked Questions

What is Ashford Hospitality Tr Inc's annual revenue?

Ashford Hospitality Tr Inc (AHT) reported $1.2B in total revenue for fiscal year 2024. This represents a -14.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ashford Hospitality Tr Inc's revenue growing?

Ashford Hospitality Tr Inc (AHT) revenue declined by 14.3% year-over-year, from $1.4B to $1.2B in fiscal year 2024.

Is Ashford Hospitality Tr Inc profitable?

No, Ashford Hospitality Tr Inc (AHT) reported a net income of -$60.3M in fiscal year 2024, with a net profit margin of -5.1%.

What is Ashford Hospitality Tr Inc's earnings per share (EPS)?

Ashford Hospitality Tr Inc (AHT) reported diluted earnings per share of $-17.54 for fiscal year 2024. This represents a 68.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Ashford Hospitality Tr Inc's EBITDA?

Ashford Hospitality Tr Inc (AHT) had EBITDA of $412.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ashford Hospitality Tr Inc have?

As of fiscal year 2024, Ashford Hospitality Tr Inc (AHT) had $112.9M in cash and equivalents against $2.6B in long-term debt.

What is Ashford Hospitality Tr Inc's gross margin?

Ashford Hospitality Tr Inc (AHT) had a gross margin of 30.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ashford Hospitality Tr Inc's operating margin?

Ashford Hospitality Tr Inc (AHT) had an operating margin of 22.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Ashford Hospitality Tr Inc's net profit margin?

Ashford Hospitality Tr Inc (AHT) had a net profit margin of -5.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Ashford Hospitality Tr Inc's operating cash flow?

Ashford Hospitality Tr Inc (AHT) generated -$23.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ashford Hospitality Tr Inc's total assets?

Ashford Hospitality Tr Inc (AHT) had $3.2B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Ashford Hospitality Tr Inc buy back shares?

Yes, Ashford Hospitality Tr Inc (AHT) spent $49K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Ashford Hospitality Tr Inc have outstanding?

Ashford Hospitality Tr Inc (AHT) had 6M shares outstanding as of fiscal year 2024.

What is Ashford Hospitality Tr Inc's debt-to-equity ratio?

Ashford Hospitality Tr Inc (AHT) had a debt-to-equity ratio of -6.27 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ashford Hospitality Tr Inc's return on assets (ROA)?

Ashford Hospitality Tr Inc (AHT) had a return on assets of -1.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ashford Hospitality Tr Inc's cash runway?

Based on fiscal year 2024 data, Ashford Hospitality Tr Inc (AHT) had $112.9M in cash against an annual operating cash burn of $23.6M. This gives an estimated cash runway of approximately 57 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Ashford Hospitality Tr Inc's debt-to-equity ratio negative or unusual?

Ashford Hospitality Tr Inc (AHT) has negative shareholder equity of -$419.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Ashford Hospitality Tr Inc's Piotroski F-Score?

Ashford Hospitality Tr Inc (AHT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ashford Hospitality Tr Inc's earnings high quality?

Ashford Hospitality Tr Inc (AHT) has an earnings quality ratio of 0.39x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ashford Hospitality Tr Inc cover its interest payments?

Ashford Hospitality Tr Inc (AHT) has an interest coverage ratio of 0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.