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Ashford Hospitality
(NYSE:AHT)
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Rating:42Neutral
Price Target:
$2.00
â–¼(-40.12% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by a highly stressed balance sheet (negative equity and heavy leverage) and continued net losses despite improving operating cash flow. Technicals add additional risk, with the stock in a pronounced downtrend and extreme oversold momentum. Offsetting these negatives, recent asset sales used to repay debt are modestly positive, but valuation support is limited because earnings are negative and no dividend yield is provided.
Positive Factors
Improving operating cash generation
Positive TTM operating cash flow, free cash flow and gross profit indicate that hotel operations are improving and beginning to generate internal funding. If sustained, this can support property needs and debt service, although the improvement must become more consistent to strengthen the capital structure.
Negative Factors
Highly stressed balance sheet
Very high leverage combined with persistently negative equity materially limits AHT’s financial flexibility. The capital structure leaves less capacity to absorb weaker hotel performance, fund investment internally or refinance obligations on favorable terms, making balance-sheet repair a continuing fundamental constraint.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving operating cash generation
Positive TTM operating cash flow, free cash flow and gross profit indicate that hotel operations are improving and beginning to generate internal funding. If sustained, this can support property needs and debt service, although the improvement must become more consistent to strengthen the capital structure.
Read all positive factors
Ashford Hospitality Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks revenue into sources like room revenue, food & beverage, management/fee income, and other non-room items, revealing how dependent the company is on transient lodging versus ancillary or fee-based earnings and the resilience of its cash flow.
Breaks revenue into sources like room revenue, food & beverage, management/fee income, and other non-room items, revealing how dependent the company is on transient lodging versus ancillary or fee-based earnings and the resilience of its cash flow.
Data provided by:
The Fly
The FlyAshford Hospitality (AHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.23M
Dividend Yield1.07%
Average Volume (3M)19.30K
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth-5.78%
EPS Growth66.72%
CountryUS
Employees82
SectorReal Estate
Sector Strength53
IndustryREIT - Hotel & Motel
Share Statistics
EPS (TTM)-14.88
Shares Outstanding6,469,814
10 Day Avg. Volume23,610
30 Day Avg. Volume19,295
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.06
Price to Sales (P/S)0.02
P/FCF Ratio-1.62
Enterprise Value/Market Cap178.28
Enterprise Value/Revenue2.38
Enterprise Value/Gross Profit15.09
Enterprise Value/Ebitda7.36
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-39.41
Revenue Forecast (FY)$1.10B
Ashford Hospitality Business Overview & Revenue Model
Company Description
Ashford Hospitality Trust is a real estate investment trust (REIT) that invests in the hospitality industry, focusing on upper upscale, full-service hotels in the United States. Its portfolio consists of hotels branded under internationally recogn...
How the Company Makes Money
AHT primarily makes money from hotel operating performance generated by the properties it owns. The core revenue stream is room revenue (payments from guests for nightly stays), supplemented by food-and-beverage revenue (restaurants, bars, banquet...
Ashford Hospitality Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call presents a mix of encouraging operating momentum and portfolio-level execution (EBITDA growth, RevPAR gains, outperformance from conversions, margin expansion, accretive asset sale and debt paydown) alongside material balance-sheet and cash-flow challenges (large reported net loss, negative AFFO, high leverage and sizable floating-rate exposure). Management highlighted meaningful progress on GrowAHT initiatives and refinancing actions that are improving liquidity and outlook, but near-term refinancing and cash-flow risks remain. Overall the positives in operating performance and asset-level value-creation are balanced by significant financial headwinds and negative AFFO, yielding a cautious/neutral stance.Positive Updates
Comparable Hotel EBITDA Growth
Comparable hotel EBITDA grew 6.2% (management stated), with December showing a particularly strong 12% increase in hotel EBITDA versus prior-year, reflecting traction from GrowAHT initiatives and revenue management.
Negative Updates
Large Reported Net Losses
Net loss attributable to common stockholders for Q4 was $131.1M (−$23.83 per diluted share); full-year net loss was $82.5M (−$17.54 per diluted share), indicating significant non-cash/operational hits or markdowns in the period.
Read all updates
Q4-2025 Updates
Positive
Negative
Comparable Hotel EBITDA Growth
Comparable hotel EBITDA grew 6.2% (management stated), with December showing a particularly strong 12% increase in hotel EBITDA versus prior-year, reflecting traction from GrowAHT initiatives and revenue management.
