Ashford Hospitality Trust Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating is not about a fallen share price but about documented findings on substance. The 2025 audit opinion contains a going-concern uncertainty section; stockholders' equity stood at minus $695.2 million on March 31, 2026 and has fallen for six consecutive quarters; interest coverage was roughly 0.4 in 2025, and without gains on sales and derecognition operating income would have been negative. Add $1.9 billion of maturities within twelve months against $79.8 million of unrestricted cash, one loan in default and suspended payments on all nine preferred series. Any one of those alone would justify the most cautious rating. What does not argue against it is that the hotel business works and the real estate is sellable — both are documented and credited in the article. It simply does not change the fact that the substance of the company itself is in question. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ashford Hospitality Trust is not a cheap stock; it is a small one. Against more than a billion dollars of annual revenue and a hotel portfolio stand $2.4 billion of debt, equity of minus $695.2 million and an audit opinion with a going-concern paragraph; the common stock is worth roughly $21.7 million. The ratio that lifts the stock to rank 16 of the P/FCF ranking comes out of that shrunken market value and out of one quarter whose cash inflow is largely made of unpaid bills — including $20.4 million owed to the external advisor. The hotels and their sale proceeds are real. What stays open is whether anything is left for the common stock after $1.9 billion of maturities, $372 million of preferred claims and an advisory contract running to 2041. Not investment advice.
Business model and portfolio
A hotel REIT with 63 consolidated properties and 15,591 rooms in the United States (March 31, 2026), operated under brands such as Marriott, Hilton and Hyatt. The operating business works: RevPAR of $131.68 in 2025 after $132.87 the year before, adjusted EBITDAre of $51.7 million in the first quarter of 2026. The real estate sells at genuine prices — the Hyatt Regency Savannah alone brought $158.0 million on June 30, 2026.
Balance sheet and going concern
The BDO USA, P.C. audit opinion for 2025 contains a going-concern uncertainty section; the quarterly report as of March 31, 2026 names $1.9 billion of maturities within twelve months. Equity stood at minus $695.2 million and has fallen for six consecutive quarters; total assets of $2,605.3 million face liabilities of $3,044.0 million. Cash on hand: $79.8 million unrestricted, $141.2 million restricted.
Earnings power and interest coverage
Operating income of $116.4 million for 2025 contains $79.8 million of sale gains and $39.1 million of derecognition gains; without them a loss of $2.5 million remains. Against that stand $295.3 million of interest — coverage of 0.4. Adjusted FFO, the load-bearing REIT measure, was negative in 2024 at minus $23.1 million and in 2025 at minus $34.4 million; earnings per share came in at minus $35.99 in 2025.
Governance and external management
The company has no employees of its own. Fees to Ashford Inc. came to $49.0 million in 2025 — more than twice the market value of the common stock; the outstanding payable rose to $65.6 million (March 31, 2026). The advisor unilaterally extended the agreement to 2041 on December 23, 2025; since March 27, 2026 the termination fee equals the present value of 30 years of foregone adjusted EBITDA, discounted at two percent, calculated by the recipient.
Capital structure and distributions
Nine preferred series with a liquidation preference of roughly $372 million stand ahead of common stockholders. Their dividends were suspended on January 13, 2026, including amounts already declared; the common dividend has been dormant since 2020 and stays that way in 2026. Three one-for-ten reverse splits (July 15, 2020, July 16, 2021, October 25, 2024) compound to one-for-1,000, and the share count then rose from 5,636,595 to 6,476,491.
Hook and data quality
Rank 16 in our in-house P/FCF ranking of the U.S. selection at a ratio of 0.9, measured on July 27, 2026 (544 hits in the list, 25 rows displayed with the U.S. market filter set; last recomputed July 26, 2026). The arithmetic holds, but here it mostly measures the shrunken market value: the first-quarter 2026 cash inflow of $29.5 million contains $27.0 million from unpaid bills and $20.4 million of advisory fees not yet wired. The stock page itself does not count metric rankings as strategy hits.
Worth Noting
Hook and source: rank 16 in our in-house P/FCF ranking of the U.S. selection, measured on July 27, 2026 at a ratio of 0.9. The list showed 544 hits that day; with the U.S. market filter set the page displays 25 rows, and the stock sits 16th among them. The list had last been recomputed on July 26, 2026. The scanner lists are rebuilt daily, so the placement is a dated snapshot, not a permanent state.
Where the low ratio comes from — checked, not assumed: the ranking divides market value by free cash flow over the last four quarters. The common stock market value is roughly $21.7 million (fundamental data as of July 26, 2026) while the same balance sheet carries $2.4 billion of debt — so the ratio is mostly a statement about the numerator. The denominator does not carry it either: full-year 2025 saw operating cash outflow (minus $15.7 million) and so did 2024 (minus $23.6 million). The positive first quarter of 2026 (plus $29.5 million) contains $27.0 million from payables and accruals plus $20.4 million from the line "Due to/from Ashford Inc.", meaning advisory fees not yet wired; the $218.4 million of repayments in that quarter, by contrast, were funded from hotel sales with $209.2 million of net proceeds, which sit in investing activities and never enter free cash flow.
