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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $43.2M, roughly 1.7× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -20.3%, a 144.3% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 22.0%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 0.7%).
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
ADAM vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $73.5M |
| Net Profit | $53.5M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | 124.0% | -20.3% |
| Revenue YoY | 61.6% | 22.0% |
| Net Profit YoY | 270.5% | -219.1% |
| EPS (diluted) | $0.45 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $73.5M | ||
| Q3 25 | $36.6M | $91.6M | ||
| Q2 25 | $36.4M | $54.9M | ||
| Q1 25 | $33.1M | $54.9M | ||
| Q4 24 | $26.7M | $60.2M | ||
| Q3 24 | $20.2M | $65.8M | ||
| Q2 24 | $19.0M | $67.5M | ||
| Q1 24 | $17.9M | $72.4M |
| Q4 25 | $53.5M | $-14.9M | ||
| Q3 25 | $44.8M | $-795.0K | ||
| Q2 25 | $8.5M | $-14.9M | ||
| Q1 25 | $42.2M | $-6.5M | ||
| Q4 24 | $-31.4M | $12.5M | ||
| Q3 24 | $42.8M | $20.0M | ||
| Q2 24 | $-15.6M | $18.4M | ||
| Q1 24 | $-57.9M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 11.7% | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | -119.0% | 34.5% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | -124.7% | 43.8% | ||
| Q1 24 | -448.8% | 42.0% |
| Q4 25 | 124.0% | -20.3% | ||
| Q3 25 | 122.5% | -0.9% | ||
| Q2 25 | 23.4% | -27.2% | ||
| Q1 25 | 127.4% | -11.8% | ||
| Q4 24 | -117.5% | 20.8% | ||
| Q3 24 | 211.7% | 30.4% | ||
| Q2 24 | -81.9% | 27.2% | ||
| Q1 24 | -324.1% | 28.2% |
| Q4 25 | $0.45 | $-0.14 | ||
| Q3 25 | $0.36 | $-0.01 | ||
| Q2 25 | $-0.04 | $-0.15 | ||
| Q1 25 | $0.33 | $-0.07 | ||
| Q4 24 | $-0.46 | $0.12 | ||
| Q3 24 | $0.36 | $0.20 | ||
| Q2 24 | $-0.29 | $0.18 | ||
| Q1 24 | $-0.75 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $8.3M |
| Total DebtLower is stronger | $735.8M | $1.7M |
| Stockholders' EquityBook value | $1.4B | $389.3M |
| Total Assets | $12.6B | $530.2M |
| Debt / EquityLower = less leverage | 0.52× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $8.3M | ||
| Q3 25 | $185.3M | $30.4M | ||
| Q2 25 | $160.4M | $19.2M | ||
| Q1 25 | $177.1M | $34.5M | ||
| Q4 24 | $167.4M | $190.7M | ||
| Q3 24 | $195.1M | $177.7M | ||
| Q2 24 | $235.5M | $154.3M | ||
| Q1 24 | $226.9M | $124.3M |
| Q4 25 | $735.8M | $1.7M | ||
| Q3 25 | $766.6M | $2.0M | ||
| Q2 25 | $653.0M | $26.3M | ||
| Q1 25 | $654.4M | $42.9M | ||
| Q4 24 | $573.2M | $1.5M | ||
| Q3 24 | $699.4M | $994.0K | ||
| Q2 24 | $800.7M | $1.1M | ||
| Q1 24 | $1.0B | $179.9M |
| Q4 25 | $1.4B | $389.3M | ||
| Q3 25 | $1.4B | $402.4M | ||
| Q2 25 | $1.4B | $401.3M | ||
| Q1 25 | $1.4B | $415.3M | ||
| Q4 24 | $1.4B | $421.1M | ||
| Q3 24 | $1.4B | $417.6M | ||
| Q2 24 | $1.4B | $397.2M | ||
| Q1 24 | $1.5B | $375.5M |
| Q4 25 | $12.6B | $530.2M | ||
| Q3 25 | $12.4B | $541.2M | ||
| Q2 25 | $10.6B | $533.7M | ||
| Q1 25 | $10.0B | $562.5M | ||
| Q4 24 | $9.2B | $725.8M | ||
| Q3 24 | $8.9B | $709.8M | ||
| Q2 24 | $8.2B | $697.0M | ||
| Q1 24 | $7.4B | $687.2M |
| Q4 25 | 0.52× | 0.00× | ||
| Q3 25 | 0.55× | 0.01× | ||
| Q2 25 | 0.47× | 0.07× | ||
| Q1 25 | 0.47× | 0.10× | ||
| Q4 24 | 0.41× | 0.00× | ||
| Q3 24 | 0.48× | 0.00× | ||
| Q2 24 | 0.56× | 0.00× | ||
| Q1 24 | 0.67× | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $5.7M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $5.7M | ||
| Q3 25 | $6.9M | $53.4M | ||
| Q2 25 | $39.2M | $11.1M | ||
| Q1 25 | $25.8M | $3.9M | ||
| Q4 24 | $14.1M | $30.6M | ||
| Q3 24 | $-922.0K | $31.4M | ||
| Q2 24 | $-993.0K | $39.1M | ||
| Q1 24 | $-13.1M | $50.6M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | -0.02× | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