Read all positive updates
Company Guidance
Management guided that post‑conversion RevPAR upside should be meaningful (they expect a 10%–20% RevPAR premium for the Tribute conversion and have cited conversion outperformance like La Pavion running >40% above underwriting in January), and reiterated GrowAHT initiatives aimed at driving up to ~$50.0M of incremental hotel EBITDA while noting more than half of initiatives are rolled out and December results already showed momentum (comparable hotel RevPAR +3% in Q4, December hotel EBITDA +12% YoY, Embassy Suites Crystal City EBITDA +22% in Q4, gross operating margins +141 bps YoY). They expect 2025 group room revenue pace to be ~+5% and added >$13.0M of group room revenue for 2025 in Q4 (~+6% vs prior-year quarter), plan $95.0M–$115.0M of 2025 capex, and highlighted recent conversion spend of $35.0M (La Concha) and $19.0M (La Pavion). On balance sheet and financing guidance, the company finished Q4 with $112.9M cash, $107.6M restricted cash, ~$122.0M net working capital, a 73‑hotel/17,644‑room portfolio, ~$2.6B of loans at a blended 7.9% (77% effectively floating), completed a $580.0M refinancing and other asset sales (e.g., Courtyard Boston for $123.0M, $1.07M per key), used ~$72.0M of excess proceeds to pay off strategic financing, has raised ~$195.0M of Series J/K preferred proceeds, and does not expect to reinstate a common dividend in 2025.Ashford Hospitality Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
12
Very Negative
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.07B | 1.10B | 1.17B | 1.37B | 1.24B | 805.41M |
| Gross Profit | 168.18M | -6.26M | 234.39M | 322.94M | 287.63M | 108.39M |
| EBITDA | 344.92M | 247.11M | 407.56M | 374.03M | 294.17M | 110.00M |
| Net Income | -65.25M | -179.84M | -60.30M | -178.49M | -139.82M | -267.00M |
Balance Sheet | ||||||
| Total Assets | 2.33B | 2.83B | 3.16B | 3.46B | 3.92B | 4.10B |
| Cash, Cash Equivalents and Short-Term Investments | 73.39M | 66.35M | 112.91M | 165.23M | 417.06M | 592.11M |
| Total Debt | 2.23B | 2.92B | 2.69B | 3.10B | 3.90B | 3.93B |
| Total Liabilities | 2.64B | 3.21B | 3.37B | 3.69B | 4.04B | 4.08B |
| Stockholders Equity | -344.66M | -409.27M | -247.70M | -261.14M | -148.34M | -2.65M |
Cash Flow | ||||||
| Free Cash Flow | 15.10M | -15.67M | -23.79M | 13.79M | -64.53M | -144.28M |
| Operating Cash Flow | 15.10M | -15.67M | -23.59M | 14.39M | 39.22M | -144.19M |
| Investing Cash Flow | 640.78M | 190.76M | 191.28M | -89.75M | -70.33M | -34.04M |
| Financing Cash Flow | -699.79M | -179.17M | -258.75M | -172.13M | -101.51M | 702.56M |
Ashford Hospitality Technical Analysis
Negative
3.34
Price Trends
2.96
Negative
3.04
Negative
3.20
Negative
Market Momentum
-0.24
Positive
16.47
Positive
4.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHT, the sentiment is Negative. The current price of 3.34 is above the 20-day moving average (MA) of 2.57, above the 50-day MA of 2.96, and above the 200-day MA of 3.20, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 16.47 is Positive, neither overbought nor oversold. The STOCH value of 4.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AHT.
Ashford Hospitality Risk Analysis
Ashford Hospitality disclosed 112 risk factors in its most recent earnings report. Ashford Hospitality reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ashford Hospitality Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $627.70M | 115.19 | 1.64% | 2.86% | -3.14% | 197.81% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
47 Neutral | $826.27M | -0.81 | -65.18% | 3.16% | -12.04% | -75.70% | |
46 Neutral | $100.96M | -7.23 | -0.75% | 13.42% | -3.84% | 4.89% | |
45 Neutral | $15.52M | -9.07 | -38.02% | 1.74% | 1.73% | 18.61% | |
42 Neutral | $14.23M | -0.15 | 16.69% | 1.07% | -5.78% | 66.72% |
* Real Estate Sector Average
AHT
Ashford Hospitality
2.16
-3.55
-62.17%
SVC
Service Properties
6.22
-5.28
-45.91%
CLDT
Chatham Lodging
13.65
7.52
122.57%
BHR
Braemar Hotels & Resorts
1.49
-1.09
-42.25%
IHT
InnSuites Hospitality
1.15
-0.53
-31.71%
Ashford Hospitality Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Embassy Suites, Reduces Debt Load
Positive
Oct 9, 2026
On October 6, 2026, Ashford Hospitality Trust completed the sale of its 263-room Embassy Suites Philadelphia Airport hotel in Pennsylvania for approximately $25.2 million in cash, net of selling expenses, and separately reported a related $26.0 mi...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Ashford Hospitality advances portfolio reshaping with hotel sale
Positive
Oct 1, 2026
On September 25, 2026, Ashford Hospitality Trust completed the sale of the 220-room Embassy Suites Las Vegas hotel to 4315 Hospitality LLC for approximately $42.7 million in cash, net of selling expenses. The transaction generated proceeds that en...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Streamlines Portfolio With Embassy Suites Sale
Positive
Aug 27, 2026
On August 24, 2026, Ashford Hospitality Trust completed the sale of the 150-room Embassy Suites Dulles Airport in Herndon, Virginia, receiving approximately $22.3 million in cash net of selling expenses. As part of the transaction, the company pai...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Hyatt Regency Long Island Hotel
Positive
Aug 6, 2026
Ashford Hospitality Trust completed the sale of the 358-room Hyatt Regency Long Island in Hauppauge, N.Y., on July 31, 2026, receiving approximately $26.2 million in cash net of selling expenses. The company applied about $25.7 million of the proc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.