Ashford Hospitality Trust, Inc. (AHT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+10570.9%

$281.71

vs $2.64 price

Levered DCF

-$655.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-1.46

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.14×	-0.41×	-0.35×	-1×	-1.2×	-0.06×	-1.95×	-3.03×
P/B	-0.06×	-0.14×	-0.26×	-1.03×	-123.04×	-0.14×	1.04×	0.85×
P/S	0.02×	0.03×	0.05×	0.12×	0.41×	0.08×	0.19×	0.27×
EV / EBITDA	11.66×	6.41×	8.04×	12.37×	33.34×	-27.69×	10.72×	11.69×
Gross margin	-0.6%	20.0%	23.6%	23.2%	13.5%	-11.0%	26.8%	26.7%
Operating margin	5.4%	22.1%	9.5%	6.1%	-15.5%	-91.6%	7.6%	6.3%
Net margin	-16.3%	-5.1%	-13.1%	-11.3%	-33.2%	-107.0%	-7.6%	-8.9%
Current ratio	0.26×	2.28×	2.13×	4.89×	5.71×	1.12×	3.03×	2.86×
Debt / equity	-7.14×	-10.87×	-11.89×	-26.3×	-1,481.89×	-13.31×	15.48×	8.68×
Interest coverage	0.2×	0.81×	0.36×	0.34×	-0.8×	-1.88×	0.44×	0.38×
Dividend yield	94.1%	60.2%	22.2%	8.1%	5.7%	70.1%	31.0%	25.4%
Payout ratio	-13.3%	-33.8%	-8.4%	-8.9%	-7.0%	-5.3%	-75.9%	-76.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	43.9%	24.3%	68.3%	94.3%	10060.5%	191.8%	-42.3%	-28.1%
Return on invested capital	2.1%	5.2%	4.0%	2.0%	-3.2%	-13.2%	2.5%	2.0%
Return on assets	-6.3%	-1.9%	-5.2%	-3.6%	-6.5%	-14.6%	-2.4%	-2.7%
Free cash flow yield	-61.6%	-70.3%	20.5%	-42.0%	-44.2%	-366.4%	63.4%	47.2%
Earnings yield	-706.7%	-178.2%	-265.6%	-91.1%	-81.8%	-1332.8%	-40.8%	-33.1%
Enterprise value	$2.9B	$2.6B	$3B	$3.6B	$3.7B	$3.7B	$4.2B	$4B
Net debt / EBITDA	11.56×	6.33×	7.86×	11.85×	30.37×	-27.39×	10×	10.57×
Cash conversion cycle (days)	-29	83	-24	-18	-23	-47	-30	-31