Reverse splits checked carefully: three one-for-ten consolidations, evidenced by the current reports of July 1, 2020 (effective July 15, 2020), July 16, 2021 (effective July 16, 2021) and October 25, 2024 (effective October 25, 2024) — one-for-1,000 cumulatively. The price series was reviewed line by line on July 27, 2026: the unadjusted closing price column breaks at all three dates ($0.61 to $5.57 on July 15/16, 2020; $1.82 to $16.76 on July 16/19, 2021; $0.56 to $6.10 on October 24/28, 2024) and is therefore useless for multi-year comparisons. The adjusted series runs through the same days (610 to 557; 182 to 168; 5.6 to 6.1) and is the only usable one; it shows a decline from $3,726.60 on January 2, 2019 to $3.24 on July 24, 2026, or 99.9 percent. All per-share figures in the filings are already restated retroactively.
Metric selection at a REIT: FFO, Adjusted FFO, leverage and the maturity schedule are what matter. The Altman Z-score displayed by the scanner was designed for industrial companies and carries no meaning for a property company that runs on heavy leverage by design; it is therefore not used as an argument in this analysis. Book value per share is negative, which also rules out price-to-book as a sensible measure here.
Merger check: none pending. The filing history since December 2017 contains no SC 13E-3, no DEFM14A, no Form 25 and no Form 15; the only S-4 dates from 2020 and concerned an exchange offer on preferred stock. The company states that it is evaluating "strategic alternatives"; no transaction had been announced as of July 27, 2026, and the most recent filing of any kind is a 424B3 dated July 8, 2026. The common stock and five preferred series remain listed on the NYSE.
Possible confusion: Ashford Hospitality Trust, Inc. (AHT) is not the same as Ashford Inc. (AINC), the external management company, nor as Braemar Hotels & Resorts (BHR), which is managed by the same house. All three are separate registrants with their own SEC filings.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AHT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.60 $ to 6.10 $ · Last price: 2.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Hotel & Motel
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ashford Hospitality Trust Inc AHT | 0.0 | – | 6.2 | 20.9 | – | -5.8 | -52.5 |
| Host Hotels & Resorts Inc HST | 16.0 | 15.6 | 9.0 | 29.2 | 19.2 | 7.6 | 35.3 |
| Ryman Hospitality Properties Inc RHP | 7.7 | 32.6 | 14.2 | 35.2 | 20.7 | 10.2 | 31.1 |
| Apple Hospitality REIT Inc APLE | 3.7 | 21.7 | 11.6 | 42.9 | 14.2 | -1.3 | 34.7 |
| Park Hotels & Resorts Inc PK | 3.2 | – | 19.0 | 30.9 | 11.1 | -2.2 | 37.1 |
| Diamondrock Hospitality Company Co DRH | 2.5 | 26.9 | 11.0 | 29.5 | 11.1 | -0.8 | 56.8 |
| Sunstone Hotel Investors Inc SHO | 2.1 | – | 13.4 | 43.7 | 10.9 | 6.0 | 17.5 |
| Pebblebrook Hotel Trust PEB | 2.1 | – | 15.0 | 25.3 | 4.6 | 1.5 | 52.9 |
| Xenia Hotels & Resorts Inc XHR | 1.8 | – | 13.8 | 26.1 | 14.3 | 3.8 | 25.7 |
| Median of companies shown | 2.5 | 24.3 | 13.4 | 29.5 | 12.7 | 1.5 | 34.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,492 | 156 | -46 | -49.02 | 175 | 925 | 4,892 |
| 2017 | 1,439 | 135 | -67 | -70.38 | 207 | 749 | 4,670 |
| 2018 | 1,431 | 90 | -127 | -130.52 | 182 | 534 | 4,686 |
| 2019 | 1,503 | 115 | -114 | -113.82 | 177 | 339 | 4,691 |
| 2020 | 508 | -465 | -544 | -345.19 | -150 | -261 | 3,734 |
| 2021 | 805 | -125 | -267 | -12.22 | -144 | 20 | 4,098 |
| 2022 | 1,241 | 76 | -140 | -4.07 | 39 | -129 | 3,917 |
| 2023 | 1,368 | 130 | -178 | -51.53 | 14 | -261 | 3,462 |
| 2024 | 1,172 | 259 | -60 | -12.81 | -24 | -248 | 3,161 |
| 2025 | 1,104 | 60 | -180 | -30.10 | -16 | -409 | 2,834 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -19.18 | – | 276 | -13.90 | -45.10 | 14 | 14 |
| 2025: Q1 | -3.08 | -127.90 | 277 | -8.70 | -7.20 | -25 | -25 |
| 2025: Q2 | -4.69 | -160.50 | 302 | -4.60 | -10.10 | 16 | 16 |
| 2025: Q3 | -9.29 | – | 266 | -3.80 | -22.60 | 6 | 6 |
| 2025: Q4 | -10.70 | – | 259 | -6.00 | -26.80 | -13 | -13 |
| 2026: Q1 | -9.85 | – | 268 | -3.50 | -23.80 | 30 | 13 |
| 2026: Q2 | 1.62 | 134.50 | 273 | -9.50 | 46.90 | -7 | -7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
- Going Concern (Distress Proxy)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -39.41 | -39.41 – -39.41 | 1,097 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $15.1M |
|---|---|
| Market cap | $17.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kein wesentlicher KI-Bezug: In den sechs ausgewerteten Berichten (2× 10-K, 4× 10-Q) kommt Künstliche Intelligenz ausschließlich im Geschäftsbericht für 2025 vor, dort nur als allgemeiner Risikohinweis zu Cyber-Sicherheit und Regulierung — als Werkzeug, das die Gesellschaft und ihre Hotelbetreiber künftig einsetzen „können“, nicht als Umsatzquelle und nicht als konkretes Risiko für das eigene Hotel-Geschäftsmodell.
