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ZYBERNO

Stock Report

Updated Sep 1, 2026

ASHFORD HOSPITALITY TRUST, INC. (AHT)

Financial Services • NYSE

$3.20

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

13.0/100

POOR BUSINESS

ASHFORD HOSPITALITY TRUST, INC. (AHT) scores 13/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AHT quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-1.2%

Fairly Priced

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AHT valuation analysis · → View full AHT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):EXCELLENT (30.6%)

Return on Capital (Capital Efficiency):AVERAGE (11.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ASHFORD HOSPITALITY TRUST, INC. (AHT) stock report — Zyberno Score 13/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, ASHFORD HOSPITALITY TRUST, INC. (AHT) shows a Brina Gap of -1.2%, which weakens the case: based on the company's ROIC (11.4%) and reinvestment rate (-21.9%), the business can fundamentally grow at -2.5% — but the current enterprise value implies the market expects -1.3%.

Over the trailing twelve months, AHT generated -$29.41M in Owner Earnings. Capital was deployed as follows: $2.00K returned via share buybacks, $18.31M paid as dividends, $68.26M invested in capital expenditures. Reinvestment rate: -21.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.20

Market Cap:$20.62M

Valuation Multiples (2)

P/S Ratio:0.02x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$3.39B

Ev Ebitda Ratio:6.32x

Price Action & Momentum (3)

12-1 Momentum:

-44.4% (9th pctile)

📈 Click to view full AHT Momentum analysis →

Momentum Percentile:9 / 100

% of 52-Week High:49.7%

B. Profitability Assessment

Return Metrics (6)

ROA:-2.4%

Roic:

11.4%

📊 Click to view full AHT ROIC analysis →

Reinvestment Rate:-21.9%

Fundamental Growth Rate (g):-2.5%

Market-Implied Growth Rate:-1.3%

Brina Gap:

-1.2%

☷ Click to view full AHT Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:30.6%

Net Margin Ttm:-6.1%

Ebitda Margin:50.3%

TTM Performance (2)

Operating Margin Ttm:30.6%

Net Margin Ttm:-6.1%

Yield Metrics (2)

Earnings Yield:-$1.05K

Dividend Yield:88.5%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+2.43

📊 Click to view full AHT Earnings Surprise analysis →

EPS Surprise vs Expected:118.6%

Latest Earnings Filed:2026-08-12

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-7.2%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):5.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):23.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.03x

Quick Ratio:0.03x

Cash Ratio:0.03x

Leverage Analysis (1)

Debt To Ebitda:6.42x

Coverage Ratios (2)

Interest Coverage Ratio:0.47x

Times Interest Earned:0.47

Capital Structure (4)

Working Capital:-2,571,454,000.00

Cash And Cash Equivalents:72,510,000.00

Long Term Debt:$1.91B

Net Debt:$3.37B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.07B

Linear Growth: -7.2%

📊 Click to view full AHT Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $325.99M

Linear Growth: 23.4%

📊 Click to view full AHT Operating Income analysis & methodology →

Bottom Line Performance (3)

-$65.25M

Income Before Tax:-$66.87M

Ebitda Ttm:535,948,000.00

Operating Expenses (5)

Operating Expenses:1,175,888,000.00

R And D Expense:0.00

Sga Expense:13,893,000.00

Income Tax Expense:$2.73M

Interest Expense:247,964,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:5.1%

Ebitda Margin:50.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.33B

Current Assets:$72.51M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$797.00K

Liability Structure (4)

Total Liabilities:2,643,964,000.00

Current Liabilities:2,643,964,000.00

Long Term Debt:$1.91B

Short Term Debt:$1.53B

Equity & Capital (3)

Equity:-$556.54M

Retained Earnings:-$2.97B

Common Stock:395,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:2,672,000.00

Accounts Payable:0.00

Special Items (2)

Contract Liabilities:26,700,000.00

Stock Based Compensation:28,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $38.85M

Linear Growth: 5.5%

-$29.41M

Investment Activities (2)

Investing Cash Flow:$197.13M

Capital Expenditures Ttm:68,261,000.00

Financing Activities (3)

Financing Cash Flow:-$222.04M

Dividends Paid Ttm:18,310,000.00

Stock Repurchase:2,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$218.35M

Non-Cash Items (1)

Depreciation Amortization Ttm:209,957,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-16.50

-$33.61

Earnings Per Share Ttm:-$10.13

Revenue & Cash Per Share (2)

Sales Per Share Ttm:165.45

Operating Cash Flow Per Share:-$2.43

Book Value & Capital (2)

Book Value Per Share:-$86.38

Cash Per Share:11.25

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.40x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:398.95x

Days Inventory Outstanding Ttm:0.91

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00

Cash Conversion Cycle:0.91

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:15.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$29.41M

Damodaran Growth Analysis (4)

Reinvestment Rate:-21.9%

Fundamental Growth Rate (g):-2.5%

Market-Implied Growth Rate:-1.3%

Brina Gap:

-1.2%

☷ Click to view full AHT Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-7.2%

Operating Income Growth Rate (Linear):23.4%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):5.5%

C. Company Profile & Context

Corporate Information (6)

Symbol:AHT

Company Name:ASHFORD HOSPITALITY TRUST, INC.

Sector:Financial Services

Industry:Real Estate

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:6.44M

Shares Outstanding Basic:6.44M

Shares Outstanding Diluted:77.47M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 11:51:09 UTC

Data Timestamp:2026-08-21T04:24:25.239713