View the full file — quotes, sources, reviewed filings
„We are also increasingly exposed to risks associated with the use of artificial intelligence (“AI”) and machine learning technologies, both as tools we and/or our hotel managers may adopt to improve operations."
Wir sind zudem in wachsendem Maße Risiken ausgesetzt, die mit dem Einsatz Künstlicher Intelligenz („KI“) und maschinellen Lernens verbunden sind — als Werkzeuge, die wir und/oder unsere Hotelbetreiber zur Verbesserung des Betriebs einsetzen könnten.
10-K · 2026-03-23 · View SEC filing
„This includes systems that may incorporate AI or machine learning capabilities, which may introduce additional risks, including algorithmic errors, biased outputs, unintended data exposure, or vulnerabilities that could be exploited by third parties."
Dazu gehören Systeme, die KI- oder Fähigkeiten maschinellen Lernens enthalten können und die zusätzliche Risiken mit sich bringen können — darunter Fehler der Algorithmen, verzerrte Ergebnisse, ungewollte Datenoffenlegung oder Schwachstellen, die Dritte ausnutzen könnten.
10-K · 2026-03-23 · View SEC filing
Filings Reviewed: 10-Q 2026-05-14 · 10-K 2026-03-23 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-Q 2025-05-14 · 10-K 2025-03-21
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -3.8%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year -44.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -13.7%
- Gross margin at 40% or higher and without meaningful erosion -0.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 11.5 x EBITDA
- Operating cash flow covers the profits of the last three years 394 m
- Return on capital at 15% or higher, or up versus two years ago 3.4%
- Insiders hold at least 10% or are net buyers 1.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -3.3%
- Exp. sales growth 3Y > 5% -0.6%
- EBIT growth 10Y > 5% -10.1%
- Exp. EBIT growth 3Y > 5% -0.6%
- Net debt < 4x EBIT 47.7x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 3.4%
- Expected return > 10% -92.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Ashford Hospitality Trust, Inc. ist zusammen mit seinen Tochtergesellschaften ein Real Estate Investment Trust (REIT).
- Headquarters
- Dallas, TX
- Address
- 14185 Dallas Parkway, 75254-4308 Dallas, United States
- Phone
- 972 490 9600
- Website
- ahtreit.com
- IPO Date
- 08/26/2003
- ISIN
- US0441037944
- Stock Split
- 1:10 on 10/28/2024
- Stock Split
- 1:10 on 07/19/2021
- Stock Split
- 1:10 on 07/16/2020
Management
| Name | Title | Birth Year |
|---|---|---|
| Montgomery Jack Bennett IV | Founder & Chairman of the Board | 1966 |
| Stephen Zsigray | CEO, Director & President | 1987 |
| Justin R. Coe | Chief Accounting Officer & Principal Financial Officer | 1984 |
| Jordan Jennings | Manager of Investor Relations | – |
| James Allen Plohg J.D. | Executive VP, General Counsel & Secretary | 1975 |
| Allison Ryan Beach | Director of Public Relations | – |
| Larry Doyle | Senior Vice President of Asset Management | – |
| Jay Steigerwald | Head of Distribution | – |
| Chris Batchelor | President of RED Hospitality & Leisure | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/27/2026 ASHFORD HOSPITALITY TRUST INC (AHT): Completion of Acquisition or Disposition of Assets; Financial Statements and Exhibits SEC ↗
- 08/12/2026 ASHFORD HOSPITALITY TRUST INC (AHT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/06/2026 ASHFORD HOSPITALITY TRUST INC (AHT): Completion of Acquisition or Disposition of Assets; Financial Statements and Exhibits SEC ↗
- 07/07/2026 ASHFORD HOSPITALITY TRUST INC (AHT): Completion of Acquisition or Disposition of Assets; Financial Statements and Exhibits SEC ↗
- 07/06/2026 ASHFORD HOSPITALITY TRUST INC (AHT): Completion of Acquisition or Disposition of Assets; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.